( S ( NP-SBJ-2 ( DT The ) ( JJ Belgian ) ( NN computer ) ( NN system ) ) ( ADVP ( RB finally ) ) ( VP ( VBD was ) ( VP ( VBN repaired ) ( CC and ) ( VBN restarted ) ( PP-TMP ( IN on ) ( NP ( NP ( NNP Tuesday ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN week ) ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN aid ) ) ( PP ( IN of ) ( NP ( NP ( NNP Toronto ) ( NNP Stock ) ( NNP Exchange ) ( NNS officials ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD developed ) ( NP ( DT the ) ( NN system ) ) ) ) ) ) ) ) ) ) ) )

The Belgian computer system finally was repaired and restarted on Tuesday of this week with the aid of Toronto Stock Exchange officials who developed the system


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Frankfurt ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB only ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ two-hour ) ( JJ daily ) ( NN stock-trading ) ( NN session ) ) ( PP-TMP ( ADVP ( RB even ) ) ( IN in ) ( NP ( NP ( DT the ) ( JJS best ) ) ( PP ( IN of ) ( NP ( NNS times ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB open ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD 45 ) ( NNS minutes ) ) ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( NN order ) ( NNS imbalances ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( NP-SBJ ( NNS brokers ) ) ( VP ( VBP blame ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NP ( JJ sell ) ( NNS orders ) ) ( PP ( IN from ) ( NP ( JJ small ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In Frankfurt which only has a two-hour daily stock-trading session even in the best of times stocks did n't open for the first 45 minutes because of order imbalances that brokers blame on a wave of sell orders from small investors


( S ( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( VBD processed ) ( NP ( NP ( JJ six-foot ) ( NNS telexes ) ) ( PP ( IN of ) ( NP ( JJ sell ) ( NNS orders ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN crush ) ) ( VP ( VBD led ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP Manic ) ( NNP Monday ) ( POS 's ) ) ( JJS worst ) ( NN decline ) ) ) ) ) ( S ( NP-SBJ ( JJ German ) ( NNS stocks ) ) ( VP ( VBD ended ) ( ADVP-CLR ( RB down ) ( NP ( CD 13 ) ( NN % ) ) ) ) ) )

As banks processed six-foot telexes of sell orders the crush led to Manic Monday 's worst decline German stocks ended down 13 %


( S ( NP-SBJ-1 ( NN Exchange ) ( NNS officials ) ) ( VP ( VBD extended ) ( NP ( NN trading ) ( NNS hours ) ) ( NP-ADV ( NP ( NP ( CD 75 ) ( NNS minutes ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ( CC and ) ( NP ( NP ( CD 65 ) ( NNS minutes ) ) ( PP-TMP ( IN on ) ( NP ( NNP Tuesday ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB clear ) ( PRT ( RP up ) ) ( NP ( NN order ) ( NNS backlogs ) ) ) ) ) ) )

Exchange officials extended trading hours 75 minutes on Monday and 65 minutes on Tuesday to clear up order backlogs


( S ( S-TPC-1 ( PP-LOC ( IN In ) ( NP ( NNP France ) ) ) ( NP-SBJ ( NP ( QP ( JJR more ) ( IN than ) ( NN half ) ) ( DT the ) ( JJ top ) ( CD 25 ) ( JJ blue-chip ) ( NNS stocks ) ) ( PRN ( PP ( VBG including ) ( NP ( NP ( JJ such ) ( NNS giants ) ) ( PP ( IN as ) ( NP ( NP ( NNP BSN ) ) ( CC and ) ( NP ( NNP Elf ) ( NNP Aquitaine ) ) ) ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB open ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD rallied ) ( ADVP-TMP ( RB late ) ( PP ( IN in ) ( NP ( DT the ) ( JJ European ) ( NN trading ) ( NN day ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ) )

In France more than half the top 25 blue-chip stocks including such giants as BSN and Elf Aquitaine did n't open until Wall Street rallied late in the European trading day traders say


( S ( NP-SBJ ( DT The ) ( NN rally ) ) ( VP ( VBD transformed ) ( NP ( DT some ) ( JJ big ) ( NN sell ) ( NNS orders ) ) ( PP-CLR ( IN into ) ( NP ( JJ big ) ( NN buy ) ( NNS orders ) ) ) ( S-ADV ( VP ( VBG solving ) ( NP ( DT an ) ( NN order-imbalance ) ( NN problem ) ) ) ) ) )

The rally transformed some big sell orders into big buy orders solving an order-imbalance problem


( S ( CC But ) ( PP-TMP ( IN by ) ( NP ( DT that ) ( NN time ) ) ) ( NP-SBJ ( JJ many ) ( JJ big ) ( NNS institutions ) ) ( VP ( VBD had ) ( VP ( VBN switched ) ( NP ( NN business ) ) ( PP-CLR ( TO to ) ( NP ( NNP London ) ) ) ) ) )

But by that time many big institutions had switched business to London


( S ( S ( NP-SBJ-1 ( NNP Belgium ) ) ( VP ( VBD was ) ( VP ( VBN closed ) ( PP-TMP ( IN for ) ( NP ( CD two ) ( NNS days ) ) ) ) ) ) ( S ( NP-SBJ ( NNP France ) ) ( VP ( VBD closed ) ( PP-TMP ( IN for ) ( NP ( NP ( DT a ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS hours ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( NNP Germany ) ) ( VP ( VBD was ) ( VP ( VBN stuck ) ) ) ) )

Belgium was closed for two days France closed for a couple of hours Germany was stuck


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN nightmare ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Susan ) ( NNP Noble ) ) ( NP ( NP ( DT an ) ( NN investment ) ( NN manager ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Robert ) ( NNP Fleming ) ( NNPS Holdings ) ( NNP Ltd. ) ( POS 's ) ) ( NNP International ) ( NNP Investment ) ( NNP Management ) ( NN unit ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) )

It was a nightmare says Susan Noble an investment manager at Robert Fleming Holdings Ltd. 's International Investment Management unit in London


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ worrying ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( DT these ) ( NNS markets ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB cope ) ) ) ) ) ) )

It 's very worrying that these markets ca n't cope


( S ( PP-TMP ( IN On ) ( NP ( NNP Manic ) ( NNP Monday ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NP ( JJ German ) ( NNS shares ) ) ( VP ( VBN traded ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD tripled ) ( PP-DIR ( TO to ) ( NP ( CD 2.2 ) ( CD million ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN volume ) ) ( PP ( IN of ) ( NP ( JJ French ) ( NNS shares ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 48 ) ( NN % ) ) ) ) )

On Manic Monday the volume of German shares traded in London more than tripled to 2.2 million and the volume of French shares rose 48 %


( S ( PP ( IN By ) ( NP ( NN comparison ) ) ) ( NP-SBJ ( NP ( JJ German ) ( JJ domestic ) ( NN stock ) ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ( VP ( ADVP ( RB only ) ) ( VBD doubled ) ( NP-TMP ( DT that ) ( NN day ) ) ) )

By comparison German domestic stock volume in Frankfurt only doubled that day


( S ( NP-SBJ ( NP ( DT The ) ( NN switch ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ( PP-TMP ( IN during ) ( NP ( JJ such ) ( JJ turbulent ) ( NNS times ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ significant ) ) ) )

The switch to the London market during such turbulent times is significant


( S ( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ affected ) ( NN market ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ enormous ) ) ) ) ( S ( NP-SBJ ( DT the ) ( JJ European ) ( NN stock ) ( NNS markets ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( DT some ) ( CD 22.5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ global ) ( NN stock ) ( NN market ) ( NN capitalization ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( VBN estimated ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.175 ) ( CD trillion ) ) ) ) ) ) ( PP ( VBG according ) ( PP-CLR ( TO to ) ( NP ( NNP Morgan ) ( NNP Stanley ) ( NNP Capital ) ( NNP International ) ) ) ) ) ) )

For one thing the size of the affected market is enormous the European stock markets account for some 22.5 % of global stock market capitalization with an estimated value of 2.175 trillion according to Morgan Stanley Capital International


( S ( NP-SBJ ( DT The ) ( JJ Continental ) ( NNS markets ) ( RB alone ) ) ( VP ( VBP contribute ) ( NP ( NP ( QP ( IN about ) ( CD 14.3 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( VBN estimated ) ( NN world ) ( NN market ) ( NN capitalization ) ) ( PP ( IN of ) ( NP ( QP ( CD 9.671 ) ( CD trillion ) ) ) ) ) ) ) ) )

The Continental markets alone contribute about 14.3 % of estimated world market capitalization of 9.671 trillion


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NP ( DT the ) ( ADJP ( RB widely ) ( VBN traded ) ) ( NNS shares ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBN quoted ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) ) ( VP ( NN account ) ( PP-CLR ( IN for ) ( NP ( NP ( RB only ) ( DT a ) ( JJ small ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS totals ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VP ( ADVP-TMP ( RB still ) ) ( VBP are ) ( NP-PRD ( DT the ) ( ADJP ( ADVP ( RBS most ) ( RB closely ) ) ( JJ watched ) ) ( NP ( NNS stocks ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN viewed ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN barometer ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ local ) ( NNS markets ) ) ) ) ) ( ADVP ( RB generally ) ) ) ) ) )

Though the widely traded shares that are quoted in London account for only a small portion of those totals they still are the most closely watched stocks and are often viewed as a barometer for the local markets generally


( S ( NP-SBJ ( NP ( DT The ) ( NN switch ) ) ( PP ( TO to ) ( NP ( NNP London ) ) ) ) ( VP ( VBZ underscores ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ economic ) ( NN restructuring ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NNP European ) ( NNP Community ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( DT a ) ( JJ single ) ( NN market ) ) ( PP-TMP ( IN by ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ European ) ( NN stock ) ( NN trading ) ) ( VP ( VBZ remains ) ( NP-PRD ( DT a ) ( ADJP ( ADJP ( RB highly ) ( JJ fragmented ) ) ( CC and ) ( ADJP ( RB very ) ( JJ localized ) ) ) ( NN activity ) ) ) ) ) ) ) )

The switch to London underscores the fact that despite the economic restructuring associated with European Community efforts to develop a single market by 1992 European stock trading remains a highly fragmented and very localized activity


( S ( PP-LOC ( IN Against ) ( NP ( DT this ) ( NN backdrop ) ) ) ( NP-SBJ ( NP ( CD one ) ( NN thing ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ does ) ( RB n't ) ( VP ( VB seem ) ( ADJP-PRD ( RB likely ) ( S ( VP ( TO to ) ( VP ( VB result ) ( PP-CLR ( IN from ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ single ) ( JJ European ) ( NN stock ) ( NN market ) ) ) )

