( S ( S-TPC-2 ( NP-SBJ-1 ( NN Speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( MD will ) ( VP ( VB lower ) ( NP ( NN interest ) ( NNS rates ) ) ( PP-TMP ( IN in ) ( NP ( VBG coming ) ( NNS weeks ) ) ) ) ) ) ) ) ( VP ( VBD helped ) ( VP ( VB push ) ( NP ( DT the ) ( NN dollar ) ) ( ADVP-DIR ( RB down ) ) ( SBAR-TMP ( NN while ) ( S ( VP ( VBG boosting ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Speculation that the Federal Reserve will lower interest rates in coming weeks helped push the dollar down while boosting stocks traders said


( S ( CC But ) ( NP-SBJ ( JJ many ) ( NNS investors ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ wary ) ( PP ( IN about ) ( NP ( NNS stocks ) ) ) ) ( SBAR-PRP ( ADVP ( RB partly ) ) ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( NP ( NP ( VBN continued ) ( NN turbulence ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RBR more ) ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB finance ) ( NP ( JJ corporate ) ( NNS takeovers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But many investors remain wary about stocks partly because they expect continued turbulence in the junk-bond market that would make it more difficult to finance corporate takeovers


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( VBN surprised ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB see ) ( NP ( JJR more ) ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Raymond ) ( NNP F. ) ( NNP DeVoe ) ( NNP Jr. ) ) ( NP ( NP ( NN market ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Legg ) ( NNP Mason ) ( NNP Wood ) ( NNP Walker ) ) ) ) ) )

I 'm surprised we did n't see more volatility in stocks said Raymond F. DeVoe Jr. market strategist at Legg Mason Wood Walker


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN area ) ) ) ) ( VP ( VBP are ) ( ADVP ( RB just ) ) ( VP ( VBG beginning ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ unsettling ) ) ( PP ( IN for ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN issued ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )

I think the problems in the junk-bond area are just beginning and this will be very unsettling for companies that have issued junk bonds


( S ( S-TPC-1 ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN bull ) ( NN market ) ) ) ( NP-SBJ ( NN credit ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( NN matter ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP DeVoe ) ) ( VP ( VBD added ) ) )

In a bull market credit does not matter Mr. DeVoe added


( S ( CC But ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( VP ( NN matter ) ) ) ) ) ( RB then ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN thing ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( NNS matters ) ) ) ) ) ) )

But when it does matter then it 's the only thing that matters


( SINV ( S-TPC-1 ( ADVP ( RB However ) ) ( NP-SBJ ( JJ many ) ( JJ institutional ) ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN plunge ) ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ great ) ( NN buying ) ( NN opportunity ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NN I. ) ( NNP Clough ) ) ( NP ( NP ( JJ chief ) ( NN investment ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) )

However many institutional investors are reacting to the stock market 's plunge as a great buying opportunity said Charles I. Clough chief investment strategist at Merrill Lynch Capital Markets


( S ( NP-SBJ-1 ( NNS Things ) ) ( VP ( VBP are ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( ADVP-CLR ( RB down ) ) ) ) ) ) ) )

Things are beginning to settle down


( S ( NP-SBJ ( DT The ) ( NNS markets ) ) ( VP ( VBP are ) ( VP ( VBG returning ) ( PP-DIR ( TO to ) ( NP ( NN normalcy ) ) ) ) ) )

The markets are returning to normalcy


( S ( NP-SBJ ( NN Oil ) ( NNS prices ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD rose ) ( PP ( IN on ) ( NP ( NNS fears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ massive ) ( NN earthquake ) ) ( PP-LOC ( IN in ) ( NP ( JJ Northern ) ( NNP California ) ) ) ) ( VP ( MD would ) ( VP ( VB disrupt ) ( NP ( NN production ) ) ) ) ) ) ) ) ) )

Oil prices initially rose on fears that the massive earthquake in Northern California would disrupt production


( S ( CC But ) ( NP-SBJ-1 ( NNS prices ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VBD reversed ) ( NP ( NN course ) ) ( S-ADV ( VP ( VBG finishing ) ( S-ADV ( ADJP-PRD ( RB slightly ) ( RBR lower ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD concluded ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT any ) ( NNS cuts ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ large ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ foreign ) ( NN oil ) ( NNS producers ) ) ( VP ( MD would ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VB pick ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN slack ) ) ) ) ) ) ) ) ) ) ) )

But prices later reversed course finishing slightly lower as investors concluded that any cuts would n't be large and that foreign oil producers would quickly pick up the slack


( PP-LOC ( IN In ) ( NP ( JJ major ) ( NN market ) ( NN activity ) ) )

In major market activity


( S ( NP-SBJ ( NNP Stock ) ( NNS prices ) ) ( VP ( VBD rose ) ) )

Stock prices rose


( S ( NP-SBJ ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN volume ) ) ( VP ( VBD shrank ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 166.9 ) ( CD million ) ) ( NNS shares ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 224.1 ) ( CD million ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) )

New York Stock Exchange volume shrank to 166.9 million shares from 224.1 million Tuesday


( S ( NP-SBJ ( NNS Advancers ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( VP ( VBD outpaced ) ( NP ( NNS decliners ) ) ( PP-EXT ( IN by ) ( ADVP ( CD 822 ) ( TO to ) ( CD 668 ) ) ) ) )

Advancers on the Big Board outpaced decliners by 822 to 668


( S ( NP-SBJ ( NN Bond ) ( NNS prices ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB little ) ( JJ changed ) ) ( PP ( IN in ) ( NP ( JJ sluggish ) ( NN activity ) ) ) ) )

Bond prices were little changed in sluggish activity


( S ( NP-SBJ ( NP ( DT The ) ( NN yield ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ 30-year ) ( NN issue ) ) ) ) ( VP ( VBD fell ) ( ADVP ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( CD 8.03 ) ( NN % ) ) ) ) )

The yield on the Treasury 's 30-year issue fell slightly to 8.03 %


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( VBD dropped ) ) )

The dollar dropped


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( NN currency ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( CD 141.45 ) ( NNS yen ) ) ( CC and ) ( NP ( CD 1.8485 ) ( NNS marks ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( CD 142.75 ) ( NNS yen ) ) ( CC and ) ( NP ( CD 1.8667 ) ( NNS marks ) ) ) ( NP-TMP ( JJ late ) ( NNP Tuesday ) ) ) ) ) )

In New York late yesterday the currency was at 141.45 yen and 1.8485 marks down from 142.75 yen and 1.8667 marks late Tuesday


( NP ( NP ( NNP Wednesday ) ) ( NP ( NNP October ) ( CD 18 ) ( CD 1989 ) ) )

Wednesday October 18 1989


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( JJ annual ) ( NN interest ) ( NNS rates ) ) ( ADVP-LOC ( RB below ) ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN guide ) ) ( PP ( TO to ) ( NP ( JJ general ) ( NNS levels ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB represent ) ( NP ( JJ actual ) ( NNS transactions ) ) ) ) ) )

The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions


( NP ( NP ( NN PRIME ) ( NN RATE ) ) ( NP ( QP ( CD 10 ) ( CD 1\/2 ) ) ( NN % ) ) )

PRIME RATE 10 1\/2 %


( NP ( NP ( DT The ) ( NN base ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NNS loans ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ large ) ( NNP U.S. ) ( NN money ) ( NN center ) ( JJ commercial ) ( NNS banks ) ) ) )

The base rate on corporate loans at large U.S. money center commercial banks


( NP ( NP ( JJ FEDERAL ) ( NNS FUNDS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 15\/16 ) ) ( NN % ) ) ( ADJP ( JJ high ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( ADJP ( JJ low ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( PP-TMP ( IN near ) ( NP ( NN closing ) ( NN bid ) ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/8 ) ) ( NN % ) ) ( VP ( VBN offered ) ) ) ) )

FEDERAL FUNDS 8 15\/16 % high 8 5\/8 % low 8 3\/4 % near closing bid 8 7\/8 % offered


( S ( NP-SBJ ( NNS Reserves ) ) ( VP ( VBN traded ) ( PP-LOC ( IN among ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ overnight ) ( NN use ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) )

Reserves traded among commercial banks for overnight use in amounts of 1 million or more


( NP ( NP ( NN Source ) ) ( NP ( NNP Fulton ) ( NNP Prebon ) ( PRN ( NNP U.S.A ) ) ( NNP Inc ) ) )

Source Fulton Prebon U.S.A Inc


( NP ( NP ( NN DISCOUNT ) ( NN RATE ) ) ( NP ( CD 7 ) ( NN % ) ) )

DISCOUNT RATE 7 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NN depository ) ( NNS institutions ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ) ) ) )

The charge on loans to depository institutions by the New York Federal Reserve Bank


( NP ( NP ( JJ CALL ) ( NN MONEY ) ) ( NP ( NP ( QP ( CD 9 ) ( CD 3\/4 ) ) ( NN % ) ) ( TO to ) ( NP ( CD 10 ) ( NN % ) ) ) )

CALL MONEY 9 3\/4 % to 10 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNS brokers ) ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN exchange ) ( NN collateral ) ) ) ) ) )

The charge on loans to brokers on stock exchange collateral


( NP ( NP ( NP ( JJ COMMERCIAL ) ( NNS PAPER ) ) ( VP ( VBN placed ) ( ADVP-MNR ( RB directly ) ) ( PP ( IN by ) ( NP-LGS ( NNP General ) ( NNPS Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ) ) ( NP ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( QP ( CD 30 ) ( TO to ) ( CD 44 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.25 ) ( NN % ) ) ( NP ( QP ( CD 45 ) ( TO to ) ( CD 74 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.30 ) ( NN % ) ) ( NP ( QP ( CD 75 ) ( TO to ) ( CD 99 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.75 ) ( NN % ) ) ( NP ( QP ( CD 100 ) ( TO to ) ( CD 179 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( QP ( CD 180 ) ( TO to ) ( CD 270 ) ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. 8.45 % 30 to 44 days 8.25 % 45 to 74 days 8.30 % 75 to 99 days 7.75 % 100 to 179 days 7.50 % 180 to 270 days


( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( NP ( NP ( NP ( JJ High-grade ) ( JJ unsecured ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NNS dealers ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS multiples ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 8.55 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.375 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ) ) )

COMMERCIAL PAPER High-grade unsecured notes sold through dealers by major corporations in multiples of 1,000 8.55 % 30 days 8.45 % 60 days 8.375 % 90 days


( NP ( NP ( NP ( NNS CERTIFICATES ) ) ( PP ( IN OF ) ( NP ( NN DEPOSIT ) ) ) ) ( NP ( NP ( NP ( CD 8.05 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.02 ) ( NN % ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 7.98 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( CD 7.95 ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

CERTIFICATES OF DEPOSIT 8.05 % one month 8.02 % two months 8 % three months 7.98 % six months 7.95 % one year


( NP ( NP ( JJ Average ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ) ( PP ( PP ( IN on ) ( NP ( NP ( JJ primary ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ negotiable ) ( NNS C.D.s ) ) ) ) ) ( PP ( ADVP-TMP ( RB usually ) ) ( IN on ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC and ) ( JJR more ) ) ) ) ) ) ) ) ) ) )

Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s usually on amounts of 1 million and more


( S ( NP-SBJ ( DT The ) ( JJ minimum ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 100,000 ) ) ) )

The minimum unit is 100,000


( NP ( NP ( NP ( JJ Typical ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ( NP ( NP ( NP ( CD 8.53 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.48 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

Typical rates in the secondary market 8.53 % one month 8.48 % three months 8.40 % six months


( NP ( NP ( NNS BANKERS ) ( NNS ACCEPTANCES ) ) ( NP ( NP ( NP ( CD 8.42 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.30 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.28 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.15 ) ( NN % ) ) ( NP ( CD 120 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.05 ) ( NN % ) ) ( NP ( CD 150 ) ( NNS days ) ) ) ( NP ( NP ( CD 7.95 ) ( NN % ) ) ( NP ( CD 180 ) ( NNS days ) ) ) ) )

BANKERS ACCEPTANCES 8.42 % 30 days 8.30 % 60 days 8.28 % 90 days 8.15 % 120 days 8.05 % 150 days 7.95 % 180 days


( NP ( NP ( JJ Negotiable ) ( JJ bank-backed ) ( NN business ) ( NN credit ) ( NNS instruments ) ) ( VP ( ADVP ( RB typically ) ) ( VBG financing ) ( NP ( DT an ) ( NN import ) ( NN order ) ) ) )

Negotiable bank-backed business credit instruments typically financing an import order


( NP ( NP ( NNP LONDON ) ( JJ LATE ) ( NNS EURODOLLARS ) ) ( NP ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ) ( NP ( CD four ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 3\/8 ) ) ( NN % ) ) ) ( NP ( CD five ) ( NNS months ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( TO to ) ( NP ( QP ( CD 8 ) ( CD 3\/8 ) ) ( NN % ) ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

LONDON LATE EURODOLLARS 8 11\/16 % to 8 9\/16 % one month 8 5\/8 % to 8 1\/2 % two months 8 5\/8 % to 8 1\/2 % three months 8 9\/16 % to 8 7\/16 % four months 8 1\/2 % to 8 3\/8 % five months 8 1\/2 % to 8 3\/8 % six months


( NP ( NP ( NP ( NNP LONDON ) ( NNP INTERBANK ) ( VBN OFFERED ) ( NNS RATES ) ) ( PRN ( NP ( NNP LIBOR ) ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

LONDON INTERBANK OFFERED RATES LIBOR 8 11\/16 % one month 8 11\/16 % three months 8 1\/2 % six months 8 1\/2 % one year


( NP ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( NN interbank ) ( VBN offered ) ( NNS rates ) ) ) ( PP ( IN for ) ( NP ( NN dollar ) ( NNS deposits ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NNS quotations ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( JJ major ) ( NNS banks ) ) ) ) ) ) )

The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks


( NP ( NP ( JJ FOREIGN ) ( JJ PRIME ) ( NNS RATES ) ) ( NP ( NP ( NP ( NNP Canada ) ) ( NP ( CD 13.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Germany ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Japan ) ) ( NP ( CD 4.875 ) ( NN % ) ) ) ( NP ( NP ( NN Switzerland ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Britain ) ) ( NP ( CD 15 ) ( NN % ) ) ) ) )

FOREIGN PRIME RATES Canada 13.50 % Germany 8.50 % Japan 4.875 % Switzerland 8.50 % Britain 15 %


( S ( S ( NP-SBJ ( DT These ) ( NN rate ) ( NNS indications ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ( S ( NP-SBJ ( NN lending ) ( NNS practices ) ) ( VP ( VBP vary ) ( ADVP-MNR ( RB widely ) ) ( PP ( IN by ) ( NP ( NN location ) ) ) ) ) )

These rate indications are n't directly comparable lending practices vary widely by location


( NP ( NP ( NNP TREASURY ) ( NNS BILLS ) ) ( NP ( NP ( NP ( NNS Results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Monday ) ( NNP October ) ( CD 16 ) ( CD 1989 ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ short-term ) ( NNP U.S. ) ( NN government ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( IN from ) ( NP ( JJ face ) ( NN value ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( NP ( CD 10,000 ) ) ( TO to ) ( NP ( QP ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 7.37 ) ( NN % ) ) ( NP ( CD 13 ) ( NNS weeks ) ) ) ( NP ( NP ( CD 7.42 ) ( NN % ) ) ( NP ( CD 26 ) ( NNS weeks ) ) ) ) ) )

TREASURY BILLS Results of the Monday October 16 1989 auction of short-term U.S. government bills sold at a discount from face value in units of 10,000 to 1 million 7.37 % 13 weeks 7.42 % 26 weeks


( NP ( NP ( NNP FEDERAL ) ( NNP HOME ) ( NNP LOAN ) ( NNP MORTGAGE ) ( NNP CORP ) ) ( PRN ( NP ( NNP Freddie ) ( NNP Mac ) ) ) )

FEDERAL HOME LOAN MORTGAGE CORP Freddie Mac


( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( JJ 30-year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NN days ) ) ) ) ) ) ) )

Posted yields on 30-year mortgage commitments for delivery within 30 days


( NP ( NP ( NP ( CD 9.88 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( ADJP ( CD 2 ) ( NN % ) ) ( NN rate ) ( VBD capped ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) )

9.88 % standard conventional fixed-rate mortgages 7.875 % 2 % rate capped one-year adjustable rate mortgages


( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNPS Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc


( NP ( NP ( NNP FEDERAL ) ( NNP NATIONAL ) ( NNP MORTGAGE ) ( NNP ASSOCIATION ) ) ( PRN ( NP ( NNP Fannie ) ( NNP Mae ) ) ) )

FEDERAL NATIONAL MORTGAGE ASSOCIATION Fannie Mae


( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( CD 30 ) ( NN year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ( PRN ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( JJ par ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.83 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 8.70 ) ( NN % ) ) ( NP ( CD 6\/2 ) ( NN rate ) ( VBD capped ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) )

Posted yields on 30 year mortgage commitments for delivery within 30 days priced at par 9.83 % standard conventional fixed-rate mortgages 8.70 % 6\/2 rate capped one-year adjustable rate mortgages


Source Telerate Systems Inc


( NP ( NP ( NNP MERRILL ) ( NNP LYNCH ) ( JJ READY ) ( NNS ASSETS ) ( NN TRUST ) ) ( NP ( CD 8.50 ) ( NN % ) ) )

MERRILL LYNCH READY ASSETS TRUST 8.50 %


( NP ( NP ( NP ( VBN Annualized ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN return ) ) ) ( PP-TMP ( IN after ) ( NP ( NNS expenses ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ( RB not ) ( NP ( NP ( DT a ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( JJ future ) ( NNS returns ) ) ) ) )

Annualized average rate of return after expenses for the past 30 days not a forecast of future returns


( S ( NP-SBJ ( NP ( NNP Champion ) ( NNP International ) ( NNP Corp. ) ( POS 's ) ) ( NN third-quarter ) ( NN profit ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( NN price ) ( NNS declines ) ) ( PP ( IN for ) ( NP ( JJ certain ) ( NN paper ) ( NNS products ) ) ) ) ( NP ( NP ( VBG operating ) ( NNS problems ) ) ( PP-LOC ( IN at ) ( NP ( JJ certain ) ( NNS mills ) ) ) ) ( CC and ) ( NP ( JJ other ) ( NNS factors ) ) ) ) ) ) )

Champion International Corp. 's third-quarter profit dropped 17 % reflecting price declines for certain paper products operating problems at certain mills and other factors


( S ( NP-SBJ ( DT The ) ( NN paper ) ( NN producer ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( DT that ) ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 102.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.09 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 122.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.29 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ) )

The paper producer reported that net income fell to 102.1 million or 1.09 a share from 122.4 million or 1.29 a share in the year-earlier period


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.32 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.29 ) ( CD billion ) ) ) ) ) )

Sales rose 2.6 % to 1.32 billion from 1.29 billion


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NP ( NNP Champion ) ( POS 's ) ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 25 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 32.125 ) ) ) ) )

In New York Stock Exchange composite trading Champion 's shares rose 25 cents to 32.125


( S ( NP-SBJ-1 ( NNP Philip ) ( NNP Morris ) ( NNP Cos. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN jump ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( NN profit ) ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( ADJP ( CD 45 ) ( NN % ) ) ( NN revenue ) ( NN increase ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NN strength ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN cigarette ) ( NN food ) ( CC and ) ( NN brewing ) ( NNS businesses ) ) ) ) ) ) ) )

Philip Morris Cos. posted a 20 % jump in third-quarter profit on a 45 % revenue increase reflecting strength in the company 's cigarette food and brewing businesses


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 748 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 81 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ year-earlier ) ( QP ( CD 621 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 67 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Net income rose to 748 million or 81 cents a share from the year-earlier 621 million or 67 cents a share


( S ( NP-SBJ-2 ( JJ Per-share ) ( NNS figures ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ 4-for-1 ) ( NN stock ) ( NN split ) ) ( VP ( VBN paid ) ( NP-TMP ( RB earlier ) ( DT this ) ( NN month ) ) ) ) ) ) ) ) )

Per-share figures have been adjusted for a 4-for-1 stock split paid earlier this month


( S ( NP-SBJ ( DT The ) ( ADJP ( NNP New ) ( JJ York-based ) ) ( NN tobacco ) ( NN food ) ( CC and ) ( NN beer ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN revenue ) ) ( VP ( VBN increased ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 11.25 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 7.74 ) ( CD billion ) ) ) ) ) ) ) ) )

The New York-based tobacco food and beer concern said revenue increased to 11.25 billion from 7.74 billion


( S ( PP-LOC ( IN In ) ( NP ( JJ composite ) ( NN trading ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 43.375 ) ) ) ( ADVP ( RB up ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange Philip Morris closed at 43.375 up 12.5 cents


( S ( NP-SBJ-1 ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBD disclosed ) ( NP ( NP ( JJ little ) ( JJ detailed ) ( NN information ) ) ( PP ( IN about ) ( NP ( NP ( NN performance ) ) ( PP ( IN by ) ( NP ( JJ major ) ( NN business ) ( NNS lines ) ) ) ) ) ) ( SBAR-ADV ( VB except ) ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Philip ) ( NNP Morris ) ( NNP U.S.A. ) ) ( NP ( NNP Kraft ) ( NNP General ) ( NNPS Foods ) ) ( CC and ) ( NP ( NNP Miller ) ( NNP Brewing ) ( NNP Co. ) ) ) ) ) ( VP ( VBD posted ) ( NP ( VBN increased ) ( NNS revenues ) ) ) ) ) ) ) ) ) ) )

Philip Morris disclosed little detailed information about performance by major business lines except to say that most including Philip Morris U.S.A. Kraft General Foods and Miller Brewing Co. posted increased revenues


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 4.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( QP ( CD 2.08 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 2.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ( SBAR-2 ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD included ) ( NP ( NP ( QP ( CD 273 ) ( CD million ) ) ) ( VP ( VBG reflecting ) ( NP ( NP ( DT the ) ( NN effect ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN accounting ) ( NN change ) ) ) ) ) ) ) ) ) ) ) ) )

