( S ( S ( NP-SBJ ( PRP He ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD bid ) ( NP ( CD 30,000 ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNP Paris ) ( NN charity ) ( NN auction ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN dinner ) ) ( VP ( VBN cooked ) ( PP ( IN by ) ( NP-LGS ( NP ( CD six ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ great ) ( NNS chefs ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( JJ final ) ( NN party ) ) ( VP ( VB cost ) ( NP ( QP ( RBR closer ) ( TO to ) ( CD 100,000 ) ) ) ) ) )

He recently bid 30,000 at a Paris charity auction for a dinner cooked by six of the world 's great chefs but the final party cost closer to 100,000


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( IN that ) ( JJ high ) ) ) ) ) ) )

Mr. Paul says it was n't that high


( S ( NP-SBJ-1 ( DT The ) ( NN art ) ( NN collection ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN come ) ( S ( VP ( TO to ) ( VP ( VB rival ) ( NP ( DT the ) ( NNPS Medicis ) ( POS ' ) ) ) ) ) ( SBAR-ADV ( SINV ( VBD had ) ( NP-SBJ ( NP ( DT the ) ( NNP Florida ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ( VP ( RB not ) ( VBD got ) ( NP ( NP ( NN wind ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Paul ) ( POS 's ) ) ( JJ aesthetic ) ( NN adventure ) ) ) ) ) ) ) ) ) ) )

The art collection might have come to rival the Medicis ' had the Florida comptroller 's office not got wind of Mr. Paul 's aesthetic adventure


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ its ) ( NN letter ) ) ( PP ( TO to ) ( NP ( PRP him ) ) ) ( VP ( VP ( VBN dated ) ( NP-TMP ( NNP March ) ( CD 2 ) ) ) ( CC and ) ( VP ( VBN shared ) ( PP-CLR ( IN with ) ( NP ( NNS reporters ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Alex ) ( NNP Hager ) ) ( NP ( NP ( DT the ) ( NN chief ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN thrift-institution ) ( NN bureau ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ) ) ) ) ) ( VP ( VBD expressed ) ( NP ( NN puzzlement ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN S&L ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( RB so ) ( JJ profligate ) ) ( SBAR-ADV ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN reported ) ( NP ( NP ( NNS losses ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 13 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( CD two ) ( VBG preceding ) ( NNS quarters ) ) ) ) ) ) ) ) ) ) ) ) ) )

In its letter to him dated March 2 and shared with reporters Alex Hager the chief of the thrift-institution bureau in the comptroller 's office expressed puzzlement that the S&L could be so profligate when it had reported losses of more than 13 million in its two preceding quarters


( S ( NP-SBJ ( DT The ) ( NN state ) ) ( VP ( VBD gave ) ( NP ( NNP CenTrust ) ) ( NP ( NP ( CD 30 ) ( NNS days ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NNP Rubens ) ) ) ) ) ) ) ) )

The state gave CenTrust 30 days to sell the Rubens


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VP ( VBD extended ) ( NP ( DT the ) ( NN deadline ) ) ( PP-CLR ( TO to ) ( NP ( CD six ) ( NNS months ) ) ) ) ( CC but ) ( VP ( VBD broadened ) ( NP ( PRP$ its ) ( NNS demands ) ) ( S-ADV ( VP ( VBG ordering ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN book ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN collection ) ) ) ) ( VP ( VB be ) ( VP ( VBN reduced ) ( PP-CLR ( TO to ) ( NP ( CD zero ) ) ) ) ) ) ) ) ) ) ) )

The comptroller 's office eventually extended the deadline to six months but broadened its demands ordering that the book value of the collection be reduced to zero


( S ( PP ( IN In ) ( NP ( JJ other ) ( NNS words ) ) ) ( VP ( VB Get ) ( ADJP ( JJ rid ) ( PP ( IN of ) ( NP ( PDT all ) ( DT the ) ( NNS pictures ) ) ) ) ) )

In other words Get rid of all the pictures


( S ( NP-SBJ ( DT The ) ( NN state ) ) ( VP ( VP ( ADVP-MNR ( RB obliquely ) ) ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ unsafe ) ( NN banking ) ( NNS practices ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS grounds ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG removing ) ( NP ( DT an ) ( NN officer ) ( CC or ) ( NN director ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD closed ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN admonition ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ) ) ( S ( VP ( VB Govern ) ( NP ( PRP yourself ) ) ( ADVP-MNR ( RB accordingly ) ) ) ) ) ) ) ) )

The state obliquely noted that unsafe banking practices are grounds for removing an officer or director and closed with the admonition to Mr. Paul Govern yourself accordingly


( S ( NP-SBJ-1 ( DT The ) ( NN state ) ( NN agency ) ) ( VP ( VBD was ) ( VP ( ADVP ( RB particularly ) ) ( VBN vexed ) ( S ( VP ( TO to ) ( VP ( VB learn ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Rubens ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN half-dozen ) ( JJ other ) ( NNS paintings ) ) ( VP ( VBN listed ) ( PP-LOC ( IN among ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN furniture ) ( CC and ) ( NNS fixtures ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB actually ) ) ( VP ( VBG hanging ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN chairman ) ( POS 's ) ) ( NN house ) ) ) ) ) ) ) ) ) ) ) ) )

The state agency was particularly vexed to learn that the Rubens and a half-dozen other paintings listed among the bank 's furniture and fixtures were actually hanging in the chairman 's house


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( IN that ) ( S ( PP-TMP ( IN at ) ( NP ( CD one ) ( NN point ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( ADVP ( RB indeed ) ) ( VP ( VB have ) ( NP ( NP ( CD eight ) ( CC or ) ( CD nine ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS paintings ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN rest ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN in ) ( NP ( NN storage ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ) ) ) ) ) ) ) )

Mr. Paul says that at one point he did indeed have eight or nine of the paintings at home and that the rest were in storage at Sotheby 's


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ explains ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( ADVP ( RB merely ) ) ( VBG storing ) ( NP ( DT the ) ( NNS paintings ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ( PP ( IN with ) ( NP ( DT some ) ( NN display ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ special ) ( JJ dehumidified ) ( NN environment ) ) ( VP ( VBN required ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( NN safekeeping ) ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NP ( NNP CenTrust ) ( POS 's ) ) ( JJ new ) ( NN building ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ ready ) ( PP ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) )

He explains that he was merely storing the paintings at home with some display because of the special dehumidified environment required for their safekeeping until CenTrust 's new building was ready for them


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( DT the ) ( NN incident ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ embarrassing ) ) ) )

Still the incident was embarrassing


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD came ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( NNS heels ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( JJ local ) ( NN newspaper ) ( NNS articles ) ) ( VP ( VBG suggesting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ has ) ( VP ( VBN benefited ) ( ADVP-MNR ( RB handsomely ) ) ( PP-CLR ( IN from ) ( NP ( NP ( PRP$ his ) ( NN association ) ) ( PP ( IN with ) ( NP ( NNP CenTrust ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It came on the heels of a number of local newspaper articles suggesting that Mr. Paul has benefited handsomely from his association with CenTrust


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD got ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3 ) ( CD million ) ) ) ( NN loan ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN S&L ) ) ) ( VP-2 ( VBN negotiated ) ( PP ( IN at ) ( NP ( DT a ) ( JJ below-market ) ( NN rate ) ) ) ) ) )

For instance he got a 3 million loan from the S&L negotiated at a below-market rate


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 43 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP CenTrust ) ( POS 's ) ) ( NNS shares ) ) ) ) ) )

He owns 43 % of CenTrust 's shares


( S ( S-ADV ( VP ( VBG Adding ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Paul ) ( POS 's ) ) ( NNS problems ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNS dealers ) ) ( PRN ( NP ( NP ( DT some ) ) ( PP ( IN with ) ( NP ( JJ vested ) ( NNS interests ) ) ) ) ) ) ( VP ( VBP insist ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( VP ( VBG relying ) ( ADVP-MNR ( RB rather ) ( RB too ) ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( NN advice ) ) ) ) ) ( VP ( VBN paid ) ( NP ( RB much ) ( RB too ) ( RB much ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ several ) ( NNS pieces ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP CenTrust ) ( NN collection ) ) ) ) ) ) ) ) ) )

Adding to Mr. Paul 's problems dealers some with vested interests insist that he relying rather too heavily on Sotheby 's advice paid much too much for several pieces in the CenTrust collection


( S ( NP-SBJ ( NP ( DT The ) ( QP ( CD 12 ) ( CD million ) ) ) ( VP ( VBN lavished ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP Rubens ) ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT a ) ( NN record ) ( NN price ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN artist ) ) ) ) ( CC and ) ( NP ( NP ( RB maybe ) ( RB twice ) ( PRP$ its ) ( NN value ) ) ( PP ( VBN given ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN among ) ( NP ( NNS scholars ) ) ) ( PP ( IN about ) ( NP ( PRP$ its ) ( NN provenance ) ) ) ) ) ) ) ) )

The 12 million lavished on the Rubens for example was a record price for the artist and maybe twice its value given a dispute among scholars about its provenance


( S ( NP-SBJ ( NP ( NNP David ) ( NNP Tunick ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP David ) ( NNP Tunick ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN gallery ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNS scholars ) ) ( VP ( VBP question ) ( NP ( NP ( DT the ) ( NN authenticity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Rubens ) ) ) ) ) ) ) ) )

David Tunick the president of David Tunick Inc. a New York gallery says scholars question the authenticity of the Rubens


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN painted ) ( ADVP ( RB instead ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP Rubens ) ( NN associate ) ) ) ) ) ) ) )

It may have been painted instead by a Rubens associate


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN feeling ) ) ( PP ( IN among ) ( NP ( NP ( JJ many ) ( NNS experts ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ commercial ) ( NN side ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( VP ( VBN paid ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ excessive ) ) ( PP ( IN in ) ( NP ( DT any ) ( NN event ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Tunick ) ) ( VP ( VBZ says ) ) )

The feeling among many experts on the commercial side is that the price paid at the time was excessive in any event Mr. Tunick says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ sounds ) ( SBAR-CLR ( IN like ) ( S ( PP ( IN with ) ( NP ( DT the ) ( NNP Rubens ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD got ) ( VP ( ADVP ( RB absolutely ) ) ( VBN taken ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNS cleaners ) ) ) ) ) ) ) ) )

It sounds like with the Rubens he got absolutely taken to the cleaners


( S ( NP-SBJ ( NP ( NNP Victor ) ( NNP Wiener ) ) ( NP ( NP ( DT the ) ( NN executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNPS Appraisers ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) ) ( VP ( VP ( VBZ agrees ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD paid ) ( ADVP-MNR ( RB very ) ( RB dearly ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP Rubens ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG getting ) ( ADJP-PRD ( JJ rid ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ( ADVP-TMP ( NP ( DT any ) ( NN time ) ) ( RB soon ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ similar ) ( NN sum ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( RB quite ) ( DT a ) ( NN feat ) ) ) ) ) ) ) ) )

Victor Wiener the executive director of the Appraisers Association of America agrees that Mr. Paul paid very dearly for the Rubens and adds that getting rid of it any time soon for a similar sum would be quite a feat


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( RB not ) ( PP-PRD ( IN beyond ) ( NP ( NN credibility ) ) ) ( SBAR-2 ( S ( NP-SBJ ( DT the ) ( NNP Rubens ) ) ( VP ( MD will ) ( NP-TMP ( RB someday ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ worth ) ( NP ( QP ( CD 12 ) ( CD million ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( SBAR-SBJ-1 ( IN whether ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( DT that ) ( NN amount ) ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ) ) ) ( VP ( VBZ remains ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN seen ) ) ) ) ) ) ) )

