( S ( NP-SBJ ( NP ( DT The ) ( NNS brokers ) ( POS ' ) ) ( NN hope ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB coax ) ( NP-1 ( NNS investors ) ) ( PP-CLR ( IN into ) ( S-NOM ( VP ( VBG shifting ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN hoard ) ) ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

The brokers ' hope has been that they could soon coax investors into shifting some of their hoard into the stock market


( S ( CC And ) ( PP-TMP ( IN before ) ( NP ( JJ last ) ( NNP Friday ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADVP ( RB actually ) ) ( VP ( VBG making ) ( NP ( JJ modest ) ( NN progress ) ) ) ) )

And before last Friday they were actually making modest progress


( S ( NP-SBJ-1 ( NP ( DT A ) ( ADJP ( RB slightly ) ( JJR higher ) ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN volume ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( JJ retail ) ( NNS investors ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( JJ post-crash ) ( CD 1988 ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNPS Securities ) ( NNP Industry ) ( NNP Association ) ( NN data ) ) ) ) ) ) ) )

A slightly higher percentage of New York Stock Exchange volume has been attributed to retail investors in recent months compared with post-crash 1988 according to Securities Industry Association data


( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( NP ( DT an ) ( JJ average ) ( CD 19.7 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Big ) ( NNP Board ) ( NN volume ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( JJ retail ) ( NN business ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( DT the ) ( JJ monthly ) ( NN level ) ) ( ADVP-TMP ( RB never ) ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 21.4 ) ) ( NN % ) ) ) ) ) )

In 1987 an average 19.7 % of Big Board volume was retail business with the monthly level never more than 21.4 %


( S ( NP-SBJ ( DT The ) ( JJ retail ) ( NN participation ) ) ( VP ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( JJ average ) ( CD 18.2 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ( CC and ) ( VP ( VBD shriveled ) ( PP-DIR ( TO to ) ( NP ( QP ( RB barely ) ( CD 14 ) ) ( NN % ) ) ) ( NP-TMP ( NP ( DT some ) ( NNS months ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) )

The retail participation dropped to an average 18.2 % in 1988 and shriveled to barely 14 % some months during the year


( S ( RB Yet ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ( NP-SBJ ( JJ retail ) ( NN participation ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT every ) ( NN month ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( NP-PRD ( CD 23.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP August ) ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN month ) ) ( SBAR ( WHPP-1 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS figures ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ available ) ) ) ) ) ) ) ) ) ) )

Yet in 1989 retail participation has been more than 20 % in every month and was 23.5 % in August the latest month for which figures are available


( S ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP Schaefer ) ) ( NP ( NP ( DT the ) ( NNP SIA ) ( POS 's ) ) ( NN research ) ( NN director ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( NN group ) ( POS 's ) ) ( NN retail-volume ) ( NNS statistics ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN overstated ) ( PP-EXT ( IN by ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD five ) ) ( NN percentage ) ( NNS points ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( JJ corporate ) ( NNS buy-backs ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( ADVP-MNR ( RB inadvertently ) ) ( VBN included ) ( PP-LOC ( IN in ) ( NP ( NNP Big ) ( NNP Board ) ( NNS data ) ) ) ) ) ) ) ) ) ) ) ) ) )

Jeffrey Schaefer the SIA 's research director says that all of his group 's retail-volume statistics could be overstated by as much as five percentage points because corporate buy-backs are sometimes inadvertently included in Big Board data


( S ( CC But ) ( NP-SBJ-1 ( RB there ) ) ( VP ( VBD did ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ retail ) ( NN activity ) ( NN pickup ) ) ) ) ) ) ) )

But there did seem to be a retail activity pickup


( SINV ( S-TPC-1 ( CC But ) ( NP-SBJ ( NNP Friday ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN help ) ( NP ( NNS things ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Schaefer ) ) )

But Friday did n't help things says Mr. Schaefer


( S-1 ( PP ( IN With ) ( NP ( NP ( DT the ) ( NNS gyrations ) ) ( PP ( IN of ) ( NP ( JJ recent ) ( NNS days ) ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Hugo ) ( NNP Quackenbush ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Charles ) ( NNP Schwab ) ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( JJ small ) ( NNS investors ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB absolutely ) ( JJ convinced ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB play ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) )

With the gyrations of recent days says Hugo Quackenbush senior vice president at Charles Schwab many small investors are absolutely convinced that they should n't play in the stock market


( S ( NP-SBJ ( NP ( NNP Joseph ) ( NNP Grano ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( JJ retail ) ( NNS sales ) ) ( CC and ) ( NP ( NN marketing ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP PaineWebber ) ( NNP Group ) ( NNP Inc. ) ) ) ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ thinks ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ individual ) ( NNS investors ) ) ( VP ( MD will ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB go ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) )

Joseph Grano president of retail sales and marketing at PaineWebber Group Inc. still thinks that individual investors will eventually go back into the stock market


( S ( S-TPC-1 ( S ( NP-SBJ ( NNS Investors ) ) ( VP ( MD will ) ( VP ( VB develop ) ( NP ( JJR thicker ) ( NNS skins ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ their ) ( NN confidence ) ) ( VP ( MD will ) ( VP ( VB return ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Investors will develop thicker skins and their confidence will return he says


( S-1 ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBG telling ) ( NP ( NNP PaineWebber ) ( NNS brokers ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( NN nothing ) ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT a ) ( JJ tremendous ) ( NN reaction ) ) ( PP ( TO to ) ( NP ( JJ leveraged ) ( NN buy-out ) ( NNS stocks ) ) ) ) ) ) ) )

Friday 's plunge he is telling PaineWebber brokers was nothing more than a tremendous reaction to leveraged buy-out stocks


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBZ remains ) ( PP-LOC-PRD ( IN among ) ( NP ( DT the ) ( NNS leaders ) ) ) ( PP ( IN in ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( ADVP ( RB simply ) ) ( VP ( VB persuade ) ( NP-1 ( NNS investors ) ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( VP ( VBG giving ) ( NP ( NNP Wall ) ( NNP Street ) ) ( NP ( PRP$ their ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile PaineWebber remains among the leaders in efforts to simply persuade investors to keep giving Wall Street their money


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ important ) ( NN issue ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VP ( VB keep ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS assets ) ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VB push ) ( S ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( TO to ) ( VP ( VB move ) ( PP-DIR ( IN into ) ( NP ( NP ( PRN ( JJ specific ) ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS equities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Grano ) ) ( VP ( VBZ says ) ) )

It 's more of an important issue to keep control of those assets rather than push the investor to move into specific products such as equities Mr. Grano says


( S ( NP-SBJ ( DT The ) ( NN equity ) ( NN decision ) ) ( VP ( MD will ) ( VP ( VB come ) ( SBAR-TMP ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN client ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ ready ) ) ) ) ) ( CC and ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN semblance ) ) ( PP ( IN of ) ( NP ( NN confidence ) ) ) ) ) ) ) ) ) ) )

The equity decision will come when the client is ready and when there 's a semblance of confidence


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ long ) ( NN wait ) ) ) ) ) ( VP ( VBP say ) ) ( NP-SBJ ( DT some ) ( NN industry ) ( NNS observers ) ) )

It could be a long wait say some industry observers


( SINV ( S-TPC-1 ( NP-SBJ ( DT Some ) ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB tiptoe ) ( ADVP-DIR ( RB back ) ) ( ADVP-DIR ( RB in ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Ross ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN research ) ( NN director ) ) ( PP ( IN for ) ( NP ( NP ( NNP Elrick ) ( CC & ) ( NNP Lavidge ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )

Some investors will tiptoe back in says Richard Ross a market research director for Elrick & Lavidge in Chicago


( S ( RB Then ) ( NP-SBJ ( EX there ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( NP-PRD ( DT another ) ( NN swing ) ) ) ) )

Then there 'll be another swing


( S ( S-TPC-2 ( PP ( VBN Given ) ( NP ( NP ( JJ enough ) ) ( PP ( IN of ) ( NP ( DT these ) ) ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( MD will ) ( VP ( VB drive ) ( NP ( NP ( NN everyone ) ) ) ( ADVP-DIR ( RP out ) ) ( PP-1 ( IN except ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ hardy ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

Given enough of these this will drive everyone out except the most hardy he adds


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Ross ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG studying ) ( NP ( NP ( NP ( JJ retail ) ( NNS investors ) ( POS ' ) ) ( NN perception ) ) ( PP ( IN of ) ( NP ( NP ( NNS risks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN brokerage ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN market ) ( NN plunge ) ) ( PP ( IN like ) ( NP ( NNP Friday ) ( POS 's ) ) ) ) ( VP ( NNS shatters ) ( NP ( NP ( NP ( NNS investors ) ( POS ' ) ) ( NN confidence ) ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT any ) ( NNS judgments ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Ross who has been studying retail investors ' perception of risks in the brokerage industry said a market plunge like Friday 's shatters investors ' confidence in their ability to make any judgments on the market


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ long-term ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ retail ) ( NN brokerage ) ( NN business ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ miserable ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Ross ) ) ( VP ( VBZ declares ) ) )

The long-term outlook for the retail brokerage business is miserable Mr. Ross declares


( S ( NP-SBJ ( NN Bond ) ( NNS prices ) ) ( VP ( VBD rambled ) ( NP-TMP ( NN yesterday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VP ( VBD kept ) ( NP ( JJ close ) ( NN watch ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( CC and ) ( VP ( VBD worried ) ( PP-CLR ( IN about ) ( NP ( NP ( DT a ) ( NN wave ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NN supply ) ) ) ) ) ) ) ) ) ) )

Bond prices rambled yesterday as investors kept close watch on the stock market and worried about a wave of new supply


( S ( NP-TMP ( RB Early ) ( NN yesterday ) ) ( NP-SBJ ( NNS bonds ) ) ( VP ( VBD rose ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( VBD rushed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Treasury ) ( NNS securities ) ) ) ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN prospect ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( MD would ) ( VP ( VB plummet ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN aftermath ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ massive ) ( NNP California ) ( NN earthquake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Early yesterday bonds rose as investors rushed to buy Treasury securities on the prospect that stocks would plummet in the aftermath of the massive California earthquake


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( DT some ) ( NNS securities ) ( NNS analysts ) ) ( VP ( VBD warned ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( NN insurance ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP face ) ( NP ( JJ massive ) ( NN damage ) ( NNS claims ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB get ) ( VP ( VB hit ) ( ADVP-MNR ( RB hard ) ) ) ) ) ) ) ) )

For example some securities analysts warned that stocks of certain insurance companies which face massive damage claims would get hit hard


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD rose ) ( ADVP ( RB instead ) ) ) ) ) ( NP-SBJ ( NNS bonds ) ) ( VP ( VBD drifted ) ( ADVP-DIR ( RBR lower ) ) ) )

But when the Dow Jones Industrial Average rose instead bonds drifted lower


( SINV ( S-TPC-1 ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( NNS stocks ) ) ( NP-PRD ( RB not ) ( DT a ) ( JJ major ) ( NN focus ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJ next ) ( VBG guiding ) ( NN light ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Brian ) ( NNP J. ) ( NNP Fabbri ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Midland ) ( NNP Montagu ) ( NNPS Securities ) ( NNP Inc ) ) ) ) ) )

