( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( JJ apparent ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( DT a ) ( NN lid ) ) ( PP-LOC-CLR ( IN on ) ( NP ( JJ short-term ) ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( ADVP ( RB once ) ( RB again ) ) ( VP ( VBD pumped ) ( NP ( NN money ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN banking ) ( NN system ) ) ) ) )

In an apparent attempt to keep a lid on short-term interest rates the Fed once again pumped money into the banking system


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( DT the ) ( NNP Fed ) ( NN move ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ small ) ( NN gesture ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

But the Fed move was a small gesture traders said


( S ( S-TPC-1 ( NP-SBJ ( NNP Fed ) ( NNS officials ) ) ( VP ( VBP appear ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( PRP$ their ) ( NN credit ) ( NN grip ) ) ( ADVP ( RB any ) ( RB further ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT a ) ( JJ bold ) ( NN move ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB appear ) ( ADJP-PRD ( JJ necessary ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ several ) ( NN investment ) ( NNS managers ) ) ( VP ( VBD said ) ) )

Fed officials appear reluctant to ease their credit grip any further because a bold move does n't appear necessary several investment managers said


( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( VP ( VBZ has ) ( VP ( VBN allowed ) ( S ( NP-SBJ ( DT a ) ( JJ key ) ( JJ short-term ) ( NN interest ) ( NN rate ) ) ( VP ( TO to ) ( VP ( VB decline ) ( NP ( IN about ) ( NN one-quarter ) ( NN percentage ) ( NN point ) ) ) ) ) ) ) )

The Fed has allowed a key short-term interest rate to decline about one-quarter percentage point


( S ( NP-SBJ ( NP ( DT The ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( PP-LOC ( IN on ) ( NP ( NP ( JJ overnight ) ( NNS loans ) ) ( PP-LOC ( IN between ) ( NP ( NNS banks ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG hovering ) ( PP-LOC-CLR ( IN around ) ( NP ( NP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( CD 9 ) ( NN % ) ) ( ADVP-TMP ( RB previously ) ) ) ) ) ) ) ) ) )

The federal funds rate on overnight loans between banks has been hovering around 8 3\/4 % down from 9 % previously


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN led ) ( NP ( NNS bonds ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS traders ) ) ( VP ( VBP predict ) ( SBAR ( S ( NP-SBJ ( IN that ) ( NN relationship ) ) ( VP ( MD will ) ( VP ( VB reverse ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS weeks ) ) ) ) ) ) ) ) )

Although stocks have led bonds this week some traders predict that relationship will reverse during the next few weeks


( S ( NP-SBJ ( NP ( NNP Nikko ) ( POS 's ) ) ( NNP Mr. ) ( NNP Conlon ) ) ( VP ( VBZ fears ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ huge ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NNP Treasury ) ( VBG borrowing ) ) ) ( NP-TMP ( JJ early ) ( JJ next ) ( NN month ) ) ) ( VP ( MD will ) ( VP ( VB drive ) ( ADVP-CLR ( RB down ) ) ( NP ( NNP Treasury ) ( NN bond ) ( NNS prices ) ) ) ) ) ) ) )

Nikko 's Mr. Conlon fears a huge wave of Treasury borrowing early next month will drive down Treasury bond prices


( S ( S-TPC-1 ( NP-SBJ ( NP ( IN That ) ) ( VP ( VBN coupled ) ( PP-CLR ( IN with ) ( NP ( JJ poor ) ( NN third-quarter ) ( NNS corporate-earnings ) ( NNS comparisons ) ) ) ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( NN trouble ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN equity ) ( NN market ) ) ) ) ) ( PP ( IN for ) ( NP ( QP ( DT the ) ( JJ next ) ( CD two ) ( TO to ) ( CD three ) ) ( NNS months ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

That coupled with poor third-quarter corporate-earnings comparisons will make trouble for the equity market for the next two to three months he says


( S ( CC But ) ( NP-SBJ ( JJ several ) ( JJ other ) ( NNS traders ) ) ( VP ( VBP contend ) ( SBAR ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VBN overreacted ) ( PP-CLR ( TO to ) ( NP ( NN junk-bond ) ( NNS jitters ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN stock ) ( NNS prices ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB recover ) ) ) ) ) ) ) ) ) ) )

But several other traders contend investors have overreacted to junk-bond jitters and that stock prices will continue to recover


( SINV ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( VBD shot ) ( NP ( DT the ) ( JJ whole ) ( NN orchestra ) ) ( SBAR-PRP ( ADVP ( RB just ) ) ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN piano ) ( NN player ) ) ( VP ( VBD hit ) ( NP ( DT a ) ( JJ bad ) ( NN note ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Laszlo ) ( NNP Birinyi ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Birinyi ) ( NNPS Associates ) ( NNP Inc. ) ) ) ) ) ( S-ADV ( VP ( VBG referring ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN plunge ) ) ( NP-TMP ( NNP Friday ) ) ( PP ( IN on ) ( NP ( NP ( NN news ) ) ( PP ( IN of ) ( NP ( NP ( NN trouble ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG financing ) ( NP ( DT the ) ( NNP UAL ) ( NNP Corp ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ) ) ) )

They shot the whole orchestra just because the piano player hit a bad note said Laszlo Birinyi president of Birinyi Associates Inc. referring to the stock market 's plunge Friday on news of trouble in financing the UAL Corp buy-out


( S ( PP-LOC ( IN In ) ( NP ( JJ major ) ( NN market ) ( NN activity ) ) ) ( NP-SBJ ( NNP Treasury ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD fell ) ) )

In major market activity Treasury bond prices fell


( S ( NP-SBJ ( NP ( DT The ) ( NN yield ) ) ( PP-LOC ( IN on ) ( NP ( JJ 30-year ) ( NNP Treasury ) ( NNS bonds ) ) ) ) ( VP ( VBD climbed ) ( ADVP-DIR ( RB back ) ) ( PP ( IN above ) ( NP ( CD 8 ) ( NN % ) ) ) ( S-ADV ( VP ( VBG ending ) ( NP ( DT the ) ( NN day ) ) ( PP ( IN at ) ( NP ( CD 8.03 ) ( NN % ) ) ) ) ) ) )

The yield on 30-year Treasury bonds climbed back above 8 % ending the day at 8.03 %


( S ( NP-SBJ-1 ( DT The ) ( NN dollar ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBN mixed ) ) ) )

The dollar was mixed


( S ( NP-TMP ( JJ Late ) ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 142.75 ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 141.80 ) ( NN yen ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ( CC but ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 1.8667 ) ( NNS marks ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1.8685 ) ( NNS marks ) ) ) ) ) )

Late yesterday in New York the dollar rose to 142.75 yen from 141.80 yen Monday but fell to 1.8667 marks from 1.8685 marks


( S ( NP-SBJ ( NP ( NNP William ) ( NNP Seidman ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federal ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Lincoln ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN seized ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN government ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB contain ) ( NP ( NP ( NNS losses ) ) ( SBAR ( WHNP ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD estimated ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB cost ) ( NP ( NNS taxpayers ) ) ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 2 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

William Seidman chairman of the Federal Deposit Insurance Corp. said Lincoln Savings & Loan Association should have been seized by the government in 1986 to contain losses that he estimated will cost taxpayers as much as 2 billion


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Seidman ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ top ) ( NN bank ) ( NN regulator ) ) ) ) ) ) ) ( VP ( VBD inherited ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lincoln ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Irvine ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( PRP$ his ) ( JJ regulatory ) ( NN role ) ) ( VP ( VBD was ) ( VP ( VBN expanded ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ new ) ( JJ savings-and-loan ) ( NN bailout ) ( NN law ) ) ) ) ) ) ) ) )

Mr. Seidman who has been the nation 's top bank regulator inherited the problems of Lincoln based in Irvine Calif. after his regulatory role was expanded by the new savings-and-loan bailout law


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD made ) ( NP ( PRP$ his ) ( NNS comments ) ) ( PP-LOC ( IN before ) ( NP ( NNP House ) ( NNP Banking ) ( NNP Committee ) ( NNS hearings ) ( S ( VP ( TO to ) ( VP ( VB investigate ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS biggest ) ( NN thrift ) ( NN disaster ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ scandal-ridden ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He made his comments before House Banking Committee hearings to investigate what appears to be the biggest thrift disaster in a scandal-ridden industry


( S ( NP-SBJ ( DT The ) ( NN inquiry ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NNS actions ) ) ( PP ( IN of ) ( NP ( NP ( NNP Charles ) ( NNP Keating ) ( NNP Jr. ) ) ( SBAR ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP American ) ( NNP Continental ) ( NNP Corp. ) ) ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( NN parent ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD contributed ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( TO to ) ( NP ( JJ several ) ( NNP U.S. ) ( NNS senators ) ) ) ) ) ) ) ) ) ) ) ) )

The inquiry also will cover the actions of Charles Keating Jr. who is chairman of American Continental Corp. Lincoln 's parent and who contributed heavily to several U.S. senators


( S ( NP-SBJ ( NNP Mr. ) ( NNP Seidman ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NN committee ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN agency ) ) ( VP ( VBD created ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( NP ( JJ sick ) ( NNS thrifts ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN studied ) ( NP ( NP ( NP ( NP ( NN Lincoln ) ( POS 's ) ) ( NN examination ) ( NNS reports ) ) ( PP ( IN by ) ( NP ( JJ former ) ( NNS regulators ) ) ) ) ( VP ( VBG dating ) ( ADVP-TMP-CLR ( RB back ) ( PP ( TO to ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) )

Mr. Seidman told the committee that the Resolution Trust Corp. the agency created to sell sick thrifts has studied Lincoln 's examination reports by former regulators dating back to 1986


( S ( S-TPC-1 ( NP-SBJ ( PRP$ My ) ( NN staff ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( SBAR ( SINV ( VBD had ) ( NP-SBJ ( PRP we ) ) ( VP ( VBN made ) ( NP ( JJ such ) ( NNS findings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( JJ own ) ( NNS institutions ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN sought ) ( NP ( NP ( DT an ) ( JJ immediate ) ( JJ cease-and-desist ) ( NN order ) ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( DT the ) ( JJ hazardous ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Seidman ) ) ( VP ( VBD said ) ) )

My staff indicated that had we made such findings in one of our own institutions we would have sought an immediate cease-and-desist order to stop the hazardous operations Mr. Seidman said


( S ( SBAR-TMP ( WHADVP-3 ( WRB When ) ) ( S ( NP-SBJ-1 ( NNP Lincoln ) ) ( VP ( VBD was ) ( VP ( VBN seized ) ( PP-LGS ( IN by ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS loans ) ) ) ) ( CC or ) ( NP ( QP ( CD 250 ) ( CD million ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( TO to ) ( NP ( NP ( NNS borrowers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD were ) ( VP ( VBG buying ) ( NP ( JJ real ) ( NN estate ) ) ( PP-CLR ( IN from ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP American ) ( NNP Continental ) ( POS 's ) ) ( CD 50 ) ( JJ other ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Seidman ) ) ) ) ) )

When Lincoln was seized by the government for example 15 % of its loans or 250 million were to borrowers who were buying real estate from one of American Continental 's 50 other subsidiaries according to Mr. Seidman