It 's not beyond credibility the Rubens will someday be worth 12 million but whether it could be sold for that amount tomorrow remains to be seen


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NN predicting ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ tricky ) ) ) )

Still predicting is tricky


( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP 'm ) ( ADVP ( RB forever ) ) ( VP ( JJ dumbfounded ) ( PP ( IN by ) ( SBAR-NOM-LGS ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( S ( VP ( VBG making ) ( NP ( DT these ) ( JJ high ) ( NNS prices ) ) ) ) ) ) ) ) ) ) )

I 'm forever dumbfounded by what I see making these high prices


( S ( NP-SBJ ( NP ( NNP Jonathan ) ( NNP H. ) ( NNP Kress ) ) ( NP ( NP ( DT the ) ( NN son ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN painting ) ( POS 's ) ) ( JJ former ) ( NN owner ) ) ( NP ( NNP Mrs. ) ( NNP Rush ) ( NNP Kress ) ) ) ) ) ) ( VP ( VBZ dismisses ) ( NP ( DT the ) ( NN price ) ( NN talk ) ) ( PP-CLR ( IN as ) ( NP ( JJ sour ) ( NNS grapes ) ) ) ) )

Jonathan H. Kress the son of the painting 's former owner Mrs. Rush Kress dismisses the price talk as sour grapes


( S-1 ( NP-SBJ-2 ( NP ( NNS Dealers ) ) ( ADJP ( JJ contemptuous ) ( PP ( IN of ) ( NP ( DT the ) ( NN purchase ) ( NN price ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VP ( VBD were ) ( NP-ADV ( PRP themselves ) ) ( NP-PRD ( ADJP ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG buying ) ( NP ( DT the ) ( NNP Rubens ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBN lost ) ( PRT ( RB out ) ) ) ) )

Dealers contemptuous of the purchase price he says were themselves interested in buying the Rubens but lost out


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( PP ( IN for ) ( NP ( PRP$ his ) ( NN part ) ) ) ( VP ( VBZ defends ) ( NP ( DT the ) ( NNP Rubens ) ( NN price ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS experts ) ) ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN seen ) ( NP ( NP ( DT the ) ( NN thing ) ) ( NP ( PRP itself ) ) ) ) ) ) ) ) ) ) )

Mr. Paul for his part defends the Rubens price saying a lot of the experts have never seen the thing itself


( S ( S-TPC-3 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VBN born ) ( NP ( NP ( DT the ) ( JJ last ) ( NN time ) ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN painting ) ) ( VP ( VBD was ) ( VP ( VBN displayed ) ( ADVP-MNR ( RB publicly ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Most of them were n't even born the last time the painting was displayed publicly he says


( S ( S ( NP-SBJ ( NN Art ) ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG skyrocketing ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ good ) ( NN deal ) ) ( PP ( IN of ) ( NP ( NN legerdemain ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG compiling ) ( NP ( NP ( NNS statistics ) ) ( PP ( IN on ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ) )

Art prices are skyrocketing but a good deal of legerdemain is involved in compiling statistics on sales


( S ( NP-SBJ ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ) ( NP ( DT the ) ( NN investment-banking ) ( NN firm ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ annual ) ( NN tally ) ) ( PP ( IN of ) ( NP ( NN investment ) ( NNS returns ) ) ) ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ old ) ( NNS masters ) ) ( VP ( VBD appreciated ) ( NP-EXT ( NP ( CD 51 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP June ) ( CD 1 ) ) ) ) ) ( NP-4 ( NP ( DT the ) ( JJS greatest ) ( NN return ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( NP ( CD 13 ) ( NNS assets ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD tracked ) ) ) ) ) ) ) ) ) ) ) ) ) )

Salomon Brothers Inc. the investment-banking firm in its annual tally of investment returns reported that old masters appreciated 51 % in the year ended June 1 the greatest return of any of 13 assets it tracked


( S ( NP-SBJ-1 ( NP ( JJ Impressionist ) ( CC and ) ( JJ modern ) ( NNS paintings ) ) ( VP ( RB not ) ( VBN tracked ) ( PP ( IN by ) ( NP-LGS ( NNP Salomon ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN ranked ) ( ADVP ( RB even ) ( RBR higher ) ) ( PP-CLR ( IN at ) ( NP ( CD 74 ) ( NN % ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Sotheby ) ( POS 's ) ) ) ) ) )

Impressionist and modern paintings not tracked by Salomon are ranked even higher at 74 % by Sotheby 's


( S ( NP-SBJ ( NNP Salomon ) ) ( ADVP ( RB moreover ) ) ( VP ( VBZ gets ) ( NP ( NP ( PRP$ its ) ( NNS data ) ) ( PP ( IN on ) ( NP ( NN art ) ( NN appreciation ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS prices ) ) ( S ( VP ( VBP go ) ( PRT ( RP up ) ) ( PP ( IN with ) ( NP ( NP ( NNS clients ) ) ( PP ( IN like ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN thrall ) ) ) ) ) ) ) ) ) ) ) )

Salomon moreover gets its data on art appreciation from Sotheby 's whose prices go up with clients like Mr. Paul in its thrall


( S ( NP-SBJ ( DT The ) ( NNS percentages ) ) ( VP ( VBP omit ) ( PP ( IN from ) ( NP ( NN consideration ) ) ) ( NP ( NP ( DT the ) ( JJ many ) ( NNS paintings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP go ) ( S ( VP ( VBG begging ) ( PP-LOC ( IN at ) ( NP ( NN auction ) ) ) ) ) ) ) ) ) ) )

The percentages omit from consideration the many paintings that go begging at auction


( S ( NP-SBJ ( NN Art ) ( NNS indexes ) ) ( VP ( VBP track ) ( NP ( NP ( NNS winners ) ) ( RB not ) ( NP ( NNS losers ) ) ) ) )

Art indexes track winners not losers


( S ( CC But ) ( NP-SBJ-1 ( NP ( NN art ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN fallen ) ( ADVP-MNR ( RB sharply ) ) ( PP ( IN in ) ( NP ( NN value ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( ADVP-TMP ( RB rarely ) ) ( VBN put ) ( PP-PUT ( IN up ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ) ) )

But art that has fallen sharply in value is rarely put up for sale


( S ( ADVP ( RB Also ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( NNS auctions ) ) ( PP ( IN of ) ( NP ( JJ old ) ( NNS masters ) ) ) ) ) ) ) ( NP-SBJ ( NP ( RB roughly ) ( QP ( NN one-third ) ( TO to ) ( NN one-fifth ) ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WP what ) ) ) ( S ( VP ( VBZ is ) ( VP ( VBN offered ) ) ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB sell ) ( PP-CLR ( IN at ) ( NP ( DT any ) ( NN price ) ) ) ) ) )

Also at any of Sotheby 's auctions of old masters roughly one-third to one-fifth of what is offered does n't sell at any price


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( RB not ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( DT any ) ( NNS bids ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NNS bids ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB meet ) ( NP ( NP ( DT the ) ( JJ minimum ) ( NN reserve ) ( NNS prices ) ) ( VP ( VBN set ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS sellers ) ) ) ) ) ) ) ) )

It 's not that there are n't any bids but the bids do n't meet the minimum reserve prices set by the sellers


( S ( PP-TMP ( IN In ) ( NP ( NNP January ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NNP Preti ) ( NN painting ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB now ) ) ( VP ( VBZ hangs ) ( PP-LOC ( IN at ) ( NP ( NNP CenTrust ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( NP ( QP ( DT no ) ( RBR more ) ( IN than ) ( CD 700,000 ) ) ) ( PP-LOC ( IN at ) ( NP ( NN auction ) ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD came ) ( ADVP ( RB along ) ) ( PP ( IN with ) ( NP ( PRP$ his ) ( QP ( CD 1.15 ) ( CD million ) ) ) ) ) ) ) ) ) )

In January the Preti painting that now hangs at CenTrust was expected to bring no more than 700,000 at auction until Mr. Paul came along with his 1.15 million


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Hall ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Colnaghi ) ( NN gallery ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( QP ( CD 1.15 ) ( CD million ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT an ) ( JJ impossible ) ( NN price ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NN anyone ) ) ( VP ( TO to ) ( VP ( VB ask ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NNP Preti ) ) ) ( ADVP-TMP ( NP ( CD four ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Hall of the Colnaghi gallery says 1.15 million would have been an impossible price for anyone to ask for a Preti four years ago


( S ( CC But ) ( PP ( IN from ) ( NP ( PRP$ his ) ( NN vantage ) ( NN point ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Paul ) ) ( NP ( NP ( NP ( DT a ) ( NN customer ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ) ) ) ( ADVP ( RB too ) ) ) ) ( VP ( VBD overpaid ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN work ) ) ( NP ( NP ( DT a ) ( JJ gargantuan ) ( NN painting ) ) ( PP ( IN by ) ( NP ( NP ( DT an ) ( NN artist ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( JJ household ) ( NN word ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But from his vantage point it is n't that Mr. Paul a customer of his too overpaid for the work a gargantuan painting by an artist who is not a household word


( S ( NP-SBJ ( DT The ) ( NN painting ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( NP ( CD 10 ) ( NNS feet ) ) ( JJ wide ) ) ( ADJP ( NP ( CD seven ) ( NNS feet ) ) ( JJ high ) ) ) ) )

The painting is 10 feet wide seven feet high


( S ( ADVP ( RB Rather ) ) ( NP-SBJ ( PRP It ) ) ( ADVP ( RB just ) ) ( VP ( VBZ shows ) ( SBAR ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBP have ) ( VP ( VBN changed ) ) ) ) ) ) )

Rather It just shows things have changed


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ boasts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD spotted ) ( NP ( NP ( NNS bargains ) ) ( PP-LOC ( IN in ) ( NP ( JJ old ) ( NNS masters ) ) ) ) ) ( SBAR-TMP ( RB just ) ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD took ) ( NP ( DT an ) ( JJ upward ) ( NN turn ) ) ) ) ) ) ) ) )

Mr. Paul boasts that he spotted bargains in old masters just before they took an upward turn


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD went ) ( PP ( RB up ) ( NP ( CD 51 ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD 'll ) ( VP ( VB do ) ( NP ( PRP it ) ) ( ADVP ( RB again ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ declares ) ) )

They went up 51 % last year and they 'll do it again this year he declares


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD were ) ( NP-PRD ( DT a ) ( NN sleeper ) ) ) )

They were a sleeper


( S ( NP-SBJ-1 ( NN Everybody ) ) ( VP ( VBD was ) ( ADVP-LOC-PRD ( IN out ) ( S ( VP ( VBG buying ) ( NP ( NNPS Monets ) ) ) ) ) ) )

Everybody was out buying Monets


( S ( NP-SBJ ( NP ( NNP Sotheby ) ( POS 's ) ) ( NN vice ) ( NN president ) ( NNP Diana ) ( NNP Levitt ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN auction ) ( NN house ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG assisting ) ( NP-1 ( NNP Mr. ) ( NNP Paul ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG selling ) ( NP ( DT the ) ( NNS paintings ) ) ) ) ) ) ) ) ) ) ) )

Sotheby 's vice president Diana Levitt says the auction house has been assisting Mr. Paul in selling the paintings