With stocks not a major focus we 're waiting for the next guiding light said Brian J. Fabbri chief economist at Midland Montagu Securities Inc


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ( NNS tremors ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN behind ) ( NP ( PRP us ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ-3 ( DT the ) ( NN bond ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB go ) ( ADVP-DIR ( RB back ) ( PP ( TO to ) ( S-NOM ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJ next ) ( NN batch ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NNS numbers ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB determine ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBG heading ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If the stock market tremors are behind us then the bond market will go back to looking at the next batch of economic numbers to determine where interest rates are heading


( S ( NP-SBJ-2 ( NP ( NP ( DT The ) ( NNP Treasury ) ( POS 's ) ) ( NN benchmark ) ( JJ 30-year ) ( NN bond ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD jumped ) ( NP-EXT ( NP ( CD 3\/8 ) ( NN point ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 3.75 ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( NN hour ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ) ) ) ( VP ( VBD ended ) ( S-ADV ( VP ( ADVP ( RB little ) ) ( JJ changed ) ) ) ) )

The Treasury 's benchmark 30-year bond which jumped 3\/8 point or about 3.75 for each 1,000 face amount during the first hour of trading ended little changed


( S ( NP-SBJ ( NN Interest ) ( NNS rates ) ) ( VP ( ADVP ( RB barely ) ) ( VBN budged ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNS levels ) ) ) ) )

Interest rates barely budged from Tuesday 's levels


( S ( NP-SBJ-3 ( NP ( JJS Most ) ( NN junk ) ( NNS bonds ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN battered ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBD continued ) ( NP ( DT a ) ( JJ slow ) ( NN recuperation ) ) ) ( CC and ) ( VP ( VBN ended ) ( S-ADV ( ADJP-PRD ( ADJP ( JJ unchanged ) ) ( TO to ) ( ADJP ( RB slightly ) ( RBR higher ) ) ) ) ) ) )

Most junk bonds which have been battered in recent weeks continued a slow recuperation and ended unchanged to slightly higher


( S ( CC But ) ( NP-SBJ ( DT some ) ( JJ so-called ) ( JJ high-quality ) ( NN junk ) ( NNS issues ) ) ( VP ( VBD fell ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( DT some ) ( JJ mutual ) ( NNS funds ) ) ( VP ( VBD sold ) ( NP ( PRP$ their ) ( ADJP ( RBS most ) ( JJ liquid ) ) ( NNS issues ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN cash ) ) ) ) ) ) ) ) ) )

But some so-called high-quality junk issues fell as some mutual funds sold their most liquid issues to raise cash


( S ( NP-SBJ ( NP ( NP ( NNP RJR ) ( NNPS Holdings ) ( NNP Capital ) ( NNP Corp. ) ( POS 's ) ) ( ADJP ( CD 14.7 ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2009 ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD one ) ( NN point ) ) ) )

RJR Holdings Capital Corp. 's 14.7 % bonds due 2009 fell one point


( S ( NP-SBJ ( JJ Other ) ( NNP RJR ) ( NNS issues ) ) ( VP ( VBD fell ) ( PP-EXT ( IN between ) ( NP ( NP ( CD 1\/2 ) ( NN point ) ) ( CC and ) ( NP ( QP ( CD 1 ) ( CD 1\/2 ) ) ( NN point ) ) ) ) ) )

Other RJR issues fell between 1\/2 point and 1 1\/2 point


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN sign ) ) ( PP ( IN of ) ( SBAR ( WHADJP-2 ( WRB how ) ( JJ difficult ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( S-1 ( VP ( TO to ) ( VP ( VB place ) ( NP ( JJ certain ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Continental ) ( NNPS Airlines ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB scale ) ( PRT ( RP back ) ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJS latest ) ( NN offering ) ) ) ) ) ) ) ) ) ) ) ) )

In the latest sign of how difficult it is to place certain junk bonds Continental Airlines said it was forced to scale back the size of its latest offering


( S ( NP-SBJ ( NP ( NNP Continental ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Texas ) ( NNP Air ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD slashed ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN note ) ( NN offering ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 71 ) ( CD million ) ) ) ) ) )

Continental a unit of Texas Air Corp. slashed the size of its note offering from 150 million to 71 million


( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( RB widely ) ( VBN expected ) ) ) ) )

The move had been widely expected


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ multipart ) ( NN offering ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VP ( VBD sold ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( JJ secured ) ( NNS notes ) ) ) ) ) ( CC but ) ( VP ( VBD shelved ) ( NP ( PDT all ) ( DT the ) ( JJ unsecured ) ( NNS notes ) ) ) ) )

In the multipart offering the company sold a portion of secured notes but shelved all the unsecured notes


( S ( NP-SBJ ( DT A ) ( NNP Continental ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS notes ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN offered ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( JJ later ) ( NN date ) ) ) ) ) ) ) ) ) )

A Continental spokeswoman said the notes may be offered at a later date


( S ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBD was ) ( RB not ) ( NP-PRD ( DT a ) ( JJ do-or-die ) ( NN deal ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

This was not a do-or-die deal she said


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN market ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBD required ) ( NP ( NP ( DT some ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN security ) ) ) ) ) ) ) ) ) ) ) ) )

I think this is a market that required some level of security


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB make ) ( NP ( NN sense ) ) ( S-1 ( VP ( TO to ) ( VP ( VB offer ) ( NP ( JJ unsecured ) ( NN paper ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ unsettling ) ( NN market ) ) ) ) ) ) ) ) )

It did not make sense to offer unsecured paper in an unsettling market


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG speculating ) ( PP-TMP ( IN for ) ( NP ( NNS weeks ) ) ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB place ) ( NP ( NP ( DT the ) ( QP ( CD 7 ) ( CD billion ) ( TO to ) ( CD 10 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ new ) ( NN junk ) ( NNS bonds ) ) ( VP ( VBN scheduled ) ( S-CLR ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-TMP ( IN by ) ( NP ( NN year ) ( NN end ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors have been speculating for weeks about the market 's ability to place the 7 billion to 10 billion of new junk bonds scheduled to be sold by year end


( S ( NP-SBJ ( NN Supply ) ( NNS troubles ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( PP-LOC-PRD ( IN on ) ( NP ( NP ( DT the ) ( NNS minds ) ) ( PP ( IN of ) ( NP ( NP ( NNP Treasury ) ( NNS investors ) ) ) ) ) ) ( NP-TMP ( RB yesterday ) ) ( SBAR-2 ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD worried ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN flood ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NN government ) ( NNS securities ) ) ) ( VP ( VBG coming ) ( NP-TMP ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) )

Supply troubles were also on the minds of Treasury investors yesterday who worried about the flood of new government securities coming next week


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG being ) ( VP ( VBN bombarded ) ( PP ( IN by ) ( NP-LGS ( JJ new ) ( NNP Treasury ) ( CC and ) ( NN agency ) ( NN debt ) ( NNS offerings ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Sullivan ) ( NNP Jr. ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN money-market ) ( NN research ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc ) ) ) ) ) )

We 're being bombarded by new Treasury and agency debt offerings said William Sullivan Jr. director of money-market research at Dean Witter Reynolds Inc


( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ concerned ) ( PP ( IN about ) ( NP ( PRP$ its ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB underwrite ) ( NP ( PDT all ) ( DT this ) ( NN debt ) ) ( PP-LOC ( IN at ) ( NP ( JJ current ) ( NNS levels ) ) ) ) ) ) ) ) ) ) )

The market is concerned about its ability to underwrite all this debt at current levels


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( QP ( CD 15.6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ next ) ( NN week ) ( POS 's ) ) ( JJ regular ) ( NNP Monday ) ( NN auction ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 10 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ new ) ( JJ two-year ) ( NNP Treasury ) ( NNS notes ) ) ) ) ) ) )

In addition to the 15.6 billion of Treasury bills to be sold at next week 's regular Monday auction the government will sell 10 billion of new two-year Treasury notes


( S ( CC And ) ( NP-SBJ ( NNP Resolution ) ( NNP Funding ) ( NNP Corp. ) ) ( VP ( VBD said ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 4.5 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 30-year ) ( NNS bonds ) ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ) ) )

And Resolution Funding Corp. said late yesterday that it will sell 4.5 billion of 30-year bonds Wednesday


( S ( NP-SBJ ( NNP Refcorp ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( VBG financing ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( JJ new ) ( NN government ) ( NN agency ) ) ( VP ( VBN created ) ( S-CLR ( VP ( TO to ) ( VP ( VB rescue ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ troubled ) ( NNS thrifts ) ) ) ) ) ) ) ) ) ) ) )

Refcorp is the financing unit of Resolution Trust Corp. a new government agency created to rescue the nation 's troubled thrifts


( S ( NP-SBJ-1 ( PRP$ Its ) ( NNS securities ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN dubbed ) ( S ( NP-PRD ( NN bailout ) ( NNS bonds ) ) ) ( PP ( IN by ) ( NP-LGS ( NNS traders ) ) ) ) ) ) )

Its securities have been dubbed bailout bonds by traders


( S ( PP-LOC ( IN In ) ( NP ( JJ when-issued ) ( NN trading ) ) ) ( NP-SBJ ( DT the ) ( JJ two-year ) ( NNPS Treasurys ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN yield ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 7.88 ) ) ( NN % ) ) ) ) ) )

In when-issued trading the two-year Treasurys had a yield of about 7.88 %


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ municipal ) ( NN market ) ) ) ( NP-SBJ ( DT all ) ( NNS eyes ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN on ) ( NP ( NNP California ) ( NN debt ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB gauge ) ( NP ( NP ( DT the ) ( JJ financial ) ( NNS ramifications ) ) ( PP ( IN of ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN earthquake ) ) ) ) ) ) ) ) ) ) ) )

In the municipal market all eyes were on California debt as investors tried to gauge the financial ramifications of Tuesday 's earthquake


( S ( CC But ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( VBD had ) ( NP ( NP ( RB only ) ( DT a ) ( JJ minor ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN trading ) ) ( PP ( IN of ) ( NP ( NNP California ) ( UCP ( NN state ) ( CC and ) ( JJ local ) ) ( JJ municipal ) ( NN debt ) ) ) ) ) ) ) ) ) ) )

But traders said the quake had only a minor impact on the trading of California state and local municipal debt


( SINV ( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ certain ) ( NNS bonds ) ) ( SBAR ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBP refer ) ( PP ( TO to ) ) ( PP-CLR ( IN as ) ( NP ( NN earthquake ) ( NNS bonds ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNS issuers ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN on ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP San ) ( NNP Andreas ) ( NN fault ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Zane ) ( NNP Mann ) ) ( NP ( NP ( NN editor ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP California ) ( NNP Municipal ) ( NNP Bond ) ( NNP Advisor ) ) ( NP ( NP ( DT a ) ( NN newsletter ) ) ( PP ( IN for ) ( NP ( NNS investors ) ) ) ) ) ) ) ) )