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB step ) ( ADVP-CLR ( RB in ) ) ( PP-TMP ( IN until ) ( NP ( NP ( ADVP ( NP ( CD six ) ( NNS months ) ) ( IN ago ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN thrift ) ( NNS officials ) ) ( VP ( VBD put ) ( NP ( NNP Lincoln ) ) ( PP-PUT ( IN into ) ( NP ( NN conservatorship ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( NN day ) ) ( SBAR ( IN after ) ( S ( NP-SBJ ( NNP American ) ( NNP Continental ) ) ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NP ( NN Chapter ) ( CD 11 ) ( NN bankruptcy ) ( NN protection ) ) ( PP ( IN from ) ( NP ( NNS creditors ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the government did n't step in until six months ago when thrift officials put Lincoln into conservatorship the day after American Continental filed for Chapter 11 bankruptcy protection from creditors


( S-2 ( NP-SBJ ( DT The ) ( NN bankruptcy ) ( NN filing ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN charged ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( ADJP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( JJ civil ) ( NN lawsuit ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN pattern ) ( S ( VP ( TO to ) ( VP ( VB shift ) ( NP ( VBN insured ) ( NNS deposits ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN parent ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD used ) ( NP ( DT the ) ( NNS deposits ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN cache ) ) ( PP ( IN for ) ( NP ( NN real-estate ) ( NNS deals ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bankruptcy filing the government has charged in a 1.1 billion civil lawsuit was part of a pattern to shift insured deposits to the parent company which used the deposits as a cache for real-estate deals


( S ( NP-SBJ ( NP ( DT The ) ( NNS deposits ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( PP-LOC-PRD ( IN under ) ( NP ( NP ( DT the ) ( NN jurisdiction ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bankruptcy ) ( NN court ) ) ) ) ) ) )

The deposits that have been transferred to other subsidiaries are now under the jurisdiction of the bankruptcy court


( S ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB fairly ) ( JJ clear ) ) ( SBAR-1 ( S ( NP-SBJ ( NNP Mr. ) ( NNP Keating ) ) ( VP ( VBD knew ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNS regulators ) ) ( VP ( VBD were ) ( VP ( VBN set ) ( S ( VP ( TO to ) ( VP ( VB seize ) ( NP ( NNP Lincoln ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Seidman ) ) ( VP ( VBD said ) ) )

I think it 's fairly clear Mr. Keating knew that regulators were set to seize Lincoln Mr. Seidman said


( S-2 ( NP-SBJ ( JJ Further ) ( NN investigation ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD may ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ further ) ( NNS actions ) ) ( PP ( IN against ) ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( NNS executives ) ) ) ( PRN ( SINV ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Seidman ) ) ) ) ( PP ( VBG including ) ( NP ( NN fraud ) ( NNS actions ) ) ) ) ) ) ) )

Further investigation he said may result in further actions against Lincoln 's executives said Mr. Seidman including fraud actions


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Keating ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN part ) ) ) ( VP ( VBZ has ) ( VP ( VBN filed ) ( NP ( NN suit ) ) ( S-ADV ( VP ( VBG alleging ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( ADVP-MNR ( RB unlawfully ) ) ( VBD seized ) ( NP ( DT the ) ( NN thrift ) ) ) ) ) ) ) ) ) )

Mr. Keating for his part has filed suit alleging that regulators unlawfully seized the thrift


( S ( NP-SBJ-1 ( NP ( NNP Leonard ) ( NNP Bickwit ) ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Keating ) ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNS hearings ) ) ) ( SBAR ( IN except ) ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP We ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG responding ) ( ADVP-MNR ( RB comprehensively ) ) ( PP-LOC ( IN in ) ( NP ( JJ several ) ( NNS forums ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS allegations ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ appropriate ) ( NN time ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Leonard Bickwit an attorney in Washington for Mr. Keating declined to comment on the hearings except to say We will be responding comprehensively in several forums to each of these allegations at the appropriate time


( S ( NP-SBJ ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( NN treatment ) ) ( PP ( IN by ) ( NP ( JJ former ) ( NN thrift ) ( NNS regulators ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN agency ) ) ( VP ( VBN disbanded ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ new ) ( NN law ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN proved ) ( ADJP-PRD ( VBG embarrassing ) ( PP ( IN for ) ( NP ( NP ( CD five ) ( NNS senators ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD received ) ( NP ( NP ( NNS thousands ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ( PP ( IN in ) ( NP ( NN campaign ) ( NNS contributions ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Keating ) ) ) ) ) ) ) ) ) ) ) )

Lincoln 's treatment by former thrift regulators in an agency disbanded by the new law has proved embarrassing for five senators who received thousands of dollars in campaign contributions from Mr. Keating


( S ( NP-SBJ ( NNP Mr. ) ( NNP Seidman ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Sen. ) ( NNP Dennis ) ( NNP DeConcini ) ) ( PRN ( NP ( NNP D. ) ) ( NP ( NNP Ariz. ) ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD received ) ( NP ( NP ( CD 48,100 ) ) ( PP ( IN in ) ( NP ( NNS contributions ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Keating ) ) ) ) ) ) ) ( VP ( VBD phoned ) ( NP ( NNP Mr. ) ( NNP Seidman ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB request ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VB push ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Lincoln ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN seized ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Seidman said yesterday for example that Sen. Dennis DeConcini D. Ariz. who received 48,100 in contributions from Mr. Keating phoned Mr. Seidman to request that he push for a sale of Lincoln before it would be seized


( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ-1 ( DT the ) ( NN government ) ( NN lawsuit ) ) ( VP ( VBD was ) ( VP ( VBN filed ) ( PP-CLR ( IN against ) ( NP ( NNP Lincoln ) ) ) ) ) ) ) ( NP-SBJ ( NNP Sen. ) ( NNP DeConcini ) ) ( VP ( VBD returned ) ( NP ( DT the ) ( NN campaign ) ( NNS contributions ) ) ) )

After the government lawsuit was filed against Lincoln Sen. DeConcini returned the campaign contributions


( S ( NP-SBJ ( NP ( DT The ) ( NN senator ) ( POS 's ) ) ( NN spokesman ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD pushed ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Lincoln ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NP ( NNP Arizona ) ( NNS jobs ) ) ( PP ( IN at ) ( NP ( NNP Lincoln ) ) ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN line ) ) ) ) ) ) ) ) ) ) )

The senator 's spokesman said yesterday that he pushed for the sale of Lincoln because hundreds of Arizona jobs at Lincoln were on the line


( S ( NP-SBJ ( NP ( NNP Senate ) ( NNP Banking ) ( NNP Committee ) ( NNP Chairman ) ( NNP Donald ) ( NNP Riegle ) ) ( PRN ( NP ( NNP D. ) ) ( NP ( NNP Mich ) ) ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN returned ) ( NP ( NP ( NNS contributions ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD received ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Keating ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) ) ) )

Senate Banking Committee Chairman Donald Riegle D. Mich has also returned contributions he received from Mr. Keating a year ago


( S ( NP-SBJ-1 ( NNP Sens. ) ( NNP John ) ( NNP Glenn ) ( PRN ( NP-LOC ( NP ( NNP D. ) ) ( NP ( NNP Ohio ) ) ) ) ( NNP John ) ( NNP McCain ) ( PRN ( NP-LOC ( NP ( NNP R. ) ) ( NP ( NNP Ariz. ) ) ) ) ( CC and ) ( NNP Alan ) ( NNP Cranston ) ( PRN ( NP-LOC ( NP ( NNP D. ) ) ( NP ( NNP Calif. ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD received ) ( NP ( JJ substantial ) ( NNS contributions ) ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Keating ) ) ) ) ( CC and ) ( VP ( VBD sought ) ( S ( VP ( TO to ) ( VP ( VB intervene ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( NNP Lincoln ) ) ) ) ) ) ) ) ) ) )

Sens. John Glenn D. Ohio John McCain R. Ariz. and Alan Cranston D. Calif. also received substantial contributions from Mr. Keating and sought to intervene on behalf of Lincoln


( S ( NP-SBJ ( NP ( NNP House ) ( NNP Banking ) ( NNP Committee ) ( NNP Chairman ) ( NNP Henry ) ( NNP Gonzalez ) ) ( PRN ( NP ( NNP D. ) ) ( NP ( NNP Texas ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Sen. ) ( NNP Cranston ) ) ( VP ( VBD volunteered ) ( S ( VP ( TO to ) ( VP ( VB appear ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NNP House ) ( NN committee ) ) ) ( SBAR ( IN if ) ( FRAG ( ADJP-PRD ( JJ necessary ) ) ) ) ) ) ) ) ) ) ) )

House Banking Committee Chairman Henry Gonzalez D. Texas said Sen. Cranston volunteered to appear before the House committee if necessary


( S ( CC But ) ( NP-SBJ ( DT a ) ( NN committee ) ( NN staff ) ( NN member ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN panel ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unlikely ) ( S ( VP ( TO to ) ( VP ( VB pursue ) ( ADVP-MNR ( RB closely ) ) ( NP ( NP ( DT the ) ( NN role ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS senators ) ) ) ) ) ) ) ) ) ) ) ) )

But a committee staff member said the panel is unlikely to pursue closely the role of the senators


( S ( PP-LOC ( IN At ) ( NP ( DT the ) ( NN hearing ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Seidman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP RTC ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN pumped ) ( NP ( QP ( CD 729 ) ( CD million ) ) ) ( PP-DIR ( IN into ) ( NP ( NNP Lincoln ) ) ) ( PP-PRP ( IN for ) ( NP ( NN liquidity ) ) ) ) ) ) ) ) )

At the hearing Mr. Seidman said the RTC has already pumped 729 million into Lincoln for liquidity


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD held ) ( PRT ( RP out ) ) ( NP ( NP ( JJ little ) ( NN hope ) ) ( PP ( IN of ) ( NP ( NP ( NN restitution ) ) ( PP ( IN for ) ( NP ( NP ( NNS purchasers ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 225 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNP American ) ( NNP Continental ) ( VBD subordinated ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) )

He also held out little hope of restitution for purchasers of 225 million in American Continental subordinated debt


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS debtholders ) ) ) ) ( VP ( VBP have ) ( VP ( VBN filed ) ( NP ( DT a ) ( NN suit ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD believed ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG buying ) ( NP ( NP ( JJ government-insured ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN deposit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some of those debtholders have filed a suit saying they believed they were buying government-insured certificates of deposit


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( NP ( DT no ) ( NNS plans ) ) ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN time ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( NP ( DT those ) ( NNS notes ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

We have no plans at this time to pay off those notes he said


( S ( NP-SBJ ( JJ Swedish ) ( NN auto ) ( CC and ) ( NN aerospace ) ( NN concern ) ( NNP Saab-Scania ) ( NNP AB ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( NP ( NP ( DT a ) ( ADJP ( ADJP ( QP ( CD 250 ) ( CD million ) ) ( NN krona ) ) ( PRN ( ADJP ( QP ( CD 39 ) ( CD million ) ) ) ) ) ( NN order ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Swiss ) ( NNP Crossair ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Europe ) ( POS 's ) ) ( VBG leading ) ( JJ regional ) ( NN air ) ( NNS companies ) ) ) ) ) ) ( PP-1 ( IN for ) ( NP ( CD five ) ( NNP Saab ) ( NNP 340B ) ( NN turboprop ) ( NN commuter ) ( NN aircraft ) ) ) ) ) ) ) )

Swedish auto and aerospace concern Saab-Scania AB said it received a 250 million krona 39 million order from Swiss Crossair one of Europe 's leading regional air companies for five Saab 340B turboprop commuter aircraft