Against this backdrop one thing that does n't seem likely to result from 1992 is a single European stock market


( S ( ADVP ( RB Rather ) ) ( NP-SBJ ( EX there ) ) ( ADVP ( RB increasingly ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NP ( JJ international ) ( NN brokerage ) ( CC and ) ( JJ trading ) ( NNS firms ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( VBP operate ) ( PP-LOC ( IN in ) ( NP ( JJS most ) ( JJ European ) ( JJ financial ) ( NNS centers ) ) ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( JJ European ) ( NNS giants ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Barclays ) ( NNP Bank ) ( NNP PLC ) ) ( CC and ) ( NP ( NNP Deutsche ) ( NNP Bank ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( CC and ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Nomura ) ( NNPS Securities ) ( NNP Co ) ) ) ) ) ) ) )

Rather there increasingly is a group of international brokerage and trading firms that operate in most European financial centers including European giants such as Barclays Bank PLC and Deutsche Bank as well as Merrill Lynch & Co. and Shearson Lehman Hutton Inc. of the U.S. and Japan 's Nomura Securities Co


( S ( NP-SBJ ( NP ( DT These ) ( NNS firms ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB often ) ) ( VP ( VBP have ) ( VP ( VBN acquired ) ( NP ( DT a ) ( JJ local ) ( NN brokerage ) ( NN firm ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG calling ) ( NP ( DT the ) ( NNS shots ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG deciding ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ( NN market ) ) ) ( S ( VP ( TO to ) ( VP ( VB transact ) ( NP ( DT a ) ( NN trade ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

These firms which often have acquired a local brokerage firm are calling the shots when it comes to deciding in which market to transact a trade


( S ( CC And ) ( NP-SBJ ( NP ( JJ senior ) ( NNS officials ) ) ( PP ( IN of ) ( NP ( CD two ) ( NNP U.S. ) ( NNS securities ) ( NNS houses ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD switched ) ( NP ( NP ( NNS trades ) ) ( PP-LOC ( IN in ) ( NP ( JJ European ) ( NNS stocks ) ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ( NP-TMP ( NP ( JJ last ) ( NN week ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB unwind ) ( NP ( NP ( NNS positions ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN Continent ) ) ) ) ) ) ) ) ) ) ) ) ) )

And senior officials of two U.S. securities houses say they switched trades in European stocks to the London market last week when they could n't unwind positions on the Continent


( S ( ADVP-TMP ( RB Meantime ) ) ( NP-SBJ ( NP ( NNS brokers ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN Continent ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ worried ) ) ( ADVP ( RB too ) ) ( PP-1 ( ADVP ( RB mostly ) ) ( IN by ) ( NP ( NP ( DT the ) ( JJ potential ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ) ) )

Meantime brokers on the Continent are worried too mostly by the potential loss of business


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( RB much ) ( JJR happier ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( DT this ) ( NN volume ) ) ( PRN ( PP ( IN in ) ( NP ( JJ German ) ( NNS stocks ) ) ) ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNP Frankfurt ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NNP London ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Dieter ) ( NNP Bauernfeind ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( JJ international ) ( NN equity ) ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Dresdner ) ( NNP Bank ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ) ) ) ) ) )

I would be much happier if this volume in German stocks were in Frankfurt rather than London says Dieter Bauernfeind head of international equity sales at Dresdner Bank in Frankfurt


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ acknowledges ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ-1 ( NNS spreads ) ) ( VP ( VBD were ) ( ADJP-PRD-2 ( RB too ) ( JJ wide ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NNS volumes ) ) ( ADJP=2 ( RB too ) ( JJ light ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ extreme ) ( NNS conditions ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Manic ) ( NNP Monday ) ) ) ) ) ) )

He acknowledges that spreads were too wide and volumes too light in the extreme conditions on Manic Monday


( S ( S ( ADVP ( RB Already ) ) ( NP-SBJ-1 ( DT the ) ( NNPS Germans ) ) ( VP ( VBP appear ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG acting ) ) ) ) ) ) ) ( S ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ special ) ( NN meeting ) ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( NN day ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decline ) ) ) ) ) ( NP-SBJ-2 ( NP ( NNS directors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Frankfurt ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ( VP ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB extend ) ( NP ( PRP$ their ) ( NN trading ) ( NNS hours ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN decided ) ( UCP ( WHADVP ( WRB when ) ) ( CC or ) ( PP ( IN by ) ( NP ( WRB how ) ( JJ much ) ) ) ) ) ) ) ) ) ) )

Already the Germans appear to be acting at a special meeting on the day of the decline directors of the Frankfurt Stock Exchange voted to extend their trading hours although they have n't decided when or by how much


( S ( NP-SBJ-1 ( DT A ) ( NNP Frankfurt ) ( NN exchange ) ( NN official ) ) ( S-ADV ( VP ( VBG acknowledging ) ( NP ( NP ( DT the ) ( NNS brokers ) ( POS ' ) ) ( NNS anxieties ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ feels ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD functioned ) ( ADVP-MNR ( UH OK ) ) ( PP-TMP ( IN during ) ( NP ( DT this ) ( NN crash ) ) ) ) ) ) ) ) ) ) )

A Frankfurt exchange official acknowledging the brokers ' anxieties says the market still feels it functioned OK during this crash


( S ( NP-SBJ ( NP ( DT The ) ( NNPS Dutch ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( NP ( DT some ) ( NN trading ) ( NNS problems ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ insufficient ) ( NN computer ) ( NN capacity ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( NP ( JJ new ) ( NN equipment ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB solve ) ( NP ( DT the ) ( NNS problems ) ) ) ) ) ) ) ( VP ( MD ought ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN installed ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( NN month ) ) ) ) ) ) ) ) ) ) ) )

The Dutch who had some trading problems because of insufficient computer capacity say new equipment to solve the problems ought to be installed within a month


( SINV ( VP ( VBZ Says ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Brussels ) ( NNP Bourse ) ) ) ) ( S-1 ( NP-SBJ ( NP ( NN Nobody ) ) ( PP-LOC ( IN around ) ( NP ( RB here ) ) ) ) ( VP ( MD will ) ( VP ( VB tell ) ( NP ( PRP you ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ happy ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN system ) ) ( VP ( VBD did ) ( RB n't ) ( NP ( NN work ) ) ) ) ) ) ) ) ) ) ) ) )

Says a spokeswoman for the Brussels Bourse Nobody around here will tell you they are happy the system did n't work


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( RB just ) ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ( NNS things ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD happened ) ) ) ) ) ) ) ) )

But it 's just one of those things that happened


( S ( NP-SBJ-1 ( NNS Investors ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN assured ) ( ADVP-TMP ( RB now ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN problem ) ) ) ) ( VP ( MD can ) ( ADVP-TMP ( RB never ) ) ( VP ( VB occur ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) )

Investors can be assured now that this kind of problem can never occur again


( S ( CC But ) ( PP ( IN for ) ( NP ( NNS others ) ) ) ( NP-SBJ ( DT the ) ( NNS pledges ) ) ( VP ( VBP echo ) ( NP ( NP ( DT the ) ( NNS promises ) ) ( VP ( VBN made ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( CD 1987 ) ( NN stock ) ( NN crash ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( JJ similar ) ( NNS problems ) ) ( VP ( VBD led ) ( S ( NP-SBJ ( JJ many ) ( NNS markets ) ) ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NP ( DT the ) ( JJ new ) ( NNS systems ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD performed ) ( ADVP-MNR ( RB so ) ( RB badly ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But for others the pledges echo the promises made after the 1987 stock crash when similar problems led many markets to develop the new systems that performed so badly last week


( S ( NP-SBJ ( PRP They ) ( DT all ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD invested ) ( NP ( NP ( JJ huge ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ) ) ) ) ) )

They all said they invested huge amounts of money


( SINV ( S-TPC-1 ( CC But ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB either ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB buy ) ( NP ( DT the ) ( JJ right ) ( NNS machines ) ) ) ) ) ( CC or ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD wasted ) ( NP ( PRP it ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Fleming ) ( POS 's ) ) ( NNP Ms. ) ( NNP Noble ) ) )

But they either did n't buy the right machines or they wasted it says Fleming 's Ms. Noble


( S ( S-TPC-1 ( NP-SBJ ( ADJP ( ADJP ( JJ West ) ( JJ German ) ) ( CC and ) ( ADJP ( JJ French ) ) ) ( NNS authorities ) ) ( VP ( VBP have ) ( VP ( VBN cleared ) ( NP ( NP ( NP ( NNP Dresdner ) ( NNP Bank ) ( NNP AG ) ( POS 's ) ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN majority ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NP ( NNP Banque ) ( NNP Internationale ) ( FW de ) ( NNP Placement ) ) ( PRN ( NP ( NNP BIP ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Dresdner ) ( NNP Bank ) ) ( VP ( VBD said ) ) )

West German and French authorities have cleared Dresdner Bank AG 's takeover of a majority stake in Banque Internationale de Placement BIP Dresdner Bank said


( S ( NP-SBJ ( NP ( DT The ) ( NN approval ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN expected ) ) ) ) ) ) ) ( VP ( VBZ permits ) ( S ( NP-SBJ ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( JJ second-largest ) ( NN bank ) ) ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ French ) ( NN investment ) ( NN bank ) ) ) ) ) ) ) ) )

The approval which had been expected permits West Germany 's second-largest bank to acquire shares of the French investment bank


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ first ) ( NN step ) ) ) ( NP-SBJ ( NNP Dresdner ) ( NNP Bank ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NP ( CD 32.99 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP BIP ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NP ( CD 1,015 ) ( JJ French ) ( NNS francs ) ) ( PRN ( NP ( CD 162 ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( NP ( QP ( CD 528 ) ( CD million ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 84.7 ) ( CD million ) ) ) ) ) ) ) ) ) )

In a first step Dresdner Bank will buy 32.99 % of BIP for 1,015 French francs 162 a share or 528 million francs 84.7 million


( S ( NP-SBJ ( NNP Dresdner ) ( NNP Bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB buy ) ( NP ( NP ( DT all ) ( NNS shares ) ) ( VP ( VBN tendered ) ( PP ( IN by ) ( NP-LGS ( NNS shareholders ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Paris ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( PP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN price ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NN today ) ) ) ( PP ( IN through ) ( NP ( NNP Nov. ) ( CD 17 ) ) ) ) ) ) ) ) ) )

Dresdner Bank said it will also buy all shares tendered by shareholders on the Paris Stock Exchange at the same price from today through Nov. 17