( S-2 ( CC And ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( NP ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( JJ chief ) ( NNS rivals ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN art ) ( NN world ) ) ) ) ( NP ( JJ private ) ( NN art ) ( NNS dealers ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ happy ) ( S ( VP ( TO to ) ( VP ( VB hear ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ adds ) ) ) ) ( NP-SBJ-3 ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS artworks ) ) ) ) ( VP ( VBP have ) ( ADVP ( RB already ) ) ( VP ( VBN been ) ( VP ( VP ( VBN sold ) ) ( CC and ) ( VP ( PP-CLR-4 ( IN at ) ( NP ( DT a ) ( JJ substantial ) ( NN profit ) ) ) ) ) ) ) )

And while Sotheby 's chief rivals in the art world private art dealers wo n't be happy to hear it she adds a number of the artworks have already been sold and at a substantial profit


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ claims ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN sold ) ( NP ( CD three ) ( NNS paintings ) ) ( PP-CLR ( IN at ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN profit ) ) ) ) ) ) ) ) ) ) )

Mr. Paul claims to have sold three paintings at more than a 10 % profit


( S ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( CD 51 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN claim ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN documented ) ) ) ) )

That is n't 51 % and the claim is n't documented


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB furthermore ) ) ( VP ( VBZ denies ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD relied ) ( ADVP-MNR ( RB too ) ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ( CC or ) ( NP ( NNP Mr. ) ( NNP Wachter ) ) ) ) ) ) ) ) )

He furthermore denies that he relied too heavily on Sotheby 's or Mr. Wachter


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( NP ( NP ( RB not ) ( CD one ) ) ( CC but ) ( NP ( CD four ) ) ( NX-1 ( NNS advisers ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD bid ) ( ADVP-MNR ( RB impulsively ) ) ) ) ) ) ) )

Mr. Paul says he had not one but four advisers and that he never bid impulsively


( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( NP ( NP ( DT the ) ( NN counsel ) ) ( PP ( IN of ) ( NP ( NP ( NNS curators ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ reputable ) ) ( NNS museums ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) )

After all he had the counsel of curators from the most reputable museums in the world


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT the ) ( NN collection ) ) ( PP ( VBG including ) ( NP ( DT the ) ( JJ controversial ) ( NNP Rubens ) ) ) ) ( ADVP-MNR ( RB carefully ) ( CC and ) ( RB prudently ) ) ( SBAR-ADV ( RB just ) ( IN as ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN put ) ( PRT ( RB together ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says he expects to sell the collection including the controversial Rubens carefully and prudently just as it was put together


( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( NN art-world ) ( NN parlance ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Paul ) ( POS 's ) ) ( NNS holdings ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ burnt ) ) ) )

But in art-world parlance Mr. Paul 's holdings are burnt


( S ( FRAG ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ) ) ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN compelled ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( PRP them ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ( ADVP-TMP ( RB too ) ( RB soon ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN gotten ) ( NP ( NP ( NNS offers ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJR less ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD paid ) ( PP-CLR ( IN for ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN art ) ( NNS works ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That is he is being compelled to put them on the market too soon and has already gotten offers that are less than he paid for some of the art works


( SINV ( S-TPC-1 ( PP-TMP ( IN After ) ( NP ( DT a ) ( JJ few ) ( NNS years ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB argue ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( JJ natural ) ( NN appreciation ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Susan ) ( NNP Theran ) ) ( NP ( NP ( DT the ) ( NN publisher ) ) ( PP ( IN of ) ( NP ( NP ( NN Leonard ) ( POS 's ) ) ( NP ( NP ( NNP Annual ) ( NNP Price ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( NNP Art ) ( NNPS Auctions ) ) ) ) ) ) ) ) )

After a few years you can argue there has been natural appreciation says Susan Theran the publisher of Leonard 's Annual Price Index of Art Auctions


( S ( S ( CC But ) ( NP-SBJ ( NP ( JJ quick ) ( NN turnover ) ) ( PP-LOC ( IN in ) ( NP ( NN artwork ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG pawning ) ( NP ( PRP$ your ) ( NN jewelry ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VB end ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( CD 50 ) ( NN % ) ) ) ) ) )

But quick turnover in artwork is like pawning your jewelry you end up with 50 %


( S ( NP-SBJ-1 ( NNS People ) ) ( VP ( VP ( VBP hold ) ( PRT ( RB out ) ) ) ( CC and ) ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT a ) ( NN bargain ) ) ) ) ) ) ) )

People hold out and try to get a bargain


( S ( NP-SBJ ( NNP Sotheby ) ( POS 's ) ) ( VP ( VBZ defends ) ( NP ( NP ( PRP itself ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Paul ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN matter ) ) ) ) )

Sotheby 's defends itself and Mr. Paul in the matter


( S ( NP-SBJ ( NNP Mr. ) ( NNP Wachter ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ quick ) ( NN study ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD worked ) ( ADVP-MNR ( RB intensely ) ) ) ( CC and ) ( VP ( VBD bought ) ( NP ( NP ( DT the ) ( JJS best ) ( NNS pictures ) ) ( ADJP ( JJ available ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN moment ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Wachter says Mr. Paul was a quick study who worked intensely and bought the best pictures available at the moment


( S-3 ( S ( PP-TMP ( IN On ) ( NP ( NN occasion ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD paid ) ( NP ( DT a ) ( JJ high ) ( NN price ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wachter ) ) ( VP ( VBZ concedes ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD bid ) ( NP ( RBR less ) ) ) ( CC and ) ( VP ( VBD dropped ) ( PRT ( RB out ) ) ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS dealers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD would ) ( ADVP ( RB then ) ) ( VP ( VB have ) ( VP ( VBN marked ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NNS paintings ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB resell ) ( NP ( PRP them ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( NN profit ) ) ) ( PP-DTV ( TO to ) ( NP ( NNS collectors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On occasion he paid a high price Mr. Wachter concedes but he says those who bid less and dropped out were dealers who would then have marked up the paintings to resell them at a profit to collectors


( S ( NP-SBJ ( NP ( NNP Naomi ) ( NNP Bernhard ) ( NNP Levinson ) ) ( NP ( NP ( DT a ) ( NNS fine-arts ) ( NN appraiser ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Bernhard ) ( NNPS Associates ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ( VP ( VBZ considers ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( NP-PRD ( NP ( JJ definite ) ( NN conflict ) ) ( PP ( IN of ) ( NP ( NN interest ) ) ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( DT an ) ( NN auction ) ( NN house ) ) ( VP ( VP ( TO to ) ( DT both ) ( VP ( VB advise ) ( NP ( DT a ) ( NN client ) ) ( PP-CLR ( IN on ) ( NP ( NNS purchases ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB set ) ( NP ( NN price ) ( NNS estimates ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNS paintings ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN purchased ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Naomi Bernhard Levinson a fine-arts appraiser at Bernhard Associates in San Francisco considers it definite conflict of interest for an auction house to both advise a client on purchases and to set price estimates on the paintings to be purchased


( S-1 ( NP-SBJ ( NNP Sotheby ) ( POS 's ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG wearing ) ( NP ( DT both ) ( NNS hats ) ) ) ) )

Sotheby 's she says is wearing both hats


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB see ) ( SBAR ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN conflict ) ) ( PP ( IN of ) ( NP ( NN interest ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sotheby ) ( POS 's ) ) ( NNP Ms. ) ( NNP Levitt ) ) )

I ca n't see why there would be a conflict of interest says Sotheby 's Ms. Levitt


( S ( NP-SBJ-1 ( NNS Estimates ) ) ( VP ( VP ( VBP are ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ previous ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ similar ) ( NNS works ) ) ( VP ( VBN sold ) ( PP-LOC ( IN at ) ( NP ( NN auction ) ) ) ) ) ( CC and ) ( NP ( JJ current ) ( NN market ) ( NNS conditions ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ affected ) ( PP ( IN by ) ( NP ( NP ( DT any ) ( NN knowledge ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-2 ( WP who ) ) ( S ( NP-SBJ ( DT the ) ( JJ potential ) ( NN buyer ) ) ( VP ( MD could ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ) ) )

Estimates are based on the previous price of similar works sold at auction and current market conditions and are not affected by any knowledge of who the potential buyer could be


( S-3 ( S ( ADVP-TMP ( RB Frequently ) ) ( NP-SBJ-2 ( NNS clients ) ) ( VP ( VP ( VBP express ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( NNS paintings ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S ( VP ( NN bidding ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ adds ) ) ) ) ( S ( RB so ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( NP-SBJ ( DT the ) ( JJ potential ) ( NN buyer ) ) ( VP ( MD will ) ( VP ( VB be ) ) ) ) ) ) ) ) )

Frequently clients express interest in paintings but do n't end up bidding she adds so we do n't know who the potential buyer will be


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG selling ) ( PRT ( RP off ) ) ( NP ( PRP$ his ) ( NNS paintings ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN return ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN investment ) ) ) ) ( SBAR-PRP ( IN so ) ( IN as ) ( S ( VP ( TO to ) ( VP ( VB prove ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN venture ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ sound ) ) ) ) ) ) ) ) ) ) ) )

Mr. Paul in selling off his paintings is seeking at least a 15 % return on the bank 's investment so as to prove that the venture was sound


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS feelers ) ) ( ADJP ( IN out ) ( PP-LOC ( IN over ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN globe ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ potential ) ( NNS buyers ) ) ( PP ( IN from ) ( PP ( RB as ) ( ADVP ( RB far ) ( RB away ) ( PP ( IN as ) ( NP ( NNP Japan ) ( CC and ) ( NNP Italy ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN examined ) ( NP ( DT the ) ( NN collection ) ) ) ) ) ) ) ) )

Mr. Paul says that he has feelers out over much of the globe and that potential buyers from as far away as Japan and Italy have examined the collection


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT the ) ( NN pressure ) ) ( PP ( IN on ) ( NP ( NNP CenTrust ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ( NP-SBJ-2 ( NNS dealers ) ( CC and ) ( NNS collectors ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT the ) ( NNS paintings ) ) ( PP ( IN at ) ( NP ( JJ bargain-basement ) ( NNS prices ) ) ) ) ) ) ) ) ) )

Because of the pressure on CenTrust to sell dealers and collectors have been trying to get the paintings at bargain-basement prices


( S ( CC But ) ( ADVP ( RB so ) ( RB far ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Paul ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS advisers ) ) ) ( VP ( VBP are ) ( VP ( VBG holding ) ( S-CLR ( ADVP-PRD ( RB fast ) ) ) ) ) )

But so far Mr. Paul and his advisers are holding fast


( S ( NP-SBJ ( NP ( CD One ) ( NN dealer ) ) ( NP ( NP ( NNP Martin ) ( NNP Zimet ) ) ( PP ( IN of ) ( NP ( NP ( NNP French ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBD loved ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT a ) ( NNP Jan ) ( NNP Davids ) ( FW de ) ( NNP Heem ) ( NN painting ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN bank ) ) ) ) ) ) ) ) ) ) ) ) )

One dealer Martin Zimet of French & Co. in New York says he would have loved to buy a Jan Davids de Heem painting from the bank


( S ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD tried ) ( S ( VP ( VP ( TO to ) ( VP ( VB steal ) ( NP ( DT the ) ( NN picture ) ) ) ) ( PRN ( VP ( TO to ) ( VP ( VB buy ) ( NP ( PRP it ) ) ( ADVP-MNR ( RB attractively ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Sotheby ) ( POS 's ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB do ) ( NP ( PRP it ) ) ) ) ) )

I tried to steal the picture to buy it attractively and Sotheby 's would n't do it


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD were ) ( VP ( VBG protecting ) ( NP ( PRP$ his ) ( NNS interests ) ) ) ) )