There are certain bonds traders refer to as earthquake bonds because the issuers are on top of the San Andreas fault said Zane Mann editor of the California Municipal Bond Advisor a newsletter for investors


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( DT those ) ( NNS bonds ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VB pay ) ( NP ( NP ( DT a ) ( ADJP ( RB slightly ) ( JJR higher ) ) ( NN yield ) ) ( NP ( NP ( DT an ) ( JJ extra ) ( NN premium ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN earthquake ) ( NN risk ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( ADVP-MNR ( RB materially ) ) ( JJ affected ) ) ) )

Since those bonds already pay a slightly higher yield an extra premium for the earthquake risk they were n't materially affected


( S ( CC But ) ( NP-SBJ ( DT some ) ( NN bond ) ( NN market ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( MD could ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VB change ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NN property ) ( NN casualty ) ( NN insurance ) ( NNS companies ) ) ( VP ( VBP scramble ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( NNS portions ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ municipal ) ( NNS portfolios ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( NN cash ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NN damage ) ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But some bond market analysts said that could quickly change if property casualty insurance companies scramble to sell portions of their municipal portfolios to raise cash to pay damage claims


( SINV ( S-TPC-1 ( NP-SBJ ( NN Insurance ) ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB foot ) ( NP ( NP ( DT a ) ( JJ substantial ) ( NN amount ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bill ) ( S ( VP ( TO to ) ( VP ( VB reconstruct ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NNP Lieberman ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NNPS Manufacturers ) ( NNP Hanover ) ( NNPS Securities ) ( NNP Corp ) ) ) ) ) )

Insurance companies will foot a substantial amount of the bill to reconstruct San Francisco said Charles Lieberman chief economist at Manufacturers Hanover Securities Corp


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( NNS municipals ) ) ) ) ( VP ( TO to ) ( VP ( VB lag ) ( NP ( NNPS Treasurys ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNP California ) ) ( VP ( VBZ is ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB issue ) ( NP ( JJ new ) ( NN debt ) ) ) ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB repair ) ( NP ( JJ public ) ( NNS facilities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He also expects the performance of municipals to lag Treasurys as California is forced to issue new debt over time to repair public facilities


( S ( NP-SBJ ( NP ( DT A ) ( NN report ) ) ( VP ( VBN issued ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NN Corp. ) ) ) ) ) ( VP ( VBD concluded ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB cause ) ( NP ( JJ wide-scale ) ( NN credit ) ( NN deterioration ) ) ( PP ( IN for ) ( NP ( NP ( NNS issuers ) ) ( CC and ) ( NP ( NN debt ) ( NNS issues ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ 12-county ) ( NN area ) ) ( PP ( IN of ) ( NP ( JJ Northern ) ( NNP California ) ) ) ( VP ( VBN affected ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN quake ) ) ) ) ) ) ) ) ) ) ) )

A report issued late yesterday by Standard & Poor 's Corp. concluded the quake wo n't cause wide-scale credit deterioration for issuers and debt issues in the 12-county area of Northern California affected by the quake


( NP-HLN ( NNP Treasury ) ( NNS Securities ) )

Treasury Securities


( S ( NP-SBJ-1 ( NNP Treasury ) ( NNS bonds ) ) ( VP ( VBN ended ) ( S-ADV ( ADJP-PRD ( RB narrowly ) ( JJ mixed ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ) )

Treasury bonds ended narrowly mixed in quiet trading


( S ( NP-SBJ ( DT The ) ( JJ benchmark ) ( JJ 30-year ) ( NN bond ) ) ( VP ( VBN ended ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( QP ( CD 100 ) ( CD 29\/32 ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.03 ) ( NN % ) ) ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 100 ) ( CD 28\/32 ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.04 ) ( NN % ) ) ) ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) )

The benchmark 30-year bond ended at a price of 100 29\/32 to yield 8.03 % compared with 100 28\/32 to yield 8.04 % Tuesday


( S ( NP-SBJ-1 ( DT The ) ( JJS latest ) ( JJ 10-year ) ( NNS notes ) ) ( VP ( VBD were ) ( VP ( VBN quoted ) ( ADVP-TMP ( RB late ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( QP ( CD 99 ) ( CD 26\/32 ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8 ) ( NN % ) ) ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 99 ) ( CD 25\/32 ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.01 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

The latest 10-year notes were quoted late at a price of 99 26\/32 to yield 8 % compared with 99 25\/32 to yield 8.01 %


( S ( NP-SBJ-1 ( JJ Short-term ) ( NNS rates ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB little ) ) ( JJ changed ) ) ) )

Short-term rates were little changed


( NP-HLN ( JJ Corporate ) ( NNS Issues ) )

Corporate Issues


( S ( NP-SBJ-1 ( JJ Investment-grade ) ( JJ corporate ) ( NNS bonds ) ) ( VP ( VBN ended ) ( S-ADV ( ADJP-PRD ( NP ( CD 1\/4 ) ( NN point ) ) ( RBR lower ) ) ) ) )

Investment-grade corporate bonds ended 1\/4 point lower


( S ( NP-SBJ ( NP ( DT The ) ( NNP Continental ) ( NN junk ) ( NN bond ) ( NN offering ) ) ( VP ( VBN underwritten ) ( PP ( IN by ) ( NP-LGS ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( RB only ) ( JJ new ) ( NN issue ) ) ( VP ( VBN priced ) ( NP-TMP ( NN yesterday ) ) ) ) ) )

The Continental junk bond offering underwritten by Drexel Burnham Lambert Inc. was the only new issue priced yesterday


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ four-part ) ( NN offering ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( QP ( CD 71 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ secured ) ( NN equipment ) ( NNS certificates ) ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 13.75 ) ( NN % ) ) ( TO to ) ( NP ( CD 15.75 ) ( NN % ) ) ) ) ) ) ) ) )

In the four-part offering the 71 million of secured equipment certificates was priced to yield 13.75 % to 15.75 %


Municipals


( S ( NP-SBJ-1 ( JJ Municipal ) ( NNS bonds ) ) ( VP ( VBN ended ) ( S-ADV ( ADJP-PRD ( NP ( QP ( IN about ) ( CD 1\/8 ) ( TO to ) ( CD 3\/8 ) ) ( NN point ) ) ( RBR lower ) ) ) ( S-ADV ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN circulation ) ) ( PP ( IN of ) ( NP ( NP ( CD two ) ( JJ bid-wanted ) ( NNS lists ) ) ( VP ( VBG totaling ) ( NP ( QP ( CD 655 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

Municipal bonds ended about 1\/8 to 3\/8 point lower hurt by the circulation of two bid-wanted lists totaling 655 million


( S ( NP-SBJ ( NNP Chemical ) ( NNPS Securities ) ( NNP Inc. ) ) ( VP ( VBZ is ) ( VP ( VBG acting ) ( PP-CLR ( IN as ) ( NP ( NN agent ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN seller ) ) ) ) ) )

Chemical Securities Inc. is acting as agent for the seller


( S ( ADVP-TMP ( RB Meanwhile ) ) ( S ( NP-SBJ ( DT some ) ( NNP California ) ( NNS issues ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( ADJP ( ADJP ( NP ( DT a ) ( RB touch ) ) ( RBR more ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ broad ) ( NN market ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( NP-PRD ( JJ much ) ( NN investor ) ( NN selling ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( NN quake ) ) ) ) ) ) ) ) ) )

Meanwhile some California issues were down a touch more than the broad market but traders said there had n't been much investor selling because of the quake


( S ( CC But ) ( NP-SBJ ( NNP New ) ( NNP York ) ( NNP City ) ( JJ general ) ( NN obligation ) ( NNS bonds ) ) ( VP ( VBD came ) ( PP-CLR ( IN under ) ( NP ( NN selling ) ( NN pressure ) ) ) ) )

But New York City general obligation bonds came under selling pressure


( S ( NP-SBJ ( NNP Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ steady ) ( NN stream ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ) ( VP ( VBD was ) ( VP ( VBN put ) ( ADVP-CLR ( RB up ) ) ( PP-CLR ( IN for ) ( NP ( NN sale ) ) ) ( NP-TMP ( NN yesterday ) ) ( S-ADV ( VP ( VBG pushing ) ( NP ( NP ( NNS yields ) ) ( PP ( IN for ) ( NP ( JJR longer ) ( NNS maturities ) ) ) ) ( ADVP-DIR ( RB up ) ( NP ( CD 0.05 ) ( NN percentage ) ( NN point ) ) ) ) ) ) ) ) ) ) )

Traders said a steady stream of bonds was put up for sale yesterday pushing yields for longer maturities up 0.05 percentage point


( S ( NP-SBJ ( NNP Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VP ( VBD were ) ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ recent ) ( JJ negative ) ( NN news ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( NNS finances ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADJP-PRD ( JJ nervous ) ) ( PP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Nov. ) ( CD 7 ) ( NN election ) ) ) ) ) ) ) ) ) )

Traders said investors were reacting to recent negative news on the city 's finances and are nervous ahead of the Nov. 7 election


( S ( NP-SBJ ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) ) ( VP ( VBD topped ) ( NP ( DT the ) ( JJ competitive ) ( NN slate ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ general ) ( NN obligation ) ( NN tax ) ( NN revenue ) ( NN anticipation ) ( NNS notes ) ) ) ) ) ) ) ) )

Washington D.C. topped the competitive slate yesterday with a sale of 200 million of general obligation tax revenue anticipation notes


( S ( PP-LOC ( IN In ) ( NP ( JJ late ) ( NN trading ) ) ) ( NP-SBJ ( NP ( NP ( NNP New ) ( NNP Jersey ) ( NNP Turnpike ) ( NNP Authority ) ( POS 's ) ) ( ADJP ( CD 7.20 ) ( NN % ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( CD 2018 ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB off ) ( NP ( CD 1\/4 ) ( NN point ) ) ) ( PP ( IN at ) ( NP ( NP ( CD 98 ) ) ( VP ( NN bid ) ) ) ) ) )

In late trading New Jersey Turnpike Authority 's 7.20 % issue of 2018 was off 1\/4 point at 98 bid


( S ( NP-SBJ ( DT The ) ( NN yield ) ) ( VP ( VBD was ) ( NP-PRD ( CD 7.35 ) ( NN % ) ) ( ADVP ( RB up ) ( NP ( CD 0.01 ) ( NN percentage ) ( NN point ) ) ) ) )

The yield was 7.35 % up 0.01 percentage point


( NP-HLN ( JJ Mortgage-Backed ) ( NNS Securities ) )

Mortgage-Backed Securities


( S ( NP-SBJ-1 ( NN Mortgage ) ( NNS securities ) ) ( VP ( VBN ended ) ( S-ADV ( ADJP-PRD ( RB little ) ( JJ changed ) ) ) ( PP-TMP ( IN after ) ( NP ( JJ light ) ( NNS dealings ) ) ) ) )

Mortgage securities ended little changed after light dealings


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT no ) ( JJ appreciable ) ( NN market ) ( NN impact ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP California ) ( NN earthquake ) ) ) ) ) )

There was no appreciable market impact from the California earthquake


( S ( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT some ) ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN insurance ) ( NNS companies ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NN mortgage ) ( NNS securities ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB pay ) ( NP ( JJ earthquake-related ) ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT no ) ( NN selling ) ) ( VP ( VBN materialized ) ) ) )