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ has ) ( NP ( DT an ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( DT a ) ( ADJP ( CD 30.84 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP BIP ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Societe ) ( NNP Generale ) ) ) ( PP-TMP ( IN after ) ( NP ( NNP Jan. ) ( CD 1 ) ( CD 1990 ) ) ) ( PP ( IN at ) ( NP ( NP ( CD 1,015 ) ( NNS francs ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

In addition the bank has an option to buy a 30.84 % stake in BIP from Societe Generale after Jan. 1 1990 at 1,015 francs a share


( S ( NP-SBJ ( NNP AEP ) ( NNPS INDUSTRIES ) ( NNP Inc. ) ( NNS directors ) ) ( VP ( VBD authorized ) ( NP ( NP ( DT a ) ( JJ 3-for-2 ) ( NN split ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ common ) ) ( ADVP ( JJ payable ) ( NP-TMP ( NNP Dec. ) ( CD 7 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( VB stock ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 22 ) ) ) ) ) ) ) ) ) )

AEP INDUSTRIES Inc. directors authorized a 3-for-2 split of the common payable Dec. 7 to stock of record Nov. 22


( SINV ( S-2 ( NP-SBJ-1 ( DT The ) ( NN split ) ) ( VP ( VBD was ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG boosting ) ( NP ( NP ( DT the ) ( NN stock ) ( POS 's ) ) ( NN liquidity ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Brendan ) ( NNP Barba ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-LOC ( NP ( NNP Moonachie ) ) ( NP ( NNP N.J. ) ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN plastic ) ( NN film ) ( NNS products ) ) ) ) ) ) ) )

The split was aimed at boosting the stock 's liquidity said Brendan Barba chairman of the Moonachie N.J. maker of plastic film products


( S ( PP-TMP ( IN After ) ( NP ( DT the ) ( NN split ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 4.7 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) )

After the split the company will have more than 4.7 million shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP AEP ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 21.25 ) ) ) ( ADVP ( RB down ) ( NP ( CD 50 ) ( NNS cents ) ) ) ) )

In national over-the-counter trading yesterday AEP shares closed at 21.25 down 50 cents


( S ( NP-SBJ ( NP ( NP ( CD Two ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJS largest ) ( NN paper ) ( NNS manufacturers ) ) ) ) ( NP ( NP ( NNP Oji ) ( NNP Paper ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Jujo ) ( NNP Paper ) ( NNP Co. ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ unconsolidated ) ( JJ pretax ) ( NN profit ) ( NNS gains ) ) ( PP-TMP ( IN from ) ( NP ( DT a ) ( NN year ) ( RB earlier ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( VP ( VBD ended ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( PP-1 ( IN on ) ( NP ( NP ( VBG continuing ) ( JJ robust ) ( JJ domestic ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN paper ) ( NNS products ) ) ) ) ) ) )

Two of Japan 's largest paper manufacturers Oji Paper Co. and Jujo Paper Co. posted unconsolidated pretax profit gains from a year earlier for the first half ended Sept. 30 on continuing robust domestic demand for paper products


( S ( NP-SBJ ( NP ( NNP Oji ) ( NNP Paper ) ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ pretax ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 23.11 ) ( CD billion ) ) ( NNS yen ) ) ( NP ( QP ( CD 163.3 ) ( CD million ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 22.76 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) )

Oji Paper the nation 's largest in terms of sales said its pretax profit rose 1.5 % to 23.11 billion yen 163.3 million from 22.76 billion yen


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 12.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 232.12 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 206.87 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Sales jumped 12.2 % to 232.12 billion yen from 206.87 billion yen


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBN increased ) ( NP-EXT ( CD 6.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 12.43 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 11.66 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Net income increased 6.7 % to 12.43 billion yen from 11.66 billion yen


( S ( NP-SBJ ( JJ Per-share ) ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 20.48 ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 19.51 ) ( NNS yen ) ) ) ) )

Per-share net rose to 20.48 yen from 19.51 yen


( S ( NP-SBJ ( NP ( NNP Oji ) ( NNP Paper ) ( POS 's ) ) ( NNS sales ) ( NN strength ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ evident ) ( PP ( IN in ) ( NP ( NP ( JJ overall ) ( NN paper ) ( NNS products ) ( NNS sales ) ) ( PP ( VBG including ) ( NP ( NNS newsprints ) ( NN printing ) ( CC and ) ( NN wrapping ) ( NNS papers ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 221.61 ) ( CD billion ) ) ( NNS yen ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 200.70 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ) ) ) ) )

Oji Paper 's sales strength was evident in overall paper products sales including newsprints printing and wrapping papers which rose to 221.61 billion yen in the first half from 200.70 billion yen a year earlier


( S ( NP-SBJ ( NN Pulp ) ( ADJP ( JJ processed ) ( CC and ) ( JJ miscellaneous ) ) ( NN paper ) ( NNS sales ) ) ( ADVP ( RB also ) ) ( VP ( VBD surged ) ) )

Pulp processed and miscellaneous paper sales also surged


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( JJ full ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP-CLR ( JJ next ) ( NNP March ) ) ) ) ) ( NP-SBJ ( NNP Oji ) ) ( VP ( VBD predicted ) ( X ( IN that ) ) ( NP ( NP ( JJ total ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 477.00 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 420.68 ) ( CD billion ) ) ( NNS yen ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ previous ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) ) ) )

For the full fiscal year ending next March Oji predicted that total sales of 477.00 billion yen up from 420.68 billion yen in the previous fiscal year


( S ( NP-SBJ-1 ( JJ Pretax ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN seen ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 45.00 ) ( CD billion ) ) ( NNS yen ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 47.17 ) ( CD billion ) ) ( NNS yen ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( JJ net ) ( NN income ) ) ( VP ( VBZ is ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 23.500 ) ( CD billion ) ) ( NNS yen ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 23.031 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) ) ) ) )

Pretax profit is seen at 45.00 billion yen down from 47.17 billion yen while net income is estimated at 23.500 billion yen up from 23.031 billion yen


( S ( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB provide ) ( NP ( NP ( DT an ) ( NN explanation ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJR softer ) ( JJ pretax ) ( NN profit ) ( NN performance ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNS officials ) ) ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

The company did n't provide an explanation for the softer pretax profit performance and officials could n't be reached for comment


( S ( NP-SBJ ( NNP Jujo ) ( NNP Paper ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ pretax ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 13.05 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 13.02 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) )

Jujo Paper said its pretax profit rose 0.3 % to 13.05 billion yen from 13.02 billion yen


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 195.19 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 179.916 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Sales rose 8.5 % to 195.19 billion yen from 179.916 billion yen


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 10 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 7.12 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 6.47 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Net income surged 10 % to 7.12 billion yen from 6.47 billion yen


( S ( NP-SBJ ( JJ Per-share ) ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 14.95 ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 14.44 ) ( NNS yen ) ) ) ) )

Per-share net rose to 14.95 yen from 14.44 yen


( S ( NP-SBJ ( NP ( JJ General ) ( NN paper ) ( NN product ) ( NNS sales ) ) ( PP ( VBG including ) ( NP ( NP ( NNS newsprints ) ) ( CC and ) ( NP ( JJ other ) ( NNS papers ) ) ) ) ( PP ( VBG accounting ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN bulk ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 157.78 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 143.88 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

General paper product sales including newsprints and other papers accounting for the bulk of sales rose to 157.78 billion yen from 143.88 billion yen


( S ( NP-SBJ ( NNP Jujo ) ( NNP Paper ) ) ( VP ( VBD predicted ) ( SBAR ( IN that ) ( S ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ full ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP-CLR ( IN next ) ( NNP March ) ( CD 31 ) ) ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( MD will ) ( VP ( VB total ) ( NP ( QP ( CD 400.0 ) ( CD billion ) ) ( NNS yen ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 366.89 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) ) ) )

Jujo Paper predicted that for the full fiscal year ending next March 31 sales will total 400.0 billion yen up from 366.89 billion yen


( S ( NP-SBJ-1 ( JJ Pretax ) ( NN profit ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 23.0 ) ( CD billion ) ) ( NNS yen ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 25.51 ) ( CD billion ) ) ( NNS yen ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( JJ net ) ( NN income ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 12 ) ( CD billion ) ) ( NNS yen ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 11.95 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) ) ) ) )

Pretax profit was estimated at 23.0 billion yen down from 25.51 billion yen while net income was estimated at 12 billion yen up from 11.95 billion yen


( S ( NP-SBJ ( NP ( DT The ) ( JJ state-controlled ) ( JJ French ) ( NNS metals ) ( NN group ) ) ( NP-LOC ( NNP Pechiney ) ( NNP S.A. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN signed ) ( NP ( DT a ) ( JJ preliminary ) ( NN accord ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Paris ) ( NN headquarters ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Groupement ) ( NNP Foncier ) ( NNP Francais ) ) ( CC and ) ( NP ( NNP Nouveaux ) ( NNP Constructeurs ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 2.76 ) ( CD billion ) ) ( NNS francs ) ) ( NP ( QP ( CD 443 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The state-controlled French metals group Pechiney S.A. said it has signed a preliminary accord to sell its Paris headquarters to Groupement Foncier Francais and Nouveaux Constructeurs for 2.76 billion francs 443 million


( S ( NP-SBJ-4 ( NP ( DT The ) ( NN sale ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ-2 ( NNP Pechiney ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB make ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS months ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( JJ certain ) ( JJ unspecified ) ( NNS conditions ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN completed ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) ) ( X ( NP ( DT the ) ( NN group ) ) ) )

The sale which Pechiney had been eager to make for several months is still subject to certain unspecified conditions and is expected to be completed during the first quarter of 1990 the group


( S ( S ( NP-SBJ ( NP ( NNP Intel ) ( NNP Corp. ) ( POS 's ) ) ( ADJP ( RBS most ) ( JJ powerful ) ) ( NN computer ) ( NN chip ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS flaws ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB delay ) ( NP ( NP ( JJ several ) ( NN computer ) ( NNS makers ) ( POS ' ) ) ( NN marketing ) ( NNS efforts ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT the ) ( NNS bugs ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB hurt ) ( NP ( NP ( NNP Intel ) ) ( CC and ) ( NP ( JJS most ) ( NN computer ) ( NNS makers ) ) ) ) ) ) ) ) ) )

Intel Corp. 's most powerful computer chip has flaws that could delay several computer makers ' marketing efforts but the bugs are n't expected to hurt Intel and most computer makers