They were protecting his interests


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Paul ) ) ( CC and ) ( NP ( NNP CenTrust ) ( NNS executives ) ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( ADJP-PRD ( JJ squeamish ) ( PP ( IN about ) ( NP ( NN opulence ) ) ) ) ) ) )

Meanwhile Mr. Paul and CenTrust executives are getting squeamish about opulence


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN characterized ) ( PP ( IN as ) ( NP ( NP ( DT the ) ( NNP Great ) ( NNP Gatsby ) ) ( CC or ) ( NP ( NN something ) ) ) ) ) ) ) ) ( VP ( VBZ complains ) ) ( NP-SBJ ( NP ( NNP Karen ) ( NNP E. ) ( NNP Brinkman ) ) ( NP ( NP ( DT an ) ( NN executive ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP CenTrust ) ) ) ) ) )

Mr. Paul has been characterized as the Great Gatsby or something complains Karen E. Brinkman an executive vice president of CenTrust


( S-1 ( NP-SBJ ( DT The ) ( NNS media ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VB have ) ( VP ( VBN distorted ) ( NP ( PRP$ his ) ( JJ personal ) ( NN life ) ) ) ) )

The media she says have distorted his personal life


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ nods ) ( PP ( IN in ) ( NP ( NN agreement ) ) ) ) )

Mr. Paul nods in agreement


( S ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN life ) ( NN style ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB frankly ) ) ( ADJP-PRD ( RB so ) ( JJ flamboyant ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I do n't think I have a life style that is frankly so flamboyant he says


( S ( CC But ) ( PP-TMP ( IN at ) ( NP ( RB just ) ( DT that ) ( NN moment ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN interrupted ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN office ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( NN servant ) ) ( PP ( IN in ) ( NP ( NN tuxedo ) ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VP ( VBZ pours ) ( NP ( NP ( NN coffee ) ) ( PP ( IN from ) ( NP ( NN silver ) ) ) ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( NN cup ) ) ( PP ( IN of ) ( NP ( NN china ) ) ) ) ) ) ( CC and ) ( VP ( VBZ dabs ) ( NP ( DT the ) ( NN brim ) ) ( PP ( IN with ) ( NP ( NN linen ) ) ) ) ) ) ) ) ) ) ) )

But at just that moment he is interrupted in his office by a servant in tuxedo who pours coffee from silver into a cup of china and dabs the brim with linen


( S ( NP-SBJ ( NNP Mr. ) ( NNP Paul ) ) ( VP ( VBZ says ) ( SBAR ( S ( INTJ ( UH yes ) ) ( NP-SBJ ( NP ( DT the ) ( NN ceiling ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN executive ) ( NN suite ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NN gold-leaf ) ( NN inlay ) ) ) ) ) ) )

Mr. Paul says yes the ceiling in his executive suite is gold-leaf inlay


( S ( NP-SBJ-1 ( DT The ) ( NNS offices ) ) ( VP ( VBP are ) ( VP ( VBN done ) ( PP-MNR ( IN in ) ( NP ( NP ( NP ( NN hardwood ) ) ( CC and ) ( NP ( JJ oriental ) ( NNS rugs ) ) ) ( NP ( NN leatherbound ) ( NNS books ) ) ( CC and ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP ( DT a ) ( ADJP ( QP ( CD 12 ) ( CD million ) ) ) ( NNP Rubens ) ) ) ) ) ) )

The offices are done in hardwood and oriental rugs leatherbound books and of course a 12 million Rubens


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ implores ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN splendor ) ) ( VP ( VB be ) ( VP ( VBN played ) ( PRT ( RP down ) ) ) ) ) ) ) )

But he implores that the splendor be played down


( S ( VP ( VBP Do ) ( RB n't ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ gold ) ( NN ceiling ) ) ) ) ) ) ) )

Do n't say it 's a gold ceiling


( S ( S-TPC-1 ( ADVP ( RB Just ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS offices ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB tastefully ) ( JJ appointed ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Just say the offices are tastefully appointed he says


( S ( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ ( DT the ) ( NNS regulators ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( PRP it ) ) ( PP-CLR ( IN for ) ( NP ( NN decadence ) ) ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB nowadays ) ) ( NP-SBJ-1 ( NN everything ) ) ( VP ( VBZ 's ) ( VP ( VBD got ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ pristine ) ) ) ) ) ) ) ) )

Otherwise the regulators will take it for decadence and nowadays everything 's got to be pristine


( S ( NP-SBJ ( NNS Figures ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB include ) ( NP ( NP ( NNS taxes ) ) ( CC or ) ( NP ( NN transaction ) ( NNS costs ) ) ) ) ) )

Figures do n't include taxes or transaction costs


( S ( NP-SBJ ( NNP NATIONAL ) ( NNP INCOME ) ( NNP REALTY ) ( NNP TRUST ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB resume ) ( NP ( NN dividend ) ( NNS payments ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ 12-cent-a-share ) ( NN dividend ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN paid ) ( NP-TMP ( NNP Nov. ) ( CD 6 ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 25 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

NATIONAL INCOME REALTY TRUST said it will resume dividend payments with a 12-cent-a-share dividend to be paid Nov. 6 to shares of record Oct. 25


( S ( NP-SBJ ( DT The ) ( NN mortgage ) ( CC and ) ( NN equity ) ( JJ real ) ( NN estate ) ( NN investment ) ( NN trust ) ) ( ADVP ( RB last ) ) ( VP ( VBD paid ) ( NP ( DT a ) ( NN dividend ) ) ( PP-TMP ( IN on ) ( NP ( NP ( NP ( NNP Aug. ) ( CD 1 ) ) ( NP ( CD 1988 ) ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS holders ) ) ( VP ( VBD received ) ( NP ( NP ( CD 75 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

The mortgage and equity real estate investment trust last paid a dividend on Aug. 1 1988 when holders received 75 cents a share


( S ( PP ( IN Despite ) ( NP ( NP ( VBG continuing ) ( NNS troubles ) ) ( PP ( IN with ) ( NP ( NP ( NN problem ) ( NNS properties ) ) ( CC and ) ( NP ( VBG nonperforming ) ( NNS loans ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Dallas ) ( NN trust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN rebuilt ) ( NP ( NNS reserves ) ) ) ( VP ( VBN abandoned ) ( NP ( NP ( NNS properties ) ) ( PP ( IN with ) ( NP ( JJ little ) ( NN potential ) ) ) ) ) ( CC and ) ( VP ( VBD experienced ) ( NP ( NP ( VBN improved ) ( NN operating ) ( NNS results ) ) ( PP ( IN from ) ( NP ( JJ joint ) ( NNS ventures ) ) ) ) ) ) ) ) ) ) )

Despite continuing troubles with problem properties and nonperforming loans the Dallas trust said it has rebuilt reserves abandoned properties with little potential and experienced improved operating results from joint ventures


( S ( NP-SBJ ( DT A ) ( JJ federal ) ( NNS appeals ) ( NN court ) ) ( VP ( VBD struck ) ( PRT ( RP down ) ) ( NP ( NP ( DT a ) ( NN natural-gas ) ( NN regulation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN prevented ) ( NP ( NN pipeline ) ( NNS companies ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG passing ) ( PP-DTV ( TO to ) ( NP ( NNS customers ) ) ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS costs ) ) ( PP ( IN from ) ( NP ( JJ controversial ) ( JJ take-or-pay ) ( NNS contracts ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A federal appeals court struck down a natural-gas regulation that had prevented pipeline companies from passing to customers part of 1 billion in costs from controversial take-or-pay contracts


( S ( NP-SBJ ( DT The ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( CD 3-0 ) ( NN ruling ) ) ) ( VP ( VBD threw ) ( PRT ( RP out ) ) ( NP ( NP ( DT a ) ( NN deadline ) ) ( VP ( VBN set ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Federal ) ( NNP Energy ) ( NNP Regulatory ) ( NNP Commission ) ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG settling ) ( NP ( NP ( JJ old ) ( NN contract ) ( NNS disputes ) ) ( PP ( IN over ) ( NP ( NP ( NN gas ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN pipeline ) ( NNS companies ) ) ( VP ( VP ( VBN reserved ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB use ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The court in a 3-0 ruling threw out a deadline set by the Federal Energy Regulatory Commission for settling old contract disputes over gas that the pipeline companies reserved but did n't use


( S ( NP-SBJ ( NP ( NNP FERC ) ( POS 's ) ) ( NN regulation ) ) ( VP ( VBD had ) ( VP ( VBN given ) ( NP-3 ( NNS pipelines ) ) ( PP-TMP-CLR ( IN until ) ( NP ( NP ( NNP March ) ( CD 31 ) ) ( NP ( CD 1989 ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB pass ) ( PRT ( RP on ) ) ( PP-CLR ( TO to ) ( NP ( NNS customers ) ) ) ( NP ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG buying ) ( PRT ( RP out ) ) ( NP ( NP ( PRP$ their ) ( JJ broken ) ( NNS contracts ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( VBN made ) ( PP ( IN with ) ( NP ( NNS producers ) ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( S ( NP-SBJ-4 ( NN gas ) ( NNS prices ) ) ( VP ( VBD were ) ( ADJP-PRD-5 ( JJ high ) ) ) ) ( CC and ) ( S ( NP-SBJ=4 ( NNS supplies ) ) ( ADJP-PRD=5 ( JJ short ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

FERC 's regulation had given pipelines until March 31 1989 to pass on to customers as much as 50 % of the costs of buying out their broken contracts which were made with producers when gas prices were high and supplies short


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN majority ) ) ( PP ( IN of ) ( NP ( JJ old ) ( NNS contracts ) ) ) ) ( VP ( VBD were ) ( VP ( VP ( VBN renegotiated ) ( PP-TMP ( IN by ) ( NP ( DT the ) ( NN deadline ) ) ) ) ( CC and ) ( VP ( VBD settled ) ( PP ( IN at ) ( NP ( JJ steep ) ( NNS discounts ) ) ) ) ) ) )

A majority of old contracts were renegotiated by the deadline and settled at steep discounts


( S ( CC But ) ( NP-SBJ ( NN pipeline ) ( NNS companies ) ) ( VP ( VBP estimate ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB still ) ) ( VP ( VBP face ) ( NP ( NP ( NP ( QP ( CD 2.4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS liabilities ) ) ( PP ( IN from ) ( NP ( JJ unresolved ) ( NNS disputes ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP fear ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB pass ) ( PRT ( RP on ) ) ( PP-CLR ( TO to ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But pipeline companies estimate they still face 2.4 billion in liabilities from unresolved disputes including 1 billion they fear they wo n't be able to pass on to customers


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NN industry ) ( NNS lawyers ) ) ) ) ( NP-SBJ ( DT the ) ( NN ruling ) ) ( VP ( VBZ gives ) ( NP ( NN pipeline ) ( NNS companies ) ) ( NP ( DT an ) ( JJ important ) ( JJ second ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VP ( VB resolve ) ( NP ( VBG remaining ) ( NNS disputes ) ) ) ( CC and ) ( VP ( VB take ) ( NP-CLR ( NN advantage ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN cost-sharing ) ( NN mechanism ) ) ) ) ) ) ) ) ) )

According to industry lawyers the ruling gives pipeline companies an important second chance to resolve remaining disputes and take advantage of the cost-sharing mechanism