( S ( NP-SBJ ( DT The ) ( NNP Nuclear ) ( NNP Regulatory ) ( NNP Commission ) ) ( VP ( VBD ruled ) ( ADVP-MNR ( RB unanimously ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ financial ) ( NNS troubles ) ) ( VP ( VBG facing ) ( NP ( DT the ) ( NAC-LOC ( NNP Seabrook ) ( NNP N.H. ) ) ( JJ nuclear-power ) ( NN plant ) ) ) ) ( VP ( VBP have ) ( NP ( NP ( DT no ) ( NN impact ) ) ( PP ( IN on ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN plant ) ) ( VP ( VBZ receives ) ( NP ( DT a ) ( JJ full-power ) ( NN license ) ) ) ) ) ) ) ) ) ) ) )

The Nuclear Regulatory Commission ruled unanimously that the financial troubles facing the Seabrook N.H. nuclear-power plant have no impact on whether the plant receives a full-power license


( S ( NP-SBJ-1 ( NNP Massachusetts ) ( NNP Attorney ) ( NNP General ) ( NNP James ) ( NNP Shannon ) ) ( S-ADV ( VP ( VBG opposing ) ( NP ( DT the ) ( NN license ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB appeal ) ( NP ( DT the ) ( NN ruling ) ) ( PP-LOC ( IN in ) ( NP ( JJ federal ) ( NN court ) ) ) ) ) ) ) ) )

Massachusetts Attorney General James Shannon opposing the license said he will appeal the ruling in federal court


( S ( NP-SBJ ( NNP Seabrook ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN plant ) ) ( VP ( MD could ) ( VP ( VB receive ) ( NP ( DT a ) ( JJ full-power ) ( NN license ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Seabrook officials said the plant could receive a full-power license by the end of the year


( S ( NP-SBJ ( DT The ) ( NNP NRC ) ) ( VP ( VBD rejected ) ( NP ( NP ( NNP Mr. ) ( NNP Shannon ) ( POS 's ) ) ( NN argument ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NP ( NNP Public ) ( NNP Service ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP Hampshire ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN share ) ) ( PP ( IN of ) ( NP ( NNP Seabrook ) ) ) ) ) ) ) ) ( CC and ) ( NP ( CD 11 ) ( JJ other ) ( NNS owners ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB financially ) ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB guarantee ) ( NP ( NP ( DT the ) ( NN plant ) ( POS 's ) ) ( JJ safe ) ( NN operation ) ) ) ) ) ) ) ) ) ) ) )

The NRC rejected Mr. Shannon 's argument that Public Service Co. of New Hampshire which owns the largest share of Seabrook and 11 other owners are financially unable to guarantee the plant 's safe operation


( S ( NP-SBJ ( NNP Mr. ) ( NNP Shannon ) ) ( VP ( VBD was ) ( VP ( VBG seeking ) ( NP ( NP ( DT a ) ( NN waiver ) ) ( PP ( IN of ) ( NP ( NP ( NNP NRC ) ( NN policy ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ ignores ) ( NP ( JJ financial ) ( NNS considerations ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( NN licensing ) ( NNS decisions ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Shannon was seeking a waiver of NRC policy that ignores financial considerations in making licensing decisions


( S ( PP-LOC ( IN In ) ( NP ( PRP$ its ) ( NN ruling ) ) ) ( NP-SBJ ( DT the ) ( NNP NRC ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NNP Seabrook ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB charge ) ( NP ( NP ( NNS rates ) ) ( ADJP ( JJ sufficient ) ( S ( VP ( TO to ) ( VP ( VP ( VB run ) ( NP ( DT the ) ( NN plant ) ) ) ( CC and ) ( VP ( VB make ) ( NP ( NNS payments ) ) ( PP-CLR ( IN on ) ( NP ( JJ past ) ( NN construction ) ( NNS costs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NN consideration ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS owners ) ( POS ' ) ) ( JJ financial ) ( NN condition ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ pointless ) ) ) ) ) ) )

In its ruling the NRC said that because Seabrook will be allowed to charge rates sufficient to run the plant and make payments on past construction costs consideration of the owners ' financial condition is pointless


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS commissioners ) ) ( VP ( VBD found ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS circumstances ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN case ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( JJ undercut ) ( NP ( NP ( DT the ) ( NN assurance ) ) ( PP ( IN from ) ( NP ( NN government ) ( NN rate ) ( NNS setters ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ available ) ( NNS funds ) ) ( ADJP ( JJ adequate ) ( PP ( IN for ) ( NP ( JJ safe ) ( NN operation ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NN commission ) ( NN spokesman ) ) )

The commissioners found the circumstances of the case did n't undercut the assurance from government rate setters of available funds adequate for safe operation said a commission spokesman


( S ( PP-TMP ( IN In ) ( NP ( NNP January ) ( CD 1988 ) ) ) ( NP-SBJ ( DT the ) ( NN utility ) ) ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NN protection ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NN Chapter ) ( CD 11 ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ federal ) ( NNP Bankruptcy ) ( NNP Code ) ) ) ) ) ( S-ADV ( VP ( VBG allowing ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB operate ) ( SBAR-ADV ( IN while ) ( S ( VP ( VBN protected ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS creditors ) ( POS ' ) ) ( NNS lawsuits ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In January 1988 the utility filed for protection under Chapter 11 of the federal Bankruptcy Code allowing it to continue to operate while protected from creditors ' lawsuits


( S ( NP-SBJ-3 ( NP ( NNP Lonrho ) ( NNP PLC ) ) ( PP ( IN of ) ( NP ( NNP Britain ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB come ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN rescue ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ French ) ( NN distribution ) ( NN group ) ( NNP Societe ) ( NNP Commerciale ) ( IN de ) ( NNP l'Ouest ) ( NNP Africaine ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN operation ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN engineered ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Paribas ) ( JJ financial ) ( NN group ) ) ( NP ( NP ( NNP Societe ) ( NNP Commerciale ) ( POS 's ) ) ( JJ main ) ( NN shareholder ) ) ) ) ) ) ) ) ) ) ) ) )

Lonrho PLC of Britain is to come to the rescue of the French distribution group Societe Commerciale de l'Ouest Africaine in an operation that has been engineered with the Paribas financial group Societe Commerciale 's main shareholder


( S ( NP-SBJ ( DT The ) ( NN announcement ) ) ( VP ( VBD came ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNP Societe ) ( NNP Commerciale ) ) ( NP ( NP ( DT a ) ( NN trading ) ( NN company ) ) ( PP ( IN with ) ( NP ( NP ( NNS activities ) ) ( PP-LOC ( IN in ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 40 ) ) ( NNS countries ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 320.5 ) ( CD million ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 51 ) ( CD million ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ( PP-PRP ( RB partly ) ( IN because ) ( IN of ) ( NP ( NP ( NNS provisions ) ) ( PP ( IN on ) ( NP ( JJ future ) ( NNS losses ) ) ) ) ) ) ) ) ) )

The announcement came as Societe Commerciale a trading company with activities in more than 40 countries reported a loss of 320.5 million francs 51 million for the first six months of this year partly because of provisions on future losses


( S ( NP-SBJ ( DT The ) ( NN rescue ) ( NN operation ) ) ( VP ( MD will ) ( VP ( VB consist ) ( PP-CLR ( IN of ) ( NP ( NP ( DT a ) ( NN capital ) ( NN boost ) ) ( PP ( IN for ) ( NP ( NNP Societe ) ( NNP Commerciale ) ) ) ( PP ( IN of ) ( NP ( QP ( CD one ) ( CD billion ) ) ( NNS francs ) ) ) ( PP ( IN through ) ( NP ( NP ( NNS issues ) ) ( PP ( IN of ) ( NP ( NP ( JJ new ) ( NNS shares ) ) ( CC and ) ( NP ( JJ convertible ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) )

The rescue operation will consist of a capital boost for Societe Commerciale of one billion francs through issues of new shares and convertible bonds


( S ( NP-SBJ ( NNP Cie ) ( NNP Financiere ) ( NNP de ) ( NNP Paribas ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB transfer ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN shareholding ) ) ( PP ( IN in ) ( NP ( NNP Societe ) ( NNP Commerciale ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ new ) ( NN company ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VBN owned ) ( PP ( IN with ) ( NP ( NNP Lonrho ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Cie Financiere de Paribas said it intends to transfer its 30 % shareholding in Societe Commerciale to a new company which will be jointly owned with Lonrho


( S ( NP-SBJ ( DT This ) ) ( VP ( MD will ) ( VP ( VB give ) ( NP ( NNP Paribas ) ( CC and ) ( NNP Lonrho ) ) ( NP ( NP ( JJ joint ) ( NN control ) ) ( PP ( IN of ) ( NP ( NNP Societe ) ( NNP Commerciale ) ) ) ) ) ) )

This will give Paribas and Lonrho joint control of Societe Commerciale


( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Lonrho ) ) ( VP ( MD will ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ forthcoming ) ( NN capital ) ( NN boost ) ) ( PP ( IN for ) ( NP ( NNP Societe ) ( NNP Commerciale ) ) ) ) ) ) ) ) ) ) )

Paribas said Lonrho will participate in the forthcoming capital boost for Societe Commerciale


( S ( S-TPC-1 ( NP-SBJ ( NN Housing ) ( NN construction ) ) ( VP ( VBD sank ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( PRP$ its ) ( JJS lowest ) ( NN level ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( JJ last ) ( NN recession ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Commerce ) ( NNP Department ) ) ( VP ( VBD reported ) ) )

Housing construction sank in September to its lowest level since the last recession the Commerce Department reported


( S ( S-TPC-2 ( NP-SBJ ( NP ( NN Work ) ) ) ( VP ( VBD began ) ( PP-1 ( IN on ) ( NP ( NNS homes ) ( CC and ) ( NNS apartments ) ) ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 1,263,000 ) ( NNS units ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( ADVP ( IN down ) ( NP ( CD 5.2 ) ( NN % ) ) ( PP-TMP ( IN from ) ( NP ( NNP August ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN department ) ) ( VP ( VBD said ) ) )

Work began on homes and apartments at an annual rate of 1,263,000 units last month down 5.2 % from August the department said


( S ( NP-SBJ ( DT The ) ( NNP September ) ( NN decline ) ) ( VP ( VP ( VBD followed ) ( NP ( NP ( DT an ) ( ADJP ( RB even ) ( JJR steeper ) ) ( NN drop ) ) ( PP ( IN of ) ( NP ( CD 6.2 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ( CC and ) ( VP ( VBD left ) ( NP ( NN housing ) ( NNS starts ) ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( PRP$ their ) ( JJS weakest ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NNP October ) ( CD 1982 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN country ) ) ( VP ( VBD was ) ( VP ( VBG nearing ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The September decline followed an even steeper drop of 6.2 % in August and left housing starts at their weakest since October 1982 when the country was nearing the end of a recession


( S ( ADVP ( RB Originally ) ) ( NP-SBJ ( DT the ) ( NN department ) ) ( VP ( VBD had ) ( VP ( VBN reported ) ( NP ( DT the ) ( NNP August ) ( NN decline ) ) ( PP-CLR ( IN as ) ( NP ( CD 5 ) ( NN % ) ) ) ) ) )

Originally the department had reported the August decline as 5 %


( S ( NP-SBJ ( DT The ) ( NNS numbers ) ) ( VP ( VBP suggest ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN housing ) ( NN industry ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG suffering ) ( NP ( NP ( DT the ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( POS 's ) ) ( NN battle ) ) ( PP ( IN against ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ) ) )

The numbers suggest that the housing industry is still suffering the effects of the Federal Reserve 's battle against inflation