( S ( NP-SBJ ( NP ( NN Computer ) ( NNS experts ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNS flaws ) ) ( VP ( VBN found ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Intel ) ( POS 's ) ) ( CD 80486 ) ( NN chip ) ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NNS defects ) ) ( VP ( VP ( VBP do ) ( RB n't ) ( VP ( VB affect ) ( NP ( DT the ) ( JJ average ) ( NN user ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN cleared ) ( PRT ( RP up ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NP ( JJS most ) ( NNS computers ) ) ( VP ( VBG using ) ( NP ( DT the ) ( NN chip ) ) ( PP-CLR ( IN as ) ( NP ( PRP$ their ) ( NNS brains ) ) ) ) ) ( VP ( VBP appear ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ( ADVP-TMP ( RB sometime ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Computer experts familiar with the flaws found in Intel 's 80486 chip say the defects do n't affect the average user and are likely to be cleared up before most computers using the chip as their brains appear on the market sometime next year


( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBD said ) ( SBAR ( DT that ) ( S ( NP-TMP ( JJ last ) ( NN week ) ) ( NP-SBJ ( DT a ) ( NN customer ) ) ( VP ( VBD discovered ) ( NP ( NP ( CD two ) ( NNS flaws ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( PRP$ its ) ( CD 80486 ) ( NN microprocessor ) ( NN chip ) ( POS 's ) ) ( NN floating-point ) ( NN unit ) ) ( NP ( NP ( DT a ) ( NN set ) ) ( PP ( IN of ) ( NP ( NP ( NNS circuits ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( NP ( JJ certain ) ( NNS calculations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Intel said that last week a customer discovered two flaws in its 80486 microprocessor chip 's floating-point unit a set of circuits that do certain calculations


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ-2 ( NNP Intel ) ) ( VP ( VBD began ) ( S ( VP ( VBG notifying ) ( NP ( NNS customers ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNS bugs ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP cause ) ( NP ( DT the ) ( NN chip ) ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( JJ wrong ) ( NNS answers ) ) ( PP ( IN for ) ( NP ( DT some ) ( JJ mathematical ) ( NNS calculations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On Friday Intel began notifying customers about the bugs which cause the chip to give wrong answers for some mathematical calculations


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Compaq ) ( NNP Computer ) ( NNP Corp. ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS bugs ) ) ( VP ( MD will ) ( VP ( VB delay ) ( NP ( NNS products ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJS most ) ( JJ big ) ( NN computer ) ( NNS makers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS flaws ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB affect ) ( NP ( PRP them ) ) ) ) ) ) ) )

But while International Business Machines Corp. and Compaq Computer Corp. say the bugs will delay products most big computer makers said the flaws do n't affect them


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNS Bugs ) ) ( PP ( IN like ) ( NP ( DT this ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( ADVP ( RB just ) ) ( NP ( DT a ) ( JJ normal ) ( NN part ) ) ( PP ( IN of ) ( NP ( NN product ) ( NN development ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Archuleta ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hewlett-Packard ) ( NNP Co. ) ( POS 's ) ) ( JJ advanced ) ( NNS systems ) ( NN development ) ) ) ) ) )

Bugs like this are just a normal part of product development said Richard Archuleta director of Hewlett-Packard Co. 's advanced systems development


( S ( NP-SBJ ( NNP Hewlett ) ) ( VP ( VBD announced ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB ship ) ( NP ( NP ( DT a ) ( NN computer ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( CD 486 ) ( NN chip ) ) ) ) ) ( NP-TMP ( JJ early ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) )

Hewlett announced last week that it planned to ship a computer based on the 486 chip early next year


( S ( S-TPC-1 ( NP-SBJ ( DT These ) ( NNS bugs ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB affect ) ( NP ( PRP$ our ) ( NN schedule ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

These bugs do n't affect our schedule at all he said


( S ( ADVP ( RB Likewise ) ) ( NP-SBJ ( NP ( NNP AST ) ( NNP Research ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Sun ) ( NNPS Microsystems ) ( NNP Inc. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS bugs ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB delay ) ( NP ( NP ( PRP$ their ) ( NN development ) ) ( PP ( IN of ) ( NP ( JJ 486-based ) ( NNS machines ) ) ) ) ) ) ) ) ) )

Likewise AST Research Inc. and Sun Microsystems Inc. said the bugs wo n't delay their development of 486-based machines


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN modified ) ( NP ( PRP$ our ) ( NNS schedules ) ) ( PP-MNR ( IN in ) ( NP ( DT any ) ( NN way ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP Sun ) ( NN spokesman ) ) )

We have n't modified our schedules in any way said a Sun spokesman


( S ( S-TPC-1 ( S-SBJ ( VP ( TO To ) ( VP ( VB switch ) ( PP-CLR ( TO to ) ( NP ( NP ( DT another ) ( NN vendor ) ( POS 's ) ) ( NNS chips ) ) ) ) ) ) ( VP ( MD would ) ( ADVP ( RB definitely ) ) ( RB not ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( NN option ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

To switch to another vendor 's chips would definitely not be an option he said


( S ( ADVP ( RB Nonetheless ) ) ( NP-SBJ ( NP ( NN concern ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN chip ) ) ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( ADJP ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN decline ) ) ( PP ( IN of ) ( NP ( CD 87.5 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Intel ) ( POS 's ) ) ( NN stock ) ) ) ( PP-EXT ( TO to ) ( NP ( NP ( CD 32 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( JJ over-the-counter ) ( NN trading ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 3,609,800 ) ( NNS shares ) ) ) ) ) ) ) ) ( CC and ) ( ADJP ( RB partly ) ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Compaq ) ( POS 's ) ) ( NN stock ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN composite ) ( NN trading ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Wednesday ) ) ) ) ) ) ) ) ) ) )

Nonetheless concern about the chip may have been responsible for a decline of 87.5 cents in Intel 's stock to 32 a share yesterday in over-the-counter trading on volume of 3,609,800 shares and partly responsible for a drop in Compaq 's stock in New York Stock Exchange composite trading on Wednesday


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ-1 ( NNP Compaq ) ) ( VP ( VBD plunged ) ( ADVP-EXT ( RBR further ) ) ( S-ADV ( VP ( VBG closing ) ( PP-LOC ( IN at ) ( NP ( NP ( CD 100 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB off ) ( NP ( NP ( CD 8.625 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 2,633,700 ) ( NNS shares ) ) ) ) ) ) ) ) )

Yesterday Compaq plunged further closing at 100 a share off 8.625 a share on volume of 2,633,700 shares


( S ( NP-SBJ-1 ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( NNP Compaq ) ( POS 's ) ) ( NN decline ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN earnings ) ( NN report ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD came ) ( PRT ( RP in ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( JJ low ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS expectations ) ) ) ) ) ) ) ) ) ) ) ) ) )

Most of Compaq 's decline is being attributed to a third-quarter earnings report that came in at the low end of analysts ' expectations


( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBD had ) ( VP ( VBN corrected ) ( NP ( DT the ) ( NNS problems ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB start ) ( S ( VP ( VBG producing ) ( NP ( JJ bugless ) ( NNS chips ) ) ( NP-TMP ( IN next ) ( NN week ) ) ) ) ) ) ) ) ) ) )

Intel said it had corrected the problems and would start producing bugless chips next week


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD should ) ( RB not ) ( VP ( VB be ) ( VP ( VBG seeing ) ( NP ( DT any ) ( JJR more ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bill ) ( NNP Rash ) ) ( NP ( NP ( NP ( NNP Intel ) ( POS 's ) ) ( NN director ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD 486 ) ( NN chip ) ) ) ) ) )

We should not be seeing any more said Bill Rash Intel 's director for the 486 chip


( S ( S ( S-TPC-2 ( SBAR-ADV ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( JJR more ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS bugs ) ) ( VP ( ADVP ( RB only ) ) ( VBP emerge ) ( PP-TMP ( IN on ) ( NP ( NP ( JJ esoteric ) ( NNS applications ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ computer-aided ) ( NN design ) ) ( CC and ) ( NP ( JJ scientific ) ( NNS calculations ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ( CC and ) ( FRAG ( ADVP-TMP ( RB then ) ) ( ADVP-TMP ( RB very ) ( RB seldom ) ) ) )

What 's more the bugs only emerge on esoteric applications such as computer-aided design and scientific calculations he said and then very seldom


( S ( S-TPC-1 ( NP-SBJ ( DT These ) ( NNS errata ) ) ( VP ( VBP do ) ( RB not ) ( VP ( VB affect ) ( NP ( NN business ) ( NNS programs ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

These errata do not affect business programs he said


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NNS bugs ) ) ( VP ( MD will ) ( VP ( VB cause ) ( NP ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ specific ) ( CC and ) ( JJ rare ) ( NNS circumstances ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( RB not ) ( VP ( VB occur ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ typical ) ( NNS applications ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS word-processing ) ( CC and ) ( NNS spreadsheets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Slater ) ) ( NP ( NP ( NN editor ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Microprocessor ) ( NNP Report ) ) ( NP ( DT an ) ( NN industry ) ( NN newsletter ) ) ) ) ) ) )

The bugs will cause problems in specific and rare circumstances that will not occur in typical applications such as word-processing and spreadsheets said Michael Slater editor of the Microprocessor Report an industry newsletter


( S ( NP-SBJ ( NNP Sun ) ( NNP Hewlett-Packard ) ( CC and ) ( NNS others ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB wholly ) ) ( S-PRD ( VP ( TO to ) ( VP ( VB blame ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN snafu ) ) ) ) ) ) ) ) ) ) )

Sun Hewlett-Packard and others say Intel is n't wholly to blame for the snafu


( S-2 ( NP-SBJ ( DT The ) ( JJ real ) ( NNS culprits ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NN computer ) ( NNS makers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP IBM ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN jumped ) ( NP ( DT the ) ( NN gun ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB unveil ) ( NP ( JJ 486-based ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) )

The real culprits they said are computer makers such as IBM that have jumped the gun to unveil 486-based products


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( NP ( ADJP ( RB so ) ( JJ much ) ) ( NN visibility ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VP ( VBD started ) ( NP ( NN shipping ) ) ) ( CC and ) ( VP ( VBD announced ) ( NP ( JJ early ) ( NN availability ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Hewlett-Packard ) ( POS 's ) ) ( NNP Mr. ) ( NNP Archuleta ) ) )

The reason this is getting so much visibility is that some started shipping and announced early availability said Hewlett-Packard 's Mr. Archuleta


( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( DT that ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG taking ) ( NP ( DT a ) ( NN risk ) ) ) ) ) )

You can do that but you 're taking a risk


( S ( NP-SBJ-1 ( DT Those ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG paying ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG taking ) ( NP ( DT the ) ( NN risk ) ) ) ) ) ) ) ) )