( S ( NP-SBJ ( DT The ) ( NN court ) ) ( VP ( VBD left ) ( PRT ( RP open ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP FERC ) ) ( VP ( MD could ) ( VP ( VB reimpose ) ( NP ( DT a ) ( JJ new ) ( NN deadline ) ) ( ADVP-TMP ( RB later ) ) ) ) ) ) ) )

The court left open whether FERC could reimpose a new deadline later


( S ( NP-SBJ ( NP ( DT The ) ( NN court ) ) ( VP ( VBG agreeing ) ( PP-CLR ( IN with ) ( NP ( NN pipeline ) ( NNS companies ) ) ) ) ) ( VP ( VBD found ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP March ) ( CD 31 ) ( NN deadline ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJ arbitrary ) ( CC and ) ( JJ capricious ) ) ( CC and ) ( ADJP ( RB highly ) ( JJ prejudicial ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN bargaining ) ( NN power ) ) ( PP ( IN of ) ( NP ( NP ( NNS pipelines ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB negotiate ) ( NP ( NP ( NN settlement ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ old ) ( JJ take-or-pay ) ( NNS contracts ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( DT the ) ( NN deadline ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The court agreeing with pipeline companies found the March 31 deadline was arbitrary and capricious and highly prejudicial to the bargaining power of pipelines that were forced to negotiate settlement of the old take-or-pay contracts to meet the deadline


( S ( NP-SBJ ( NP ( DT A ) ( NN report ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Interstate ) ( NNP Natural ) ( NNP Gas ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS pipelines ) ( POS ' ) ) ( NN settlement ) ( NNS costs ) ) ( VP ( VBD had ) ( VP ( VBN jumped ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD three ) ( NNS months ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN deadline ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 39 ) ( NNS cents ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 22 ) ( NNS cents ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN dollar ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) )

A report last month by the Interstate Natural Gas Association of America found that pipelines ' settlement costs had jumped in the three months before the deadline to 39 cents on the dollar from 22 cents on the dollar in 1988


( S ( NP-SBJ ( DT The ) ( NN court ) ) ( VP ( VBD ordered ) ( S ( NP-SBJ ( NNP FERC ) ) ( VP ( TO to ) ( VP ( VB justify ) ( PP-TMP ( IN within ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( CONJP ( RB not ) ( RB only ) ) ( NP ( PRP$ its ) ( NN cost-sharing ) ( NN deadline ) ) ( CC but ) ( NP ( NP ( JJ other ) ( JJ major ) ( NNS elements ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( VBN proposed ) ( NN regulation ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG introducing ) ( NP ( JJR more ) ( NN competition ) ) ( PP-CLR ( IN into ) ( NP ( NN natural-gas ) ( NN transportation ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The court ordered FERC to justify within 60 days not only its cost-sharing deadline but other major elements of its proposed regulation for introducing more competition into natural-gas transportation


( S ( NP-SBJ ( DT The ) ( NN court ) ) ( ADVP ( RB also ) ) ( VP ( VBD questioned ) ( NP ( NP ( DT a ) ( NN crediting ) ( NN mechanism ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( JJ take-or-pay ) ( NNS liabilities ) ) ) ) ) ) ) ) ) ) ) ) )

The court also questioned a crediting mechanism that could be used to resolve take-or-pay liabilities


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ complex ) ( NN regulation ) ) ( VP ( VBN known ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ( PP-CLR ( IN as ) ( NP ( NN Order ) ( CD 500 ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB hotly ) ) ( JJ contested ) ( PP ( IN by ) ( NP-LGS ( NP ( DT all ) ( NNS sides ) ) ( PP ( VBG including ) ( NP ( NP ( NN natural-gas ) ( NNS producers ) ) ( NP ( NNS pipelines ) ) ( NP ( JJ local ) ( NN distribution ) ( NNS companies ) ) ( CC and ) ( NP ( NNS consumers ) ) ) ) ) ) ) ) ) )

The complex regulation known in the industry as Order 500 has been hotly contested by all sides including natural-gas producers pipelines local distribution companies and consumers


( S ( NP-SBJ ( NP ( DT The ) ( NN court ) ( POS 's ) ) ( NN decision ) ) ( VP ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNP FERC ) ) ( VP ( TO to ) ( VP ( VB change ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS provisions ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ ensures ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reviewed ) ( ADVP ( RB again ) ) ( ADVP-MNR ( RB quickly ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN court ) ) ) ) ) ) ) ) ) ) )

The court 's decision would allow FERC to change some of its provisions but ensures it will be reviewed again quickly by the court


( S ( NP-SBJ-1 ( JJ Many ) ( JJ skittish ) ( JJ mutual ) ( NN fund ) ( NNS investors ) ) ( VP ( VP ( VBD picked ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN phone ) ) ( NP-TMP ( NN yesterday ) ) ) ( CC but ) ( VP ( VBD decided ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB cash ) ( PRT ( RP in ) ) ( NP ( PRP$ their ) ( NNS chips ) ) ( PP ( IN after ) ( NP ( DT all ) ) ) ) ) ) ) ) )

Many skittish mutual fund investors picked up the phone yesterday but decided not to cash in their chips after all


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD bounced ) ( ADVP ( RB back ) ) ) ) ) ( NP-SBJ ( NP ( NNS withdrawals ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ( PP ( IN from ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ mere ) ( NN trickle ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NNP Black ) ( NNP Monday ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD dumped ) ( NP ( NP ( QP ( CD 2.3 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 2 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN stock-fund ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) )

As the stock market bounced back withdrawals of money from stock funds amounted to a mere trickle compared with Black Monday when investors dumped 2.3 billion or about 2 % of stock-fund assets


( S ( NP-SBJ ( NP ( NNP Fidelity ) ( NNPS Investments ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN fund ) ( NN company ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN phone ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( RBR more ) ( IN than ) ( JJ double ) ) ( PRP$ its ) ( JJ typical ) ( NN level ) ) ( CC but ) ( ADVP ( RB still ) ) ( NP ( NP ( NN half ) ( DT that ) ) ( PP ( IN of ) ( NP ( NP ( NNP Oct. ) ( CD 19 ) ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) )

Fidelity Investments the nation 's largest fund company said phone volume was more than double its typical level but still half that of Oct. 19 1987


( S ( NP-SBJ ( NP ( JJ Net ) ( NNS outflows ) ) ( PP ( IN from ) ( NP ( NP ( NNP Fidelity ) ( POS 's ) ) ( NN stock ) ( NNS funds ) ) ) ) ( VP ( VBD stood ) ( PP-LOC ( PP ( IN at ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 300 ) ( CD million ) ) ) ) ( CC or ) ( PP ( IN below ) ( NP ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 2 ) ( CD billion ) ) ) ( NN cash ) ( NN position ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN stock ) ( NNS portfolios ) ) ) ) ) ) ) ) ) )

Net outflows from Fidelity 's stock funds stood at less than 300 million or below 15 % of the 2 billion cash position of the firm 's stock portfolios


( S ( NP-SBJ-1 ( NP ( RB Much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ) ) ) ( VP ( VBD was ) ( VP ( VBN switched ) ( PP-CLR ( IN into ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ) )

Much of the money was switched into the firm 's money market funds


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Outflows ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( NP ( NNP Friday ) ) ) ) ) ( VP ( VBP remain ) ( PP-LOC-PRD ( IN below ) ( NP ( NP ( NN one-third ) ( PRP$ their ) ( NN level ) ) ( PP ( IN of ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ( NP-SBJ ( NNP Fidelity ) ) ( VP ( VBD said ) ) )

Outflows since the close of trading Friday remain below one-third their level of two years ago Fidelity said


( S ( NP-SBJ ( JJ Other ) ( JJ mutual ) ( NN fund ) ( NNS companies ) ) ( VP ( VBD reported ) ( NP ( ADJP ( RB even ) ( JJR lighter ) ) ( NN withdrawal ) ( NNS requests ) ) ) )

Other mutual fund companies reported even lighter withdrawal requests


( S ( CC And ) ( NP-SBJ-1 ( NP ( DT some ) ( NNS investors ) ) ( PP-LOC ( IN at ) ( NP ( NNP Fidelity ) ( CC and ) ( RB elsewhere ) ) ) ) ( ADVP ( RB even ) ) ( VP ( VBD began ) ( S ( VP ( VBG buying ) ( NP ( NN stock ) ( NNS funds ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) )

And some investors at Fidelity and elsewhere even began buying stock funds during the day


( SINV ( S-TPC-1 ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN redemption ) ( NN activity ) ) ) ) ( CC and ) ( NP ( NP ( NN trouble ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NNS people ) ) ( VP ( VBG getting ) ( PRT ( RP through ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN phone ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kathryn ) ( NNP McGrath ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN investment ) ( NN management ) ( NN division ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) )

Two years ago there was a lot of redemption activity and trouble with people getting through on the phone said Kathryn McGrath head of the investment management division of the Securities and Exchange Commission


( S ( NP-TMP ( DT This ) ( NN time ) ) ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT that ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) )

This time We do n't have that at all


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ relative ) ( NN calm ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN jolted ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ plunges ) ( ADVP ( RB again ) ) ) ) ) ) ) ) )

Of course the relative calm could be jolted if the market plunges again


( S ( CC And ) ( NP-SBJ ( NP ( DT any ) ( JJ strong ) ( NN surge ) ) ( PP ( IN in ) ( NP ( NNS redemptions ) ) ) ) ( VP ( MD could ) ( VP ( VB force ) ( S ( NP-SBJ-1 ( DT some ) ( NNS funds ) ) ( VP ( TO to ) ( VP ( VB dump ) ( NP ( NNS stocks ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN cash ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VBD did ) ( VP ( PP-TMP ( IN during ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ) ) ) ) ) ) ) ) ) )

And any strong surge in redemptions could force some funds to dump stocks to raise cash as some did during Black Monday


( S ( CC But ) ( NP-SBJ ( NNS funds ) ) ( ADVP ( RB generally ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR better ) ( JJ prepared ) ) ( ADVP-TMP ( NP ( DT this ) ( NN time ) ) ( RB around ) ) ) )

But funds generally are better prepared this time around


( S ( PP ( IN As ) ( NP ( DT a ) ( NN group ) ) ) ( NP-SBJ ( NP ( PRP$ their ) ( NN cash ) ( NN position ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 10.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN figure ) ) ( ADJP ( JJ available ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( NP-ADV ( CD 14 ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN than ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB earlier ) ) ) ) ) )

As a group their cash position of 10.2 % of assets in August the latest figure available is 14 % higher than two years earlier


( S ( NP-SBJ ( JJ Many ) ( NN fund ) ( NNS managers ) ) ( VP ( VBP have ) ( VP ( VBN boosted ) ( NP ( PRP$ their ) ( NN cash ) ( NNS levels ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) )

Many fund managers have boosted their cash levels in recent weeks


( S ( NP-SBJ ( NP ( DT The ) ( JJS biggest ) ( NN flurry ) ) ( PP ( IN of ) ( NP ( NN investor ) ( NN activity ) ) ) ) ( VP ( VBD came ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ) )

The biggest flurry of investor activity came early in the day


( S ( NP-SBJ ( NNP Vanguard ) ( NNP Group ) ( NNP Inc. ) ) ( VP ( VBD saw ) ( NP ( NP ( JJ heavy ) ( NNS exchanges ) ) ( PP ( IN from ) ( NP ( NN stock ) ( NNS funds ) ) ) ( PP ( IN into ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN telephone ) ( NNS lines ) ) ( VP ( VBN opened ) ( PP-TMP ( IN at ) ( NP ( CD 8:30 ) ( RB a.m ) ) ) ) ) ) ) )