( S ( NP-SBJ ( DT The ) ( NN industry ) ) ( VP ( VBD had ) ( VP ( VBN shown ) ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( NP ( NN recovery ) ) ) ) ( NP-TMP ( DT this ) ( NN summer ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( DT the ) ( JJ central ) ( NN bank ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB relax ) ( NP ( NP ( PRP$ its ) ( NN clamp ) ) ( PP ( IN on ) ( NP ( NN credit ) ) ) ) ( S-ADV ( VP ( VBG allowing ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( TO to ) ( VP ( VB drop ) ( NP-EXT ( DT a ) ( NN bit ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG pushing ) ( NP ( PRP them ) ) ( PRT ( RP up ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The industry had shown signs of recovery this summer after the central bank began to relax its clamp on credit allowing interest rates to drop a bit after pushing them up for a year


( S ( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS homes ) ) ) ) ( VP ( VBD rose ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS inventories ) ) ( PP ( IN of ) ( NP ( NNS houses ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG climbing ) ) ) ) ) ) ) ( VP ( VBD dropped ) ) ) )

Sales of new homes rose and inventories of houses which had been climbing dropped


( S ( CC But ) ( NP-TMP ( JJ last ) ( NN month ) ) ( NP-SBJ ( NP ( JJ new ) ( NN construction ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT all ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NNS homes ) ) ) ) ) ) ( VP ( VBD waned ) ( PP ( PP ( IN from ) ( NP ( NN single-family ) ( NNS houses ) ) ) ( PP ( TO to ) ( NP ( JJ large ) ( NN apartment ) ( NNS complexes ) ) ) ) ) )

But last month new construction in all types of homes waned from single-family houses to large apartment complexes


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADVP ( RB pretty ) ( RB much ) ) ( JJ weak ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Martin ) ( NNP Regalia ) ) ( NP ( NP ( NN chief ) ( NN economist ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Council ) ) ( PP ( IN of ) ( NP ( NNP Savings ) ( NNPS Institutions ) ) ) ) ) ) ) )

It 's pretty much weak across the board said Martin Regalia chief economist of the National Council of Savings Institutions


( S ( NP-SBJ ( NNP Mr. ) ( NNP Regalia ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN industry ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB step ) ( PRT ( RP up ) ) ( NP ( VBG building ) ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN moment ) ) ) ( PP-PRP ( IN for ) ( NP ( NN fear ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS inventories ) ) ( PP ( IN of ) ( NP ( JJ unsold ) ( NNS homes ) ) ) ) ( VP ( MD will ) ( VP ( VB increase ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Regalia said the industry may be reluctant to step up building at the moment for fear the inventories of unsold homes will increase again


( S-2 ( NP-SBJ ( NP ( DT Another ) ( NN reason ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN weakness ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NN mortgage ) ( NNS rates ) ) ( VP ( VBP have ) ( VP ( VBN hit ) ( NP ( DT a ) ( NN plateau ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD began ) ( S ( VP ( VBG edging ) ( ADVP-DIR ( IN down ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN peak ) ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another reason for the weakness he said may be that mortgage rates have hit a plateau since they began edging down after a peak in March


( S ( S ( PP-TMP ( IN In ) ( NP ( NNP August ) ) ) ( NP-SBJ-1 ( NP ( NNS rates ) ) ( PP ( IN on ) ( NP ( JJ 30-year ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG creeping ) ( ADVP-DIR ( IN up ) ) ( NP-EXT ( DT a ) ( NN bit ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD inched ) ( ADVP ( IN down ) ) ( ADVP-TMP ( RB again ) ) ( PP-TMP ( IN through ) ( NP ( NNP September ) ) ) ) ) )

In August rates on 30-year fixed-rate mortgages started creeping up a bit but they inched down again through September


( S ( S-TPC-1 ( NP-SBJ ( NNS Rates ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP ( RB really ) ) ( VP ( VBN peeled ) ( PRT ( RP off ) ) ( NP ( DT that ) ( JJ much ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Regalia ) ) ( VP ( VBD said ) ) )

Rates have n't really peeled off that much Mr. Regalia said


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( ADVP ( NN kind ) ( IN of ) ) ( VBN settled ) ( ADVP-TMP ( RB now ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT an ) ( JJ interest-rate ) ( NN environment ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( RB fairly ) ( JJ high ) ) ) ) ) ) ) ) ) )

We 've kind of settled now into an interest-rate environment that 's fairly high


( S ( NP-SBJ-1 ( NP ( NN Work ) ) ) ( VP ( VBD was ) ( VP ( VBN begun ) ( PP-2 ( IN on ) ( NP ( NP ( JJ single ) ( NN family ) ( NNS homes ) ) ( PRN ( NP ( NP ( DT the ) ( NN core ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN housing ) ( NN market ) ) ) ) ) ) ) ( PP ( IN at ) ( NP ( NP ( NP ( DT an ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 971,000 ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( NP-3 ( NP ( DT a ) ( NN drop ) ) ( PP ( IN of ) ( NP ( CD 2.1 ) ( NN % ) ) ) ( PP-TMP ( IN from ) ( NP ( DT the ) ( JJ previous ) ( NN month ) ) ) ) ) ) )

Work was begun on single family homes the core of the housing market at an annual rate of 971,000 in September a drop of 2.1 % from the previous month


( S ( NP-SBJ ( WDT That ) ) ( VP ( VBD followed ) ( NP ( NP ( DT a ) ( ADJP ( CD 3.3 ) ( NN % ) ) ( NN decline ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) )

That followed a 3.3 % decline in August


( S ( NP-SBJ ( NP ( NN Construction ) ) ( PP ( IN of ) ( NP ( NP ( NNS apartments ) ) ( CC and ) ( NP ( JJ other ) ( JJ multi-family ) ( NNS dwellings ) ) ) ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 2.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 1,022,000 ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT a ) ( ADJP ( CD 3.5 ) ( NN % ) ) ( NN decline ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) )

Construction of apartments and other multi-family dwellings slipped 2.2 % to an annual rate of 1,022,000 following a 3.5 % decline in August


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NN building ) ( NNS permits ) ) ( VP ( VBN issued ) ) ( PP ( IN for ) ( NP ( JJ future ) ( NN construction ) ) ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 2.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( CD 1,296,000 ) ( JJ annual ) ( NN rate ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG rising ) ( NP-EXT ( CD 3.7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) )

The number of building permits issued for future construction dropped 2.4 % to a 1,296,000 annual rate after rising 3.7 % in August


( S ( NP-SBJ-1 ( PDT All ) ( DT the ) ( NNS numbers ) ) ( VP ( VBD were ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ normal ) ( JJ seasonal ) ( NNS variations ) ) ( PP-LOC ( IN in ) ( NP ( NN building ) ( NN activity ) ) ) ) ) ) ) )

All the numbers were adjusted for normal seasonal variations in building activity


( S ( NP-SBJ-2 ( DT The ) ( NN housing ) ( VBZ starts ) ( NNS numbers ) ) ( ADVP ( RB however ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS least ) ( JJ precise ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ economic ) ( NNS indicators ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN revised ) ( ADVP-MNR ( RB significantly ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( JJR more ) ( NN information ) ) ( VP ( VBZ is ) ( VP ( VBN collected ) ) ) ) ) ) ) ) )

The housing starts numbers however are one of the least precise of the government 's economic indicators and are often revised significantly as more information is collected


( S ( NP-SBJ-1 ( NNP Helmsley ) ( NNPS Enterprises ) ( NNP Inc. ) ) ( VP ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB close ) ( NP ( PRP$ its ) ( JJ company-owned ) ( NN insurance ) ( NN business ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NP ( JJ other ) ( NNS brokers ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( PRP$ its ) ( NNS policies ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS individuals ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN firm ) ) ) ) ) ) ) ) )

Helmsley Enterprises Inc. plans to close its company-owned insurance business and is seeking other brokers to take over its policies according to individuals familiar with the New York firm


( S ( NP-SBJ ( NNP Helmsley ) ( NNPS Enterprises ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN umbrella ) ( NN organization ) ) ( PP ( IN for ) ( NP ( NP ( NNS companies ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP Harry ) ( NNP B. ) ( NNP Helmsley ) ) ) ) ) ) ) ) )

Helmsley Enterprises is the umbrella organization for companies controlled by Harry B. Helmsley


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( UCP ( NN office ) ( CC and ) ( JJ residential ) ) ( JJ real ) ( NN estate ) ( NN giant ) ) ( NP ( NNP HelmsleySpear ) ( NNP Inc. ) ) ) ( CC and ) ( NP ( NNP Helmsley ) ( NNPS Hotels ) ) ) ) )

These include office and residential real estate giant HelmsleySpear Inc. and Helmsley Hotels


( S ( NP-SBJ ( NP ( DT The ) ( NN insurance ) ( NN brokerage ) ( NN agency ) ) ( NP ( NP ( RB just ) ( DT a ) ( NN fragment ) ) ( PP ( IN of ) ( NP ( NP ( NNP Helmsley ) ( POS 's ) ) ( JJ vast ) ( NN empire ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP-PRD ( DT the ) ( JJ first ) ( NN piece ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN stripped ) ( ADVP-CLR ( RB away ) ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( JJ last ) ( NN summer ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-2 ( NP ( NP ( NNP Mr. ) ( NNP Helmsley ) ( POS 's ) ) ( NN wife ) ) ( NP ( NNP Leona ) ( NNP Helmsley ) ) ) ( VP ( VBD was ) ( VP ( VBN found ) ( S ( ADJP-PRD ( JJ guilty ) ( PP ( IN of ) ( NP ( NN tax ) ( NN evasion ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The insurance brokerage agency just a fragment of Helmsley 's vast empire would be the first piece of the company to be stripped away since last summer when Mr. Helmsley 's wife Leona Helmsley was found guilty of tax evasion


( S ( NP-SBJ ( NN Industry ) ( NNS sources ) ) ( VP ( VBP estimate ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VP ( NNS brokers ) ( NP ( NP ( NN property ) ( CC and ) ( NN casualty ) ( NNS premiums ) ) ( ADJP ( JJ worth ) ( NP ( QP ( IN about ) ( CD 25 ) ( CD million ) ) ) ) ) ( ADVP-TMP ( RB annually ) ) ) ( CC and ) ( VP ( VBZ has ) ( NP ( NP ( NN revenue ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( DT a ) ( JJ standard ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN commission ) ( NN rate ) ) ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 2.5 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

Industry sources estimate the agency brokers property and casualty premiums worth about 25 million annually and has revenue based on a standard 10 % commission rate of about 2.5 million


( S ( NP-SBJ ( DT The ) ( NN insurance ) ( NN firm ) ) ( VP ( VBZ acts ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN broker ) ) ( PP ( IN on ) ( NP ( NP ( NNS policies ) ) ( VP ( VBG covering ) ( NP ( NP ( NNS buildings ) ) ( VP ( VBN managed ) ( PP ( IN by ) ( NP-LGS ( NNP HelmsleySpear ) ( CC and ) ( NNS others ) ) ) ) ) ) ) ) ) ) ) )

The insurance firm acts as a broker on policies covering buildings managed by HelmsleySpear and others


( S ( NP-SBJ-1 ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS properties ) ) ) ) ( VP ( VBP are ) ( VP ( VBN owned ) ( PP ( IN through ) ( NP ( NP ( VBN limited ) ( NNS partnerships ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Helmsley ) ) ) ) ) ) ) ) )

Many of the properties are owned through limited partnerships controlled by Mr. Helmsley


( S ( NP-SBJ ( NNP New ) ( NNP York ) ( NNP State ) ( NN law ) ) ( VP ( VBZ prohibits ) ( NP-1 ( NN insurance ) ( NNS brokerages ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG deriving ) ( NP ( NP ( QP ( RBR more ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN revenue ) ) ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG insuring ) ( NP ( VBN affiliated ) ( NNS companies ) ) ) ) ) ) ) ) ) )