Those companies are paying the price for taking the risk


( S ( PP-TMP ( IN In ) ( NP ( JJ late ) ( NNP September ) ) ) ( NP-SBJ-2 ( NNP IBM ) ) ( VP ( VBD began ) ( S ( VP ( VBG shipping ) ( NP ( NP ( DT a ) ( JJ plug-in ) ( NN card ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ converts ) ( NP ( PRP$ its ) ( NNP PS\/2 ) ( NN model ) ( CD 70-A21 ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( CD 80386 ) ( NN machine ) ) ) ( PP-CLR ( TO to ) ( NP ( DT an ) ( CD 80486 ) ( NN machine ) ) ) ) ) ) ) ) ) ) )

In late September IBM began shipping a plug-in card that converts its PS\/2 model 70-A21 from a 80386 machine to an 80486 machine


( S ( NP-SBJ ( DT An ) ( NNP IBM ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VP ( VBD told ) ( NP ( NNS customers ) ) ( NP-TMP ( NNP Monday ) ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NNS bugs ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB temporarily ) ) ( VBD stopped ) ( S ( VP ( VBG shipping ) ( NP ( DT the ) ( NN product ) ) ) ) ) ) ) ) ) )

An IBM spokeswoman said the company told customers Monday about the bugs and temporarily stopped shipping the product


( S-1 ( NP-SBJ ( NNP IBM ) ) ( VP ( VP ( VBZ has ) ( NP ( DT no ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB recall ) ( NP ( PRP$ its ) ( JJ add-on ) ( NNS cards ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( VP ( MD could ) ( ADVP ( RB probably ) ) ( VP ( VB circumvent ) ( NP ( DT the ) ( NNS bugs ) ) ( PP-MNR ( IN without ) ( NP ( JJ long ) ( NN product ) ( NNS delays ) ) ) ) ) ) )

IBM has no plans to recall its add-on cards the spokeswoman said and could probably circumvent the bugs without long product delays


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB look ) ( PP-CLR ( IN at ) ( NP ( DT this ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ major ) ( NN problem ) ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

We do n't look at this as a major problem for us she said


( S ( NP-SBJ-2 ( NP ( NNP Compaq ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD discovered ) ( NP ( DT the ) ( NNS bugs ) ) ) ) ) ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB announce ) ( NP ( JJ new ) ( CD 486 ) ( NNS products ) ) ( PP-TMP ( IN on ) ( NP ( NNP Nov. ) ( CD 6 ) ) ) ) ) ) ) )

Compaq which said it discovered the bugs still plans to announce new 486 products on Nov. 6


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( DT the ) ( NN glitch ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB know ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP$ its ) ( NN machine ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB commercially ) ( JJ available ) ) ) ) ) ) ) ) ) ) ) )

Because of the glitch however the company said it does n't know when its machine will be commercially available


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN break ) ) ( PP ( IN from ) ( NP ( NNP Compaq ) ( NN tradition ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB announce ) ( NP ( NNS products ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADVP ( RB actually ) ) ( PP-LOC-PRD ( IN at ) ( NP ( DT the ) ( NNS dealers ) ) ) ) ) ) ) ) ) ) ) )

That 's a break from Compaq tradition because the company does n't announce products until they 're actually at the dealers


( S-2 ( NP-SBJ-1 ( DT The ) ( NN problem ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN ballyhooed ) ( PRN ( S ( NP-SBJ ( NNS experts ) ) ( VP ( VBP say ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( CD 486 ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Intel ) ( POS 's ) ) ( JJ future ) ( NN flagship ) ) ) ) ) ) ) ) )

The problem is being ballyhooed experts say because the 486 is Intel 's future flagship


( S ( S ( NP-SBJ ( NP ( NNP Intel ) ( POS 's ) ) ( NNS microprocessors ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NNS chips ) ) ( PP ( IN of ) ( NP ( NN choice ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ personal ) ( NNS computers ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( CD 80486 ) ( NN microprocessor ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN spearhead ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN bid ) ( S ( VP ( TO to ) ( VP ( VB guard ) ( NP ( DT that ) ( NN spot ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ next ) ( NN generation ) ) ( PP ( IN of ) ( NP ( NNS machines ) ) ) ) ) ) ) ) ) ) ) ) ) )

Intel 's microprocessors are the chips of choice in many of today 's personal computers and the 80486 microprocessor is the spearhead of the company 's bid to guard that spot in the next generation of machines


( SINV ( S-TPC-1 ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( DT these ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( NNS bugs ) ) ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( ADVP ( IN at ) ( RB all ) ) ( JJ uncommon ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD 486 ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( ADJP ( RB extremely ) ( JJ high-profile ) ) ( NN product ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Slater ) ) ( NP ( DT the ) ( NN newsletter ) ( NN editor ) ) ) )

Although these sorts of bugs are not at all uncommon the 486 is an extremely high-profile product said Mr. Slater the newsletter editor


( S ( NP-SBJ ( NP ( NNP Intel ) ( POS 's ) ) ( CD 80486 ) ( NN chip ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NNP Corvette ) ) ( PP ( IN of ) ( NP ( NP ( NNP Intel ) ( POS 's ) ) ( NNS microprocessors ) ) ) ) ( NP ( NP ( DT a ) ( ADJP ( JJ super-fast ) ( JJ super-expensive ) ) ( NN chip ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( RB only ) ( DT the ) ( ADJP ( RBS most ) ( JJ power-hungry ) ) ( NN computer ) ( NNS users ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( PP-TMP ( IN for ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( JJ several ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) )

Intel 's 80486 chip is the Corvette of Intel 's microprocessors a super-fast super-expensive chip that only the most power-hungry computer users are likely to buy for at least several years


( S ( S-ADV ( VP ( VBN Unveiled ) ( NP-TMP ( JJ last ) ( NNP April ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN chip ) ) ( VP ( VBZ crams ) ( NP ( NP ( QP ( CD 1.2 ) ( CD million ) ) ( NNS transistors ) ) ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN sliver ) ) ( PP ( IN of ) ( NP ( NN silicon ) ) ) ) ) ( NP-1 ( NP ( QP ( JJR more ) ( IN than ) ( CD four ) ) ( CC times ) ) ( ADJP ( RB as ) ( JJ many ) ( PP ( IN as ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Intel ) ( POS 's ) ) ( JJR earlier ) ( NN model ) ) ( NP ( CD 80386 ) ) ) ) ) ) ) ) )

Unveiled last April the chip crams 1.2 million transistors on a sliver of silicon more than four times as many as on Intel 's earlier model 80386


( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBZ clocks ) ( NP ( NP ( DT the ) ( NN chip ) ( POS 's ) ) ( NN speed ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( QP ( CD 15 ) ( CD million ) ) ( NNS instructions ) ) ( PP ( IN per ) ( NP ( NN second ) ) ) ) ( CC or ) ( NP ( NNS MIPs ) ) ) ) ) )

Intel clocks the chip 's speed at 15 million instructions per second or MIPs


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( CD four ) ( CC times ) ) ( ADJP ( ADJP ( RB as ) ( JJ fast ) ) ( PP ( IN as ) ( NP ( DT the ) ( CD 386 ) ) ) ) ) ) )

That 's four times as fast as the 386


( S ( NP-SBJ-2 ( NP ( NNS Machines ) ) ( VP ( VBG using ) ( NP ( DT the ) ( CD 486 ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB challenge ) ( NP ( JJ higher-priced ) ( NN work ) ( NNS stations ) ( CC and ) ( NNS minicomputers ) ) ( PP-LOC ( PP ( IN in ) ( NP ( NP ( NNS applications ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ so-called ) ( NNS servers ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP connect ) ( NP ( NP ( NNS groups ) ) ( PP ( IN of ) ( NP ( NNS computers ) ) ) ) ( ADVP ( RB together ) ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( JJ computer-aided ) ( NN design ) ) ) ) ) ) ) ) ) )

Machines using the 486 are expected to challenge higher-priced work stations and minicomputers in applications such as so-called servers which connect groups of computers together and in computer-aided design


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN chip ) ( POS 's ) ) ( NN speed ) ) ( PP-LOC ( IN in ) ( NP ( VBG processing ) ( NN power ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ dazzling ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ( POS 's ) ) ( JJ real ) ( NN strength ) ) ( VP ( VBZ lies ) ( PP-LOC-CLR ( IN in ) ( NP ( PRP$ its ) ( NN software ) ( NN inheritance ) ) ) ) )

But while the chip 's speed in processing power is dazzling it 's real strength lies in its software inheritance


( S ( NP-SBJ ( DT The ) ( CD 486 ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN descendant ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ long ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNP Intel ) ( NNS chips ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( S ( VP ( VBG dominating ) ( NP ( DT the ) ( NN market ) ) ) ) ( SBAR-TMP ( RB ever ) ( IN since ) ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBD picked ) ( NP ( DT the ) ( JJ 16-bit ) ( CD 8088 ) ( NN chip ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ its ) ( JJ first ) ( JJ personal ) ( NN computer ) ) ) ) ) ) ) ) ) ) ) ) ) )

The 486 is the descendant of a long series of Intel chips that began dominating the market ever since IBM picked the 16-bit 8088 chip for its first personal computer


( S ( NP-SBJ ( DT A ) ( JJ 16-bit ) ( NN microprocessor ) ) ( VP ( VP ( VBZ processes ) ( NP ( NP ( CD 16 ) ( NNS pieces ) ) ( PP ( IN of ) ( NP ( NNS data ) ) ) ( PP ( IN at ) ( NP ( DT a ) ( NN time ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR slower ) ) ( PP ( IN than ) ( NP ( JJR newer ) ( JJ 32-bit ) ( NNS chips ) ) ) ) ) ) )

A 16-bit microprocessor processes 16 pieces of data at a time and is slower than newer 32-bit chips


( S ( PP-TMP ( IN Since ) ( NP ( RB then ) ) ) ( NP-SBJ ( NNP Intel ) ) ( VP ( VBZ has ) ( VP ( VBN cornered ) ( NP ( NP ( DT a ) ( JJ large ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( JJ successive ) ( NNS generations ) ) ( PP ( IN of ) ( NP ( NP ( JJ 16-bit ) ( CC and ) ( JJ 32-bit ) ( NNS chips ) ) ( SBAR ( WHNP-1 ( DT all ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( MD can ) ( VP ( VB run ) ( NP ( NP ( NN software ) ) ( VP ( VBN written ) ( PP ( IN for ) ( NP ( JJ previous ) ( NNS models ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since then Intel has cornered a large part of the market with successive generations of 16-bit and 32-bit chips all of which can run software written for previous models