Vanguard Group Inc. saw heavy exchanges from stock funds into money market funds after the telephone lines opened at 8:30 a.m


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ first ) ( NN hour ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( JJ real ) ( JJ nervous ) ) ( NNS folks ) ) ( VP ( VBD came ) ( ADVP ( RB along ) ) ) ) ( NP-SBJ ( DT a ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

In the first hour the real nervous folks came along a spokesman said


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( JJ horrendous ) ( NN pace ) ) ( PP ( IN of ) ( NP ( NN call ) ( NN volume ) ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ first ) ( JJ half-hour ) ) ) ) ( VP ( VBD slowed ) ( ADVP-MNR ( RB considerably ) ) ) )

But the horrendous pace of call volume in the first half-hour slowed considerably


( S ( PP-LOC ( IN At ) ( NP ( NNP Scudder ) ( NNP Stevens ) ( CC & ) ( NNP Clark ) ( NNP Inc. ) ) ) ( NP-SBJ ( NN phone ) ( NNS calls ) ) ( VP ( VBD came ) ( PRT ( RP in ) ) ( PP-MNR ( IN at ) ( NP ( NP ( NP-ADV ( CD 40 ) ( NN % ) ) ( JJR more ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ normal ) ( NN pace ) ) ) ) ) ( PP-TMP ( IN through ) ( NP ( JJ early ) ( NN afternoon ) ) ) ) )

At Scudder Stevens & Clark Inc. phone calls came in at 40 % more than the normal pace through early afternoon


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN increase ) ) ) ) ( VP ( VBD came ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN hour ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN phone ) ( NNS lines ) ) ( VP ( VBN opened ) ( PP-TMP ( IN at ) ( NP ( CD 8 ) ( RB a.m ) ) ) ) ) ) ) ) ) )

Most of that increase came in the first hour after the phone lines opened at 8 a.m


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD rose ) ) ) ) ( PP ( IN in ) ( NP ( NN fact ) ) ) ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VP ( VBD changed ) ( NP ( NN course ) ) ) ( CC and ) ( VP ( VBD reversed ) ( NP ( PRP$ their ) ( NN sell ) ( NNS orders ) ) ) ) )

As stocks rose in fact some investors changed course and reversed their sell orders


( S ( NP-SBJ ( JJ Many ) ( NNS funds ) ) ( VP ( VBP allow ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB void ) ( NP ( NNS orders ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ) ) ) )

Many funds allow investors to void orders before the close of trading


( S ( PP-LOC ( PP ( IN At ) ( NP ( NNP Scudder ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( JJR smaller ) ( NNP Ivy ) ( NNS funds ) ( NN group ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Hingham ) ) ( NP ( NNP Mass. ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT some ) ( NNS shareholders ) ) ( VP ( VP ( VBD called ) ( PP-TMP ( ADVP ( RB early ) ) ( IN in ) ( NP ( DT the ) ( NN morning ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB switch ) ( NP ( NN money ) ) ( PP-DIR ( IN from ) ( NP ( NN stock ) ( NNS funds ) ) ) ( PP-DIR ( TO to ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ) ) ) ( CC but ) ( VP ( ADVP-TMP ( RB later ) ) ( VBN called ) ( ADVP ( RB back ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reverse ) ( NP ( DT the ) ( NNS switches ) ) ) ) ) ) ) )

At Scudder and at the smaller Ivy funds group in Hingham Mass. for instance some shareholders called early in the morning to switch money from stock funds to money market funds but later called back to reverse the switches


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( JJ mutual ) ( NN fund ) ( NNS trades ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB take ) ( NP ( NN effect ) ) ( PP-TMP ( IN until ) ( NP ( NP ( DT the ) ( NN market ) ( RB close ) ) ( PRN ( PP ( IN in ) ( NP ( DT this ) ( NN case ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 4 ) ( RB p.m. ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT these ) ( NNS shareholders ) ) ( VP ( ADVP ( RB effectively ) ) ( VBD stayed ) ( PRT ( VBN put ) ) ) )

Because mutual fund trades do n't take effect until the market close in this case at 4 p.m. these shareholders effectively stayed put


( S ( PP-LOC ( IN At ) ( NP ( NP ( NP ( NNP Fidelity ) ( POS 's ) ) ( NN office ) ) ( PP-LOC ( IN in ) ( NP ( NN downtown ) ( NNP Boston ) ) ) ) ) ( NP-SBJ ( NNP Gerald ) ( NNP Sherman ) ) ( VP ( VP ( VBD walked ) ( PRT ( RP in ) ) ( PP-TMP ( ADVP ( RB shortly ) ) ( IN after ) ( NP ( CD 7:30 ) ( RB a.m. ) ) ) ) ( CC and ) ( VP ( VBD placed ) ( NP ( DT an ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB switch ) ( NP ( PRP$ his ) ( NN retirement ) ( NNS accounts ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( CD three ) ( NN stock ) ( NNS funds ) ) ) ) ( CC and ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( NN money ) ( NN market ) ( NN fund ) ) ) ) ) ) ) ) ) )

At Fidelity 's office in downtown Boston Gerald Sherman walked in shortly after 7:30 a.m. and placed an order to switch his retirement accounts out of three stock funds and into a money market fund


( S ( CC But ) ( PP-TMP ( IN by ) ( NP ( CD 3:15 ) ( RB p.m. ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN market ) ) ( ADJP ( RB comfortably ) ( RB ahead ) ( PP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Sherman ) ) ( VP ( VBD was ) ( VP ( VBG preparing ) ( S ( VP ( TO to ) ( VP ( VB undo ) ( NP ( PRP$ his ) ( NN switch ) ) ) ) ) ) ) )

But by 3:15 p.m. with the market comfortably ahead for the day Mr. Sherman was preparing to undo his switch


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ nice ) ( NN feeling ) ) ( S-1 ( VP ( TO to ) ( VP ( VB know ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBD stabilized ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Sherman ) ) ( NP ( NP ( DT the ) ( JJ 51-year-old ) ( NN co-owner ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN discount ) ( NN department ) ( NN store ) ) ) ) ) )

It 's a nice feeling to know that things stabilized said Mr. Sherman the 51-year-old co-owner of a discount department store


( S ( CC But ) ( NP-SBJ-1 ( DT some ) ( NNS investors ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB switch ) ( PP-DIR ( RB out ) ( PP ( IN of ) ( NP ( CD high-risk ) ( JJ high-yield ) ( NN junk ) ( NNS funds ) ) ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN rebound ) ) ( PP ( IN from ) ( NP ( NP ( DT that ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN price ) ( NNS declines ) ) ) ) ) )

But some investors continued to switch out of high-risk high-yield junk funds despite yesterday 's rebound from that market 's recent price declines


( S ( NP-SBJ ( NNS Shareholders ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB steadily ) ) ( VBG bailing ) ( PRT ( RP out ) ) ( PP-CLR ( IN of ) ( NP ( JJ several ) ( JJ big ) ( NN junk ) ( NNS funds ) ) ) ( NP-TMP ( DT the ) ( JJ past ) ( JJ several ) ( NNS weeks ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( QP ( CD 200 ) ( CD billion ) ) ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN jolted ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( NN cash ) ( NN crunch ) ) ( PP-LOC ( IN at ) ( NP ( NNP Campeau ) ( NNP Corp. ) ) ) ) ( CC and ) ( NP ( RB steadily ) ( VBG declining ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) )

Shareholders have been steadily bailing out of several big junk funds the past several weeks as the 200 billion market was jolted by a cash crunch at Campeau Corp. and steadily declining prices


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( RB Much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN switched ) ( PP-DIR ( IN into ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ) ) ) ( NP-SBJ ( NN fund ) ( NNS executives ) ) ( VP ( VBP say ) ) )

Much of the money has been switched into money market funds fund executives say


( S ( PP ( RB Instead ) ( IN of ) ( S-NOM ( VP ( VBG selling ) ( NP ( NNS bonds ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NNS redemptions ) ) ) ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-2 ( DT some ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN borrowed ) ( PP-CLR ( IN from ) ( NP ( NNS banks ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NN withdrawal ) ( NNS requests ) ) ) ) ) ) ) )

Instead of selling bonds to meet redemptions however some funds have borrowed from banks to meet withdrawal requests


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ avoids ) ( S ( VP ( VBG knocking ) ( PRT ( RP down ) ) ( NP ( NNS prices ) ) ( ADVP ( RBR further ) ) ) ) ) )

This avoids knocking down prices further


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( ADJP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNP High ) ( NNP Yield ) ( NNP Fund ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD borrowed ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP Campeau ) ( NN crisis ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP J. ) ( NNP Collins ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNPS Associates ) ( NNP Inc ) ) ) ) ) )

The 1.1 billion T. Rowe Price High Yield Fund was among the funds that borrowed during the Campeau crisis says George J. Collins president of T. Rowe Price Associates Inc


( S ( NP-ADV ( DT That ) ( NN way ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Collins ) ) ( VP ( VBZ says ) ( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NNS securities ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ sloppy ) ( NN market ) ) ) ) ) ) ) ) ) ) )

That way Mr. Collins says We did n't have to sell securities in a sloppy market


( S-2 ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBN stabilized ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VP ( VBD sold ) ( NP ( DT the ) ( NNS bonds ) ) ) ( CC and ) ( VP ( ADVP ( RB quickly ) ) ( VBD paid ) ( NP ( DT the ) ( NNS loans ) ) ( PRT ( RB back ) ) ) ) )

When the market stabilized he added the firm sold the bonds and quickly paid the loans back


( S ( NP-SBJ ( NNP Tom ) ( NNP Herman ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Tom Herman contributed to this article


( S ( NP-SBJ ( NNPS Flowers ) ( NNPS Industries ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( DT a ) ( NN charge ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD eight ) ( NNS cents ) ( TO to ) ( CD 10 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( JJ fiscal ) ( JJ first ) ( NN quarter ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 23 ) ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( CD two ) ( NNS bakeries ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP High ) ( NNP Point ) ) ( NP ( NNP N.C. ) ) ) ( CC and ) ( NP ( NP ( NNP Gadsden ) ) ( NP ( NNP Ala ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Flowers Industries Inc. said it will report a charge of eight cents to 10 cents a share for its fiscal first quarter ended Sept. 23 from the sale of two bakeries in High Point N.C. and Gadsden Ala


( S ( NP-SBJ ( DT The ) ( NN convenience-food ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( DT the ) ( NNS bakeries ) ) ( PP-DTV ( TO to ) ( NP ( NNP Mills ) ( NNP Family ) ( NNP Bakery ) ) ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( JJ undisclosed ) ( NN amount ) ) ) ) ) ) ) )

The convenience-food company said it sold the bakeries to Mills Family Bakery for an undisclosed amount


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS sales ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( CD 1983 ) ( NNP Federal ) ( NNP Trade ) ( NNP Commission ) ( NNP Consent ) ( NNP Order ) ) ) ) ) ) ) ) )

It said the sales were part of a 1983 Federal Trade Commission Consent Order


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB earlier ) ) ( NP-SBJ ( NNS Flowers ) ) ( VP ( VBD had ) ( NP ( NP ( JJ fiscal ) ( JJ first-quarter ) ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 23 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 170.4 ) ( CD million ) ) ) ) ) ) ) ) )

A year earlier Flowers had fiscal first-quarter net income of 8 million or 23 cents a share on revenue of 170.4 million