New York State law prohibits insurance brokerages from deriving more than 10 % of revenue from insuring affiliated companies


( S-3 ( S ( NP-SBJ ( NP ( NNP Helmsley ) ( POS 's ) ) ( NN insurance ) ( NN division ) ) ( VP ( VBD had ) ( ADVP ( RB slightly ) ) ( VP ( VBN exceeded ) ( NP ( DT that ) ( NN percentage ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS sources ) ) ( VP ( VBP say ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT the ) ( NN division ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( JJ significant ) ( RB enough ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN restructured ) ) ) ) ) ) ) ( PP-TMP ( RB particularly ) ( IN at ) ( NP ( NP ( DT a ) ( JJ difficult ) ( NN time ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN firm ) ) ) ) ) ) ) ) )

Helmsley 's insurance division had slightly exceeded that percentage sources say but the division was n't considered significant enough to the company to be restructured particularly at a difficult time for the firm


( S ( NP-SBJ ( NP ( NP ( JJ Adverse ) ( NN publicity ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN scandal ) ) ( VP ( VBG surrounding ) ( NP ( NP ( PRP$ its ) ( NN founder ) ( POS 's ) ) ( NN wife ) ) ) ) ) ) ( CC and ) ( NP ( VBN related ) ( NN management ) ( NN strife ) ) ) ( VP ( VBP have ) ( VP ( VBN put ) ( NP ( NN pressure ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( JJ entire ) ( NNP Helmsley ) ( NN organization ) ) ) ) ) )

Adverse publicity from the scandal surrounding its founder 's wife and related management strife have put pressure on the entire Helmsley organization


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNS individuals ) ) ( ADJP ( VBP close ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( VP ( VBP insist ) ( SBAR ( S ( S-NOM-SBJ ( VP ( VBG shuttering ) ( NP ( NP ( DT the ) ( NN insurance ) ( NN division ) ) ( NP ( NP ( DT a ) ( NN sideline ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN core ) ( NN property ) ( NN management ) ( NN business ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ) ) )

However individuals close to the company insist shuttering the insurance division a sideline from the company 's core property management business is n't the beginning of a sale of assets


( S ( NP-SBJ-2 ( NP ( NNP Helmsley ) ( POS 's ) ) ( NN insurance ) ( NNS premiums ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN transferred ) ( PP-DIR ( TO to ) ( NP ( JJ several ) ( JJ different ) ( NN insurance ) ( NN brokerage ) ( NNS companies ) ) ) ) ) ) ) ) ) )

Helmsley 's insurance premiums are expected to be transferred to several different insurance brokerage companies


( S ( NP-SBJ ( NP ( NNP Frank ) ( NNP B. ) ( NNP Hall ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Briarcliff ) ( NNP Manor ) ) ( NP ( NNP N.Y. ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB reportedly ) ) ( VP ( VBG working ) ( PRT ( RP out ) ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NNP Helmsley ) ) ) ) ) ) )

Frank B. Hall Inc. of Briarcliff Manor N.Y. is reportedly working out an agreement with Helmsley


( S ( NP-SBJ-1 ( NP ( NNS Officials ) ) ( ADVP-LOC ( RB there ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ( SBAR-ADV ( IN as ) ( SINV ( VBD did ) ( NP-SBJ ( NNP Helmsley ) ( NN management ) ) ) ) ) )

Officials there declined to comment as did Helmsley management


( S ( NP-SBJ ( CD Two ) ( JJ major ) ( NN drug ) ( NNS companies ) ) ( VP ( VBD posted ) ( NP ( JJ strong ) ( NN third-quarter ) ( NNS earnings ) ) ( PP ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNS profits ) ) ( VP ( ADVP-TMP ( RB already ) ) ( VBN reported ) ( PP ( IN by ) ( NP-LGS ( NN industry ) ( NNS leaders ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS expectations ) ) ) ) ) ) ) )

Two major drug companies posted strong third-quarter earnings in line with profits already reported by industry leaders and analysts ' expectations


( S ( CC But ) ( NP-SBJ ( NP ( NNP Pfizer ) ( NNP Inc. ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( VP ( VBD reported ) ( NP ( JJ flat ) ( NNS earnings ) ) ) )

But Pfizer Inc. based in New York reported flat earnings


( S ( NP-SBJ ( NP ( NNP Schering-Plough ) ( NNP Corp. ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Madison ) ) ( NP ( NNP N.J. ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 21 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NNS earnings ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( NNP American ) ( NNP Home ) ( NNPS Products ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( DT an ) ( ADJP ( CD 11 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN net ) ) ) ) ) ) ) ) )

Schering-Plough Corp. based in Madison N.J. reported a 21 % rise in earnings as American Home Products Corp. of New York posted an 11 % increase in net


( NP ( NNP American ) ( NNP Home ) ( NNPS Products ) )

American Home Products


( S ( NP-SBJ ( NNP American ) ( NNP Home ) ( NNPS Products ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS sales ) ( CC and ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( CC and ) ( NP ( CD nine ) ( NNS months ) ) ) ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN at ) ( NP ( NN record ) ( NNS levels ) ) ) ) ) ) ) )

American Home Products said sales and earnings for the third quarter and nine months were at record levels


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 6.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.51 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.42 ) ( CD billion ) ) ) ) ) )

Sales for the third quarter increased 6.5 % to 1.51 billion from 1.42 billion


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( JJ health-care ) ( NNS products ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( VBN based ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( PP ( IN on ) ( NP ( NP ( NP ( JJ strong ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( NN prescription ) ( NNS drugs ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Premarin ) ) ( NP ( DT an ) ( NN estrogen-replacement ) ( NN drug ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN infant ) ( NN formula ) ) ) ) ) ) ) ) )

Sales of health-care products increased 6 % in the third quarter based in part on strong sales of prescription drugs such as Premarin an estrogen-replacement drug and sales of the company 's infant formula


( S ( NP-SBJ ( NNP American ) ( NNP Home ) ( NNPS Products ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD benefited ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( DT a ) ( JJR lower ) ( JJ effective ) ( NN tax ) ( NN rate ) ) ( VP ( VBG reflecting ) ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN tax ) ( NNS rates ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ additional ) ( NNS operations ) ) ( PP-LOC ( IN in ) ( NP ( NNP Puerto ) ( NNP Rico ) ) ) ) ) ) ) ) ) ) )

American Home Products said net income benefited from a lower effective tax rate reflecting a reduction of foreign tax rates and additional operations in Puerto Rico


( S ( NP-SBJ-1 ( NN Net ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( VP ( VBN aided ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN gain ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN equity ) ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ) ) ( ADJP ( JJ effective ) ( NP-TMP ( NNP Sept. ) ( CD 1 ) ) ) ) ) ) ) )

Net also was aided by a gain on the sale of the company 's equity interests in South Africa effective Sept. 1


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP American ) ( NNP Home ) ( NNPS Products ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 102.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN down ) ( NP ( CD 75 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading yesterday American Home Products closed at 102.25 a share down 75 cents


Pfizer


( S ( NP-SBJ ( NNP Pfizer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN third-quarter ) ( NNS sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.44 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.38 ) ( CD billion ) ) ) ) ) ) ) ) )

Pfizer said third-quarter sales increased 4 % to 1.44 billion from 1.38 billion


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ flat ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( NN investment ) ) ( PP ( IN in ) ( NP ( NN research ) ( CC and ) ( NN development ) ) ) ) ( CC and ) ( NP ( NP ( NNS costs ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( NNS launches ) ) ( PP ( IN of ) ( NP ( JJ several ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said net income was flat because of investment in research and development and costs related to launches of several products


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( VBN continued ) ( VBG strengthening ) ) ( VP ( VBD reduced ) ( NP ( JJ world-wide ) ( NNS sales ) ( NN growth ) ) ( PP-EXT ( IN by ) ( NP ( CD three ) ( NN percentage ) ( NNS points ) ) ) ) ) ) ) )

The company said the dollar 's continued strengthening reduced world-wide sales growth by three percentage points


( S ( NP-SBJ ( NNP Pfizer ) ) ( VP ( VBD posted ) ( NP ( NP ( PRP$ its ) ( JJS largest ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NN healthcare ) ( NNS sales ) ) ( ADVP ( IN up ) ( NP ( CD 3 ) ( NN % ) ) ) ) ( CC and ) ( NP ( NP ( NN consumer ) ( NNS products ) ) ( ADVP ( IN up ) ( NP ( CD 23 ) ( NN % ) ) ) ) ) ) ) ) )

Pfizer posted its largest gains in healthcare sales up 3 % and consumer products up 23 %


( S ( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN specialty ) ( NNS chemicals ) ( CC and ) ( NNS materials ) ( NN science ) ( NNS segments ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ flat ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN agriculture ) ( NN segment ) ) ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 5 ) ( NN % ) ) ) ) )

Sales by the specialty chemicals and materials science segments were flat and sales by the agriculture segment declined 5 %


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ health-care ) ( NN segment ) ) ) ( S ( NP-SBJ ( JJ pharmaceutical ) ( NNS sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 4 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN hospital ) ( NNS products ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 1 ) ( NN % ) ) ) ) )

In the health-care segment pharmaceutical sales increased 4 % and sales of hospital products increased 1 %


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Pfizer ) ) ( VP ( VBD received ) ( NP ( NP ( JJ federal ) ( NN approval ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Procardia ) ( NNP XL ) ) ( NP ( NP ( DT a ) ( NN calcium ) ( NN channel ) ( NN blocker ) ) ( VP ( VBN approved ) ( PP-CLR ( IN for ) ( NP ( DT both ) ( NN angina ) ( CC and ) ( NN hypertension ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Monorail ) ( NNP Piccolino ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB open ) ( NP ( VBN obstructed ) ( JJ coronary ) ( NNS arteries ) ) ) ) ) ) ) ) ) ) ) )

During the quarter Pfizer received federal approval of Procardia XL a calcium channel blocker approved for both angina and hypertension and Monorail Piccolino used to open obstructed coronary arteries


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Pfizer ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 67.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 75 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading yesterday Pfizer closed at 67.75 a share up 75 cents


Schering-Plough


( S ( NP-SBJ ( NNP Schering-Plough ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS sales ) ) ( VP ( VBD gained ) ( NP ( CD 2.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 743.7 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 724.4 ) ( CD million ) ) ) ) ) ) ) ) )

Schering-Plough said sales gained 2.7 % to 743.7 million from 724.4 million


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN period ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ European ) ( NNS cosmetics ) ( NNS businesses ) ) ) ) ) ( VP ( VBD sold ) ( NP ( NP ( DT a ) ( NN majority ) ( NN interest ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( JJ Brazilian ) ( NN affiliate ) ) ) ) ) ( CC and ) ( VP ( VBD announced ) ( NP ( NP ( DT the ) ( NN reorganization ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ over-the-counter ) ( NN drug ) ( NNS businesses ) ) ) ( PP ( IN into ) ( NP ( NP ( DT a ) ( JJ new ) ( NN unit ) ) ( NP ( NNP Schering-Plough ) ( NNP Health ) ( NNP Care ) ( NNPS Products ) ) ) ) ) ) ) )

In the period the company completed the sale of its European cosmetics businesses sold a majority interest in its Brazilian affiliate and announced the reorganization of its over-the-counter drug businesses into a new unit Schering-Plough Health Care Products


( S ( NP-SBJ ( DT These ) ( NNS actions ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB affect ) ( NP ( NNS results ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN gain ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ European ) ( NNS cosmetics ) ( NNS businesses ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS provisions ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NX ( NX ( NNP Brazil ) ( NN divestiture ) ) ( CC and ) ( NX ( NN drug ) ( NN restructuring ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