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( VP ( MD will ) ( VP ( VB keep ) ( S ( NP-SBJ ( NN computer ) ( NNS makers ) ) ( VP ( VBG coming ) ) ) ( PP ( IN in ) ( NP ( NP ( NN spite ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN irritation ) ) ( PP ( IN of ) ( NP ( NNS bugs ) ) ) ) ) ) ) ) ) ) ) ) )

That 's what will keep computer makers coming in spite of the irritation of bugs


( S ( NP-SBJ ( NP ( JJ Big ) ( JJ personal ) ( NN computer ) ( NNS makers ) ) ( CC and ) ( NP ( NP ( JJ many ) ( NNS makers ) ) ( PP ( IN of ) ( NP ( NN engineering ) ( NNS workstations ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG developing ) ( NP ( NP ( JJ 486-based ) ( NNS machines ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( DT the ) ( NN market ) ) ( NP-TMP ( JJ early ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

Big personal computer makers and many makers of engineering workstations are developing 486-based machines which are expected to reach the market early next year


( S ( S-ADV ( PP-PRD ( IN Of ) ( NP ( DT the ) ( JJ big ) ( NN computer ) ( NNS makers ) ) ) ) ( NP-SBJ-1 ( RB only ) ( NNP Apple ) ( NNP Computer ) ( NNP Co. ) ) ( VP ( VBZ bases ) ( NP ( PRP$ its ) ( NNS machines ) ) ( PP-CLR ( IN on ) ( NP ( NNP Motorola ) ( NNS chips ) ) ) ( ADVP ( RB instead ) ) ) )

Of the big computer makers only Apple Computer Co. bases its machines on Motorola chips instead


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( CD 486 ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT a ) ( JJ big ) ( NN impact ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Hewlett-Packard ) ( POS 's ) ) ( NNP Mr. ) ( NNP Archuleta ) ) )

The 486 is going to have a big impact on the industry said Hewlett-Packard 's Mr. Archuleta


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( VBG leading ) ( NN edge ) ( NN technology ) ) ( PP ( IN in ) ( NP ( JJ personal ) ( NNS computers ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS years ) ) ) ) ) ) ) ) )

It 's going to be the leading edge technology in personal computers for the next few years


( S ( NP-SBJ-1 ( DT This ) ( NN bug ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( VB affect ) ) ( PP ( IN on ) ( NP ( DT that ) ) ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) )

This bug is not going to have any affect on that at all


( S ( NP-SBJ ( NP ( NNP Andy ) ( NNP Zipser ) ) ( PP-LOC ( IN in ) ( NP ( NNP Dallas ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Andy Zipser in Dallas contributed to this article


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB slightly ) ) ( VBN adapted ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS remarks ) ) ( NP-TMP ( NNP Oct. ) ( CD 7 ) ) ( PP ( IN by ) ( NP ( JJ former ) ( NAC ( NNP Secretary ) ( PP ( IN of ) ( NP ( NNP State ) ) ) ) ( NNP George ) ( NNP P. ) ( NNP Shultz ) ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NNS alumni ) ( NN gathering ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Stanford ) ( NNP Business ) ( NNP School ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN returned ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN faculty ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This is slightly adapted from remarks Oct. 7 by former Secretary of State George P. Shultz to an alumni gathering at the Stanford Business School where he has returned to the faculty


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBN struck ) ( ADVP-TMP ( NP ( NP ( DT a ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS years ) ) ) ) ( RB ago ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN drug-interdiction ) ( NN effort ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNPS Bahamas ) ) ) ) ) ) ) )

I was struck a couple of years ago by the drug-interdiction effort in the Bahamas


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD had ) ( VP ( VBN intercepted ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN year ) ) ) ( NP ( NP ( DT an ) ( VBN estimated ) ( QP ( CD 5 ) ( CD billion ) ) ) ( NP-ADV ( NN street ) ( NN value ) ) ( PP ( IN of ) ( NP ( NN cocaine ) ) ) ) ) ) )

We had intercepted during the year an estimated 5 billion street value of cocaine


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR ( WHNP-1 ( WRB how ) ( JJ much ) ) ( S ( VP ( VBD got ) ( ADVP ( RB through ) ) ) ) ) ) ) )

I do n't know how much got through


( S ( NP-SBJ ( NN Nobody ) ) ( VP ( VBZ has ) ( NP ( DT any ) ( JJ credible ) ( NN estimate ) ) ) )

Nobody has any credible estimate


( S ( NP-SBJ ( NP ( DT The ) ( NNP GNP ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNPS Bahamas ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB probably ) ) ( NP-PRD ( QP ( RB somewhere ) ( IN between ) ( CD one ) ( CC and ) ( CD two ) ( CD billion ) ) ( NNS dollars ) ) ) )

The GNP of the Bahamas is probably somewhere between one and two billion dollars


( S ( ADVP ( RB So ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP get ) ( NP ( NP ( DT an ) ( NN idea ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN leverage ) ) ( ADVP-LOC ( RB there ) ( CC and ) ( RB elsewhere ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NP ( PRP$ our ) ( NN market ) ) ( PP ( IN for ) ( NP ( NNS drugs ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN brought ) ( PP ( RP about ) ) ) ) ) ) ) ) ) ) )

So you get an idea of the leverage there and elsewhere that our market for drugs has brought about


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP welcome ) ( NP ( NP ( DT the ) ( NN emphasis ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG being ) ( VP ( VBN put ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN drug ) ( NN problem ) ) ) ) ) ) ) ) ) ) )

I welcome the emphasis that is now being put on the drug problem


( S-5 ( NP-SBJ ( NP ( DT The ) ( NNS efforts ) ( S ( S ( VP ( TO to ) ( VP ( VP ( VB get ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS people ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( VBN addicted ) ) ) ) ) ) ) ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB rehabilitate ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN rehabilitated ) ) ) ) ) ) ( PP ( IN at ) ( RBS least ) ) ( VP ( TO to ) ( VP ( VB contain ) ( NP ( PRP them ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB educate ) ( NP ( NNS people ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VB discourage ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( NNS drugs ) ) ) ( PP ( IN by ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-4 ( WP who ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( JJ casual ) ( NNS users ) ) ( CC and ) ( NP ( JJ first ) ( NNS users ) ) ) ) ) ) ) ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( DT this ) ( NN process ) ) ( PP-LOC ( IN among ) ( NP ( DT the ) ( JJ young ) ) ) ) ) ) ) ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS things ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB extremely ) ( JJ important ) ) ) )

The efforts to get to the people who are addicted try to rehabilitate them if they can not be rehabilitated at least to contain them to educate people to strongly discourage use of drugs by people who are casual users and first users to stop this process among the young all of these things I think are extremely important


( S ( CC But ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB tell ) ( NP ( PRP you ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ seems ) ( PP ( TO to ) ( NP ( PRP me ) ) ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( DT the ) ( JJ conceptual ) ( NN base ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ current ) ( NN program ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBN flawed ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN program ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB work ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But I have to tell you that it seems to me that the conceptual base of the current program is flawed and the program is not likely to work


( S ( NP-SBJ ( NP ( DT The ) ( JJ conceptual ) ( NN base ) ) ( NP ( DT a ) ( NN criminal-justice ) ( NN approach ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ same ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( VP ( VBN worked ) ( PP ( IN through ) ) ( ADVP-TMP ( RB before ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Nixon ) ( NN administration ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN budget ) ( NN director ) ) ( CC and ) ( NP ( NP ( NN secretary ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN treasury ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NN jurisdiction ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNS Customs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The conceptual base a criminal-justice approach is the same that I have worked through before in the Nixon administration when I was budget director and secretary of the treasury with jurisdiction over the Customs


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD designed ) ( NP ( DT a ) ( JJ comprehensive ) ( NN program ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD worked ) ( ADVP-MNR ( RB hard ) ) ( PP-CLR ( IN on ) ( NP ( PRP it ) ) ) ) ) )

We designed a comprehensive program and we worked hard on it


( S ( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP Reagan ) ( NN administration ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD designed ) ( NP ( DT a ) ( JJ comprehensive ) ( NN program ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD worked ) ( ADVP-MNR ( RB very ) ( RB hard ) ) ( PP-CLR ( IN on ) ( NP ( PRP it ) ) ) ) ) )

In the Reagan administration we designed a comprehensive program we worked very hard on it


( S ( NP-SBJ ( PRP$ Our ) ( JJ international ) ( NNS efforts ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB far ) ( JJR greater ) ( PP ( IN than ) ( ADVP-TMP ( RB ever ) ( RB before ) ) ) ) ) )

Our international efforts were far greater than ever before


( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP 're ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN guy ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NN motorcade ) ) ( S ( VP ( VBD was ) ( VP ( VBN attacked ) ( PP-LOC ( IN in ) ( NP ( NNP Bolivia ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN drug ) ( NNS terrorists ) ) ) ) ) ) ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADVP ( RB personally ) ) ( NP-PRD ( NP ( DT a ) ( NN veteran ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN war ) ) ) ) ) ) )

You 're looking at a guy whose motorcade was attacked in Bolivia by the drug terrorists so I 'm personally a veteran of this war


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( PP-LOC ( IN before ) ( NP ( PRP us ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB essentially ) ( DT the ) ( JJ same ) ( NN program ) ) ( FRAG ( CC but ) ( PP ( IN with ) ( NP ( NP ( JJR more ) ( NNS resources ) ) ( VP ( VBN plowed ) ( PP-CLR ( IN into ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB enforce ) ( CC and ) ( VB control ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

What we have before us now is essentially the same program but with more resources plowed into all of the efforts to enforce and control


( S ( NP-SBJ-1 ( DT These ) ( NNS efforts ) ) ( VP ( VBP wind ) ( PRT ( RP up ) ) ( S ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( NN market ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( ADVP ( RB vastly ) ) ( VBZ exceeds ) ( NP ( DT the ) ( NN cost ) ) ) ) ) ) ) ) ) )

These efforts wind up creating a market where the price vastly exceeds the cost


( S ( PP ( IN With ) ( NP ( DT these ) ( NNS incentives ) ) ) ( NP-SBJ ( NN demand ) ) ( VP ( VBZ creates ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NN supply ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ criminal ) ( NN network ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( PRP it ) ) ) ) ) ) ) )

With these incentives demand creates its own supply and a criminal network along with it


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ seems ) ( PP ( TO to ) ( NP ( PRP me ) ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( ADVP ( RB really ) ) ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADVP-LOC ( RB anywhere ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD can ) ( VP ( VP ( VB take ) ( NP-2 ( DT the ) ( NN criminality ) ) ( PP-CLR-3 ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ( NN business ) ) ) ) ) ( CC and ) ( VP ( NP=2 ( NP ( DT the ) ( NNS incentives ) ) ( PP ( IN for ) ( NP ( NN criminality ) ) ) ) ( PP-CLR=3 ( IN out ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It seems to me we 're not really going to get anywhere until we can take the criminality out of the drug business and the incentives for criminality out of it