For the nine months net increased 4.4 % to 2.08 billion or 2.25 a share from 2 billion which included 273 million reflecting the effect of an accounting change


( S ( NP-SBJ-1 ( NP ( NNP Wang ) ( NNPS Laboratories ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Lowell ) ) ( NP ( NNP Mass. ) ) ) ) ( S-ADV ( VP ( VBN beset ) ( PP ( IN by ) ( NP-LGS ( NP ( VBG declining ) ( NN demand ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS computers ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 62.1 ) ( CD million ) ) ) ( JJ 38-cents-a-share ) ( NN loss ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) )

Wang Laboratories Inc. Lowell Mass. beset by declining demand for its computers reported a 62.1 million 38-cents-a-share loss in its first quarter ended Sept. 30


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 12.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 596.8 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 684 ) ( CD million ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decline ) ) ) ) ( VP ( VBD was ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( JJ discontinued ) ( NNS operations ) ) ) ) ) ) ) ) )

Revenue fell 12.7 % to 596.8 million from 684 million although some of the decline was caused by discontinued operations


( S ( NP-SBJ ( NNP Wang ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN forecast ) ( NP ( DT a ) ( NN loss ) ) ) ) )

Wang had previously forecast a loss


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD reiterated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( NP ( DT another ) ( NN loss ) ) ( PP ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( DT the ) ( JJ full ) ( NN year ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( DT a ) ( JJ profitable ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) )

The company reiterated that it expects another loss in the second quarter and for the full year although it expects a profitable fourth quarter


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ ( NNP Wang ) ) ( VP ( VBD had ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 13.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD eight ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJ first ) ( NN quarter ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3.1 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN from ) ( NP ( JJ discontinued ) ( NNS operations ) ) ) ) ) ) )

A year ago Wang had earnings of 13.1 million or eight cents a share in its first quarter including a 3.1 million loss from discontinued operations


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN period ) ( NN loss ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( ADJP ( CD 12.9 ) ) ( JJ pretax ) ( NN charge ) ) ( PP ( IN for ) ( NP ( NN severance ) ( NNS payments ) ) ) ) ) )

The latest period loss included a 12.9 pretax charge for severance payments


( S ( NP-SBJ ( NP ( NNP Jaguar ) ( NNP PLC ) ( POS 's ) ) ( NN chairman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT a ) ( JJ friendly ) ( NN pact ) ) ) ( PP ( IN with ) ( NP ( NNP General ) ( NNPS Motors ) ( NNP Corp. ) ) ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( NN month ) ) ) ( SBAR-1 ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB involve ) ( S ( NP-SBJ ( DT the ) ( JJ British ) ( NN luxury-car ) ( NN maker ) ( VBZ 's ) ) ( VP ( VBG producing ) ( NP ( DT a ) ( JJR cheaper ) ( NN executive ) ( NN model ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Jaguar PLC 's chairman said he hopes to reach a friendly pact with General Motors Corp. within a month that may involve the British luxury-car maker 's producing a cheaper executive model


( S ( NP-SBJ ( NNP Sir ) ( NNP John ) ( NNP Egan ) ) ( VP ( VBD told ) ( NP ( NNS reporters ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NNP Motorfair ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-2 ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( VBN disappointed ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB do ) ( NP ( DT the ) ( NN deal ) ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ) )

Sir John Egan told reporters at London 's Motorfair yesterday he would be disappointed if we could n't do the deal within a month


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN tie-up ) ) ( VP ( MD would ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ-2 ( NNP Jaguar ) ) ( VP ( MD could ) ( VP ( VB develop ) ( NP ( NP ( NNS cars ) ) ( ADJP ( RB down ) ( NN range ) ( PRN ( PP ( IN in ) ( NP ( NN price ) ) ) ) ( PP ( IN from ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG offering ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( NP ( NNP GM ) ( POS 's ) ) ( JJ high-volume ) ( NNS parts ) ( NN production ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said the tie-up would mean Jaguar could develop cars down range in price from where we are by offering access to GM 's high-volume parts production


( S ( PP ( IN Besides ) ( S-NOM ( VP ( VBG creating ) ( NP ( JJ joint ) ( NN manufacturing ) ( NNS ventures ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN accord ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NNP GM ) ) ( NP ( NP ( IN about ) ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN stake ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB eventually ) ) ( VP ( MD would ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( QP ( IN about ) ( CD 30 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) )

Besides creating joint manufacturing ventures the accord is expected to give GM about a 15 % stake that eventually would rise to about 30 %


( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( VBZ figures ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ friendly ) ( NN alliance ) ) ( PP ( IN with ) ( NP ( NNP GM ) ) ) ) ( VP ( MD will ) ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NP ( JJ unwelcome ) ( NNS advances ) ) ( PP ( IN from ) ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Co ) ) ) ) ) ) ) ) ) )

Jaguar figures a friendly alliance with GM will fend off unwelcome advances from Ford Motor Co


( S ( CC But ) ( NP-SBJ ( NP ( NNP Ford ) ) ( NP ( NP ( NP ( NNP Jaguar ) ( POS 's ) ) ( JJS biggest ) ( NN shareholder ) ) ( PP-TMP ( IN since ) ( S-NOM ( VP ( VBG lifting ) ( NP ( PRP$ its ) ( NN stake ) ) ( PP-DIR ( TO to ) ( NP ( CD 10.4 ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG pressing ) ( ADVP-MNR ( RBR harder ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( NNP Sir ) ( NNP John ) ) ) ) ) ) ) )

But Ford Jaguar 's biggest shareholder since lifting its stake to 10.4 % this week is pressing harder for talks with Sir John


( S ( S-TPC-4 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG getting ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN point ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( PP-CLR ( IN with ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NNP Ford ) ( NN official ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ) )

We 're getting to the point where we are going to have to meet with him one Ford official said yesterday


( S ( S-TPC-1 ( NP-SBJ ( NNP Ford ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB renew ) ( NP ( NP ( PRP$ its ) ( NN request ) ) ( PP ( IN for ) ( NP ( JJ such ) ( DT a ) ( NN meeting ) ) ) ) ( ADVP-TMP ( RB soon ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) )

Ford probably will renew its request for such a meeting soon he added


( S ( NP-SBJ ( NNP Sir ) ( NNP John ) ) ( VP ( VBZ has ) ( VP ( VBN spurned ) ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( NNS advances ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN auto ) ( NN giant ) ) ( VP ( VBD launched ) ( NP ( NP ( DT a ) ( NN surprise ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) )

Sir John has spurned Ford 's advances since the U.S. auto giant launched a surprise bid for as much as 15 % of Jaguar last month


( S ( NP-SBJ ( NNP Ford ) ) ( VP ( VBZ has ) ( VP ( VBN signaled ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( VP ( VB acquire ) ( NP ( DT a ) ( NN majority ) ( NN interest ) ) ( ADVP-TMP ( RB later ) ) ) ) ) ) ) ) )

Ford has signaled it might acquire a majority interest later


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( VP ( VBN obligated ) ( S ( VP ( TO to ) ( VP ( VP ( VB sit ) ( ADVP-CLR ( RB down ) ) ) ( CC and ) ( VP ( VB talk ) ( PP-CLR ( TO to ) ( NP ( NN anybody ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Jaguar ) ( NN chairman ) ) ( VP ( VBD asserted ) ( NP-TMP ( NN yesterday ) ) ) )

I 'm not obligated to sit down and talk to anybody the Jaguar chairman asserted yesterday


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN rule ) ( PRT ( RP out ) ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( NNP Ford ) ) ) ) ( ADVP ( RB however ) ) ) ) )

He did n't rule out negotiations with Ford however


( S ( NP-SBJ-1 ( DT The ) ( ADJP ( ADJP ( RB fiercely ) ( JJ proud ) ) ( CC but ) ( ADJP ( RB financially ) ( JJ strapped ) ) ) ( JJ British ) ( NN company ) ) ( VP ( VBZ prefers ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( ADJP ( JJ independent ) ) ( CC and ) ( ADJP ( RB publicly ) ( JJ held ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( NN promise ) ) ( PP ( IN of ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( NP ( NN cash ) ) ( CC and ) ( NP ( JJ technological ) ( NN know-how ) ) ) ) ) ) ) ) ) )

The fiercely proud but financially strapped British company prefers to remain independent and publicly held despite Ford 's promise of access to cash and technological know-how


( S ( NP-SBJ ( NNP Sir ) ( NNP John ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP GM ) ) ( NP ( DT a ) ( NN longtime ) ( NNP Jaguar ) ( NN supplier ) ) ) ( VP ( VBZ agrees ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD should ) ( VP ( VB remain ) ( NP-PRD ( DT an ) ( JJ independent ) ( NN company ) ) ) ) ) ) ) ) ) ) )

Sir John noted that GM a longtime Jaguar supplier agrees we should remain an independent company


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ-1 ( NNP Jaguar ) ) ( VP ( VBD started ) ( S ( VP ( VBG negotiating ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP GM ) ) ( CC and ) ( NP ( JJ several ) ( JJ other ) ( NN car ) ( NNS makers ) ) ) ) ) ) ( ADVP-TMP ( NP ( QP ( IN over ) ( DT a ) ) ( NN year ) ) ( RB ago ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN rest ) ) ( VP ( VBN dropped ) ( PP-CLR ( IN by ) ( NP ( DT the ) ( NN wayside ) ) ) ( SBAR-TMP ( ADVP ( RB ever ) ) ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN share ) ( NN price ) ) ( VP ( VBD went ) ( PP-DIR ( IN above ) ( NP ( NP ( CD 4 ) ) ( PRN ( NP ( CD 6.30 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) )

He said Jaguar started negotiating with GM and several other car makers over a year ago but the rest dropped by the wayside ever since the share price went above 4 6.30 a share


( S ( S ( NP-SBJ ( NNP Jaguar ) ( NNS shares ) ) ( VP ( VBD stood ) ( PP-CLR ( IN at ) ( NP ( CD 405 ) ( NN pence ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( JJ initial ) ( NN announcement ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( JJ subsequent ) ( NN takeover ) ( NN frenzy ) ) ( VP ( VBZ has ) ( VP ( VBN driven ) ( NP ( PRP them ) ) ( ADVP-DIR ( RP up ) ) ) ) ) )

Jaguar shares stood at 405 pence before Ford 's initial announcement but the subsequent takeover frenzy has driven them up


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD traded ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NN stock ) ( NN exchange ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 673 ) ( NN pence ) ) ) ( ADVP ( IN up ) ( NP ( CD 19 ) ( NN pence ) ) ) ) )

The stock traded late yesterday on London 's stock exchange at 673 pence up 19 pence


( S ( S-NOM-SBJ ( VP ( VBG Developing ) ( NP ( DT an ) ( JJ executive-model ) ( NN range ) ) ) ) ( VP ( MD would ) ( VP ( VB mark ) ( NP ( NP ( DT a ) ( JJ major ) ( NN departure ) ) ( PP ( IN for ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( VBG leading ) ( NN luxury-car ) ( NN maker ) ) ) ) ) ) )

Developing an executive-model range would mark a major departure for Britain 's leading luxury-car maker