Dealers said there was some concern that insurance companies might be forced to sell mortgage securities to help pay earthquake-related claims but no selling materialized


( S ( NP-SBJ ( NP ( DT The ) ( NX ( NX ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Mortgage ) ( NNP Corp. ) ) ( CC and ) ( NX ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ) ) ) ( NP ( NP ( CD two ) ( JJ dominant ) ( NNS issuers ) ) ( PP ( IN of ) ( NP ( NN mortgage ) ( NNS securities ) ) ) ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( JJ sizable ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NNP California ) ( NN home ) ( NNS loans ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( PRP$ their ) ( JJ mortgagebacked ) ( NNS pools ) ) ) ) )

The Federal Home Loan Mortgage Corp. and Federal National Mortgage Association two dominant issuers of mortgage securities have a sizable amount of California home loans in their mortgagebacked pools


( S ( CC But ) ( NP-SBJ-1 ( PRP$ their ) ( JJ potential ) ( NN quake ) ( NN exposure ) ) ( VP ( VBZ is ) ( VP ( VBN seen ) ( PP-CLR ( IN as ) ( ADJP ( JJ small ) ) ) ( PP ( VBN given ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP require ) ( NP ( DT a ) ( JJ financial ) ( NN cushion ) ) ( PP ( IN on ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS loans ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP purchase ) ) ) ) ) ) ) ) ) ) ) ) )

But their potential quake exposure is seen as small given that they require a financial cushion on all the loans they purchase


( S ( CC And ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( JJ Northern ) ( NNP California ) ( NN home ) ( NNS prices ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB so ) ( JJ high ) ) ) ) ) ( NP-SBJ ( NP ( NNS loans ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN region ) ) ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB too ) ( JJ large ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN included ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Freddie ) ( NNP Mac ) ( CC and ) ( NNP Fannie ) ( NNP Mae ) ( NNS pools ) ) ) ) ) ) ) ) ) ) )

And because Northern California home prices are so high loans from the region often are too large to be included in Freddie Mac and Fannie Mae pools


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( NNP Government ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBN ended ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 97 ) ( CD 29\/32 ) ) ) ) ( S-ADV ( ADJP-PRD ( JJ unchanged ) ) ) ) )

Meanwhile Government National Mortgage Association 9 % securities for November delivery ended at 97 29\/32 unchanged


( S ( NP-SBJ ( NNP Freddie ) ( NNP Mac ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN at ) ( NP ( QP ( CD 97 ) ( CD 4\/32 ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 1\/32 ) ) ) ) )

Freddie Mac 9 % securities were at 97 4\/32 down 1\/32


( S ( PP-LOC ( IN In ) ( NP ( JJ derivative ) ( NNS markets ) ) ) ( NP-SBJ ( NNP Fannie ) ( NNP Mae ) ) ( VP ( VBD issued ) ( NP ( NP ( CD two ) ( ADJP ( QP ( CD 400 ) ( CD million ) ) ) ( JJ real ) ( NN estate ) ( NN mortgage ) ( NN investment ) ( NNS conduits ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ) ) ) ) )

In derivative markets Fannie Mae issued two 400 million real estate mortgage investment conduits backed by its 9 % securities


Foreign Bonds


( S ( NP-SBJ-1 ( NP ( JJ British ) ( NN government ) ( NNS bonds ) ) ( CC or ) ( NP ( NNS gilts ) ) ) ( VP ( VBN ended ) ( S-ADV ( ADJP-PRD ( RB moderately ) ( RBR lower ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNS equities ) ) ( ADVP-LOC ( RB there ) ) ) ( VP ( VBD recovered ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN drop ) ) ) ) ) ) ) )

British government bonds or gilts ended moderately lower as equities there recovered from Tuesday 's drop


( S ( NP-SBJ-1 ( NP ( NP ( DT The ) ( NNP Treasury ) ( POS 's ) ) ( ADJP ( QP ( CD 11 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003\/2007 ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 11\/32 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 111 ) ( CD 31\/32 ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 10.08 ) ( NN % ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( ADJP ( CD 12 ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1995 ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( CD 7\/32 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 103 ) ( CD 22\/32 ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 11.04 ) ( NN % ) ) ) ) ) ) ) ) ) )

The Treasury 's 11 3\/4 % bond due 2003\/2007 fell 11\/32 to 111 31\/32 to yield 10.08 % while the 12 % notes due 1995 were down 7\/32 to 103 22\/32 to yield 11.04 %


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN today ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( JJ anxious ) ( NN day ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) )

Traders said today may be an anxious day for the market


( S ( S ( NP-SBJ ( JJ Several ) ( JJ key ) ( JJ economic ) ( NNS figures ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ due ) ( ADVP ( IN out ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NAC ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( JJ annual ) ( NNP Mansion ) ( NNP House ) ( NN address ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ financial ) ( NN community ) ) ) ) ) ) ) ) ) )

Several key economic figures are due out and Chancellor of the Exchequer Nigel Lawson is scheduled to give the annual Mansion House address to the financial community


( S ( NP-SBJ-1 ( DT The ) ( NN chancellor ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBZ has ) ( VP ( VBN used ) ( NP ( DT the ) ( NN occasion ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB announce ) ( NP ( JJ major ) ( JJ economic ) ( NN policy ) ( NNS changes ) ) ) ) ) ) ) )

The chancellor sometimes has used the occasion to announce major economic policy changes


( S ( NP-SBJ ( NNS Economists ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( NP ( NP ( DT any ) ( JJ such ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP-LOC ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN address ) ) ) ) ) ( PP ( VBN given ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( JJ apparent ) ( NN reluctance ) ( S ( VP ( TO to ) ( VP ( VB adjust ) ( NP ( NN policy ) ) ) ) ) ) ( ADVP-TMP ( RB currently ) ) ) ) ) ) )

Economists do n't expect any such changes in this year 's address given Mr. Lawson 's apparent reluctance to adjust policy currently


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( JJ Japanese ) ( NN government ) ( NNS bonds ) ) ( VP ( VBD retreated ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ( S-ADV ( VP ( VBN stymied ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( NN resiliency ) ) ) ) ) ) )

Meanwhile Japanese government bonds retreated in quiet trading stymied by the dollar 's resiliency


( S ( NP-SBJ ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN bellwether ) ( ADJP ( CD 4.6 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998 ) ) ) ) ( VP ( VBN ended ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS brokers ) ( POS ' ) ) ( NNS screens ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 95.75 ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 5.315 ) ( NN % ) ) ) ) ) ) ) ) ) )

Japan 's bellwether 4.6 % bond due 1998 ended on brokers ' screens at 95.75 to yield 5.315 %


( S ( PP-LOC ( IN In ) ( NP ( NNP West ) ( NNP Germany ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBD stayed ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN bond ) ( NN market ) ) ( VP ( VBD searched ) ( PP-CLR ( IN for ) ( NP ( NN direction ) ) ) ) ) ) ) )

In West Germany investors stayed on the sidelines as the bond market searched for direction


( S ( NP-SBJ-1 ( NP ( NP ( DT The ) ( NN government ) ( POS 's ) ) ( ADJP ( CD 7 ) ( NN % ) ) ( NN issue ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP October ) ( CD 1999 ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.05 ) ( NN point ) ) ( PP-DIR ( TO to ) ( NP ( CD 99.90 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.01 ) ( NN % ) ) ) ) ) ) )

The government 's 7 % issue due October 1999 fell 0.05 point to 99.90 to yield 7.01 %


( S ( NP-SBJ ( NP ( NP ( NNP Computer ) ( NNPS Associates ) ( NNP International ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Garden ) ( NNP City ) ) ( NP ( NNP N.Y. ) ) ) ) ( CC and ) ( NP ( NNP Digital ) ( NNP Equipment ) ( NNP Corp. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VB develop ) ( NP ( NP ( NN software ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB manage ) ( NP ( NP ( NNP Digital ) ( POS 's ) ) ( NNP Vax ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Computer Associates International Inc. Garden City N.Y. and Digital Equipment Corp. said they agreed to jointly develop software to help manage Digital 's Vax computers


( S ( NP-SBJ-1 ( NNP Computer ) ( NNPS Associates ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN carved ) ( PRT ( RP out ) ) ( NP ( DT a ) ( JJ huge ) ( NN business ) ) ( S-ADV ( VP ( VBG selling ) ( NP ( JJ such ) ( NN software ) ) ( PP ( IN for ) ( NP ( NP ( NN use ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN managing ) ( NNS networks ) ) ( PP ( IN of ) ( NP ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ needs ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( JJ new ) ( NNS markets ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( PRP$ its ) ( NN growth ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( CD 30 ) ( NN % ) ( QP ( CC and ) ( JJR more ) ) ) ( NP-ADV ( DT each ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

Computer Associates has carved out a huge business selling such software for use in managing networks of International Business Machines Corp. computers but needs to find new markets if it is to maintain its growth rate of 30 % and more each year


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN market ) ) ( PP ( IN for ) ( NP ( NP ( NN system-management ) ( NN software ) ) ( PP ( IN for ) ( NP ( NP ( NNP Digital ) ( POS 's ) ) ( NN hardware ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN fragmented ) ( ADVP ( RB enough ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN giant ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Computer ) ( NNPS Associates ) ) ) ) ( VP ( MD should ) ( VP ( VB do ) ( ADVP-MNR ( RB well ) ) ( ADVP-LOC ( RB there ) ) ) ) ) ) ) ) ) )

The market for system-management software for Digital 's hardware is fragmented enough that a giant such as Computer Associates should do well there


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR smaller ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ IBM-compatible ) ( NN software ) ) ) ) ) ) ) )

At the same time the market is smaller than the market for IBM-compatible software


( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( NP ( NNP Digital ) ) ( NP-LOC ( NP ( NNP Maynard ) ) ( NP ( NNP Mass. ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( JJR fewer ) ( NNS machines ) ) ) ) )

For one thing Digital Maynard Mass. has sold fewer machines


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( S ( NP-SBJ ( PRP$ its ) ( NNS machines ) ) ( VP ( VBP are ) ( ADVP ( RB typically ) ) ( ADJP-PRD ( JJR easier ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB operate ) ) ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( NNS customers ) ) ( VP ( VBP require ) ( NP ( JJR less ) ( NN assistance ) ) ( PP-CLR ( IN from ) ( NP ( NN software ) ) ) ) ) )

In addition its machines are typically easier to operate so customers require less assistance from software


( S ( S-TPC-1 ( NP-SBJ ( NNP B.A.T ) ( NNPS Industries ) ( NNP PLC ) ) ( VP ( MD may ) ( VP ( VB delay ) ( NP ( NP ( NP ( NNS aspects ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ defensive ) ( NN restructuring ) ( NN plan ) ) ) ) ( PRN ( PP ( VBG including ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Saks ) ( NNP Fifth ) ( NNP Avenue ) ( CC and ) ( NNP Marshall ) ( NNP Field ) ( NNS units ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ current ) ( NN upheaval ) ) ( PP-LOC ( IN in ) ( NP ( JJ financial ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN company ) ( NNS officials ) ) ( VP ( VBD said ) ) )