( S ( ADVP ( RB Frankly ) ) ( NP-SBJ ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB think ) ( PP-CLR ( IN of ) ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB accomplish ) ( NP ( DT this ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NNS addicts ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS drugs ) ) ( PP-LOC ( IN at ) ( NP ( DT some ) ( JJ regulated ) ( NN place ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ approximates ) ( NP ( PRP$ their ) ( NN cost ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Frankly the only way I can think of to accomplish this is to make it possible for addicts to buy drugs at some regulated place at a price that approximates their cost


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( NP ( IN that ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP wipe ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( JJ criminal ) ( NNS incentives ) ) ( PP ( VBG including ) ( PRN ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD might ) ( VP ( VB say ) ) ) ) ) ( NP ( NP ( DT the ) ( NN incentive ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN drug ) ( NNS pushers ) ) ( VP ( VBP have ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VP ( VB go ) ( PRT ( RP around ) ) ) ( CC and ) ( VP ( VB get ) ( S ( NP-SBJ ( NNS kids ) ) ( ADJP-PRD ( VBN addicted ) ) ) ) ( SBAR-PRP ( IN so ) ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP create ) ( NP ( DT a ) ( NN market ) ) ( PP-BNF ( IN for ) ( NP ( PRP themselves ) ) ) ) ) ) ) ) ) ) ) ) ) )

When you do that you wipe out the criminal incentives including I might say the incentive that the drug pushers have to go around and get kids addicted so that they create a market for themselves


( S ( NP-SBJ ( PRP They ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB have ) ( NP ( DT that ) ( NN incentive ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB have ) ( NP ( DT that ) ( NN market ) ) ) ) ) ) ) ) )

They wo n't have that incentive because they wo n't have that market


( S ( ADVP ( RB So ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( JJ conceptual ) ( NN base ) ) ( VP ( VBZ needs ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN thought ) ( PRT ( RP out ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ different ) ( NN way ) ) ) ) ) ) ) ) ) ) ) )

So I think the conceptual base needs to be thought out in a different way


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( VP ( VBG catching ) ( NP ( PRP$ your ) ( NN attention ) ) ) ) ) ) ( ADVP ( RB then ) ) ( VP ( VB read ) ( NP ( NP ( DT a ) ( JJ bold ) ( CC and ) ( JJ informative ) ( NN article ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT this ) ( NNP September ) ( POS 's ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NNP Science ) ) ) ) ) ( PP ( IN by ) ( NP ( NNP Ethan ) ( NNP Nadelmann ) ) ) ( PP ( IN on ) ( NP ( DT this ) ( NN subject ) ) ) ) ) )

If I am catching your attention then read a bold and informative article in this September 's issue of Science by Ethan Nadelmann on this subject


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP need ) ( PP ( IN at ) ( RBS least ) ) ( S ( VP ( TO to ) ( VP ( VB consider ) ( CC and ) ( VB examine ) ( NP ( NP ( NNS forms ) ) ( PP ( IN of ) ( NP ( NP ( JJ controlled ) ( NN legalization ) ) ( PP ( IN of ) ( NP ( NNS drugs ) ) ) ) ) ) ) ) ) ) )

We need at least to consider and examine forms of controlled legalization of drugs


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP find ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RB very ) ( JJ difficult ) ) ( S-2 ( VP ( TO to ) ( VP ( VB say ) ( NP ( DT that ) ) ) ) ) ) ) )

I find it very difficult to say that


( S ( ADVP-TMP ( RB Sometimes ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN reception ) ( CC or ) ( NN cocktail ) ( NN party ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP advance ) ( NP ( DT these ) ( NNS views ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP head ) ( PP-CLR ( IN for ) ( NP ( NP ( NN somebody ) ) ( JJ else ) ) ) ) ) )

Sometimes at a reception or cocktail party I advance these views and people head for somebody else


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB talk ) ( PP-CLR ( TO to ) ( NP ( PRP you ) ) ) ) ) ) ) ) )

They do n't even want to talk to you


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP know ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG shouting ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN breeze ) ) ) ( ADVP-LOC ( RB here ) ) ( ADVP ( RB as ) ( RB far ) ( PP ( IN as ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG doing ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ) ) ) ) ) )

I know that I 'm shouting into the breeze here as far as what we 're doing now


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP feel ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NN somebody ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VP ( VB get ) ( ADVP ( RB up ) ) ) ( CC and ) ( VP ( VB start ) ( S ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( DT this ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ( NP-TMP ( NP ( DT the ) ( JJ next ) ( NN time ) ( RP around ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( NP ( NP ( DT the ) ( JJ next ) ( NN iteration ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS programs ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD will ) ( ADVP ( RB still ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ true ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-4 ( NN everyone ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBN scared ) ( S ( VP ( TO to ) ( VP ( VB talk ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But I feel that if somebody does n't get up and start talking about this now the next time around when we have the next iteration of these programs it will still be true that everyone is scared to talk about it


( S ( NP-SBJ-2 ( DT No ) ( NN politician ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( ADVP ( RB just ) ) ( VP ( VBD said ) ) ) ) ) ) ) ) ( PP-TMP ( RB not ) ( IN for ) ( NP ( DT a ) ( NN minute ) ) ) ) )

No politician wants to say what I just said not for a minute


( S ( NP-SBJ ( DT The ) ( NNP Federal ) ( NNPS Communications ) ( NNP Commission ) ) ( VP ( VP ( VBD allowed ) ( S ( NP-SBJ-1 ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG offering ) ( NP ( NP ( NN discount ) ( NN phone ) ( NNS services ) ) ( PP ( IN for ) ( NP ( JJ large-business ) ( NNS customers ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB re-examine ) ( NP ( NP ( PRP$ its ) ( NN regulation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN long-distance ) ( NN market ) ) ) ) ) ) ) ) ) ) )

The Federal Communications Commission allowed American Telephone & Telegraph Co. to continue offering discount phone services for large-business customers and said it would soon re-examine its regulation of the long-distance market


( S ( NP-SBJ ( DT The ) ( NNP FCC ) ( NNS moves ) ) ( VP ( VBD were ) ( NP-PRD ( JJ good ) ( NN news ) ) ( PP ( IN for ) ( NP ( NP ( NNP AT&T ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG striving ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN breakup ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN phone ) ( NN system ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( JJR greater ) ( NN latitude ) ) ( PP-LOC ( IN in ) ( NP ( NN pricing ) ) ) ) ( CC and ) ( NP ( JJ reduced ) ( NN regulation ) ) ) ) ) ) ) ) ) ) ) ) )

The FCC moves were good news for AT&T which has been striving since the breakup of the phone system for greater latitude in pricing and reduced regulation


( S ( NP-SBJ ( NP ( NNP Alfred ) ( NNP Sikes ) ) ( NP ( DT the ) ( JJ new ) ( NNP FCC ) ( NN chairman ) ) ) ( VP ( VBD championed ) ( NP ( NP ( NN deregulation ) ) ( PP ( IN of ) ( NP ( NNP AT&T ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( PRP$ his ) ( JJ last ) ( NN job ) ) ( PP ( IN as ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP Commerce ) ( NNP Department ) ( NN telecommunications ) ( NN agency ) ) ) ) ) ) ) ) )

Alfred Sikes the new FCC chairman championed deregulation of AT&T at his last job as head of a Commerce Department telecommunications agency


( S ( CC But ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( DT an ) ( JJ open ) ( NN question ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ-3 ( NP ( NNP Mr. ) ( NNP Sikes ) ) ( NP ( DT an ) ( ADJP ( RB extraordinarily ) ( JJ cautious ) ) ( NN man ) ) ) ( VP ( MD would ) ( VP ( VB continue ) ( S ( VP ( VBG pushing ) ( NP ( NN deregulation ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP FCC ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN face ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( JJ great ) ( JJ political ) ( NN pressure ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it has been an open question whether Mr. Sikes an extraordinarily cautious man would continue pushing deregulation at the FCC in the face of what is likely to be great political pressure


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Sikes ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN deregulation ) ) ( PP ( IN of ) ( NP ( JJ long ) ( NN distance ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Grubman ) ) ( NP ( NP ( DT a ) ( NN telecommunications ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD attended ) ( NP ( DT the ) ( NNP FCC ) ( NN meeting ) ) ) ) ) ) )

It means that Sikes is serious about the deregulation of long distance said Jack Grubman a telecommunications analyst at PaineWebber Inc. who attended the FCC meeting


( S ( NP-SBJ ( PDT All ) ( DT the ) ( NNS commissioners ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( JJ amazing ) ( NN agreement ) ( PRN ( S ( VP ( TO to ) ( VP ( VB re-examine ) ( NP ( NN regulation ) ) ) ) ) ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( ADVP ( RB only ) ) ( VBG having ) ( VP ( VBN been ) ( ADVP-PRD ( RB together ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ) ) ) ) ) ) )

All the commissioners were in amazing agreement to re-examine regulation for only having been together for a few months


( S ( NP-SBJ ( DT The ) ( NNP FCC ) ) ( VP ( VBD took ) ( NP ( NP ( CD three ) ( JJ specific ) ( NNS actions ) ) ( VP ( VBG regarding ) ( NP ( NNP AT&T ) ) ) ) ) )

The FCC took three specific actions regarding AT&T


( S ( PP ( IN By ) ( NP ( DT a ) ( JJ 4-0 ) ( NN vote ) ) ) ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBD allowed ) ( S ( NP-SBJ-2 ( NNP AT&T ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG offering ) ( NP ( NP ( JJ special ) ( NN discount ) ( NNS packages ) ) ) ( PP-DTV ( TO to ) ( NP ( JJ big ) ( NNS customers ) ) ) ( VP-1 ( VBD called ) ( S ( NP-PRD ( NN Tariff ) ( CD 12 ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG rejecting ) ( NP ( NP ( NNS appeals ) ) ( PP ( IN by ) ( NP ( NNP AT&T ) ( NNS competitors ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS discounts ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ illegal ) ) ) ) ) ) ) ) ) )

By a 4-0 vote it allowed AT&T to continue offering special discount packages to big customers called Tariff 12 rejecting appeals by AT&T competitors that the discounts were illegal