( S ( NP-SBJ ( DT A ) ( JJ typical ) ( JJ British ) ( NN executive ) ( NN car ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB mass ) ( VBN produced ) ) ( CC and ) ( ADJP ( ADJP ( JJR smaller ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN luxury ) ( NN car ) ) ) ) ) ) )

A typical British executive car is mass produced and smaller than a luxury car


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB generally ) ) ( VP ( VBZ fetches ) ( NP ( NP ( RB no ) ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( CD 25,000 ) ) ( PRN ( NP ( CD 39,400 ) ) ) ( ADJP ( ADJP ( NP ( QP ( RB roughly ) ( CD 16,000 ) ) ) ( JJR less ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJS highest-priced ) ( NNPS Jaguars ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( DT all ) ( VP ( JJ known ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( JJ hand-crafted ) ( NN leather ) ( NN work ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It generally fetches no more than 25,000 39,400 roughly 16,000 less than the highest-priced Jaguars which are all known for their hand-crafted leather work


( S ( S-TPC-1 ( NP-SBJ-2 ( PRP We ) ) ( VP ( VP ( VBP have ) ( NP ( NP ( NNS designs ) ) ( PP ( IN for ) ( NP ( JJ such ) ( NN executive ) ( NNS cars ) ) ) ) ) ( CC but ) ( VP ( VB have ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Sir ) ( NNP John ) ) ( VP ( VBD said ) ) )

We have designs for such executive cars but have never been able to develop them Sir John said


( S ( NP-SBJ ( NP ( NNP GM ) ( POS 's ) ) ( NN help ) ) ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( DT a ) ( JJR wider ) ( NN range ) ) ( PP ( IN of ) ( NP ( NNS cars ) ) ) ) ) ) ) ) ) ) ) )

GM 's help would make it possible for Jaguar to build a wider range of cars


( S ( NP-SBJ ( DT An ) ( NN executive ) ( NN model ) ) ( VP ( MD would ) ( VP ( ADVP-MNR ( RB significantly ) ) ( VB boost ) ( NP ( NP ( NP ( NNP Jaguar ) ( POS 's ) ) ( JJ yearly ) ( NN output ) ) ( PP ( IN of ) ( NP ( CD 50,000 ) ( NNS cars ) ) ) ) ) ) )

An executive model would significantly boost Jaguar 's yearly output of 50,000 cars


( SINV ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( VBP are ) ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( NP ( QP ( DT a ) ( NN couple ) ( CD hundred ) ( CD thousand ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bob ) ( NNP Barber ) ) ( NP ( NP ( DT an ) ( NN auto-industry ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP U.K. ) ( NN brokerage ) ( NNP James ) ( NNP Capel ) ( CC & ) ( NNP Co ) ) ) ) ) )

You are talking about a couple hundred thousand a year said Bob Barber an auto-industry analyst at U.K. brokerage James Capel & Co


( S ( NP-SBJ ( NP ( DT A ) ( NN pact ) ) ( PP ( IN with ) ( NP ( NNP GM ) ) ) ) ( VP ( MD may ) ( VP ( VB emerge ) ( PP-TMP ( IN in ) ( NP ( QP ( RB as ) ( JJ little ) ( IN as ) ( CD two ) ) ( NNS weeks ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS sources ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NNS talks ) ) ) ) ) ) ) ) ) )

A pact with GM may emerge in as little as two weeks according to sources close to the talks


( S ( NP-SBJ ( DT The ) ( NN deal ) ) ( VP ( MD would ) ( VP ( VB require ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ( NNS shareholders ) ) ) ) ) ) ) ) )

The deal would require approval by a majority of Jaguar shareholders


( S ( S-TPC-1 ( NP-SBJ-2 ( PRP We ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ attractive ) ( RB enough ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS holders ) ) ( VP ( MD would ) ( VP ( VB accept ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Sir ) ( NNP John ) ) ( VP ( VBD said ) ) )

We have to make it attractive enough that holders would accept it Sir John said


( S-2 ( NP-SBJ ( DT That ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNP Jaguar ) ( NN chairman ) ) ( VP ( VBD acknowledged ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP have ) ( S ( NP-SBJ ( NP ( NN somebody ) ) ( ADJP ( RB else ) ) ) ( VP ( VBG breathing ) ( PP-CLR ( IN down ) ( NP ( PRP$ your ) ( NN neck ) ) ) ) ) ) ) ) ) ) )

That may be difficult the Jaguar chairman acknowledged when you have somebody else breathing down your neck


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Ford ) ) ( ADVP ( RB probably ) ) ( VP ( MD would ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB kill ) ( NP ( DT the ) ( NN proposal ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG enlisting ) ( NP ( NP ( NN support ) ) ( PP ( IN from ) ( NP ( NNP U.S. ) ( NN takeover-stock ) ( NNS speculators ) ) ) ) ) ( CC and ) ( VP ( VBG holding ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NN carrot ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJR larger ) ( NN bid ) ) ( ADVP-TMP ( RB later ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Reitman ) ) ( NP ( NP ( JJ European ) ( NN auto ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP London ) ( NNS brokers ) ( NNP UBS ) ( NNP Phillips ) ( CC & ) ( NNP Drew ) ) ) ) ) )

Ford probably would try to kill the proposal by enlisting support from U.S. takeover-stock speculators and holding out the carrot of a larger bid later said Stephen Reitman European auto analyst at London brokers UBS Phillips & Drew


( S ( NP-SBJ ( NNP Ford ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( JJ full-fledged ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP Jaguar ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP U.K. ) ( NN government ) ( NNS restrictions ) ) ( VP ( VBP expire ) ) ) ) ) ) )

Ford ca n't make a full-fledged bid for Jaguar until U.K. government restrictions expire


( S ( NP-SBJ ( DT The ) ( JJ anti-takeover ) ( NN measure ) ) ( VP ( VBZ prevents ) ( NP-1 ( DT any ) ( JJ outside ) ( NN investor ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ( NNS shares ) ) ) ) ( PP ( IN without ) ( NP ( NN permission ) ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NNP Dec. ) ( CD 31 ) ( CD 1990 ) ) ) ) )

The anti-takeover measure prevents any outside investor from buying more than 15 % of Jaguar shares without permission until Dec. 31 1990


( S ( CC But ) ( PP ( IN with ) ( NP ( PRP$ its ) ( ADJP ( CD 10.4 ) ( NN % ) ) ( NN stake ) ) ) ( NP-SBJ ( NNP Ford ) ) ( VP ( MD can ) ( VP ( VP ( VB convene ) ( NP ( DT a ) ( JJ special ) ( NP ( NNP Jaguar ) ( NNS shareholders ) ( POS ' ) ) ( NN meeting ) ) ) ( CC and ) ( VP ( VB urge ) ( NP-1 ( PRP them ) ) ( S ( VP ( TO to ) ( VP ( VB drop ) ( NP ( DT the ) ( NNS restrictions ) ) ( ADVP-TMP ( RB prematurely ) ) ) ) ) ) ) ) )

But with its 10.4 % stake Ford can convene a special Jaguar shareholders ' meeting and urge them to drop the restrictions prematurely


( SINV ( S-TPC-3 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB very ) ( JJ valuable ) ) ( NN weapon ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN armory ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB enable ) ( S ( NP-SBJ ( NNP Ford ) ) ( VP ( TO to ) ( VP ( VB bid ) ( ADVP-TMP ( RBR sooner ) ) ( PP-CLR ( IN for ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD observed ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Barber ) ) ( PP ( IN of ) ( NP ( NNP James ) ( NNP Capel ) ) ) ) )

It 's a very valuable weapon in their armory which could enable Ford to bid sooner for Jaguar observed Mr. Barber of James Capel


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ-1 ( NNP Jaguar ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB tolerate ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNP U.S. ) ( NN auto ) ( NNS giants ) ) ( DT each ) ( VP ( NN owning ) ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN stake ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Otherwise Jaguar may have to tolerate the two U.S. auto giants each owning a 15 % stake for more than a year


( S ( S-TPC-1 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ) ( S-3 ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( WHADVP ( WRB how ) ) ( S ( NP-SBJ-4 ( DT a ) ( NN car ) ( NN company ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ collective ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Sir ) ( NNP John ) ) ( VP ( VBD said ) ) )

It would be difficult to see how a car company can be owned by a collective Sir John said


( S ( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN been ) ( VP ( VBN done ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB always ) ) ( NP-PRD ( DT a ) ( JJ first ) ) ) ) )

It has never been done before but there 's always a first


( S ( NP-SBJ ( NNP Federal ) ( NNP Paper ) ( NNP Board ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( NNP Imperial ) ( NNP Cup ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( ADJP ( RB closely ) ( JJ held ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN paper ) ( NNS cups ) ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Kenton ) ) ( NP ( NNP Ohio ) ) ) ) ) ) ) ) ) ) ) ) ) )

Federal Paper Board Co. said it completed the previously announced purchase of Imperial Cup Corp. a closely held maker of paper cups based in Kenton Ohio


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( NP-SBJ ( NNP Imperial ) ( NNP Cup ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ annual ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB approximately ) ( CD 75 ) ( CD million ) ) ) ) ) ) )

Imperial Cup has annual sales of approximately 75 million


( S ( NP-SBJ ( NNP Federal ) ( NNP Paper ) ( NNP Board ) ) ( VP ( VBZ sells ) ( NP ( NN paper ) ( CC and ) ( NN wood ) ( NNS products ) ) ) )

Federal Paper Board sells paper and wood products


( S ( PP-LOC ( IN On ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NP ( JJ northern ) ( NNP California ) ( POS 's ) ) ( NN killer ) ( NN earthquake ) ) ( VP ( VBD was ) ( NP-PRD ( ADJP ( RB just ) ( DT another ) ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( NN buck ) ) ) ) ) ) ) )

On Wall Street yesterday northern California 's killer earthquake was just another chance to make a buck


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( VBG opening ) ( NN bell ) ) ) ( NP-SBJ-1 ( NNS investors ) ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VBD began ) ( S ( VP ( VBG singling ) ( PRT ( RP out ) ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( SBAR ( S ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB profit ) ( CC or ) ( VB suffer ) ( PP-MNR ( IN in ) ( NP ( DT some ) ( NN way ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP California ) ( NN disaster ) ) ) ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NNS insurers ) ) ( NP ( JJ construction-related ) ( NNS companies ) ) ( NP ( NNS refiners ) ) ( CC and ) ( NP ( NN housing ) ( NNS lenders ) ) ) ) ) ) ) ) ) ) )

At the opening bell investors quickly began singling out shares of companies expected to profit or suffer in some way from the California disaster including insurers construction-related companies refiners and housing lenders


( S ( S ( NP-SBJ-2 ( NN Brokerage ) ( NNS houses ) ) ( VP ( VBD jumped ) ( ADVP-DIR ( RB in ) ) ( S-ADV ( VP ( VBG touting ) ( NP ( JJ post-quake ) ( NN demand ) ( NNS stocks ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( JJ toll-free ) ( JJ hot ) ( NN line ) ) ( PP ( IN for ) ( NP ( NP ( NNP San ) ( NNP Franciscans ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD might ) ( VP ( VB need ) ( NP ( NP ( NN emergency ) ( NN investment ) ( NN advice ) ) ( CC and ) ( NP ( NP ( NN help ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG transferring ) ( NP ( NNS funds ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Brokerage houses jumped in touting post-quake demand stocks and Kidder Peabody & Co. set up a toll-free hot line for San Franciscans who might need emergency investment advice and help in transferring funds