B.A.T Industries PLC may delay aspects of its defensive restructuring plan including the sale of its Saks Fifth Avenue and Marshall Field units in the wake of the current upheaval in financial markets company officials said


( S ( NP-SBJ-1 ( DT The ) ( JJ British ) ( NN conglomerate ) ) ( S-ADV ( VP ( VBG planning ) ( NP ( PRP$ its ) ( JJ own ) ( JJ defensive ) ( NN restructuring ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fight ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 13.35 ) ( CD billion ) ) ) ( PRN ( ADJP ( QP ( CD 21.03 ) ( CD billion ) ) ) ) ( NN takeover ) ( NN bid ) ) ( PP ( IN by ) ( NP ( JJ Anglo-French ) ( NN financier ) ( NNP Sir ) ( NNP James ) ( NNP Goldsmith ) ) ) ) ) ) ) ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB press ) ( ADVP-CLR ( RB ahead ) ) ( PP-CLR ( IN with ) ( NP ( DT an ) ( JJ extraordinary ) ( NN shareholder ) ( NN vote ) ) ) ( NP-TMP ( NN today ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB clear ) ( NP ( DT the ) ( NN way ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ value-boosting ) ( NNS measures ) ) ) ) ) ) ) ) ) ) )

The British conglomerate planning its own defensive restructuring to fight off a 13.35 billion 21.03 billion takeover bid by Anglo-French financier Sir James Goldsmith intends to press ahead with an extraordinary shareholder vote today to clear the way for its value-boosting measures


( S ( S-TPC-1 ( FRAG-ADV ( IN If ) ( NP ( NN anything ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS gyrations ) ) ( PP-LOC ( PP ( IN in ) ( NP ( NN world ) ( NN stock ) ( NNS markets ) ) ) ( PRN ( CC and ) ( PP ( IN in ) ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( NN share ) ( NN price ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( JJ last ) ( NNP Friday ) ( POS 's ) ) ( JJ sharp ) ( NNP Wall ) ( NNP Street ) ( NNS sell-off ) ) ) ) ( VP ( VBP have ) ( VP ( VBN increased ) ( NP ( NP ( DT the ) ( NN likelihood ) ) ( PP ( IN of ) ( NP ( NP ( NN shareholder ) ( NN approval ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS analysts ) ) ( CC and ) ( NP ( JJ several ) ( JJ big ) ( JJ institutional ) ( NNS holders ) ) ) ( VP ( VBD said ) ) )

If anything the gyrations in world stock markets and in B.A.T 's share price since last Friday 's sharp Wall Street sell-off have increased the likelihood of shareholder approval for the restructuring analysts and several big institutional holders said


( SINV ( S-TPC-2 ( VP ( VB Thank ) ( NP ( NNP God ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( NP ( DT some ) ( NN deal ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Stewart ) ( NNP Gilchrist ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Scottish ) ( NNP Amicable ) ( NNP Investment ) ( NNPS Managers ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB vote ) ( NP ( PRP$ its ) ( ADJP ( QP ( RB roughly ) ( CD 1 ) ) ( NN % ) ) ( NN stake ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Thank God we have some deal on the table said Stewart Gilchrist a director at Scottish Amicable Investment Managers which intends to vote its roughly 1 % stake in favor of the restructuring


( S ( NP-SBJ ( NP ( NNS Investors ) ) ( PP-LOC ( IN in ) ( NP ( NNP B.A.T ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN on ) ( NP ( DT a ) ( NN roller ) ( NN coaster ) ) ) ) ) )

Investors in B.A.T have been on a roller coaster


( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( NP ( NNP London ) ( POS 's ) ) ( JJS best-performing ) ( JJ blue ) ( NN chip ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD six ) ( NNS months ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN against ) ( NP ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Financial ) ( NNP Times ) ( NNP 100-Share ) ( NNP Index ) ) ) ) ) ) ) ) )

B.A.T has been London 's best-performing blue chip over the past six months up 40 % against a 4 % rise in the Financial Times 100-Share Index


( S ( CC But ) ( NP-TMP ( DT this ) ( NN week ) ) ( NP-SBJ-1 ( NNP B.A.T ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN hit ) ( ADVP-MNR ( ADVP ( RBR harder ) ) ( PP ( IN than ) ( NP ( JJ other ) ( JJ big ) ( NNP U.K. ) ( NNS stocks ) ) ) ) ( PRN ( PP ( ADVP-TMP ( RB first ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN market ) ( NNS gyrations ) ) ) ( ADVP-TMP ( RB then ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNP San ) ( NNP Francisco ) ( NN earthquake ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB leave ) ( S ( NP-SBJ ( NP ( NNP B.A.T ) ( POS 's ) ) ( NNPS Farmers ) ( NNP Group ) ( NNP Inc. ) ( NN insurance ) ( NN unit ) ) ( VP ( VBG facing ) ( NP ( JJ big ) ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But this week B.A.T has been hit harder than other big U.K. stocks first by the market gyrations then by Tuesday 's San Francisco earthquake which could leave B.A.T 's Farmers Group Inc. insurance unit facing big claims


( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD five ) ( NN pence ) ) ( PRN ( NP ( CD eight ) ( NNS cents ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 756 ) ( NN pence ) ) ( PRN ( NP ( CD 11.91 ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT a ) ( JJ late ) ( NN market ) ( NN rally ) ) ( VP ( VBD erased ) ( NP ( NP ( DT a ) ( JJ 28-pence ) ( NN fall ) ) ( ADVP-TMP ( RB earlier ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) ) )

B.A.T rose five pence eight cents to 756 pence 11.91 in London yesterday as a late market rally erased a 28-pence fall earlier in the day


( S ( S-PRP ( VP ( TO To ) ( VP ( VB fight ) ( PRT ( RP off ) ) ( NP ( NNS predators ) ) ) ) ) ( NP-SBJ-1 ( NN B.A.T ) ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( NP ( QP ( IN about ) ( CD 6 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ( ADVP ( RB largely ) ) ( PP-MNR ( PP ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( JJ such ) ( NNP U.S. ) ( NN retailing ) ( NNS units ) ) ( PP ( IN as ) ( NP ( NP ( NNP Marshall ) ( NNP Field ) ) ( CC and ) ( NP ( NNP Saks ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN by ) ( S-NOM ( VP ( VBG floating ) ( NP ( PRP$ its ) ( JJ big ) ( NN paper ) ( CC and ) ( NNP U.K. ) ( NN retailing ) ( NN business ) ) ( PP-MNR ( IN via ) ( NP ( NP ( NN share ) ( NNS issues ) ) ( PP ( TO to ) ( NP ( VBG existing ) ( NNS holders ) ) ) ) ) ) ) ) ) ) ) ) ) )

To fight off predators B.A.T plans to spin off about 6 billion in assets largely by selling such U.S. retailing units as Marshall Field and Saks and by floating its big paper and U.K. retailing business via share issues to existing holders


( S ( NP-SBJ-1 ( NNS Proceeds ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT a ) ( JJ planned ) ( NN buy-back ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ) ) ( CC and ) ( NP ( DT a ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN dividend ) ( NN increase ) ) ) ) ) ) ) ) )

Proceeds will help pay for a planned buy-back of 10 % of its shares and a 50 % dividend increase


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN restructuring ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( DT the ) ( JJ required ) ( NN support ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Pacitti ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP London ) ( NN stockbroker ) ( NNP UBS ) ( NNP Phillips ) ( CC & ) ( NNP Drew ) ) ) ) ) )

I think the restructuring will get the required support said Michael Pacitti an analyst at London stockbroker UBS Phillips & Drew


( S ( NP-SBJ-1 ( DT The ) ( NNS shareholders ) ) ( ADVP ( RB effectively ) ) ( VP ( MD will ) ( VP ( VB support ) ( NP ( DT the ) ( NN share ) ( NN price ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG clearing ) ( NP ( DT the ) ( NN share ) ( NN buy-back ) ) ) ) ) ) ) )

The shareholders effectively will support the share price by clearing the share buy-back


( S ( CC But ) ( NP-SBJ ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( NN restructuring ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( ADVP-TMP ( RB never ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB happen ) ( ADVP-MNR ( RB quickly ) ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( MD will ) ( VP ( VB take ) ( ADVP-CLR ( RBR longer ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( NN market ) ( NN upheaval ) ) ) ) ) )

But B.A.T 's restructuring which was never going to happen quickly now will take longer because of the market upheaval


( S ( NP-SBJ ( NP ( NN Company ) ( NNS officials ) ( NNS holders ) ( CC and ) ( NNS analysts ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB previously ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( DT the ) ( NNS disposals ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB substantially ) ( JJ complete ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( JJ next ) ( NN year ) ( VBZ 's ) ) ( JJ first ) ( NN half ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ( NNS gyrations ) ) ( VP ( MD could ) ( VP ( VB delay ) ( NP ( DT the ) ( NNS actions ) ) ( PP-TMP ( ADVP ( RB well ) ) ( IN into ) ( NP ( DT the ) ( JJ second ) ( NN half ) ) ) ) ) ) ) ) )

Company officials holders and analysts who previously expected the disposals to be substantially complete by the end of next year 's first half now say the market gyrations could delay the actions well into the second half


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( VBN forced ) ( NNS sellers ) ) ) )

We are n't forced sellers


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT an ) ( JJ absolute ) ( NN deadline ) ) ) ) ) ( CC and ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN market ) ( NNS conditions ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB truly ) ( JJ awful ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD might ) ( VP ( VB decide ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT the ) ( JJ right ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( JJ particular ) ( NNS steps ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Prideaux ) ) ( NP ( DT a ) ( NNP B.A.T ) ( NN spokesman ) ) ) )

We do n't have an absolute deadline and if market conditions are truly awful we might decide it is not the right time to take particular steps said Michael Prideaux a B.A.T spokesman


( S-1 ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBZ receives ) ( NP ( NP ( NN approval ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-LOC-PRD ( IN in ) ( NP ( NN play ) ) ) ) ) ( PRN ( SINV ( VP ( VBP say ) ) ( NP-SBJ ( NNS shareholders ) ( CC and ) ( NNS analysts ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN situation ) ) ( VP ( MD may ) ( VP ( VB unfold ) ( PP-TMP ( IN over ) ( NP ( NP ( DT the ) ( JJ next ) ( CD 12 ) ( NNS months ) ) ( PP ( RB rather ) ( IN than ) ( NP ( CD six ) ) ) ) ) ) ) ) ) )

Even if B.A.T receives approval for the restructuring the company will remain in play say shareholders and analysts though the situation may unfold over the next 12 months rather than six


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( JJ new ) ( NNP B.A.T ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJR smaller ) ( UCP ( NN tobacco ) ( CC and ) ( NNS financial-services ) ) ( NN hybrid ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS price-earnings ) ( NN ratio ) ) ( S ( VP ( MD may ) ( VP ( ADVP-MNR ( ADVP ( RBR more ) ( RB closely ) ) ) ( VB reflect ) ( NP ( DT the ) ( JJ lower-growth ) ( NN tobacco ) ( NN business ) ) ( PP-3 ( IN than ) ( NP ( DT the ) ( JJ higher-multiple ) ( NNS financial-services ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT these ) ( NNS holders ) ) ( VP ( VBP believe ) ) )