These actions did n't affect results because the gain on the sale of the European cosmetics businesses was offset by provisions relating to the Brazil divestiture and drug restructuring


( S ( NP-SBJ-1 ( NNP U.S. ) ( JJ pharmaceutical ) ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 15 ) ( NN % ) ) ( S-ADV ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NP ( NN allergy ) ( NN asthma ) ( CC and ) ( JJ cold ) ( NNS products ) ) ( NP ( JJ dermatological ) ( NNS products ) ) ( NP ( NP ( NNS anti-infectives ) ) ( CC and ) ( NP ( JJ anti-cancer ) ( NNS products ) ) ) ( CC and ) ( NP ( JJ cardiovascular ) ( NNS products ) ) ) ) ) ) ) )

U.S. pharmaceutical sales rose 15 % led by allergy asthma and cold products dermatological products anti-infectives and anti-cancer products and cardiovascular products


( S ( NP-SBJ ( JJ World-wide ) ( NN consumer ) ( NN product ) ( NNS sales ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 12 ) ( NN % ) ) ( PP-PRP ( ADVP ( RB primarily ) ) ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ European ) ( NNS cosmetics ) ( NN sale ) ) ) ) )

World-wide consumer product sales declined 12 % primarily because of the European cosmetics sale


( S ( NP-SBJ ( NP ( ADJP ( RB Significantly ) ( JJR lower ) ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NNP Stay ) ( NNP Trim ) ( NN diet ) ( NNS aids ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT a ) ( NN factor ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN drop ) ) ) ) ) )

Significantly lower sales of Stay Trim diet aids also were a factor in the drop


( S ( NP-SBJ ( DT The ) ( NNP Maybelline ) ( NN beauty ) ( NN product ) ( NN line ) ) ( VP ( VBD had ) ( NP ( JJR higher ) ( NNS sales ) ) ( PP-TMP ( VBG following ) ( NP ( DT a ) ( JJ sluggish ) ( JJ first ) ( NN half ) ) ) ) )

The Maybelline beauty product line had higher sales following a sluggish first half


( S ( PP-LOC ( IN In ) ( NP ( NNP Big ) ( NNP Board ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ-1 ( NNP Schering-Plough ) ( NNS shares ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 75 ) ( NNS cents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 74.125 ) ) ) ) ) ) ) )

In Big Board composite trading Schering-Plough shares fell 75 cents to close at 74.125


( S ( NP-SBJ ( NP ( NNP VIACOM ) ( NNP Inc. ) ( POS 's ) ) ( NN loss ) ) ( VP ( VBN narrowed ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21.7 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 56.9 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) )

VIACOM Inc. 's loss narrowed to 21.7 million in the third quarter from 56.9 million a year ago


( S ( NP-SBJ ( NP ( NNP Thursday ) ( POS 's ) ) ( NN edition ) ) ( VP ( VBD misstated ) ( NP ( DT the ) ( NN narrowing ) ) ) )

Thursday 's edition misstated the narrowing


( S ( NP-SBJ ( NN Gold ) ( CC and ) ( NN silver ) ( NN broker ) ( NNP Preston ) ( NNP Semel ) ) ( VP ( VBD asked ) ( NP-1 ( DT a ) ( JJ federal ) ( NN court ) ) ( S ( VP ( TO to ) ( VP ( VB halt ) ( NP-2 ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG imposing ) ( NP ( DT a ) ( NN record ) ( ADJP ( CD 550,000 ) ) ( NN fine ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ his ) ( NN firm ) ) ) ) ) ) ) ) ) ) )

Gold and silver broker Preston Semel asked a federal court to halt the Commodity Exchange from imposing a record 550,000 fine on his firm


( S ( NP-SBJ ( NP ( DT The ) ( NN suit ) ) ( VP ( VBN filed ) ( PP-LOC ( IN in ) ( NP ( JJ federal ) ( NN court ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Manhattan ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ asks ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NNP Comex ) ( POS 's ) ) ( JJ nine-month ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Semel ) ) ) ) ( VP ( VB be ) ( VP ( VBN lifted ) ( PP ( VBG pending ) ( NP ( NP ( NP ( DT the ) ( NN broker ) ( POS 's ) ) ( NN appeal ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ disciplinary ) ( NNS measures ) ) ) ) ) ) ) ) ) ) )

The suit filed in federal court in Manhattan also asks that the Comex 's nine-month suspension of Mr. Semel be lifted pending the broker 's appeal of the disciplinary measures


( S ( NP-SBJ ( NP ( DT The ) ( NN fine ) ( CC and ) ( NN suspension ) ) ( VP ( VBN announced ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJS stiffest ) ( NNS sanctions ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Comex ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN ordered ) ( PP-CLR ( IN against ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS members ) ) ) ) ) ) ) ) ) ) ) )

The fine and suspension announced in August are the stiffest sanctions the Comex has ever ordered against one of its members


( S ( NP-SBJ ( DT The ) ( NNP Comex ) ) ( VP ( VBD accused ) ( NP ( DT the ) ( JJ 39-year-old ) ( NNP Mr. ) ( NNP Semel ) ) ( PP-CLR ( IN of ) ( NP ( NP ( JJ fraudulent ) ( NN conduct ) ) ( CC and ) ( NP ( JJ improper ) ( NN trading ) ) ) ) ) )

The Comex accused the 39-year-old Mr. Semel of fraudulent conduct and improper trading


( S ( NP-SBJ ( DT The ) ( JJ disciplinary ) ( NNS proceedings ) ) ( VP ( VBP stem ) ( PP-CLR ( IN from ) ( NP ( NP ( NN trading ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ( CD 1987 ) ) ) ) ) ) )

The disciplinary proceedings stem from trading in April 1987


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Semel ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN firm ) ) ( NP ( NNP Semel ) ( CC & ) ( NNP Co. ) ) ) ) ( VP ( VBP have ) ( VP ( VBN appealed ) ( NP ( NP ( DT the ) ( NNP Comex ) ( NN decision ) ) ( CC and ) ( NP ( DT the ) ( NNS sanctions ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Commodity ) ( NNPS Futures ) ( NNP Trading ) ( NNP Commission ) ) ) ) ) )

Mr. Semel and his firm Semel & Co. have appealed the Comex decision and the sanctions to the Commodity Futures Trading Commission


( S ( NP-SBJ ( DT The ) ( NN commission ) ) ( VP ( VBD denied ) ( NP ( NP ( NNP Mr. ) ( NNP Semel ) ( POS 's ) ) ( NN request ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN fine ) ( CC and ) ( NN suspension ) ) ( VP ( VB be ) ( VP ( VBN delayed ) ( PP ( VBG pending ) ( NP ( DT the ) ( NN appeal ) ) ) ) ) ) ) ) ) )

The commission denied Mr. Semel 's request that the fine and suspension be delayed pending the appeal


( S ( NP-SBJ ( DT The ) ( NN lawsuit ) ) ( VP ( VBZ states ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-1 ( DT the ) ( NNS sanctions ) ) ( VP ( VBP are ) ( VP ( VBN halted ) ( PP ( VBG pending ) ( NP ( DT an ) ( NN appeal ) ) ) ) ) ) ) ( S ( NP-SBJ-3 ( NP ( DT the ) ( NN broker ) ) ( CC and ) ( NP ( PRP$ his ) ( NN firm ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB irreparably ) ) ( VBN injured ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP$ their ) ( NN business ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB totally ) ( CC and ) ( RB permanently ) ) ( VBN destroyed ) ) ) ) ) ) ) ) )

The lawsuit states that unless the sanctions are halted pending an appeal the broker and his firm will be irreparably injured and their business will be totally and permanently destroyed


( S-2 ( S ( ADVP-TMP ( RB Already ) ) ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBZ has ) ( VP ( VBN paid ) ( NP ( NP ( CD 211,666 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN fine ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN suit ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB liquidate ) ( NP ( JJ additional ) ( NNS assets ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT the ) ( NN rest ) ) ) ) ) ) ) ) ) ) ) ) )

Already the firm has paid 211,666 of the fine the suit said and it will have to liquidate additional assets in order to pay the rest


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Comex ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( S-PRP ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ) )

A spokesman for the Comex could n't be reached to comment


( S ( NP-SBJ ( NNP USX ) ( NNP Corp. ) ) ( VP ( VBD declined ) ( NP ( NP ( DT a ) ( NNP United ) ( NNPS Steelworkers ) ( NN request ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( VBG reopening ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ four-year ) ( NN labor ) ( NN contract ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ due ) ( S ( VP ( TO to ) ( VP ( VB expire ) ( NP-TMP ( NNP Jan. ) ( CD 31 ) ( CD 1991 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

USX Corp. declined a United Steelworkers request for a reopening of its four-year labor contract that is due to expire Jan. 31 1991


( S ( NP-SBJ ( DT The ) ( NN union ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 5 ) ) ) ( VP ( VBD requested ) ( SBAR ( IN that ) ( S ( NP-SBJ-88 ( DT the ) ( NN contract ) ) ( VP ( VB be ) ( VP ( VBN reopened ) ( S-PRP ( VP ( TO to ) ( VP ( VB restore ) ( NP ( NP ( DT all ) ( NN pay ) ( CC and ) ( NNS benefits ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN union ) ) ( VP ( VBD gave ) ( PRT ( RP up ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD 1982-83 ) ( CC and ) ( CD 1986-87 ) ( NNS rounds ) ) ( PP ( IN of ) ( NP ( NN bargaining ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The union on Oct. 5 requested that the contract be reopened to restore all pay and benefits that the union gave up in the 1982-83 and 1986-87 rounds of bargaining


( S ( NP-SBJ ( DT A ) ( NNP United ) ( NNPS Steelworkers ) ( NN spokeman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Lynn ) ( NNP Williams ) ) ( NP ( NP ( DT the ) ( NN union ) ( POS 's ) ) ( NN president ) ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN town ) ) ) ) ) ) ) ) )

A United Steelworkers spokeman said Lynn Williams the union 's president was out of town


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN union ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP USX ) ( NN statement ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Williams ) ) ( VP ( VBZ has ) ( VP ( VBN studied ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The union wo n't respond to the USX statement until Mr. Williams has studied it the spokesman said


( S ( NP-SBJ ( NNS AFTERSHOCKS ) ) ( VP ( VBD RATTLED ) ( NP ( NNP Northern ) ( NNP California ) ) ( PP-LOC ( IN amid ) ( NP ( DT an ) ( NN earthquake ) ( NN cleanup ) ) ) ) )

AFTERSHOCKS RATTLED Northern California amid an earthquake cleanup


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NN power ) ( CC and ) ( NNS commuters ) ) ( VP ( VBD returned ) ( PP-DIR ( TO to ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( NN downtown ) ( NNP San ) ( NNP Francisco ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NN temblor ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN Bay ) ( NN area ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( CD three ) ( JJ strong ) ( NNS aftershocks ) ) ( NP ( NP ( CD one ) ) ( VP ( VBG measuring ) ( NP ( CD 5.0 ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Richter ) ( NN scale ) ) ) ) ) ) ( VP ( VBD jolted ) ( NP ( DT the ) ( NN region ) ) ) )

As power and commuters returned to much of downtown San Francisco for the first time since Tuesday 's temblor in the Bay area three strong aftershocks one measuring 5.0 on the Richter scale jolted the region


( S ( NP-SBJ-1 ( JJ Serious ) ( NNS injuries ) ( CC or ) ( NNS damages ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN reported ) ) ) )