( SINV ( S-TPC-1 ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBZ thinks ) ( PP-CLR ( IN of ) ( NP ( NN everything ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Tom ) ( NNP Gallagher ) ) ( NP ( DT a ) ( JJ senior ) ( NNP Oppenheimer ) ( CC & ) ( NNP Co. ) ( NN trader ) ) ) )

Wall Street thinks of everything in terms of money says Tom Gallagher a senior Oppenheimer & Co. trader


( S-1 ( ADVP ( RB However ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ-2 ( JJ such ) ( JJ event-driven ) ( NN trading ) ( NNS moves ) ) ( VP ( VP ( ADVP ( RB typically ) ) ( VB last ) ( NP-TMP ( QP ( RB only ) ( DT a ) ( JJ few ) ) ( NNS hours ) ) ) ( CC and ) ( VP ( VBP are ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN made ) ( PP ( IN without ) ( NP ( JJ full ) ( NN information ) ) ) ) ) ) )

However he added such event-driven trading moves typically last only a few hours and are often made without full information


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( RBS most ) ( JJ popular ) ) ( NNS plays ) ) ( PP-TMP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NN insurance ) ( NNS companies ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP ( NNP General ) ( NNP Re ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD rose ) ( NP-EXT ( CD 2.75 ) ) ( PP-DIR ( TO to ) ( NP ( CD 86.50 ) ) ) ) ) ) ) ( NP ( NP ( NNP Nac ) ( NNP Re ) ( NNP Corp. ) ) ( ADVP ( RB up ) ( NP ( CD 2 ) ) ( PP ( TO to ) ( NP ( CD 37.75 ) ) ) ) ) ( NP ( NP ( NNP American ) ( NNP International ) ( NNP Group ) ( NNP Inc. ) ) ( ADVP ( RB up ) ( NP ( CD 3.25 ) ) ( PP ( TO to ) ( NP ( CD 102.625 ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Cigna ) ( NNP Corp. ) ) ( ADVP ( RB up ) ( NP ( CD 87.5 ) ( NNS cents ) ) ( PP ( TO to ) ( NP ( CD 62.50 ) ) ) ) ) ) ) ) ) )

The most popular plays of the day were insurance companies such as General Re Corp. which rose 2.75 to 86.50 Nac Re Corp. up 2 to 37.75 American International Group Inc. up 3.25 to 102.625 and Cigna Corp. up 87.5 cents to 62.50


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NP ( DT the ) ( NN brokerage ) ( NN firm ) ) ( NP ( NNP Conning ) ( CC & ) ( NNP Co. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNS insurers ) ) ( VP ( MD will ) ( VP ( VB use ) ( NP ( DT the ) ( NN earthquake ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN excuse ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN insurance ) ( NNS rates ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG ending ) ( NP ( PRP$ their ) ( JJ long ) ( NN price ) ( NNS wars ) ) ) ) ) ) ) ) ) )

Yesterday the brokerage firm Conning & Co. said insurers will use the earthquake as an excuse to raise insurance rates ending their long price wars


( S ( SBAR-TMP ( IN Before ) ( S ( NP-SBJ ( DT this ) ( JJ bullish ) ( NN theory ) ) ( VP ( VBD surfaced ) ) ) ) ( NP-SBJ ( DT some ) ( NN insurance ) ( NNS stocks ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD fell ) ( S-ADV ( VP ( VBG indicating ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( MD might ) ( VP ( VB cost ) ( NP ( NNS insurers ) ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Before this bullish theory surfaced some insurance stocks initially fell indicating that investors thought the quake might cost insurers a lot of money


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( NP ( NNP Fireman ) ( POS 's ) ) ( NNP Fund ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD ended ) ( NP ( DT the ) ( NN day ) ) ( ADVP ( RB off ) ( NP ( CD 50 ) ( NNS cents ) ) ( PP ( TO to ) ( NP ( CD 36.50 ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN earthquake ) ( NN damage ) ) ( VP ( MD would ) ( VP ( ADVP-MNR ( RB slightly ) ) ( VB hurt ) ( NP ( JJ fourth-quarter ) ( NN profit ) ) ) ) ) ) ) )

In fact Fireman 's Fund Corp. which ended the day off 50 cents to 36.50 said earthquake damage would slightly hurt fourth-quarter profit


( S ( PP ( IN On ) ( NP ( NP ( DT the ) ( NN prospect ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG rebuilding ) ( NP ( JJ northern ) ( NNP California ) ) ) ) ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VB bid ) ( PRT ( RP up ) ) ( NP ( NP ( NP ( NNS cement-makers ) ( NNP Calmat ) ( NNP Co. ) ) ( ADVP ( RB up ) ( NP ( CD 2.75 ) ) ( PP ( TO to ) ( NP ( CD 28.75 ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Lone ) ( NNP Star ) ( NNPS Industries ) ( NNP Inc. ) ) ( ADVP ( RB up ) ( NP ( CD 1.75 ) ) ( PP ( TO to ) ( NP ( CD 29.25 ) ) ) ) ) ) ) )

On the prospect for rebuilding northern California investors bid up cement-makers Calmat Co. up 2.75 to 28.75 and Lone Star Industries Inc. up 1.75 to 29.25


( S ( NP-SBJ ( NP ( NN Bridge ) ( CC and ) ( NN road ) ( NNS builders ) ) ) ( VP ( VBD had ) ( NP ( DT a ) ( NN field ) ( NN day ) ) ( PP-2 ( VBG including ) ( NP ( NP ( NP ( NNP Kasler ) ( NNP Corp. ) ) ( ADVP ( RB up ) ( NP ( CD 2.125 ) ) ( PP ( TO to ) ( NP ( CD 9.875 ) ) ) ) ) ( NP ( NP ( NNP Guy ) ( NNP F. ) ( NNP Atkinson ) ( NNP Co. ) ) ( ADVP ( RB up ) ( NP ( CD 87.5 ) ) ( PP ( TO to ) ( NP ( CD 61.875 ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Morrison ) ( NNP Knudsen ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reported ) ( NP ( JJR higher ) ( JJ third-quarter ) ( NNS earnings ) ) ( NP-TMP ( NN yesterday ) ) ( ADVP ( RB up ) ( NP ( CD 2.25 ) ) ( PP ( TO to ) ( NP ( CD 44.125 ) ) ) ) ) ) ) ) ) ) ) )

Bridge and road builders had a field day including Kasler Corp. up 2.125 to 9.875 Guy F. Atkinson Co. up 87.5 to 61.875 and Morrison Knudsen Corp. which reported higher third-quarter earnings yesterday up 2.25 to 44.125


( S ( NP-SBJ ( NP ( NNP Fluor ) ( NNP Corp. ) ) ( NP ( DT a ) ( NN construction ) ( NN engineering ) ( NN firm ) ) ) ( VP ( VBD gained ) ( NP ( CD 75 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 33.375 ) ) ) ) )

Fluor Corp. a construction engineering firm gained 75 cents to 33.375


( S ( CC But ) ( NP-SBJ ( NN home-building ) ( NNS stocks ) ) ( VP ( VBD were ) ( NP-PRD ( DT a ) ( JJ mixed ) ( NN bag ) ) ) )

But home-building stocks were a mixed bag


( S ( NP-SBJ ( NN Timber ) ( NNS stocks ) ) ( VP ( VBD got ) ( NP ( DT a ) ( JJ big ) ( NN boost ) ) ) )

Timber stocks got a big boost


( S ( NP-SBJ ( NP ( NP ( NP ( NNP Georgia ) ( NNP Pacific ) ( NNP Corp. ) ) ( ADVP ( RB up ) ( NP ( CD 1.25 ) ) ( PP ( TO to ) ( NP ( CD 58 ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Maxxam ) ( NNP Inc. ) ) ( ADVP ( RB up ) ( NP ( CD 3 ) ) ( PP ( TO to ) ( NP ( CD 43.75 ) ) ) ) ) ) ) ( DT both ) ( VP ( VBD reported ) ( NP ( JJ strong ) ( NNS profits ) ) ) )

Georgia Pacific Corp. up 1.25 to 58 and Maxxam Inc. up 3 to 43.75 both reported strong profits


( S ( NP-SBJ ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD touted ) ( NP ( NP ( NNP Georgia-Pacific ) ) ( NP ( NNP Louisiana ) ( NNP Pacific ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Willamette ) ( NNPS Industries ) ( NNP Inc. ) ) ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( RBS best ) ( JJ post-quake ) ( NN plywood ) ( NNS plays ) ) ) ) )

Merrill Lynch & Co. touted Georgia-Pacific Louisiana Pacific Corp. and Willamette Industries Inc. as the best post-quake plywood plays


( S ( NP-SBJ ( JJ Other ) ( NNS gainers ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS companies ) ) ( PP ( IN with ) ( NP ( QP ( CD one ) ( CC or ) ( JJR more ) ) ( JJ undamaged ) ( NNP California ) ( NNS refineries ) ) ) ) ) )

Other gainers were companies with one or more undamaged California refineries


( S ( S ( NP-SBJ ( NNP Tosco ) ( NNP Corp. ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 1.125 ) ) ( PP-DIR ( TO to ) ( NP ( CD 20.125 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Chevron ) ( NNP Corp. ) ) ( PP ( IN despite ) ( NP ( DT a ) ( JJ temporary ) ( NN pipeline ) ( NN shutdown ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( CD 65 ) ) ) ) ) )

Tosco Corp. jumped 1.125 to 20.125 and Chevron Corp. despite a temporary pipeline shutdown rose 1 to 65


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT some ) ( JJ big ) ( NN housing ) ( NNS lenders ) ) ) ) ( VP ( VBD got ) ( VP ( VBN hit ) ( PP ( IN on ) ( NP ( DT the ) ( NN likelihood ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NNS lenders ) ( POS ' ) ) ( NN collateral ) ) ( PRN ( NP ( NP ( NNS people ) ( POS 's ) ) ( NNS homes ) ) ) ) ( VP ( VBN suffered ) ( NP ( NP ( JJ physical ) ( NN damage ) ) ( CC and ) ( ADVP ( RB perhaps ) ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP-LOC ( IN in ) ( NP ( NN value ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile shares of some big housing lenders got hit on the likelihood that the lenders ' collateral people 's homes suffered physical damage and perhaps a loss in value


( S ( S ( NP-SBJ ( NNP Wells ) ( NNP Fargo ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 50 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 81.50 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP BankAmerica ) ( NNP Corp. ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 50 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 31.875 ) ) ) ) ) )

Wells Fargo & Co. fell 50 cents to 81.50 and BankAmerica Corp. fell 50 cents to 31.875


( S ( NP-SBJ ( NP ( DT Some ) ( NNP California ) ( NN thrift ) ( NNS stocks ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD fell ) ( PP-2 ( VBG including ) ( NP ( NP ( NP ( NNP Golden ) ( NNP West ) ( NNP Financial ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP H.F. ) ( NNP Ahmanson ) ( CC & ) ( NNP Co. ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reported ) ( NP ( JJR lower ) ( NNS earnings ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) )