The new B.A.T will be a smaller tobacco and financial-services hybrid whose price-earnings ratio may more closely reflect the lower-growth tobacco business than the higher-multiple financial-services business these holders believe


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( NP ( NNP B.A.T ) ( POS 's ) ) ( NN restructuring ) ) ( VP ( MD may ) ( ADVP ( RB only ) ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ manageable ) ) ( NN target ) ) ( PP ( IN for ) ( NP ( NP ( JJ other ) ( JJ corporate ) ( NNS predators ) ) ( ADVP ( RB possibly ) ) ( NP ( NP ( JJ such ) ( JJ acquisitive ) ( NNS bidders ) ) ( PP ( IN as ) ( NP ( NNP Hanson ) ( NNP PLC ) ) ) ) ) ) ) ) ) ) )

Thus B.A.T 's restructuring may only make the company a more manageable target for other corporate predators possibly such acquisitive bidders as Hanson PLC


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ last ) ( JJ few ) ( NNS days ) ) ( VP ( MD will ) ( ADVP ( RB surely ) ) ( VP ( VB slow ) ( PRT ( RP down ) ) ( NP ( NP ( DT the ) ( NN pace ) ) ( PP ( IN of ) ( NP ( NNS events ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Scottish ) ( NNP Amicable ) ( POS 's ) ) ( NNP Mr. ) ( NNP Gilchrist ) ) )

The last few days will surely slow down the pace of events says Scottish Amicable 's Mr. Gilchrist


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB write ) ( PRT ( RP off ) ) ( NP ( NP ( NNP Sir ) ( NNP James ) ) ( CC or ) ( NP ( JJ other ) ( JJ potential ) ( NNS bidders ) ) ) ) ) )

But I would n't write off Sir James or other potential bidders


( S ( PP-LOC ( IN Among ) ( NP ( JJ possible ) ( NNS delays ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Saks ) ) ( CC and ) ( NP ( NNP Marshall ) ( NNP Field ) ) ) ( PRN ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN block ) ) ) ( PP-TMP ( ADVP ( RB soon ) ) ( IN after ) ( NP ( DT the ) ( JJ crucial ) ( NNP Christmas ) ( NN season ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB slide ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ( CC or ) ( JJ second ) ( NN half ) ) ) ) ) )

Among possible delays the sales of Saks and Marshall Field which were expected to be on the block soon after the crucial Christmas season may slide into the second quarter or second half


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP estimate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD two ) ( NNS businesses ) ) ) ) ( VP ( MD could ) ( VP ( VB raise ) ( NP ( QP ( RB roughly ) ( CD 2 ) ( CD billion ) ) ) ) ) ) ) ) )

Analysts estimate that sales of the two businesses could raise roughly 2 billion


( S ( S-TPC-2 ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG predicting ) ( NP ( DT a ) ( NN postponement ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( DT the ) ( NNS units ) ) ( VP ( VBP are ) ( NP-PRD ( NN quality ) ( NNS businesses ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP are ) ( VP ( JJ encouraged ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN breadth ) ) ( PP ( IN of ) ( NP ( NNS inquiries ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Prideaux ) ) )

B.A.T is n't predicting a postponement because the units are quality businesses and we are encouraged by the breadth of inquiries said Mr. Prideaux


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( DT the ) ( NN delay ) ) ( VP ( MD could ) ( VP ( VB happen ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB get ) ( NP ( JJ adequate ) ( NNS bids ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

But the delay could happen if B.A.T does n't get adequate bids he said


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NNP B.A.T ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( JJ possible ) ( NNS acquirers ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS units ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( NNS managers ) ) ( PP ( IN from ) ( NP ( NP ( DT both ) ( NN retailing ) ( NNS chains ) ) ( CC and ) ( NP ( NP ( NNP General ) ( NNP Cinema ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( VBN interested ) ( PP ( IN in ) ( S-NOM ( VP ( NN bidding ) ( PP-CLR ( IN for ) ( NP ( NNP Saks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

People familiar with B.A.T say possible acquirers for the units include managers from both retailing chains and General Cinema Corp. which is interested in bidding for Saks


( S ( NP-SBJ ( NP ( JJ Other ) ( JJ potential ) ( NNS bidders ) ) ( PP ( IN for ) ( NP ( NP ( NNS parts ) ) ( PP ( IN of ) ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( NNP U.S. ) ( NN retail ) ( NN unit ) ) ) ) ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Dillard ) ( NNP Department ) ( NNPS Stores ) ( NNP Inc. ) ) ( NP ( NNP May ) ( NNP Department ) ( NNPS Stores ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Limited ) ( NNP Inc ) ) ) ) )

Other potential bidders for parts of B.A.T 's U.S. retail unit include Dillard Department Stores Inc. May Department Stores Co. and Limited Inc


( S ( NP-SBJ-1 ( NNP B.A.T ) ) ( VP ( VBZ has ) ( VP ( VBN declined ) ( S ( VP ( TO to ) ( VP ( VB identify ) ( NP ( DT the ) ( JJ potential ) ( NNS bidders ) ) ) ) ) ) ) )

B.A.T has declined to identify the potential bidders


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ ( NNP Sir ) ( NNP James ) ) ( VP ( VBZ has ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB mount ) ( NP ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP B.A.T ) ) ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ-1 ( NP ( NN approval ) ) ( PP ( IN from ) ( NP ( NNP U.S. ) ( NN insurance ) ( NNS regulators ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN received ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS jitters ) ) ( PP ( IN over ) ( NP ( NP ( NNS prospects ) ) ( PP ( IN for ) ( NP ( NP ( NN junk-bond ) ( NN financing ) ) ( CC and ) ( NP ( NNP U.S. ) ( NN leverage ) ( NNS buy-outs ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG making ) ( S ( NP-SBJ ( NNS investors ) ) ( ADJP-PRD ( RBR more ) ( JJ skeptical ) ( PP ( IN about ) ( NP ( NP ( NNP Sir ) ( NNP James ) ( POS 's ) ) ( NNS prospects ) ) ) ) ) ) ) )

Though Sir James has said he intends to mount a new bid for B.A.T once approval from U.S. insurance regulators is received jitters over prospects for junk-bond financing and U.S. leverage buy-outs are making investors more skeptical about Sir James 's prospects


( S ( NP-SBJ ( PRP$ His ) ( JJ initial ) ( NN offer ) ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD needed ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 80 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN takeover ) ( NN financing ) ) ) ) ( PP-MNR ( IN through ) ( NP ( DT the ) ( NN debt ) ( NNS markets ) ) ) ) ) ) ) ) ) ) )

His initial offer indicated he needed to raise as much as 80 % of the takeover financing through the debt markets


( S ( NP-SBJ ( NN Market ) ( NN uncertainty ) ) ( ADVP ( RB also ) ) ( VP ( VBZ clouds ) ( NP ( NP ( DT the ) ( NN outlook ) ) ( PP ( IN for ) ( S-NOM ( NP-SBJ ( NNP B.A.T ) ( POS 's ) ) ( VP ( VBG attracting ) ( NP ( NP ( DT a ) ( NN premium ) ( NN price ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNP U.S. ) ( NN retailing ) ( NNS properties ) ) ) ) ) ) ) ) ) )

Market uncertainty also clouds the outlook for B.A.T 's attracting a premium price for its U.S. retailing properties


( S ( ADVP ( RB Finally ) ) ( NP-SBJ ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNP California ) ( NN earthquake ) ) ( ADVP ( RB initially ) ) ( VP ( VBD knocked ) ( NP ( CD 3.7 ) ( NN % ) ) ( PP-CLR ( RP off ) ( NP ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( NN share ) ( NN price ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS fears ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ potential ) ( NNS claims ) ) ( PP ( TO to ) ( NP ( NP ( ADJP ( NNP Los ) ( JJ Angeles-based ) ) ( NNPS Farmers ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ substantial ) ( NN portion ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN property ) ( CC and ) ( NN casualty ) ( NN exposure ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ) )

Finally Tuesday 's California earthquake initially knocked 3.7 % off B.A.T 's share price in London yesterday because of fears of the potential claims to Los Angeles-based Farmers which has a substantial portion of its property and casualty exposure in California


( S ( PP ( IN On ) ( NP ( NNPS Farmers ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Prideaux ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP-TMP-PRD ( RB too ) ( JJ early ) ( S ( VP ( TO to ) ( VP ( VB quantify ) ( NP ( NP ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( JJ potential ) ( NNS claims ) ) ) ) ) ) ) ) ) ) ) ) )

On Farmers Mr. Prideaux said it is too early to quantify the level of potential claims


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN expectation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN material ) ( NN impact ) ) ( PP-LOC ( IN on ) ( NP ( NNPS Farmers ) ) ) ) ) ) ) ) ) ) )

He added B.A.T has no expectation of a material impact on Farmers


( S ( NP-SBJ ( NP ( NNP Christopher ) ( NNP Whittington ) ) ( NP ( NP ( NP ( JJ 51-year-old ) ( NN deputy ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT this ) ( JJ British ) ( NN investment-banking ) ( NN group ) ) ) ) ( CC and ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Morgan ) ( NNP Grenfell ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ main ) ( NN banking ) ( NN unit ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN retired ) ( PP-CLR ( IN from ) ( NP ( PRP$ his ) ( NN executive ) ( NNS duties ) ) ) ) ) )

Christopher Whittington 51-year-old deputy chairman of this British investment-banking group and chairman of Morgan Grenfell & Co. the group 's main banking unit has retired from his executive duties


( SINV ( VP-TPC-1 ( VBG Succeeding ) ( NP ( NNP Mr. ) ( NNP Whittington ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN deputy ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN group ) ) ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( NNP Anthony ) ( NNP Richmond-Watson ) ) ( NP ( CD 43 ) ) ( NP ( RB currently ) ( DT a ) ( JJ main ) ( NN board ) ( NN member ) ) ) )

Succeeding Mr. Whittington as deputy chairman of the group is Anthony Richmond-Watson 43 currently a main board member


( SINV ( VP-TPC-1 ( VBG Succeeding ) ( NP ( NNP Mr. ) ( NNP Whittington ) ) ( PP-LOC ( IN at ) ( NP ( NNP Morgan ) ( NNP Grenfell ) ( CC & ) ( NNP Co. ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Webb ) ) ( NP ( CD 50 ) ) ( NP ( RB currently ) ( NN deputy ) ( NN chairman ) ) ) )

Succeeding Mr. Whittington at Morgan Grenfell & Co. is Richard Webb 50 currently deputy chairman


( S ( NP-SBJ ( NNP Mr. ) ( NNP Whittington ) ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-PRD-LOC ( IN on ) ( NP ( DT the ) ( JJ main ) ( NN group ) ( NN board ) ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ nonexecutive ) ( NN director ) ) ) ) ) )