( S ( NP-SBJ ( NP ( DT a ) ( JJ tragicomic ) ( NN monologue ) ) ( PP ( IN by ) ( NP ( NP ( DT an ) ( ADJP ( ADJP ( JJ idealistic ) ) ( ADJP ( RB not ) ( JJ unheroic ) ) ( IN though ) ( ADJP ( RB sadly ) ( JJ self-deceived ) ) ) ( JJ English ) ( NN butler ) ) ( PP ( IN in ) ( NP ( PRP$ his ) ( NNS sixties ) ) ) ) ) ) ( VP ( VBZ proceeds ) ( SBAR-ADV ( IN as ) ( IN if ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ realistic ) ( JJ English ) ( NN novel ) ) ( PP ( IN of ) ( NP ( NNS manners ) ) ) ) ( PP ( IN like ) ( NP ( NP ( NNP Britannia ) ) ( NP ( PRP herself ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBD ruled ) ( NP ( DT the ) ( NNS waves ) ) ) ) ) ) )

a tragicomic monologue by an idealistic not unheroic though sadly self-deceived English butler in his sixties proceeds as if the realistic English novel of manners like Britannia herself still ruled the waves


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( NP ( NNP Kazuo ) ( NNP Ishiguro ) ( POS 's ) ) ( NX-TTL ( DT The ) ( NNS Remains ) ( PP ( IN of ) ( NP ( DT the ) ( NN Day ) ) ) ) ) ( PRN ( NP ( NNP Knopf ) ) ( NP ( CD 245 ) ( NNS pages ) ) ( NP ( CD 18.95 ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT both ) ( NP ( NP ( DT an ) ( NN homage ) ) ( PP ( TO to ) ( NP ( JJ traditional ) ( JJ English ) ( NNS forms ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ dramatic ) ( NN critique ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ) ) )

In fact Kazuo Ishiguro 's The Remains of the Day Knopf 245 pages 18.95 is both an homage to traditional English forms and a dramatic critique of them


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ implies ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP British ) ( NNP Empire ) ) ( VP ( VBD was ) ( VP ( VBN rooted ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ its ) ( NNS subjects ) ( POS ' ) ) ( NNS minds ) ( NNS manners ) ( CC and ) ( NNS morals ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ argues ) ( ADVP-MNR ( RB tacitly ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP$ its ) ( JJ self-destructive ) ( NNS flaws ) ) ( VP ( VBD were ) ( VP ( VBN embodied ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ defensive ) ( NN snobbery ) ) ( NP ( JJ willful ) ( NN blindness ) ) ( NP ( NN role-playing ) ) ( CC and ) ( NP ( ADVP ( RB especially ) ) ( NP ( DT the ) ( NNS locutions ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ domestic ) ( NNS servants ) ) ) ) ) ) ) ) ) ) ) ) )

It implies that the British Empire was rooted in its subjects ' minds manners and morals and argues tacitly that its self-destructive flaws were embodied in the defensive snobbery willful blindness role-playing and especially the locutions of its domestic servants


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NP ( DT the ) ( NN narrator ) ( NNP Stevens ) ) ( NP ( NP ( DT the ) ( JJ solitary ) ( NN butler ) ) ( PP ( IN of ) ( NP ( NNP Darlington ) ( NNP Hall ) ) ) ) ) ( VP ( VBZ mulls ) ( PP-CLR ( IN over ) ( NP ( NP ( JJ such ) ( JJ hallowed ) ( NNS terms ) ) ( PP ( IN as ) ( NP ( NN greatness ) ( NN dignity ) ( NN service ) ( CC and ) ( NN loyalty ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP see ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( JJ pious ) ( NN cant ) ) ( VP ( VBZ subverts ) ( NP ( DT the ) ( NN soul ) ) ) ) ) ) )

As the narrator Stevens the solitary butler of Darlington Hall mulls over such hallowed terms as greatness dignity service and loyalty we see how pious cant subverts the soul


( S ( NP-SBJ ( NP ( NP ( NNP Stevens ) ( POS 's ) ) ( JJ dutiful ) ( NN conflation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ public ) ( CC and ) ( JJ private ) ( NNS realms ) ) ( PP ( IN like ) ( NP ( PRP$ his ) ( JJ beloved ) ( NN master ) ( POS 's ) ) ) ) ) ) ( VP ( VBZ destroys ) ( NP ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ) ) ) ) ) ) ) ) ) )

Stevens 's dutiful conflation of the public and private realms like his beloved master 's destroys all it was designed to preserve


( S ( NP-SBJ ( JJ Such ) ( NN armor ) ) ( VP ( VBZ crushes ) ( NP ( DT the ) ( NN soldier ) ) ) )

Such armor crushes the soldier


( S ( NP-SBJ ( DT The ) ( NN mask ) ) ( VP ( VBZ cuts ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ quick ) ) ) ) )

The mask cuts to the quick


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( CD 1956 ) ) ( NP ( NP ( DT the ) ( NN year ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Suez ) ( NN crisis ) ) ( VP ( VBD marked ) ( NP ( NP ( DT the ) ( JJ final ) ( NN end ) ) ( PP ( IN of ) ( NP ( NN Empire ) ) ) ) ) ) ) ) ) ) )

It 's 1956 the year the Suez crisis marked the final end of Empire


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ stands ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( NN hill ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ six-day ) ( NN motor ) ( NN expedition ) ) ( PP-DIR ( IN from ) ( NP ( NNP Oxfordshire ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP Cornwall ) ) ( SBAR ( WHADVP-4 ( WRB where ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ former ) ( NN housekeeper ) ) ) ( VP ( VBZ resides ) ( NP-1 ( NP ( ADVP ( RB perhaps ) ) ( DT the ) ( NN victim ) ) ( PP ( IN of ) ( NP ( DT an ) ( ADJP ( JJ unhappy ) ( JJ 20-year ) ( NN marriage ) ) ) ) ) ( ADJP-2 ( ADVP ( RB perhaps ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ hopes ) ( PP-MNR ( IN with ) ( NP ( NP ( JJR more ) ( NN fervor ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( ADVP-TMP ( RB ever ) ) ( VP ( VB acknowledge ) ) ) ) ) ) ) ) ) ) ( RB not ) ( JJ disinclined ) ( S ( VP ( TO to ) ( VP ( VB return ) ( PP-CLR ( TO to ) ( NP ( JJ domestic ) ( NN service ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Stevens ) ) ( VP ( VP ( NNS surveys ) ( NP ( DT the ) ( NN view ) ) ) ( CC and ) ( VP ( ADVP ( RB thereby ) ) ( VBZ provides ) ( NP ( NP ( DT a ) ( NN self-portrait ) ) ( NP ( DT a ) ( NN credo ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN author ) ( POS 's ) ) ( NN metaphor ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN aesthetic ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN novel ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG reading ) ) ) ) ) ) ) ) ) ) ) ) ) )

As he stands on a hill at the beginning of a six-day motor expedition from Oxfordshire to Cornwall where a former housekeeper resides perhaps the victim of an unhappy 20-year marriage perhaps he hopes with more fervor than he will ever acknowledge not disinclined to return to domestic service Stevens surveys the view and thereby provides a self-portrait a credo and the author 's metaphor for the aesthetic of the novel we 're reading


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP call ) ( S ( NP-SBJ ( NP ( DT this ) ( NN land ) ) ( PP ( IN of ) ( NP ( JJ ours ) ) ) ) ( NP-PRD ( NNP Great ) ( NNP Britain ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP believe ) ( S ( NP-SBJ ( DT this ) ) ( NP-PRD ( DT a ) ( ADJP ( RB somewhat ) ( JJ immodest ) ) ( NN practice ) ) ) ) ) ) ) ) ) ) )

We call this land of ours Great Britain and there may be those who believe this a somewhat immodest practice


( S ( ADVP ( RB Yet ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB venture ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN landscape ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN country ) ) ) ( ADVP ( RB alone ) ) ) ( VP ( MD would ) ( VP ( VB justify ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( DT this ) ( JJ lofty ) ( NN adjective ) ) ) ) ) ) ) ) ) ) )

Yet I would venture that the landscape of our country alone would justify the use of this lofty adjective


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ very ) ( NN lack ) ) ( PP ( IN of ) ( NP ( JJ obvious ) ( NN drama ) ( CC or ) ( NN spectacle ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ sets ) ( NP ( NP ( DT the ) ( NN beauty ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN land ) ) ) ) ( ADVP-CLR ( RB apart ) ) ) ) ) ) )

It is the very lack of obvious drama or spectacle that sets the beauty of our land apart


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ pertinent ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NN calmness ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN beauty ) ) ) ) ( NP ( NP ( PRP$ its ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN restraint ) ) ) ) ) ) )

What is pertinent is the calmness of that beauty its sense of restraint


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( SBAR-MNR-PRD ( IN as ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN land ) ) ( VP ( VP ( VBZ knows ) ( PP-CLR ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ( NN beauty ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ( NN greatness ) ) ) ) ) ( CC and ) ( VP ( VBZ feels ) ( NP-PRD ( DT no ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB shout ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

It is as though the land knows of its own beauty of its own greatness and feels no need to shout it


( S ( PP ( IN In ) ( NP ( NN comparison ) ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( NP ( NNS sights ) ) ( VP ( VBN offered ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ such ) ( NNS places ) ) ( PP ( IN as ) ( NP ( NNP Africa ) ( CC and ) ( NNP America ) ) ) ) ) ) ) ) ) ( IN though ) ( ADJP ( RB undoubtedly ) ( RB very ) ( JJ exciting ) ) ) ( VP ( MD would ) ( PRN ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( ADJP-PRD ( JJ sure ) ) ) ) ) ( VP ( VB strike ) ( NP ( DT the ) ( JJ objective ) ( NN viewer ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ inferior ) ) ) ( PP-PRP ( IN on ) ( NP ( NP ( NN account ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ unseemly ) ( NN demonstrativeness ) ) ) ) ) ) ) )

In comparison the sorts of sights offered in such places as Africa and America though undoubtedly very exciting would I am sure strike the objective viewer as inferior on account of their unseemly demonstrativeness


( NP ( DT An ) ( JJ effusive ) ( NN landscape ) )

An effusive landscape


( NP ( DT An ) ( JJ ill-mannered ) ( NN mountain ) )

An ill-mannered mountain


( S ( S ( CC But ) ( VP ( VB let ) ( S ( NP-SBJ ( NNP Stevens ) ) ( VP ( VB continue ) ( PP-MNR ( IN in ) ( NP ( PRP$ his ) ( JJ unwitting ) ( JJ comic ) ( NN manner ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NP ( PRP$ his ) ( JJ conscious ) ( NNS efforts ) ) ( PP ( IN at ) ( NP ( NN banter ) ) ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VB fail ) ( ADVP-MNR ( RBS most ) ( RB comically ) ) ) ) ) ( S ( NP-SBJ ( DT This ) ( JJ whole ) ( NN question ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ akin ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN question ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN caused ) ( NP ( JJ much ) ( NN debate ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NN profession ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NNS years ) ) ) ) ) ) ) ) ( SBARQ ( WHNP-2 ( WP what ) ) ( SQ ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ great ) ( NN butler ) ) ) ) ) ) ) ) ) ) )

But let Stevens continue in his unwitting comic manner his conscious efforts at banter always fail most comically This whole question is very akin to the question that has caused much debate in our profession over the years what is a great butler


( S ( NP-SBJ ( PRP$ His ) ( NN answer ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN one ) ) ( VP ( VBN possessed ) ( PP-CLR ( IN of ) ( NP ( NP ( DT a ) ( NN dignity ) ) ( PP ( IN in ) ( NP ( NP ( VBG keeping ) ) ( PP ( IN with ) ( NP ( PRP$ his ) ( NN position ) ) ) ) ) ) ) ) ) ) )