Some California thrift stocks also fell including Golden West Financial Corp. and H.F. Ahmanson & Co. which reported lower earnings yesterday


( SINV ( S-TPC-1 ( NP-SBJ ( NN Property ) ( NNS values ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB go ) ( ADVP-DIR ( RB up ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( CD one ) ( NN money ) ( NN manager ) ) )

Property values did n't go up in California yesterday says one money manager


( S ( NP-SBJ ( NNP Pacific ) ( NNP Gas ) ( CC & ) ( NNP Electric ) ( NNP Co. ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 37.5 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 19.625 ) ) ) ) )

Pacific Gas & Electric Co. fell 37.5 cents to 19.625


( S ( NP-SBJ-1 ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN power ) ( NNS generators ) ) ) ) ( VP ( VBD was ) ( VP ( VBN damaged ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT any ) ( JJ financial ) ( NN impact ) ) ) ) ) ) ) ) ) ) ) )

One of its power generators was damaged though the company said there wo n't be any financial impact


( S ( NP-SBJ ( NNP Pacific ) ( NNP Telesis ) ( NNP Group ) ) ( VP ( VBD lost ) ( NP ( CD 62.5 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 44.625 ) ) ) ) )

Pacific Telesis Group lost 62.5 cents to 44.625


( S ( S ( NP-SBJ ( DT A ) ( NN computer ) ( NN failure ) ) ( VP ( VBD delayed ) ( NP ( PRP$ its ) ( NNS earnings ) ( NN announcement ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( VP ( VB have ) ( NP ( JJ extra ) ( NNS costs ) ( S ( VP ( TO to ) ( VP ( VB repair ) ( NP ( JJ damaged ) ( NN telephone ) ( NNS lines ) ) ) ) ) ) ) ) ) ) ) ) )

A computer failure delayed its earnings announcement and some investors think it might have extra costs to repair damaged telephone lines


( S ( NP-SBJ ( NP ( JJ Heavy ) ( NN construction ) ) ( NP ( NN property-casualty ) ( NN insurance ) ) ( CC and ) ( NP ( NN forest ) ( NNS products ) ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( ADJP ( JJS best ) ( VBG performing ) ) ( NN industry ) ( NNS groups ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Equity ) ( NNP Market ) ( NNP Index ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

Heavy construction property-casualty insurance and forest products were among the best performing industry groups in the Dow Jones Equity Market Index yesterday


( S ( NP-SBJ-1 ( NNP International ) ( NNPS Proteins ) ( NNP Corp. ) ) ( VP ( ADVP-MNR ( RB definitively ) ) ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( QP ( CD 49 ) ( CD million ) ) ) ( CC and ) ( NP ( NP ( CD 2,850,000 ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Hanson ) ( NNP PLC ) ( POS 's ) ) ( NNP Ground ) ( NNP Round ) ( NN restaurant ) ( NN subsidiary ) ) ) ) ) ) ) )

International Proteins Corp. definitively agreed to pay 49 million and 2,850,000 of its shares for Hanson PLC 's Ground Round restaurant subsidiary


( S ( NP-SBJ ( NP ( NNS Shareholders ) ) ( PP ( IN of ) ( NP ( NP ( NNP International ) ( NNPS Proteins ) ) ( NP ( DT a ) ( NN food ) ( CC and ) ( NNS agriproducts ) ( NN company ) ) ) ) ) ( VP ( MD will ) ( VP ( VB vote ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN transaction ) ) ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( NN meeting ) ) ) ( NP-TMP ( RB late ) ( JJ next ) ( NN month ) ) ) ) )

Shareholders of International Proteins a food and agriproducts company will vote on the transaction at a meeting late next month


( S ( NP-SBJ ( NNP Hanson ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NNP London ) ( NN producer ) ) ( PP ( IN of ) ( NP ( UCP ( NN consumer ) ( CC and ) ( JJ other ) ) ( NNS goods ) ) ) ) ) )

Hanson is a London producer of consumer and other goods


( S ( NP-SBJ ( NNP International ) ( NNPS Proteins ) ( NNS shares ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB trade ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) )

International Proteins shares did n't trade yesterday on the American Stock Exchange


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD closed ) ( NP-TMP ( NNP Tuesday ) ) ( PP-LOC ( IN in ) ( NP ( JJ composite ) ( NN trading ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 13.625 ) ) ) ( ADVP ( RB down ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ( S-ADV ( VP ( VBG giving ) ( NP ( NP ( DT the ) ( NN stock ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ( NP ( NP ( DT an ) ( VBN indicated ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 38.8 ) ( CD million ) ) ) ) ) ) ) ) )

They closed Tuesday in composite trading at 13.625 down 37.5 cents giving the stock portion of the transaction an indicated value of 38.8 million


( S ( S-TPC-1 ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( NN airline ) ( NNS deals ) ) ( PP-LOC-PRD ( IN in ) ( NP ( DT a ) ( NN tailspin ) ) ) ) ) ( NP-SBJ-2 ( JJ legendary ) ( NNP Wall ) ( NNP Street ) ( NN trader ) ( NNP Michael ) ( NNP Steinhardt ) ) ( VP ( MD could ) ( VP ( VB have ) ( NP ( NP ( NN trouble ) ) ( S-NOM ( VP ( VBG parachuting ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NNP USAir ) ( NNP Group ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ) )

With airline deals in a tailspin legendary Wall Street trader Michael Steinhardt could have trouble parachuting out of USAir Group traders say


( S ( ADVP-TMP ( NP ( QP ( RB Only ) ( DT a ) ) ( NN week ) ) ( RB ago ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NN airline ) ( NN buy-out ) ( NN fever ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB already ) ) ( VP ( VBG winding ) ( ADVP-CLR ( RB down ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBN engaged ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN duel ) ) ( PP ( IN with ) ( NP ( NNP USAir ) ) ) ) ) ) ) )

Only a week ago when airline buy-out fever was already winding down Mr. Steinhardt was engaged in a duel with USAir


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( VP ( VBG threatening ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( DT the ) ( NN carrier ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG spending ) ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 167 ) ( CD million ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT an ) ( ADJP ( CD 8.4 ) ( NN % ) ) ( NNP USAir ) ( NN stake ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN investment ) ( NNS clients ) ) ) ) ) ) ) ) ) ) ) )

He was threatening to take over the carrier after spending an estimated 167 million to build an 8.4 % USAir stake for his investment clients


( S ( NP-SBJ ( DT The ) ( JJ would-be ) ( NN raider ) ) ( VP ( ADVP ( RB even ) ) ( VBD hired ) ( NP ( DT an ) ( NN investment ) ( NN banker ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB give ) ( NP ( NNS teeth ) ) ( PP-DTV ( TO to ) ( NP ( NP ( PRP$ his ) ( NN takeover ) ( NN threat ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( ADVP ( RB widely ) ) ( VBN interpreted ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB flush ) ( PRT ( RP out ) ) ( NP ( NP ( DT an ) ( NN acquirer ) ) ( PP ( PP ( IN for ) ( NP ( NNP USAir ) ) ) ( CC or ) ( PP ( IN for ) ( NP ( PRP$ his ) ( JJ own ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The would-be raider even hired an investment banker to give teeth to his takeover threat which was widely interpreted as an effort to flush out an acquirer for USAir or for his own stake


( S ( PP ( IN In ) ( S-NOM ( VP ( VBG fighting ) ( NP ( NNP USAir ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBD was ) ( VP ( VBN pitted ) ( PP-CLR ( IN against ) ( NP ( NP ( DT another ) ( NN investor ) ) ( NP ( NN billionnaire ) ( NNP Warren ) ( NNP Buffett ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD bought ) ( PP-CLR ( IN into ) ( NP ( NNP USAir ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In fighting USAir Mr. Steinhardt was pitted against another investor billionnaire Warren Buffett who bought into USAir to help fend off Mr. Steinhardt


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Buffett ) ( POS 's ) ) ( NN firm ) ) ( NP ( NNP Berkshire ) ( NNP Hathaway ) ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( ADJP ( RB much ) ( JJR bigger ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN carrier ) ) ) ( PP ( IN than ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Steinhardt ) ( POS 's ) ) ( NN firm ) ) ( NP ( NNP Steinhardt ) ( NNPS Partners ) ) ) ) ) ) )

Mr. Buffett 's firm Berkshire Hathaway holds a much bigger stake in the carrier than Mr. Steinhardt 's firm Steinhardt Partners


( S ( ADVP-TMP ( RB Now ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NNS troubles ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG financing ) ( NP ( PRP$ its ) ( NN buy-out ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN airline ) ( NN raiding ) ( NN game ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN grounded ) ) ) ) )

Now in the wake of UAL 's troubles in financing its buy-out the airline raiding game has been grounded


( S ( PP ( RB Instead ) ( IN of ) ( S-NOM ( VP ( VBG hoping ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ his ) ( NNP USAir ) ( NN stake ) ) ( PP ( IN at ) ( NP ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( JJ estimated ) ( NN buy-out ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( CD 80 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ is ) ( VP ( VBN stuck ) ( PP-CLR ( IN with ) ( NP ( NP ( QP ( RB roughly ) ( CD 3.7 ) ( CD million ) ) ( NNP USAir ) ( NNS shares ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VP ( VBD cost ) ( NP ( PRP him ) ) ( NP ( CD 45 ) ) ( PP ( IN on ) ( NP ( NN average ) ) ) ) ( CC but ) ( VP ( NP-TMP ( NN yesterday ) ) ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 40 ) ( CD 1\/2 ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 1\/4 ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) )

Instead of hoping to sell his USAir stake at analysts ' estimated buy-out price of 80 a share Mr. Steinhardt is stuck with roughly 3.7 million USAir shares that cost him 45 on average but yesterday closed at 40 1\/2 up 1\/4 in New York Stock Exchange composite trading


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB make ) ( NP ( NN sense ) ) ( S-1 ( VP ( TO to ) ( VP ( VB parachute ) ( ADVP-DIR ( RB out ) ) ( PP ( IN at ) ( NP ( DT this ) ( NN price ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ says ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN stopped ) ( NP ( PRP$ his ) ( NN takeover ) ( NN talk ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB now ) ) ( VBZ commends ) ( NP ( NP ( NNP USAir ) ( NNS managers ) ( POS ' ) ) ( NN operating ) ( NNS skills ) ) ) ) ) ) ) )

It does n't make sense to parachute out at this price Mr. Steinhardt says though he has stopped his takeover talk and now commends USAir managers ' operating skills


( S ( PP ( IN At ) ( NP ( DT the ) ( JJ current ) ( NN price ) ) ) ( NP-SBJ ( DT the ) ( NNP USAir ) ( NN holding ) ) ( VP ( VBZ represents ) ( NP ( NP ( CD 9 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS assets ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ manages ) ) ) ) ) ) ) ) )

At the current price the USAir holding represents 9 % of all the assets that Mr. Steinhardt manages