Mr. Whittington will remain on the main group board as a nonexecutive director


( S ( NP-SBJ ( NNP Galveston-Houston ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB redeem ) ( NP ( NP ( DT all ) ( CD 3,950 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( ADJP ( RB privately ) ( JJ held ) ) ( ADJP ( CD 6.5 ) ( NN % ) ) ( JJ convertible ) ( NN Series ) ( NNP C ) ( JJ preferred ) ( NN stock ) ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 8 ) ) ) ) ) ) ) )

Galveston-Houston Co. said it will redeem all 3,950 shares of its privately held 6.5 % convertible Series C preferred stock Nov. 8


( S ( NP-SBJ ( NNS Holders ) ) ( VP ( MD can ) ( VP ( RB either ) ( VP ( VB convert ) ( NP ( DT each ) ( NN share ) ) ( PP-CLR ( IN into ) ( NP ( NP ( CD 421 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ common ) ( NN stock ) ) ) ) ) ) ( CC or ) ( VP ( VB surrender ) ( NP ( PRP$ their ) ( NNS shares ) ) ( PP ( IN at ) ( NP ( NP ( NP ( DT the ) ( JJ per-share ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ( CC plus ) ( NP ( NP ( VBN accumulated ) ( NNS dividends ) ) ( PP ( IN of ) ( NP ( NP ( CD 6.71 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) )

Holders can either convert each share into 421 shares of the company 's common stock or surrender their shares at the per-share price of 1,000 plus accumulated dividends of 6.71 a share


( S ( NP-SBJ ( NNP Galveston-Houston ) ) ( VP ( VBZ makes ) ( CC and ) ( VBZ markets ) ( NP ( NP ( NNS products ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN construction ) ( NN mining ) ( CC and ) ( NN energy ) ( NNS industries ) ) ) ) ) )

Galveston-Houston makes and markets products for the construction mining and energy industries


( S ( NP-SBJ ( NNP Michael ) ( NNP Maynard ) ) ( VP ( VBD offered ) ( NP ( DT the ) ( NN world ) ) ( NP ( NP ( DT a ) ( JJR faster ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB break ) ( NP ( NNS eggs ) ) ) ) ) ) ) ) )

Michael Maynard offered the world a faster way to break eggs


( S ( PP ( IN As ) ( NP ( NNS thanks ) ) ) ( NP-SBJ-1 ( DT the ) ( NN egg ) ( NN industry ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB break ) ( NP ( PRP him ) ) ) ) ) ) )

As thanks the egg industry tried to break him


( S ( CC And ) ( NP-SBJ ( DT the ) ( NN egg ) ( NNS producers ) ) ( VP ( VBP have ) ( VP ( VBN done ) ( NP ( DT a ) ( ADJP ( RB pretty ) ( JJ good ) ) ( NN job ) ) ) ) )

And the egg producers have done a pretty good job


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB put ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) ( ADJP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ) ( PP-MNR ( IN by ) ( NP ( NP ( DT an ) ( NN act ) ) ( PP ( IN of ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) )

They tried to put Mr. Maynard out of business by an act of Congress


( S ( NP-SBJ-2 ( NN Egg-industry ) ( NN lobbying ) ) ( VP ( VBD helped ) ( S ( VP ( VB persuade ) ( NP-1 ( CD six ) ( NNS states ) ) ( S ( VP ( TO to ) ( VP ( VB ban ) ( NP ( NP ( NNP Mr. ) ( NNP Maynard ) ( POS 's ) ) ( JJ automatic ) ( NN egg-breaking ) ( NN machine ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS fears ) ) ( PP ( IN over ) ( NP ( NN salmonella ) ) ) ) ) ) ) ) ) ) ) )

Egg-industry lobbying helped persuade six states to ban Mr. Maynard 's automatic egg-breaking machine because of fears over salmonella


( S ( NP-SBJ-1 ( NP ( PRP$ His ) ( NN company ) ) ( NP ( NNP Misa ) ( NNP Manufacturing ) ( NNP Inc. ) ) ) ( VP ( VP ( VBD was ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( NN protection ) ) ( PP ( IN from ) ( NP ( NNS creditors ) ) ) ) ( PP-LOC ( IN under ) ( NP ( JJ federal ) ( NN bankruptcy ) ( NN law ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( ADVP-TMP ( RB since ) ) ( VP ( VBN been ) ( VP ( VBN liquidated ) ) ) ) ) )

His company Misa Manufacturing Inc. was forced to seek protection from creditors under federal bankruptcy law in 1987 and has since been liquidated


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( JJ Monthly ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( NNP Egg ) ( NNP King ) ( NN machine ) ) ( PRN ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( VP ( VBG marketing ) ( PP ( IN through ) ( NP ( DT a ) ( JJ new ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN sunk ) ( PP-DIR ( TO to ) ( NP ( QP ( IN about ) ( PDT half ) ( DT a ) ( NN dozen ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT a ) ( NN peak ) ) ( PP ( IN of ) ( NP ( CD 75 ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT the ) ( JJ 46-year-old ) ( NN businessman ) ) )

Monthly sales of his Egg King machine which he now is marketing through a new company have sunk to about half a dozen from a peak of 75 says the 46-year-old businessman


( S ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN entrepreneur ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB bump ) ( PRT ( RP up ) ) ( PP-CLR ( IN against ) ( NP ( JJ entrenched ) ( NNS interests ) ) ) ) ) ) ) ) ) )

Mr. Maynard is n't the first entrepreneur to bump up against entrenched interests


( S ( CC But ) ( NP-SBJ ( PRP$ his ) ( NN case ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ notable ) ) ( PP-PRP ( DT both ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN scale ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN fight ) ) ) ) ( PRN ( S-CLF ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP-PRD ( RB often ) ) ( SBAR ( WHADVP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( DT a ) ( JJ congressional ) ( NN hearing ) ) ( VP ( VBZ is ) ( VP ( VBN held ) ( S-PRP ( VP ( TO to ) ( VP ( VB determine ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( CD one ) ( JJ small ) ( NN businessman ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN threat ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN republic ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ tells ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NNS pitfalls ) ) ( PP ( IN of ) ( S-NOM ( VP ( NN marketing ) ( NP ( DT a ) ( JJ new ) ( NN product ) ) ) ) ) ) ) ) ) ) ) ) ) )

But his case is notable both for the scale of the fight it is n't often that a congressional hearing is held to determine whether one small businessman is a threat to the republic and for what it tells about the pitfalls of marketing a new product


( S ( ADVP ( RB Now ) ) ( NP-SBJ ( PRP one ) ) ( VP ( MD might ) ( VP ( VB ask ) ( SBAR ( WHADVP-5 ( WRB why ) ) ( S ( NP-SBJ ( NP ( NNS people ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP sell ) ( NP ( NNS eggs ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB fight ) ( NP ( NP ( NN someone ) ) ( SBAR ( WHNP-4 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RBR easier ) ) ( S-2 ( VP ( TO to ) ( VP ( VB crack ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now one might ask why people who sell eggs would fight someone who is trying to make it easier to crack them


( S ( NP-SBJ ( NP ( NN Part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN answer ) ) ) ) ( VP ( VBZ lies ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN nature ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) )

Part of the answer lies in the nature of the industry


( S ( NP-SBJ ( JJ Many ) ( JJR larger ) ( NN egg ) ( NNS producers ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( NN egg ) ( NNS processors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP crack ) ( VBP inspect ) ( CC and ) ( VBP sanitize ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS eggs ) ) ) ) ( S-ADV ( VP ( VBG turning ) ( NP ( PRP them ) ) ( PP-CLR ( IN into ) ( NP ( ADJP ( JJ powdered ) ( JJ liquified ) ( CC or ) ( JJ frozen ) ) ( NN egg ) ( NNS products ) ) ) ) ) ) ) ) ) ) )

Many larger egg producers are also egg processors who crack inspect and sanitize billions of eggs turning them into powdered liquified or frozen egg products


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNS dozens ) ) ( PP ( IN of ) ( NP ( NP ( NNS bakers ) ) ( NP ( NN restaurant ) ( NNS chefs ) ) ( CC and ) ( NP ( JJ other ) ( NN food ) ( NNS preparers ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD flocked ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Maynard ) ( POS 's ) ) ( NN defense ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS products ) ) ( VP ( VBG ranging ) ( PP-CLR ( PP ( IN from ) ( NP ( NN egg ) ( NN bread ) ) ) ( PP ( TO to ) ( NP ( NNS eclairs ) ) ) ) ) ) ( VP ( VBP lose ) ( NP ( DT some ) ( NN zip ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNS eggs ) ) ( VP ( VBN come ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( JJ 30-pound ) ( NNS cans ) ) ( CONJP ( RB instead ) ( IN of ) ) ( NP ( NNS shells ) ) ) ) ) ) ) ) ) ) ) )

However dozens of bakers restaurant chefs and other food preparers who flocked to Mr. Maynard 's defense say that products ranging from egg bread to eclairs lose some zip when the eggs come in 30-pound cans instead of shells


( S ( CC But ) ( PP ( IN for ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP use ) ( NP ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNS eggs ) ) ) ) ( NP-TMP ( DT a ) ( NN day ) ) ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG breaking ) ( NP ( PRP them ) ) ( PP-MNR ( IN by ) ( NP ( NN hand ) ) ) ) ) ( VP ( MD can ) ( VP ( VB get ) ( ADVP ( RB well ) ) ( ADJP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN hand ) ) ) ) ) ) )

But for companies that use hundreds of eggs a day breaking them by hand can get well out of hand


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN idea ) ) ( PP ( IN behind ) ( NP ( DT the ) ( NNP Egg ) ( NNP King ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ pretty ) ( NN simple ) ) ) ) ( S ( VP ( VP ( VB put ) ( NP ( DT the ) ( NNS eggs ) ) ( PP-PUT ( IN into ) ( NP ( NP ( DT a ) ( NN cylinder ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ contains ) ( NP ( JJ perforated ) ( NNS baskets ) ) ) ) ) ) ) ) ( VP ( VB spin ) ( NP ( PRP them ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ high ) ( NN speed ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB break ) ( NP ( DT the ) ( NNS shells ) ) ) ) ) ) ( CC and ) ( VP ( VB strain ) ( NP ( DT the ) ( JJ edible ) ( NN part ) ) ( PP-DIR ( IN through ) ( NP ( DT the ) ( NNS baskets ) ) ) ) ) ) )

The idea behind the Egg King is pretty simple put the eggs into a cylinder that contains perforated baskets spin them at a high speed to break the shells and strain the edible part through the baskets


( S ( NP-SBJ ( NP ( CD One ) ( NNP Egg ) ( NNP King ) ) ( PRN ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( PP ( IN at ) ( PP ( ADVP ( RB just ) ( IN under ) ) ( ADJP ( ADJP ( NP ( CD four ) ( NNS feet ) ) ( JJ tall ) ) ( CC and ) ( ADJP ( NP ( CD two ) ( NNS feet ) ) ( JJ wide ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN likened ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN robot ) ) ( NP ( NN R2-D2 ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB crack ) ( NP ( NP ( QP ( IN about ) ( CD 20,000 ) ) ( NNS eggs ) ) ( NP-TMP ( DT an ) ( NN hour ) ) ) ) ) )

One Egg King which at just under four feet tall and two feet wide has been likened to the robot R2-D2 can crack about 20,000 eggs an hour


( SINV ( S-TPC-1 ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( JJ fresh ) ( NNS eggs ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RBR less ) ( JJ expensive ) ) ( PP ( IN than ) ( NP ( VBN processed ) ( NNS ones ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( JJ big ) ( NN egg ) ( NN user ) ) ( VP ( MD can ) ( VP ( VB recover ) ( NP ( NP ( DT the ) ( NNP Egg ) ( NNP King ) ( POS 's ) ) ( ADJP ( CD 3,390 ) ) ( NN cost ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) )

Because fresh eggs are less expensive than processed ones a big egg user can recover the Egg King 's 3,390 cost in a few months says Mr. Maynard


( S ( NP-SBJ ( JJ Such ) ( JJ centrifugal ) ( NN egg ) ( NNS breakers ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( IN around ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NNS 1890s ) ) ) ) ) )

Such centrifugal egg breakers have been around since the 1890s


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) ( VP ( VBD came ) ( ADVP-DIR ( RB forward ) ) ( PP ( IN with ) ( NP ( PRP$ his ) ( NN machine ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( NNS 1970s ) ) ) ) ) ) ( NP-SBJ ( NP ( NN nobody ) ) ( ADJP ( JJ else ) ) ) ( VP ( VBD was ) ( VP ( VBG offering ) ( NP ( PRP them ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) )

But when Mr. Maynard came forward with his machine in the early 1970s nobody else was offering them in the U.S.