Serious injuries or damages were n't reported


( S ( NP-SBJ-2 ( NNS Californians ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB cope ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ still-limited ) ( NNS services ) ) ( NP ( VBN blocked ) ( NNS roadways ) ) ( CC and ) ( NP ( NN water ) ( NNS shortages ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN aftermath ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN tremor ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD left ) ( S ( NP-SBJ ( NNS scores ) ) ( ADJP-PRD ( VBN dead ) ( CC and ) ( VBN injured ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Californians meanwhile tried to cope with still-limited services blocked roadways and water shortages in the aftermath of the tremor that left scores dead and injured


( S ( NP-SBJ ( NNS Thousands ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ homeless ) ) ) )

Thousands remained homeless


( S ( S ( NP-SBJ-1 ( NNP Bush ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB visit ) ( NP ( DT the ) ( NN area ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS officials ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN emergency ) ( NN assistance ) ) ( VP ( MD would ) ( VP ( VB total ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 2.5 ) ( CD billion ) ) ) ) ) ) ) ) ) )

Bush is to visit the area today and officials in Washington estimated that emergency assistance would total at least 2.5 billion


( S ( S-TPC-1 ( NP-SBJ-2 ( NP ( DT A ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNS earthquakes ) ) ) ) ( VP ( VBD struck ) ( NP ( JJ northern ) ( NNP China ) ) ( S-ADV ( VP ( VP ( VBG killing ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 29 ) ) ( NNS people ) ) ) ( VP ( VBG injuring ) ( NP ( NNS hundreds ) ) ) ( CC and ) ( VP ( VBG razing ) ( NP ( QP ( IN about ) ( CD 8,000 ) ) ( NNS homes ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Xinhua ) ( NNP News ) ( NNP Agency ) ) ( VP ( VBD said ) ) )

A series of earthquakes struck northern China killing at least 29 people injuring hundreds and razing about 8,000 homes the Xinhua News Agency said


( S ( NP-SBJ ( DT The ) ( NNP Senate ) ) ( VP ( VBD rejected ) ( NP ( NP ( DT a ) ( JJ constitutional ) ( NN amendment ) ) ( VP ( VBN sought ) ( PP ( IN by ) ( NP-LGS ( NNP Bush ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB prohibit ) ( NP ( NP ( NN desecration ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN flag ) ) ) ) ) ) ) ) ) ) )

The Senate rejected a constitutional amendment sought by Bush to prohibit desecration of the U.S. flag


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN proposal ) ) ( VP ( VBD won ) ( NP ( DT a ) ( JJ slight ) ( NN majority ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD 51-48 ) ( NN vote ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB well ) ( JJ short ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS two-thirds ) ) ( VP ( VBN needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB approve ) ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Constitution ) ) ) ) ) ) ) ) ) ) ) ) )

While the proposal won a slight majority the 51-48 vote was well short of the two-thirds needed to approve changes in the Constitution


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD was ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT a ) ( NN victory ) ) ( PP ( IN for ) ( NP ( NP ( JJ Democratic ) ( NNS leaders ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP favor ) ( NP ( NP ( DT a ) ( NN law ) ) ( VP ( VBG barring ) ( NP ( NN flag ) ( NN burning ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was considered a victory for Democratic leaders who favor a law barring flag burning


( S ( NP-SBJ ( DT The ) ( NNP House ) ) ( VP ( VBD approved ) ( NP ( NP ( DT an ) ( ADJP ( QP ( CD 837 ) ( CD million ) ) ) ( NN aid ) ( NN package ) ) ( PP ( IN for ) ( NP ( NNP Poland ) ( CC and ) ( NNP Hungary ) ) ) ( SBAR-NOM ( WHNP-1 ( QP ( RB nearly ) ( JJ double ) ) ( WP what ) ) ( S ( NP-SBJ ( NNP Bush ) ) ( VP ( VBD had ) ( VP ( VBN requested ) ) ) ) ) ) ) )

The House approved an 837 million aid package for Poland and Hungary nearly double what Bush had requested


( S ( NP-SBJ ( NP ( DT The ) ( NN vote ) ) ( PP ( IN of ) ( NP ( CD 345-47 ) ) ) ) ( VP ( VBD sent ) ( NP ( DT the ) ( NN measure ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNP Senate ) ) ) ) )

The vote of 345-47 sent the measure to the Senate


( S ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( NN chief ) ( NN justice ) ) ( VP ( VBD quashed ) ( NP ( NP ( DT the ) ( NN murder ) ( NNS convictions ) ) ( PP ( IN of ) ( NP ( CD four ) ( NNS people ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Irish ) ( NNP Republican ) ( NNP Army ) ( NNS bombings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD killed ) ( NP ( CD seven ) ( NNS people ) ) ( PP-TMP ( IN in ) ( NP ( CD 1974 ) ) ) ) ) ) ) ) ) ) )

Britain 's chief justice quashed the murder convictions of four people for Irish Republican Army bombings that killed seven people in 1974


( S ( NP-SBJ ( DT The ) ( NN reversal ) ) ( VP ( VBD came ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD conceded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investigators ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN faked ) ( NP ( NN evidence ) ) ) ) ) ) ) ) ) ) ) )

The reversal came after the government conceded that investigators may have faked evidence


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Guildford ) ( NNP Four ) ) ( NP ( NP ( CD three ) ( NNPS Irishmen ) ) ( CC and ) ( NP ( DT an ) ( NNP Englishwoman ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN imprisoned ) ( PP-TMP ( IN since ) ( NP ( CD 1975 ) ) ) ) ) ) )

The Guildford Four three Irishmen and an Englishwoman have been imprisoned since 1975


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Nobel ) ( NNP Prize ) ) ( PP ( IN in ) ( NP ( NN literature ) ) ) ) ( VP ( VBD was ) ( VP ( VBN won ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Camilo ) ( NNP Jose ) ( NNP Cela ) ) ( NP ( DT a ) ( JJ Spanish ) ( NN writer ) ) ) ) ) ) )

The Nobel Prize in literature was won by Camilo Jose Cela a Spanish writer


( S ( NP-SBJ-1 ( NP ( PRP$ His ) ( CD 1942 ) ( NN novel ) ) ( NP-TTL ( NP ( DT The ) ( NNP Family ) ) ( PP ( IN of ) ( NP ( NNP Pascual ) ( NNP Duarte ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ popular ) ) ( NN work ) ) ( PP ( IN of ) ( NP ( NN fiction ) ) ) ( PP ( IN in ) ( NP ( NNP Spanish ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-2 ( NP ( NNP Cervantes ) ( POS 's ) ) ( NX-TTL ( NNP Don ) ( NNP Quixote ) ) ) ( VP ( VBD was ) ( VP ( VBN published ) ( ADVP-TMP ( NP ( CD 400 ) ( NNS years ) ) ( IN ago ) ) ) ) ) ) ) ) ) ) )

His 1942 novel The Family of Pascual Duarte is considered the most popular work of fiction in Spanish since Cervantes 's Don Quixote was published 400 years ago


( S ( NP-SBJ ( NP ( DT The ) ( NNP Swedish ) ( NNP Academy ) ) ( PP-LOC ( IN in ) ( NP ( NNP Stockholm ) ) ) ) ( VP ( VBD cited ) ( NP ( DT the ) ( JJ 73-year-old ) ( NNP Cela ) ) ( PP ( IN for ) ( NP ( ADJP ( JJ rich ) ( CC and ) ( JJ intensive ) ) ( NN prose ) ) ) ) )

The Swedish Academy in Stockholm cited the 73-year-old Cela for rich and intensive prose


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN editor ) ) ( PP ( IN of ) ( NP ( NNP Pravda ) ) ) ) ( VP ( VBD was ) ( VP ( VP ( VBN dismissed ) ) ( CC and ) ( VP ( VBN succeeded ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN confidant ) ) ( PP ( IN of ) ( NP ( NNP Soviet ) ( NN leader ) ( NNP Gorbachev ) ) ) ) ) ) ) ) )

The editor of Pravda was dismissed and succeeded by a confidant of Soviet leader Gorbachev


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN action ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Communist ) ( NNP Party ) ( RB daily ) ) ( VP ( VBD viewed ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ( POS 's ) ) ( JJS most ) ( JJ authoritative ) ( NN newspaper ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT the ) ( RBS most ) ( JJ significant ) ( NN development ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( NN week ) ) ( PP ( IN of ) ( NP ( NP ( NNP Kremlin ) ( VBG wrangling ) ) ( PP ( IN over ) ( NP ( DT the ) ( NN press ) ) ) ( PP ( VBG including ) ( NP ( NP ( JJ sharp ) ( NN criticism ) ) ( PP ( IN from ) ( NP ( NNP Gorbachev ) ) ) ) ) ) ) ) ) ) ) ) ) )

The action at the Communist Party daily viewed as the Soviet Union 's most authoritative newspaper was considered the most significant development in a week of Kremlin wrangling over the press including sharp criticism from Gorbachev


( S ( NP-SBJ-1 ( NP ( NNP East ) ( NNP Germany ) ( POS 's ) ) ( JJ new ) ( NN leader ) ) ( VP ( VBD met ) ( PP ( IN with ) ( NP ( NNP Lutheran ) ( NNP Church ) ( NNS officials ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( NP ( DT a ) ( VBG growing ) ( NN opposition ) ( NN movement ) ) ( VP ( VBG demanding ) ( NP ( JJ democratic ) ( NNS freedoms ) ) ) ) ) ) ) ) )

East Germany 's new leader met with Lutheran Church officials to discuss a growing opposition movement demanding democratic freedoms


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD conferred ) ( PP-LOC ( IN near ) ( NP ( NNP East ) ( NNP Berlin ) ) ) ) ) ) ( S ( NP-SBJ ( DT a ) ( JJ pro-democracy ) ( NN protest ) ) ( VP ( VBD erupted ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ Baltic ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Greifswald ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS activists ) ) ( VP ( VBD threatened ) ( NP ( NP ( JJ further ) ( NNS rallies ) ) ( PP ( IN against ) ( NP ( NP ( NN leader ) ( NNP Krenz ) ( POS 's ) ) ( VBN expected ) ( JJ hard-line ) ( NNS policies ) ) ) ) ) ) )

As they conferred near East Berlin a pro-democracy protest erupted in the Baltic city of Greifswald and activists threatened further rallies against leader Krenz 's expected hard-line policies


( S ( NP-SBJ-1 ( NP ( NN Police ) ) ( PP-LOC ( IN in ) ( NP ( NNP Prague ) ) ) ) ( VP ( VBD raided ) ( NP ( NP ( DT an ) ( JJ international ) ( NN meeting ) ) ( PP ( IN on ) ( NP ( JJ human ) ( NNS rights ) ) ) ) ( S-ADV ( VP ( VBG detaining ) ( NP ( NP ( NP ( NP ( NNP Czechoslovakia ) ( POS 's ) ) ( JJ former ) ( JJ foreign ) ( NN minister ) ) ( NP ( NNP Jiri ) ( NNP Hajak ) ) ) ( CC and ) ( NP ( CD 14 ) ( JJ other ) ( NNS activists ) ) ) ) ) ) )

Police in Prague raided an international meeting on human rights detaining Czechoslovakia 's former foreign minister Jiri Hajak and 14 other activists


( S ( NP-SBJ-1 ( DT A ) ( VBG leading ) ( NNP U.S. ) ( NNS human-rights ) ( NN monitor ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( ADVP-TMP ( NN briefly ) ) ( VP ( VBN held ) ) ) )