( S ( ADVP-TMP ( NP ( DT A ) ( NN week ) ) ( RB ago ) ) ( NP-SBJ ( NNP USAir ) ( NN stock ) ) ( ADVP-TMP ( RB briefly ) ) ( VP ( VBD soared ) ( PP-DIR ( IN above ) ( NP ( CD 52 ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN report ) ) ( PP-LOC ( IN in ) ( NP ( NNP USA ) ( NNP Today ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( MD might ) ( VP ( VB launch ) ( NP ( NP ( DT a ) ( JJ hostile ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN carrier ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( NN takeover ) ( NNS speculators ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ skeptical ) ) ) ) ) ) ) ) ) )

A week ago USAir stock briefly soared above 52 after a report in USA Today that Mr. Steinhardt might launch a hostile bid for the carrier though takeover speculators say they were skeptical


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( S ( NP-SBJ ( NNP USAir ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worth ) ( NP ( CD 80 ) ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN takeover ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBD went ) ( PP-DIR ( TO to ) ( NP ( CD 52 ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Steinhardt ) ( POS 's ) ) ( NN presence ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ worth ) ( NP ( NN anything ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG getting ) ( S ( NP-SBJ ( DT a ) ( NN deal ) ) ( ADJP-PRD ( VBN done ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT a ) ( JJ veteran ) ( NN takeover ) ( NN speculator ) ) )

If USAir is worth 80 as a takeover and the stock went to 52 the market was saying Steinhardt 's presence was n't worth anything in terms of getting a deal done says a veteran takeover speculator


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( DT this ) ) ( DT all ) ( VP ( VBZ goes ) ( S ( VP ( TO to ) ( VP ( VB show ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( RB even ) ( DT the ) ( JJS smartest ) ( NN money ) ( NN manager ) ) ( VP ( MD can ) ( VP ( VB get ) ( S ( VP ( VBN infected ) ( PP-CLR ( IN with ) ( NP ( NN crowd ) ( NNS passions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders say this all goes to show that even the smartest money manager can get infected with crowd passions


( S ( PP ( IN In ) ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB raid ) ( NP ( NNP USAir ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VP ( VBD abandoned ) ( NP ( NP ( PRP$ his ) ( JJ usual ) ( NN role ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ passive ) ( NN investor ) ) ) ) ) ( CC and ) ( VP ( VBD ran ) ( PP-DIR ( IN into ) ( NP ( NNS snags ) ) ) ) ) )

In trying to raid USAir Mr. Steinhardt abandoned his usual role as a passive investor and ran into snags


( S ( ADVP ( RB Moreover ) ) ( PP ( IN unlike ) ( NP ( NP ( NNP Mr. ) ( NNP Buffett ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB often ) ) ( VP ( VBZ holds ) ( NP ( NP ( JJ big ) ( NNS stakes ) ) ( PP-LOC ( IN in ) ( NP ( NNS companies ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ has ) ( RB n't ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( VP ( VBN done ) ( NP ( JJ much ) ( JJ long-term ) ( NN investing ) ) ) ) )

Moreover unlike Mr. Buffett who often holds big stakes in companies for years Mr. Steinhardt has n't in the past done much long-term investing


( S ( NP-SBJ-4 ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( QP ( IN about ) ( CD 1.7 ) ( CD billion ) ) ) ( PP ( IN for ) ( NP ( NNP Steinhardt ) ( NNPS Partners ) ) ) ) ) ) ) ( VP ( VBD made ) ( NP ( PRP$ his ) ( NN name ) ) ( PP ( IN as ) ( NP ( DT a ) ( VBG gunslinging ) ( NN trader ) ) ) ( S-ADV ( VP ( VBG moving ) ( PP-DIR ( PP ( IN in ) ) ( CC and ) ( PP ( IN out ) ( PP ( IN of ) ) ) ( NP-2 ( NNS stocks ) ) ) ( PP-MNR ( IN with ) ( NP ( NN agility ) ) ) ( S-ADV ( VP ( VBG enriching ) ( NP ( NP ( PRP himself ) ) ( CC and ) ( NP ( PRP$ his ) ( NN investment ) ( NNS clients ) ) ) ) ) ) ) ) )

Mr. Steinhardt who runs about 1.7 billion for Steinhardt Partners made his name as a gunslinging trader moving in and out of stocks with agility enriching himself and his investment clients


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( PRP$ his ) ( JJ big ) ( NNS losses ) ) ( PRN ( PP ( IN for ) ( NP ( NN instance ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1987 ) ( POS 's ) ) ( NN crash ) ) ) ) ) ( ADVP ( RB generally ) ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( NN trading ) ( NNS losses ) ) ) ) )

Meanwhile his big losses for instance in 1987 's crash generally have been trading losses


( S ( CC So ) ( NP-SBJ ( DT some ) ) ( VP ( VB see ) ( NP ( DT a ) ( JJ special ) ( NN irony ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ( NP ( DT the ) ( NN trader ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( VP ( VBN encumbered ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ massive ) ( JJ illiquid ) ( NN airline ) ( NN holding ) ) ) ) ) ) ) ) ) ) )

So some see a special irony in the fact that Mr. Steinhardt the trader now is encumbered with a massive illiquid airline holding


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP USAir ) ( NN stock ) ) ( VP ( MD might ) ( VP ( VB lose ) ( NP ( QP ( CD four ) ( CC or ) ( CD five ) ) ( NNS points ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Steinhardt ) ( NN stake ) ) ( VP ( VBD was ) ( VP ( VBN dumped ) ( ADVP-TMP ( DT all ) ( IN at ) ( RB once ) ) ) ) ) ) ) ) ) ) ) )

Analysts say USAir stock might lose four or five points if the Steinhardt stake was dumped all at once


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( MD must ) ( VP ( VB reconcile ) ( NP ( PRP himself ) ) ( PP-CLR ( PP ( TO to ) ( S-NOM ( VP ( VBG selling ) ( NP ( NNP USAir ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN loss ) ) ) ) ) ) ( CC or ) ( PP ( TO to ) ( S-NOM ( VP ( VBG holding ) ( NP ( DT the ) ( NNS shares ) ) ( PP ( IN as ) ( NP ( DT an ) ( JJ old-fashioned ) ( NN investment ) ) ) ) ) ) ) ) ) )

As a result Mr. Steinhardt must reconcile himself to selling USAir at a loss or to holding the shares as an old-fashioned investment


( SINV ( S-TPC-2 ( NP-ADV ( JJ Long-term ) ( NN investing ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( NP ( NNP Steinhardt ) ( POS 's ) ) ( NN style ) ) ) ) ( VP ( VBZ chuckles ) ) ( NP-SBJ ( NP ( DT an ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB once ) ) ( VP ( VBD worked ) ( PP-LOC-CLR ( IN at ) ( NP ( NNP Steinhardt ) ( NNPS Partners ) ) ) ) ) ) ) )

Long-term investing that 's not Steinhardt 's style chuckles an investor who once worked at Steinhardt Partners


( SINV ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP-TMP ( RB usually ) ) ( VP ( VB risk ) ( NP ( IN that ) ( RB much ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( NP ( DT an ) ( NN ace ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN hole ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ adds ) ) ( NP-SBJ ( DT another ) ( NNP Steinhardt ) ( NNP Partners ) ( NN alumnus ) ) )

He does n't usually risk that much unless he thinks he has an ace in the hole adds another Steinhardt Partners alumnus


( S ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS days ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP USAir ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG buying ) ( NP ( PRP$ its ) ( JJ own ) ( NNS shares ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN program ) ( S ( VP ( TO to ) ( VP ( VB retire ) ( NP ( QP ( IN about ) ( CD eight ) ( CD million ) ) ( NNP USAir ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN carrier ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB discuss ) ( NP ( PRP$ its ) ( JJ buy-back ) ( NN program ) ) ) ) ) ) ) )

In recent days traders say USAir has been buying its own shares as part of a program to retire about eight million USAir shares though the carrier wo n't discuss its buy-back program


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP USAir ) ) ( VP ( VBD stepped ) ( PRT ( RP up ) ) ( NP ( PRP$ its ) ( NN share ) ( NNS purchases ) ) ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( MD might ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN way ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( TO to ) ( VP ( VB get ) ( ADVP-CLR ( RB out ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Timothy ) ( NNP Pettee ) ) ( NP ( DT a ) ( NNP Merrill ) ( NNP Lynch ) ( NN analyst ) ) ) )

If USAir stepped up its share purchases that might be a way for Mr. Steinhardt to get out says Timothy Pettee a Merrill Lynch analyst


( S ( S-TPC-2 ( CC But ) ( NP-SBJ-1 ( NNP USAir ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB help ) ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

But USAir might not want to help Mr. Steinhardt he adds


( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( NNP USAir ) ( NNP Chairman ) ( NNP Edwin ) ( NNP Colodny ) ) ( VP ( VBD stonewalled ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP Trans ) ( NNP World ) ( NNPS Airlines ) ( NNP Chairman ) ( NNP Carl ) ( NNP Icahn ) ) ( VP ( VBD threatened ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( DT the ) ( NN carrier ) ) ) ) ) ) ) ) ) )

In 1987 USAir Chairman Edwin Colodny stonewalled when Trans World Airlines Chairman Carl Icahn threatened to take over the carrier


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Icahn ) ) ( NP ( NP ( DT a ) ( ADJP ( ADVP ( RB much ) ( RBR more ) ) ( JJ practiced ) ) ( NN raider ) ) ( PP ( IN than ) ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ) ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD sold ) ( NP ( DT a ) ( JJ big ) ( NNP USAir ) ( NN stake ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ tiny ) ( NN profit ) ) ) ( PP ( IN through ) ( NP ( NNP Bear ) ( NNP Stearns ) ) ) ) )

Mr. Icahn a much more practiced raider than Mr. Steinhardt eventually sold a big USAir stake at a tiny profit through Bear Stearns


( S ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( ADVP ( RB also ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP ( DT that ) ( NN route ) ) ) ) )

Mr. Steinhardt also could take that route


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ confers ) ( NP ( JJ big ) ( NN trading ) ( NNS commissions ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ( NNS firms ) ) ) ) )

He confers big trading commissions on Wall Street firms


( S ( S-TPC-1 ( ADVP ( RB However ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NN airline ) ( NNS stocks ) ) ( VP ( VBG cratering ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB get ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ good ) ) ( NN price ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NNS shares ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ) )

However with airline stocks cratering he might not get a very good price for his shares traders say


( SINV-1 ( ADJP-PRD-TPC-2 ( RB Especially ) ( JJ galling ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ) ) ( PRN ( SINV ( VP ( VBP say ) ) ( NP-SBJ ( NP ( NNS people ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( PRP him ) ) ) ) ) ) ) ( VP ( VBZ is ) ) ( SBAR-SBJ ( IN that ) ( S ( NP-SBJ ( NP ( NNP USAir ) ( POS 's ) ) ( NNP Mr. ) ( NNP Colodny ) ) ( VP ( MD wo ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB take ) ( NP ( PRP$ his ) ( NN telephone ) ( NNS calls ) ) ) ) ) ) )

Especially galling for Mr. Steinhardt say people close to him is that USAir 's Mr. Colodny wo n't even take his telephone calls