( NP ( NP ( DT The ) ( JJ main ) ( NN reason ) ) ( NP ( NN salmonella ) ) )

The main reason salmonella


( S ( NP-SBJ ( NNS Chickens ) ) ( VP ( VBP carry ) ( NP ( NP ( DT this ) ( NNS bacteria ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD can ) ( VP ( VB cause ) ( NP ( NP ( JJ upset ) ( NNS stomachs ) ) ( CC and ) ( PRN ( PP-LOC ( IN in ) ( NP ( JJ rare ) ( NNS cases ) ) ) ) ( NP ( NN death ) ) ) ( PP-LOC ( IN among ) ( NP ( NNS people ) ) ) ) ) ) ) ) ) )

Chickens carry this bacteria which can cause upset stomachs and in rare cases death among people


( S ( S ( NP-SBJ ( NNS Hens ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP pass ) ( NP ( NN salmonella ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNS eggs ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD can ) ( ADVP ( RB also ) ) ( VP ( VB be ) ( VP ( VBN found ) ( PP-LOC-CLR ( IN on ) ( NP ( JJ unclean ) ( NNS shells ) ) ) ) ) ) ) )

Hens sometimes pass salmonella to the eggs and it can also be found on unclean shells


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( NP ( DT any ) ( NN machine ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ breaks ) ( NP ( NP ( JJ large ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NNS eggs ) ) ) ) ( ADVP-TMP ( IN at ) ( RB once ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( DT the ) ( NN potential ) ( S ( VP ( TO to ) ( VP ( VB spread ) ( NP ( NN salmonella ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT a ) ( JJ bad ) ( NN egg ) ) ( VP ( VBZ gets ) ( ADJP-PRD ( IN in ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ good ) ( NNS ones ) ) ) ) ) ) ) )

Thus any machine that breaks large amounts of eggs at once has the potential to spread salmonella if a bad egg gets in with the good ones


( S ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) ( VP ( VBZ claims ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ manageable ) ( NN problem ) ) ) ) ) ) )

Mr. Maynard claims this is a manageable problem


( S ( NP-SBJ ( DT The ) ( NNP Egg ) ( NNP King ) ) ( VP ( VBZ carries ) ( NP ( JJ written ) ( NNS instructions ) ( S ( VP ( VP ( TO to ) ( VP ( VB break ) ( NP ( NP ( JJ only ) ( JJ high-grade ) ( NNS eggs ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB properly ) ) ( VBN sanitized ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( PP ( IN as ) ( NP ( DT an ) ( VBN added ) ( NN precaution ) ) ) ( TO to ) ( VP ( VB use ) ( NP ( DT the ) ( NNS eggs ) ) ( PP-LOC ( ADVP ( RB only ) ) ( IN in ) ( NP ( NP ( NNS products ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN cooked ) ( ADVP ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB kill ) ( NP ( NNS bacteria ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Egg King carries written instructions to break only high-grade eggs that have been properly sanitized and as an added precaution to use the eggs only in products that will be cooked enough to kill bacteria


( S ( S-TPC-2 ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( QP ( RB nearly ) ( CD 4,000 ) ) ( NNS machines ) ) ( PP-PRD ( IN in ) ( NP ( NN use ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( DT no ) ( NN salmonella ) ( NNS problems ) ) ( ADVP ( ADVP ( RB as ) ( RB long ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( NNS instructions ) ) ( VP ( VBD were ) ( VP ( VBN followed ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) ( VP ( VBZ boasts ) ) )

With nearly 4,000 machines in use there have been no salmonella problems as long as instructions were followed Mr. Maynard boasts


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN handful ) ) ( PP ( IN of ) ( NP ( NN salmonella ) ( NNS cases ) ) ) ( VP ( VBG involving ) ( NP ( NP ( NNS products ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN used ) ( NP ( NP ( NNS eggs ) ) ( VP ( VBN broken ) ( PP ( IN by ) ( NP-LGS ( DT an ) ( NNP Egg ) ( NNP King ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD stemmed ) ( PP-DIR-CLR ( IN from ) ( NP ( DT a ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB adequately ) ) ( VB cook ) ( NP ( DT the ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) )

He says the handful of salmonella cases involving products that may have used eggs broken by an Egg King stemmed from a failure to adequately cook the products


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( ADJP ( RB no ) ( JJR more ) ) ( DT a ) ( NN reason ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG banning ) ( NP ( NNP Egg ) ( NNPS Kings ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( JJ bad ) ( NNS drivers ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN reason ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG banning ) ( NP ( NNS cars ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he says that 's no more a reason for banning Egg Kings than bad drivers are a reason for banning cars


( S ( NP-SBJ ( NNS Opponents ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB buy ) ( NP ( JJ such ) ( NNS arguments ) ) ) ) )

Opponents do n't buy such arguments


( SINV ( S-TPC-2 ( S-ADV ( NP-SBJ ( JJ Human ) ( NN nature ) ) ( VP ( VBG being ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ) ) ) ) ) ( NP-SBJ ( NNS people ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB follow ) ( NP ( NNS instructions ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Guzewich ) ) ( NP ( NP ( NN chief ) ) ( PP ( IN of ) ( NP ( NN food ) ( NN protection ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN state ) ( NNP Health ) ( NNP Department ) ) ) ) ) )

Human nature being what it is people do n't always follow instructions says Jack Guzewich chief of food protection for the New York state Health Department


( SINV ( VP-TPC-1 ( VBG Leading ) ( NP ( NP ( DT the ) ( NN assault ) ) ( PP ( IN against ) ( NP ( DT the ) ( NNP Egg ) ( NNP King ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ) ) ( NP-SBJ ( NNP United ) ( NNP Egg ) ( NNPS Producers ) ) )

Leading the assault against the Egg King has been United Egg Producers


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Decatur ) ( NNP Ga. ) ) ( NN trade ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN issued ) ( NP ( NP ( DT a ) ( NN briefing ) ( NN book ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ claims ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT the ) ( NN machine ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN health ) ( NN hazard ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Maynard ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( JJ fast ) ( NN buck ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN expense ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN egg ) ( NNS producers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Decatur Ga. trade group has issued a briefing book that claims the machine is a health hazard and that Mr. Maynard is trying to make a fast buck at the expense of the nation 's egg producers


( S ( S ( NP-SBJ-2 ( DT The ) ( NNP UEP ) ) ( VP ( VBZ declines ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( NN attorney ) ) ( NP ( NNP Alfred ) ( NNP Frawley ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( NNS actions ) ) ( VP ( VBP are ) ( VP ( VBN motivated ) ( ADVP ( RB solely ) ) ( PP ( IN by ) ( NP-LGS ( NN health ) ( NNS concerns ) ) ) ) ) ) ) ) ) )

The UEP declines to comment but the group 's attorney Alfred Frawley says the group 's actions are motivated solely by health concerns


( S ( NP-SBJ ( DT An ) ( JJ early ) ( NN battleground ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NNP U.S. ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Agriculture ) ) ) ) ) )

An early battleground was the U.S. Department of Agriculture


( S ( NP-SBJ ( NNP Mr. ) ( NNP Maynard ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD won ) ( NP ( NN approval ) ) ( SBAR-ADV ( IN for ) ( S ( NP-SBJ-1 ( PRP$ his ) ( NN machine ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ egg-processing ) ( NNS facilities ) ) ( VP ( VBN regulated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP USDA ) ( POS 's ) ) ( NNP Food ) ( NNP Safety ) ( NNP Inspection ) ( NNP Service ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Maynard initially won approval for his machine to be used at egg-processing facilities regulated by the USDA 's Food Safety Inspection Service


( S ( ADVP ( RB Unfortunately ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Maynard ) ) ) ) ( NP-SBJ ( NP ( NP ( DT another ) ( NN branch ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP USDA ) ) ) ) ( NP ( DT the ) ( NNP Agricultural ) ( NNP Marketing ) ( NNP Service ) ) ) ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( NNS eggs ) ) ) ) ) ) )

Unfortunately for Mr. Maynard another branch of the USDA the Agricultural Marketing Service was in charge of eggs


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG receiving ) ( NP ( NNS complaints ) ) ( PP-DIR ( IN from ) ( NP ( NN egg ) ( NNS producers ) ) ) ) ) ) ( NP-SBJ-2 ( DT this ) ( NN branch ) ) ( VP ( VBD got ) ( S ( NP-SBJ ( DT the ) ( JJ other ) ( NN branch ) ) ( VP ( TO to ) ( VP ( VB rescind ) ( NP ( PRP$ its ) ( NN approval ) ) ) ) ) ( S-ADV ( ADVP ( RB thus ) ) ( VP ( VBG limiting ) ( NP ( NP ( DT the ) ( NN machine ) ( POS 's ) ) ( JJ potential ) ( NN market ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNS bakeries ) ) ( CC and ) ( NP ( NNS restaurants ) ) ( CC and ) ( NP ( JJ other ) ( NNS establishments ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( RB n't ) ( VP ( VBN regulated ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP USDA ) ) ) ) ) ) ) ) ) ) ) ) )

After receiving complaints from egg producers this branch got the other branch to rescind its approval thus limiting the machine 's potential market to bakeries and restaurants and other establishments that are n't regulated by the USDA


( S ( NP-SBJ ( DT The ) ( NN egg ) ( NNS producers ) ) ( ADVP ( RB also ) ) ( VP ( VBD lobbied ) ( NP ( DT the ) ( NNP Food ) ( CC and ) ( NNP Drug ) ( NNP Administration ) ) ) )

The egg producers also lobbied the Food and Drug Administration