A leading U.S. human-rights monitor also was briefly held


( S ( NP-SBJ ( JJ Dissident ) ( NN playwright ) ( NNP Vaclav ) ( NNP Havel ) ) ( ADVP ( RB reportedly ) ) ( VP ( VBD escaped ) ( NP ( NP ( DT the ) ( NN crackdown ) ) ( NP ( NP ( DT the ) ( JJ fourth ) ) ( PP ( IN against ) ( NP ( NNS activists ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ) ) ) )

Dissident playwright Vaclav Havel reportedly escaped the crackdown the fourth against activists in recent days


( S ( NP-SBJ ( NNP Bush ) ) ( VP ( VP ( VBD met ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ( PP ( IN with ) ( NP ( NP ( NNP Spain ) ( POS 's ) ) ( NNP Prime ) ( NNP Minister ) ( NNP Gonzalez ) ) ) ) ( CC and ) ( VP ( VBD discussed ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NP ( DT the ) ( JJ unique ) ( NN role ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Madrid ) ) ( VP ( MD can ) ( VP ( VB play ) ( PP ( IN in ) ( S-NOM ( VP ( VBG furthering ) ( NP ( NP ( NN democracy ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Eastern ) ( NNP Europe ) ) ( CC and ) ( NP ( NNP Latin ) ( NNP America ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bush met in Washington with Spain 's Prime Minister Gonzalez and discussed what the president called the unique role that Madrid can play in furthering democracy in Eastern Europe and Latin America


( S ( NP-SBJ-4 ( NP ( NNP Gonzalez ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD pledged ) ( S ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB monitor ) ( NP ( NP ( NN voting ) ) ( PP-LOC ( IN in ) ( NP ( NNP Nicaragua ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBD said ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG carrying ) ( NP ( NP ( NNS proposals ) ) ( PP ( IN for ) ( NP ( NP ( JJ free ) ( NNS elections ) ) ( PP-LOC ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ) ) ) ) ) ) ) )

Gonzalez who pledged to help monitor voting in Nicaragua was said to be carrying proposals for free elections in Panama


( S ( NP-SBJ ( DT The ) ( NNP Galileo ) ( NN spacecraft ) ) ( VP ( VBD sped ) ( ADVP-MNR ( RB unerringly ) ) ( PP-DIR ( IN toward ) ( NP ( DT the ) ( NN planet ) ( NNP Jupiter ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( CD five ) ( NNS astronauts ) ) ( PP-LOC ( IN aboard ) ( NP ( DT the ) ( NN space ) ( NN shuttle ) ( NNP Atlantis ) ) ) ) ( VP ( VBD measured ) ( NP ( NP ( DT the ) ( NN Earth ) ( POS 's ) ) ( NN ozone ) ( NN layer ) ) ) ) ) ) )

The Galileo spacecraft sped unerringly toward the planet Jupiter while five astronauts aboard the space shuttle Atlantis measured the Earth 's ozone layer


( S ( NP-SBJ-1 ( DT The ) ( NN robot ) ( NN probe ) ) ( VP ( VBD was ) ( VP ( VBN dispatched ) ( NP-TMP ( NNP Wednesday ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN shuttle ) ( NN crew ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB conduct ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ medical ) ( CC and ) ( JJ other ) ) ( NNS experiments ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( PRP$ their ) ( VBN scheduled ) ( NN landing ) ) ( NP-TMP ( NNP Monday ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The robot probe was dispatched Wednesday by the shuttle crew which is to conduct a series of medical and other experiments before their scheduled landing Monday in California


( S ( NP-SBJ-1 ( NNP Argentina ) ( CC and ) ( NNP Britain ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB resume ) ( NP ( ADJP ( JJ diplomatic ) ( CC and ) ( JJ economic ) ) ( NNS relations ) ) ) ) ( SBAR-TMP ( NP ( CD seven ) ( NNS years ) ) ( IN after ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS nations ) ) ( VP ( VBD battled ) ( PP ( IN over ) ( NP ( DT the ) ( NNP Falkland ) ( NNPS Islands ) ) ) ) ) ) ) ) )

Argentina and Britain agreed to resume diplomatic and economic relations seven years after the two nations battled over the Falkland Islands


( S ( NP-SBJ ( NP ( DT The ) ( NN announcement ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS hostilities ) ) ( VP ( VBD had ) ( VP ( VBN ceased ) ) ) ) ) ) ) ) ) ( VP ( VBD followed ) ( NP ( NP ( DT a ) ( JJ two-day ) ( NN meeting ) ) ( PP-LOC ( IN in ) ( NP ( NNP Madrid ) ) ) ) ) )

The announcement in which they said hostilities had ceased followed a two-day meeting in Madrid


( S ( NP-SBJ-2 ( NN Rebel ) ( NNS artillerists ) ) ( VP ( VBD bombarded ) ( NP ( NP ( DT the ) ( NN capital ) ) ( PP ( IN of ) ( NP ( NNP Afghanistan ) ) ) ) ( S-ADV ( VP ( VBG killing ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 12 ) ) ( NNS people ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBD was ) ( VP ( VBN reported ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG airlifting ) ( NP ( NNS arms ) ( CC and ) ( NN food ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Kabul ) ( POS 's ) ) ( NNS forces ) ) ) ) ) ) ) ) ) ) ) ) )

Rebel artillerists bombarded the capital of Afghanistan killing at least 12 people as the Soviet Union was reported to be airlifting arms and food to Kabul 's forces


( S ( NP-SBJ-1 ( NN Fighting ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( VP ( VBN reported ) ( PP-LOC ( IN around ) ( NP ( NP ( NP ( DT the ) ( JJ strategic ) ( NN town ) ) ( PP ( IN of ) ( NP ( NNP Khost ) ) ) ) ( PP-LOC ( IN near ) ( NP ( DT the ) ( JJ Pakistani ) ( NN border ) ) ) ) ) ) ) )

Fighting also was reported around the strategic town of Khost near the Pakistani border


( S ( NP-SBJ-1 ( NP ( NNP Saudi ) ( NNP Arabia ) ( POS 's ) ) ( JJ foreign ) ( NN minister ) ) ( VP ( VBD met ) ( PP-LOC ( IN in ) ( NP ( NNP Damascus ) ) ) ( PP ( IN with ) ( NP ( NNP President ) ( NNP Assad ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NP ( DT a ) ( NN plan ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN withdrawal ) ) ( PP ( IN of ) ( NP ( NP ( NNP Syria ) ( POS 's ) ) ( CD 40,000 ) ( NNS troops ) ) ) ( PP ( IN from ) ( NP ( NNP Lebanon ) ) ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( NP ( DT that ) ( NN nation ) ( POS 's ) ) ( JJ 14-year-old ) ( JJ civil ) ( NN war ) ) ) ) ) ) ) ) ) ) ) )

Saudi Arabia 's foreign minister met in Damascus with President Assad to develop a plan for the withdrawal of Syria 's 40,000 troops from Lebanon as part of a settlement of that nation 's 14-year-old civil war


( S ( NP-SBJ ( DT The ) ( NNS talks ) ) ( VP ( VBD came ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( JJ Lebanese ) ( NNS negotiations ) ) ( PP ( IN on ) ( NP ( JJ political ) ( NNS changes ) ) ) ) ( VP ( VBD appeared ) ( ADJP-PRD ( VBN deadlocked ) ) ) ) ) ) )

The talks came as Lebanese negotiations on political changes appeared deadlocked


( S ( NP-SBJ ( NP ( NNP GOP ) ( NNP Sen. ) ( NNP Specter ) ) ( PP ( IN of ) ( NP ( NNP Pennsylvania ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB vote ) ( S ( VP ( TO to ) ( VP ( VB acquit ) ( NP ( JJ federal ) ( NNP Judge ) ( NNP Alcee ) ( NNP Hastings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ his ) ( NN impeachment ) ( NN trial ) ) ( PP ( IN on ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( NP ( NN perjury ) ) ( CC and ) ( NP ( NN bribery ) ( NN conspiracy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

GOP Sen. Specter of Pennsylvania said he would vote to acquit federal Judge Alcee Hastings in his impeachment trial on charges of perjury and bribery conspiracy


( S ( NP-SBJ ( NP ( NNP Specter ) ) ( NP ( NP ( DT the ) ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Senate ) ( POS 's ) ) ( NN evidence ) ( NN panel ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ insufficient ) ( NN evidence ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB convict ) ( NP ( DT the ) ( NNP Miami ) ( NN jurist ) ) ) ) ) ) ) ) ) ) ) )

Specter the vice chairman of the Senate 's evidence panel said there was insufficient evidence to convict the Miami jurist


( S ( NP-SBJ ( DT The ) ( NNP Federal ) ( NNP Reserve ) ( NNP System ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ standard ) ( NN object ) ) ( PP ( IN of ) ( NP ( NP ( NNS suggestions ) ) ( PP ( IN for ) ( NP ( ADJP ( JJ organizational ) ( CC and ) ( JJ institutional ) ) ( NNS changes ) ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( CD two ) ( NNS reasons ) ) ) ) )

The Federal Reserve System is the standard object of suggestions for organizational and institutional changes for two reasons


( S ( ADVP ( JJ First ) ) ( NP-SBJ ( NP ( PRP$ its ) ( NN position ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN government ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ anomalous ) ) ) )

First its position in the government is anomalous


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( JJ unusual ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NP ( NN independence ) ) ( PP ( IN from ) ( NP ( VBN elected ) ( NNS officials ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB still ) ) ( VBZ has ) ( NP ( NP ( NN authority ) ) ( PP ( IN over ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ powerful ) ) ) ( PP ( IN of ) ( NP ( NP ( NN government ) ( POS 's ) ) ( NNS instruments ) ) ) ) ) ) ( NP ( NP ( DT the ) ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ( NN supply ) ) ) ) ) ) ) ) ) )

It has an unusual kind of independence from elected officials and still has authority over one of the most powerful of government 's instruments the control of the money supply


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN condition ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB easily ) ) ( VBN described ) ( PP-CLR ( IN as ) ( ADJP ( JJ undemocratic ) ) ) ) ) ) ) ) ) )

Thus we have a condition that is easily described as undemocratic


( S ( ADVP ( JJ Second ) ) ( NP-SBJ ( NP ( DT the ) ( NNS responsibilities ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ) ( PP ( IN as ) ( NP ( NP ( NN guardian ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN currency ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ means ) ( PP-CLR ( IN as ) ( NP ( NP ( NN guardian ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN stability ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN price ) ( NN level ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP lead ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( NNS measures ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ unpopular ) ) ) ) ) ) ) ) ) ) )

Second the responsibilities of the Federal Reserve as guardian of the currency which means as guardian of the stability of the price level sometimes lead it to take measures that are unpopular


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ-1 ( JJ former ) ( NNP Fed ) ( NNP Chairman ) ( NNP William ) ( NNP McChesney ) ( NNP Martin ) ) ( VP ( VBD used ) ( S ( VP ( TO to ) ( VP ( VB say ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT the ) ( NN punch ) ( NN bowl ) ) ( ADVP-CLR ( RB away ) ) ) ) ) ( SBAR-TMP ( ADVP ( RB just ) ) ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN party ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( ADJP-PRD ( JJ interesting ) ) ) ) ) ) ) ) )

As former Fed Chairman William McChesney Martin used to say they would have to take the punch bowl away just as the party is getting interesting


( S ( IN So ) ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ attractive ) ( NN target ) ) ( PP ( IN for ) ( NP ( NP ( NN complaint ) ) ( PP ( IN by ) ( NP ( NNS politicians ) ) ) ) ) ) ) )

So the Federal Reserve is an attractive target for complaint by politicians