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNP USAir ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN considered ) ( ADJP ( RB absolutely ) ( JJ takeover-proof ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP$ its ) ( NNS defenses ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 12 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Buffett ) ( POS 's ) ) ( NNP Berkshire ) ( NNP Hathaway ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB pretty ) ( JJ strong ) ) ) )

While USAir is n't considered absolutely takeover-proof its defenses including the sale in August of a 12 % stake in the company to Mr. Buffett 's Berkshire Hathaway are pretty strong


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( NNP USAir ) ( POS 's ) ) ( NN deal ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Buffett ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADVP ( RB exactly ) ) ( NP-PRD ( NP ( DT a ) ( VBG shining ) ( NN example ) ) ( PP ( IN of ) ( NP ( NN shareholder ) ( NN democracy ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ says ) ) )

USAir 's deal with Mr. Buffett was n't exactly a shining example of shareholder democracy Mr. Steinhardt says


( S ( PP-TMP ( IN Since ) ( NP ( JJ last ) ( NNP April ) ) ) ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NP ( CD seven ) ( JJ so-called ) ( CD 13D ) ( NNS filings ) ) ( PP-LOC ( IN in ) ( NP ( NNP USAir ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( CC and ) ( VBD sold ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ) ) ) ) ) )

Since last April the investor has made seven so-called 13D filings in USAir as he bought and sold the company 's stock


( S ( NP-SBJ-1 ( NP ( JJ Such ) ( NNS disclosures ) ) ( PP ( IN of ) ( NP ( JJ big ) ( NNS holdings ) ) ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP are ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS-3 ( NNS raiders ) ) ) ( S-CLR ( VP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB scare ) ( NP ( NP ( DT a ) ( NN company ) ( POS 's ) ) ( NNS managers ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB stir ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) ) ) ) ) )

Such disclosures of big holdings often are used by raiders to try to scare a company 's managers and to stir interest in the stock


( S ( CC But ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( RB highly ) ( JJ unusual ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NP ( DT an ) ( NN investment ) ( NN fund ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Steinhardt ) ( NNPS Partners ) ) ) ) ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( DT a ) ( NN company ) ) ) ) ) ) ) ) )

But of course it would be highly unusual for an investment fund such as Steinhardt Partners to take over a company


( S ( NP-SBJ ( NP ( NNP USAir ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Buffett ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB talk ) ( PP-CLR ( IN about ) ( NP ( NNP Mr. ) ( NNP Steinhardt ) ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) )

USAir and Mr. Buffett wo n't talk about Mr. Steinhardt at all


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP USAir ) ) ( VP ( VBZ has ) ( NP ( JJ great ) ( NN promise ) ) ) ) ) ) )

Analysts say USAir has great promise


( SINV ( S-TPC-1 ( PP-TMP ( IN By ) ( NP ( NP ( DT the ) ( JJ second ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ( NP-SBJ ( NNP USAir ) ( NN stock ) ) ( VP ( MD could ) ( VP ( VB hit ) ( NP ( CD 60 ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Helane ) ( NNP Becker ) ) ( PP ( IN of ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) )

By the second half of 1990 USAir stock could hit 60 says Helane Becker of Shearson Lehman Hutton


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NNS traders ) ) ( VP ( MD should ) ( VP ( VB buy ) ( NP ( DT the ) ( NN stock ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ tumbles ) ( PP-DIR ( TO to ) ( NP ( CD 35 ) ) ) ) ) ) ) ) ) ) ) )

She thinks traders should buy the stock if it tumbles to 35


( S ( CC But ) ( ADVP-TMP ( RB meanwhile ) ) ( NP-SBJ-2 ( NN USAir ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( NNS losses ) ) ( CC or ) ( NP ( JJ lackluster ) ( NN profit ) ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS quarters ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ tries ) ( S ( VP ( TO to ) ( VP ( VB digest ) ( NP ( NP ( NNP Piedmont ) ( NNPS Airlines ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But meanwhile USAir is expected to show losses or lackluster profit for several quarters as it tries to digest Piedmont Airlines which it acquired


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN recession ) ) ( CC or ) ( NP ( VBN renewed ) ( NN airfare ) ( NNS wars ) ) ) ( VP ( MD will ) ( VP ( VB pummel ) ( NP ( NN airline ) ( NNS stocks ) ) ( PP-TMP ( IN in ) ( NP ( VBG coming ) ( NNS months ) ) ) ) ) ) ) ) )

Moreover some investors think a recession or renewed airfare wars will pummel airline stocks in coming months


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ comfortable ) ) ( S-ADV ( VP ( VBG holding ) ( NP ( NNP USAir ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN investment ) ) ) ) ) ) ) ) ) )

However Mr. Steinhardt says he 's comfortable holding USAir as an investment


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN bought ) ( CC and ) ( VBN sold ) ( NP ( DT some ) ( NNP USAir ) ( NNS shares ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( ADVP ( JJ contrary ) ( PP ( TO to ) ( NP ( NNS rumors ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN tried ) ( S ( VP ( TO to ) ( VP ( VB unload ) ( NP ( PRP$ his ) ( NN holding ) ) ) ) ) ) ) ) ) ) )

While he has bought and sold some USAir shares in recent days he says that contrary to rumors he has n't tried to unload his holding


( S ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( NP ( NNP USAir ) ( NN stock ) ) ( NP-TMP ( RB earlier ) ( DT this ) ( NN year ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ fundamental ) ( NN investment ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN airline ) ( NN group ) ) ) ) ) ) ) ) ) ) ) )

Mr. Steinhardt adds that he bought USAir stock earlier this year as part of a fundamental investment in the airline group


( S ( PP-TMP ( IN In ) ( NP ( CD 1989 ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD made ) ( NP ( NN money ) ) ( S-ADV ( VP ( VBG trading ) ( PP ( RP in ) ( NP ( NP ( NNP Texas ) ( NNP Air ) ) ( NP ( NNP AMR ) ) ( CC and ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) )

In 1989 Mr. Steinhardt says he made money trading in Texas Air AMR and UAL


( S ( S-TPC-1 ( ADVP ( JJ Overall ) ) ( NP-SBJ ( PRP$ his ) ( NNS investments ) ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( VP ( VBP are ) ( VP ( VBG showing ) ( NP ( NP ( NNS gains ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

Overall his investments so far this year are showing gains of about 20 % he adds


( SQ ( NNP Does ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VB regret ) ( NP ( NP ( PRP$ his ) ( NN incursion ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN takeover-threat ) ( NN game ) ) ) ) ) )

Does Mr. Steinhardt regret his incursion into the takeover-threat game


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN investor ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN experiment ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unlikely ) ( S ( VP ( TO to ) ( VP ( VB repeat ) ) ) ) ) ) ) ) ) ) ) ) ) )

People close to the investor say that was an experiment he is unlikely to repeat


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD 'll ) ( VP ( VB find ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG making ) ( NP ( NP ( DT a ) ( JJ radical ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ my ) ( JJ traditional ) ( NN investment ) ( NN style ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Steinhardt ) ) ( VP ( VBZ says ) ) )

I do n't think you 'll find I 'm making a radical change in my traditional investment style Mr. Steinhardt says


( S ( NP-SBJ-1 ( NNP Denis ) ( NNP C. ) ( NNP Smith ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ new ) ( NN post ) ) ( PP ( IN of ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( JJ world-wide ) ( JJ advanced ) ( NNS materials ) ( NNS operations ) ) ) ( PP ( IN for ) ( NP ( DT this ) ( NNS chemicals ) ( NN concern ) ) ) ) ) ) ) ) ) )

Denis C. Smith was named to the new post of vice president of world-wide advanced materials operations for this chemicals concern


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Smith ) ) ( ADJP ( NP ( CD 50 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB formerly ) ) ( ADJP-PRD ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( JJ advanced ) ( NNS materials ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP include ) ( NP ( NP ( JJ plastic ) ( NNS composites ) ) ( CC and ) ( NP ( NNS alloys ) ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP North ) ( NNP America ) ) ( ADVP ( RB only ) ) ) ) ) )

Mr. Smith 50 years old was formerly responsible for advanced materials which include plastic composites and alloys in North America only


( S ( NP-SBJ ( NNP Himont ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ 81%-owned ) ( PP ( IN by ) ( NP ( NP ( NNP Montedison ) ( NNP S.p ) ( NNP A. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Milan ) ) ( NP ( NNP Italy ) ) ) ) ) ) ) ) )

Himont is 81%-owned by Montedison S.p A. of Milan Italy


( S ( NP-SBJ-2 ( NP ( NNP Japan ) ( NNP Air ) ( NNPS Lines ) ) ( NP ( NNP Lufthansa ) ( NNP German ) ( NNPS Airlines ) ) ( CC and ) ( NP ( NNP Air ) ( NNP France ) ) ) ( ADVP ( RB reportedly ) ) ( VP ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB form ) ( NP ( DT an ) ( JJ international ) ( NN air-freight ) ( NN company ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ( NP-ADV ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( ADVP ( RBR further ) ) ( VB consolidate ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) )

Japan Air Lines Lufthansa German Airlines and Air France reportedly plan to form an international air-freight company this year a move that could further consolidate the industry


( S ( NP-SBJ ( JJ Japanese ) ( NN newspaper ) ( NNP Nihon ) ( NNP Keizai ) ( NNP Shimbun ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( CD three ) ( NNS giants ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB integrate ) ( NP ( NP ( PRP$ their ) ( NN cargo ) ( NNS computers ) ) ( CC and ) ( NP ( ADJP ( NN ground-cargo ) ( CC and ) ( NN air-cargo ) ) ( NNS systems ) ) ) ) ) ) ) ) ) ) )

Japanese newspaper Nihon Keizai Shimbun reported that the three giants plan to integrate their cargo computers and ground-cargo and air-cargo systems


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB reportedly ) ) ( VP ( MD will ) ( VP ( VB invest ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 20 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 140 ) ( CD million ) ) ) ) ) ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN venture ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN headquarters ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNP France ) ) ( CC or ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ) ) ) ) ) ) ) )

They reportedly will invest a total of 20 billion yen 140 million in the venture whose headquarters would be in France or West Germany


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( VBZ follows ) ( NP ( NP ( NP ( NNP Federal ) ( NNP Express ) ( NNP Corp. ) ( POS 's ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Flying ) ( NNP Tiger ) ( NNP Line ) ( NNP Inc. ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) )

The action follows Federal Express Corp. 's acquisition of Flying Tiger Line Inc. in August


( SINV ( S-TPC-2 ( PP-TMP ( IN After ) ( NP ( DT that ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB make ) ( NP ( NN sense ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ-3 ( NNS airlines ) ) ( VP ( TO to ) ( VP ( VB talk ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG doing ) ( NP ( NNS things ) ) ( ADVP-MNR ( RB jointly ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Cotton ) ( NNP Daly ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN cargo ) ( NNS services ) ) ) ( PP ( IN for ) ( NP ( NNP New ) ( NNP York ) ( NN consulting ) ( NN firm ) ( NNP Simat ) ( NNP Helliesen ) ( CC & ) ( NNP Eichner ) ( NNP Inc ) ) ) ) ) )

After that it would make sense for airlines to talk about doing things jointly said Cotton Daly director of cargo services for New York consulting firm Simat Helliesen & Eichner Inc