His answer is one possessed of a dignity in keeping with his position


( S ( NP-SBJ-2 ( JJ Such ) ( NN dignity ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB do ) ( ADVP ( RB crucially ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN butler ) ( POS 's ) ) ( NN ability ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB abandon ) ( NP ( NP ( DT the ) ( JJ professional ) ( NN being ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ inhabits ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Such dignity has to do crucially with a butler 's ability not to abandon the professional being he inhabits


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( MD will ) ( RB not ) ( VP ( VB be ) ( VP ( VBN shaken ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ external ) ( NNS events ) ) ( ADJP ( RB however ) ( JJ surprising ) ( JJ alarming ) ( CC or ) ( JJ vexing ) ) ) ) ) ) ) )

He will not be shaken out by external events however surprising alarming or vexing


( S ( NP-SBJ-1 ( NNS Continentals ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NNS butlers ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP ( IN as ) ( NP ( DT a ) ( NN breed ) ) ) ( ADJP-PRD ( JJ incapable ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ emotional ) ( NN restraint ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( RB only ) ( DT the ) ( JJ English ) ( NN race ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ capable ) ( PP ( IN of ) ) ) ) ) ) ) ) ) ) ) ) ) )

Continentals are unable to be butlers because they are as a breed incapable of the emotional restraint which only the English race are capable of


( S ( S ( PP ( IN Despite ) ( NP ( PRP$ his ) ( JJ racial ) ( NN advantage ) ) ) ( S-NOM-SBJ ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ great ) ( NN butler ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ heroic ) ( NN calling ) ) ) ) ( S ( NP-SBJ ( NP ( PRP one ) ( POS 's ) ) ( NN pantry ) ) ( VP ( VBZ is ) ( PP-PRD ( RB not ) ( IN unlike ) ( NP ( NP ( NP ( NN general ) ( POS 's ) ) ( NN headquarters ) ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( NN battle ) ) ) ) ) ) ) )

Despite his racial advantage to be a great butler is a heroic calling one 's pantry is not unlike general 's headquarters during a battle


( S ( SBAR-ADV ( IN If ) ( S ( PP ( IN for ) ( NP ( NN example ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN midst ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ great ) ( JJ social ) ( NN occasion ) ) ( PRN ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT an ) ( JJ international ) ( NN conference ) ) ( PP ( IN on ) ( S-NOM ( VP ( VBG revising ) ( NP ( DT the ) ( NNP Versailles ) ( NNP Treaty ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1923 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NP ( PRP one ) ( POS 's ) ) ( CD 72-yearold ) ( NN father ) ) ( NP ( NP ( PRP himself ) ) ( NP ( DT a ) ( JJ great ) ( NN butler ) ) ( ADVP-TMP ( RB once ) ) ) ) ( VP ( MD should ) ( VP ( VB happen ) ( S ( VP ( TO to ) ( VP ( VB die ) ( PP-CLR ( IN of ) ( NP ( DT a ) ( NN stroke ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP one ) ) ( VP ( MD must ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB serve ) ( NP ( DT the ) ( NN port ) ) ) ) ) ) ) ( S ( INTJ ( VB Please ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( S ( NP-SBJ-4 ( PRP me ) ) ( ADJP-PRD ( RB unduly ) ( JJ improper ) ( PP ( IN in ) ( S-NOM ( RB not ) ( VP ( VBG ascending ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( PRP$ my ) ( NN father ) ) ( PP ( IN in ) ( NP ( PRP$ his ) ( JJ deceased ) ( NN condition ) ) ) ) ( PP-TMP ( RB just ) ( IN at ) ( NP ( DT this ) ( NN moment ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If for example in the midst of a great social occasion such as an international conference on revising the Versailles Treaty in 1923 one 's 72-yearold father himself a great butler once should happen to die of a stroke one must continue to serve the port Please do n't think me unduly improper in not ascending to see my father in his deceased condition just at this moment


( S ( FRAG ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP see ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP know ) ( SBAR ( S ( NP-SBJ ( PRP$ my ) ( NN father ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBD wished ) ( S ( NP-SBJ ( PRP me ) ) ( VP ( TO to ) ( VP ( VB carry ) ( PRT ( RP on ) ) ( ADVP-TMP ( RB just ) ( RB now ) ) ) ) ) ) ) ) ) ) ) )

You see I know my father would have wished me to carry on just now


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN dignity ) ( CC and ) ( NN restraint ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ allows ) ( S ( NP-SBJ ( NNP Stevens ) ) ( VP ( TO to ) ( VP ( VB declare ) ( S ( PP ( IN For ) ( NP ( DT all ) ( PRP$ its ) ( JJ sad ) ( NNS associations ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB whenever ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP recall ) ( NP ( DT that ) ( NN evening ) ) ( NP-TMP ( NN today ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP find ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( ADVP-PRD ( RB so ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT a ) ( JJ large ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN triumph ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is this kind of dignity and restraint that allows Stevens to declare For all its sad associations whenever I recall that evening today I find I do so with a large sense of triumph


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP note ) ( NP ( NP ( DT the ) ( JJ imperial ) ( JJ public ) ( NN word ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB deny ) ( NP ( JJ private ) ( NN rage ) ( CC and ) ( NN sorrow ) ) ) ) ) ) ) ) )

We note the imperial public word used to deny private rage and sorrow


( S ( NP-SBJ ( IN That ) ( S ( NP-SBJ ( NP ( NNP Stevens ) ) ( NP ( PRP himself ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB not ) ( ADJP ( JJ grotesque ) ( CC or ) ( JJ repellent ) ) ( CC but ) ( ADJP ( JJ funny ) ( CC and ) ( JJ sad ) ( CC and ) ( JJ enlightening ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB entirely ) ) ( NP-PRD ( NP ( DT the ) ( NN author ) ( POS 's ) ) ( NN triumph ) ) ) )

That Stevens himself is not grotesque or repellent but funny and sad and enlightening is entirely the author 's triumph


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Ishiguro ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ fallible ) ( NN narrative ) ( NN voice ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ permits ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB explore ) ( NP ( JJ such ) ( VBG intertwining ) ( ADJP ( JJ domestic ) ( JJ cultural ) ( CC and ) ( JJ political ) ) ( NNS themes ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB abundantly ) ( JJ clear ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ his ) ( JJ previous ) ( NN novel ) ) ( NP ( NP-TTL ( NP ( DT An ) ( NN Artist ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Floating ) ( NN World ) ) ) ) ( VP ( VBN set ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN war ) ) ) ) ) ) ) ) )

Mr. Ishiguro 's ability to create a fallible narrative voice that permits him to explore such intertwining domestic cultural and political themes was abundantly clear in his previous novel An Artist of the Floating World set in Japan after the war


( S ( ADVP-TMP ( RB Now ) ) ( S-ADV ( VP ( VBG shifting ) ( NP ( PRP$ his ) ( NN scene ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( NN country ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD left ) ( PP-TMP ( IN at ) ( NP ( CD five ) ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NNP England ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN lived ) ( PP ( IN in ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RB nearly ) ( CD 30 ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN fashioned ) ( NP ( NP ( DT a ) ( NN novel ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN mode ) ) ( PP ( IN of ) ( NP ( NP ( NNP Henry ) ( NNP James ) ) ( CC and ) ( NP ( NNP E.M. ) ( NNP Forster ) ) ) ) ) ) ) ) ) )

Now shifting his scene from the country he left at five to the England he has lived in for nearly 30 years he has fashioned a novel in the mode of Henry James and E.M. Forster


( S ( PP ( IN With ) ( NP ( JJ great ) ( NN aplomb ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ considers ) ( NP ( CONJP ( RB not ) ( RB only ) ) ( NP ( NP ( JJ filial ) ( NN devotion ) ) ( CC and ) ( NP ( PRN ( ADJP ( RB utterly ) ( JJ repressed ) ) ) ( JJ sexual ) ( NN love ) ) ) ( CC but ) ( NP ( NP ( JJ British ) ( NNP anti-Semitism ) ) ( NP ( NP ( DT the ) ( NN gentry ) ( POS 's ) ) ( NP ( NN impatience ) ) ( PP ( IN with ) ( NP ( NN democracy ) ) ) ( CC and ) ( NP ( NP ( NN support ) ) ( PP ( IN of ) ( NP ( NNP Hitler ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( JJ moral ) ( NNS problematics ) ) ( PP ( IN of ) ( NP ( NN loyalty ) ) ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( PP ( IN in ) ( NP ( NN practice ) ) ) ( ADJP-PRD ( RB simply ) ( RB not ) ( JJ possible ) ( S ( VP ( TO to ) ( VP ( VP ( VB adopt ) ( NP ( JJ such ) ( DT a ) ( JJ critical ) ( NN attitude ) ) ( PP ( IN towards ) ( NP ( DT an ) ( NN employer ) ) ) ) ( CC and ) ( VP ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( VB provide ) ( NP ( JJ good ) ( NN service ) ) ) ) ) ) ) ) ) ) ) ) ) )

With great aplomb he considers not only filial devotion and utterly repressed sexual love but British anti-Semitism the gentry 's impatience with democracy and support of Hitler and the moral problematics of loyalty It is in practice simply not possible to adopt such a critical attitude towards an employer and at the same time provide good service


( S ( NP-SBJ ( DT This ) ( NN employer ) ) ( VP ( VBZ embodies ) ( NP ( NP ( DT all ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP find ) ( S ( ADJP-PRD ( JJ noble ) ( CC and ) ( JJ admirable ) ) ) ) ) ) ) ) )

This employer embodies all that I find noble and admirable


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD will ) ( ADVP-TMP ( RB hereafter ) ) ( VP ( VB devote ) ( NP ( PRP myself ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG serving ) ( NP ( PRP him ) ) ) ) ) ) ) )

I will hereafter devote myself to serving him


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN loyalty ) ) ( VP ( ADVP-MNR ( RB intelligently ) ) ( VBN bestowed ) ) ) ) )

This is loyalty intelligently bestowed


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN end ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( NN meeting ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ former ) ( NN housekeeper ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Stevens ) ) ( VP ( VP ( VBZ sits ) ( PP-LOC ( IN by ) ( NP ( DT the ) ( NN seashore ) ) ) ( PP-TMP ( IN at ) ( NP ( NN dusk ) ) ) ( S-ADV ( VP ( VBG thinking ) ( PP-CLR ( PP ( IN of ) ( NP ( PRP her ) ) ) ( CC and ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN employer ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ declares ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD trusted ) ) ) ) ) )

In the end after meeting with the former housekeeper Stevens sits by the seashore at dusk thinking of her and of his employer and declares I trusted


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD trusted ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ his ) ( NN lordship ) ( POS 's ) ) ( NN wisdom ) ) ) ) )

I trusted in his lordship 's wisdom


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD ca ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD made ) ( NP ( PRP$ my ) ( JJ own ) ( NNS mistakes ) ) ) ) ) ) ) )

I ca n't even say I made my own mistakes


( S ( ADVP ( RB Really ) ) ( NP-SBJ-1 ( PRP one ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB ask ) ( NP ( PRP oneself ) ) ( SBARQ ( WHNP-2 ( WP what ) ( NN dignity ) ) ( SQ ( VBZ is ) ( NP-SBJ ( RB there ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ) ) ) ) ) ) ) ) )

Really one has to ask oneself what dignity is there in that