( S ( ADVP-TMP ( RB Then ) ) ( PP ( IN by ) ( NP ( DT a ) ( JJ separate ) ( JJ 4-0 ) ( NN vote ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD chose ) ( NP ( NP ( DT the ) ( JJS narrowest ) ( JJ possible ) ( NNS grounds ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB strike ) ( PRT ( RP down ) ) ( NP ( NP ( DT a ) ( JJ different ) ( NN discount ) ( NN plan ) ) ( VP ( VB called ) ( S ( NP-PRD ( NN Tariff ) ( VBN 15 ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD offered ) ( PP-DTV ( TO to ) ( NP ( NNP Holiday ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) )

Then by a separate 4-0 vote it chose the narrowest possible grounds to strike down a different discount plan called Tariff 15 that AT&T offered to Holiday Corp


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD gave ) ( NP ( DT a ) ( ADJP ( QP ( CD 5 ) ( NN % ) ( TO to ) ( CD 10 ) ) ( NN % ) ) ( NN discount ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NAC-LOC ( NNP Memphis ) ( NNP Tenn. ) ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ oversees ) ( NP ( NNP Holiday ) ( NNPS Inns ) ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ similar ) ( NN discount ) ) ( VP ( VBD offered ) ( PP-DTV ( TO to ) ( NP ( NNP Holiday ) ( NNP Corp. ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP MCI ) ( NNPS Communications ) ( NNP Corp ) ) ) ) ) ) ) ) ) )

AT&T gave a 5 % to 10 % discount to the Memphis Tenn. company that oversees Holiday Inns in response to a similar discount offered to Holiday Corp. by MCI Communications Corp


( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( NNP MCI ) ( POS 's ) ) ( NN offer ) ) ( VP ( VBD had ) ( VP ( VBN expired ) ) ) ) ) ( NP-SBJ-1 ( NNP AT&T ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( PRP$ its ) ( NN discount ) ( NN plan ) ) ) ) ) ) ) ) ) ) )

The agency said that because MCI 's offer had expired AT&T could n't continue to offer its discount plan


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN agency ) ) ( ADVP ( RB specifically ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB rule ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD had ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB match ) ( NP ( NP ( NNS offers ) ) ( PP ( IN by ) ( NP ( NNS competitors ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( S ( VP ( VBG giving ) ( NP ( NP ( NNS discounts ) ) ( ADJP ( RB not ) ( RB generally ) ( JJ available ) ( PP ( TO to ) ( NP ( JJ other ) ( NN phone ) ( NNS users ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the agency specifically did n't rule whether AT&T had the right to match offers by competitors if that means giving discounts not generally available to other phone users


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( NNP Joe ) ( NNP Nacchio ) ) ( NP ( NP ( NP ( NNP AT&T ) ( POS 's ) ) ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( NNS business-communications ) ( NNS services ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP AT&T ) ) ( VP ( VBD offered ) ( NP ( DT a ) ( JJ similar ) ( NN Tariff ) ( CD 15 ) ( NN discount ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Resort ) ( NNP Condominium ) ( NNP International ) ) ( PP ( IN of ) ( NP ( NNP Indianapolis ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( DT another ) ( NNP MCI ) ( NN bid ) ) ) ) ) ) ) ) ) )

Indeed Joe Nacchio AT&T 's vice president for business-communications services said AT&T offered a similar Tariff 15 discount to Resort Condominium International of Indianapolis to meet another MCI bid


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP FCC ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB do ) ( NP ( PRP it ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The FCC did n't say I could n't do it again he said


( S ( PP ( ADVP ( RB Apart ) ) ( IN from ) ( NP ( DT those ) ( CD two ) ( NNS actions ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Sikes ) ) ( CC and ) ( NP ( DT the ) ( CD three ) ( JJ other ) ( NNS commissioners ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP expect ) ( S ( VP ( TO to ) ( VP ( VB re-examine ) ( SBAR ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ-1 ( NNP AT&T ) ) ( VP ( VBZ is ) ( VP ( VBN regulated ) ) ) ) ) ( SBAR-PRP-4 ( IN since ) ( S ( NP-SBJ ( NN competition ) ) ( VP ( VBZ has ) ( VP ( VBN increased ) ) ) ) ) ) ) ) ) ) ) ) )

Apart from those two actions Mr. Sikes and the three other commissioners said they expect to re-examine how AT&T is regulated since competition has increased


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Firestone ) ) ( NP ( NP ( NN chief ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP FCC ) ( POS 's ) ) ( NN common-carrier ) ( NN bureau ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( TO to ) ( VP ( VB propose ) ( NP ( JJ new ) ( NNS rules ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) ) ) )

Richard Firestone chief of the FCC 's common-carrier bureau said he expected the agency to propose new rules next year


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD applauded ) ( NP ( NP ( DT the ) ( NNP FCC ) ( POS 's ) ) ( NNS actions ) ) ) )

AT&T applauded the FCC 's actions


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN time ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB long ) ( JJ overdue ) ) ( SBAR-4 ( S ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( DT a ) ( NN look ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( DT the ) ( JJ fierce ) ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN long-distance ) ( NN business ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS rules ) ) ( VP ( VBG governing ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NN telecommunications ) ( NN firm ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ) )

The time is long overdue to take a look at the fierce competition in the long-distance business and the rules governing it the New York telecommunications firm said in a statement


( S ( CC But ) ( NP-SBJ-1 ( NP ( NNP MCI ) ) ( PP ( IN of ) ( NP ( NNP Washington ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ displeased ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP FCC ) ( NN decision ) ) ( VP ( VBG concerning ) ( NP ( NN Tariff ) ( CD 12 ) ) ) ) ) ) ( S-ADV ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP AT&T ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB flaunt ) ( NP ( NNP FCC ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) ) ) )

But MCI of Washington was displeased with the FCC decision concerning Tariff 12 arguing that AT&T can not be allowed to flaunt FCC rules


( S ( NP-SBJ ( NP ( NNP United ) ( NNP Telecommunications ) ( NNP Inc. ) ( POS 's ) ) ( PRP US ) ( NNP Sprint ) ( NN unit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB obviously ) ( JJ disappointed ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP FCC ) ( NN decision ) ) ( PP ( IN on ) ( NP ( NN Tariff ) ( CD 12 ) ) ) ) ) ) ) ) ) ) )

United Telecommunications Inc. 's US Sprint unit said it was obviously disappointed with the FCC decision on Tariff 12


( S ( NP-SBJ ( PRP US ) ( NNP Sprint ) ) ( VP ( VBD said ) ( FRAG ( VP ( VBD was ) ( SBAR-PRD ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB petition ) ( NP ( DT the ) ( NNP FCC ) ( NN decision ) ) ( PP-LOC ( IN in ) ( NP ( JJ federal ) ( NN court ) ) ) ) ) ) ) ) ) ) )

US Sprint said was it will petition the FCC decision in federal court


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( MD will ) ( VP ( VB find ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ unlawful ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( PRP US ) ( NNP Sprint ) ( NN spokesman ) ) )

We believe that the court will find it unlawful said a US Sprint spokesman


( S ( ADVP ( RB Separately ) ) ( NP-SBJ-1 ( NNP AT&T ) ) ( VP ( VBD filed ) ( NP ( DT a ) ( NN countersuit ) ) ( PP-CLR ( IN against ) ( NP ( NNP MCI ) ) ) ( S-ADV ( VP ( VBG accusing ) ( NP ( PRP it ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG misleading ) ( NP ( NNS consumers ) ) ( PP-MNR ( IN through ) ( NP ( ADJP ( RB allegedly ) ( JJ false ) ( CC and ) ( JJ deceptive ) ) ( NN advertising ) ) ) ) ) ) ) ) ) )

Separately AT&T filed a countersuit against MCI accusing it of misleading consumers through allegedly false and deceptive advertising


( S ( NP-SBJ ( DT The ) ( NNP AT&T ) ( NN action ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN blow ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ nasty ) ( NN fight ) ) ) ) ) )

The AT&T action was the most recent blow in a nasty fight


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN month ) ) ( NP-SBJ-1 ( NNP MCI ) ) ( VP ( VBD sued ) ( NP ( NNP AT&T ) ) ( PP-LOC ( IN in ) ( NP ( JJ federal ) ( NN district ) ( NN court ) ) ) ( S-ADV ( VP ( VBG claiming ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP AT&T ) ( POS 's ) ) ( NNS ads ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ false ) ) ) ) ) ) ) ) )

Earlier this month MCI sued AT&T in federal district court claiming that AT&T 's ads are false


( S ( NP-SBJ-1 ( NNP AT&T ) ) ( VP ( VBD assembled ) ( NP ( NP ( NP ( CD three ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ top ) ( NNS executives ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) ( NP ( NP ( RB all ) ) ( ADJP ( RB visibly ) ( JJ angry ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB refute ) ( NP ( NP ( NNP MCI ) ( POS 's ) ) ( NNS charges ) ) ) ) ) ) ) ) ) )

AT&T assembled three of its top executives in Washington all visibly angry to try to refute MCI 's charges


( SINV ( S-TPC-2 ( NP-SBJ ( NNP MCI ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NNS hawks ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ upper ) ( NN echelon ) ) ( PP ( IN of ) ( NP ( NNP AT&T ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NP ( NNP PaineWebber ) ( POS 's ) ) ( NNP Mr. ) ( NNP Grubman ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( TO to ) ( VP ( VB become ) ( ADJP-PRD ( RB increasingly ) ( JJ aggressive ) ( PP ( IN in ) ( S-NOM ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( JJ longtime ) ( NN nemesis ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

MCI has made hawks out of the upper echelon of AT&T said PaineWebber 's Mr. Grubman who said he expected AT&T to become increasingly aggressive in dealing with its longtime nemesis


( S ( NP-SBJ ( NP ( NNP Julie ) ( NNP Amparano ) ( NNP Lopez ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Julie Amparano Lopez in Philadelphia also contributed to this article


( S ( NP-SBJ ( NP ( NNP Furukawa ) ( NNP Electric ) ( NNP Co. ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( VBG leading ) ( JJ electric ) ( NN wire ) ( CC and ) ( NN cable ) ( NNS manufacturers ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ unconsolidated ) ( JJ pretax ) ( NN profit ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( JJ first ) ( NN half ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 5.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 6.11 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 43.1 ) ( CD million ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 6.45 ) ( CD billion ) ) ( NNS yen ) ) ( NP-TMP ( NP ( DT a ) ( NN year ) ) ( ADVP ( RB earlier ) ) ) ) ) ) ) ) ) )

Furukawa Electric Co. one of Japan 's leading electric wire and cable manufacturers said unconsolidated pretax profit in the fiscal first half ended Sept. 30 fell 5.3 % to 6.11 billion yen 43.1 million from 6.45 billion yen a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBN increased ) ( NP-EXT ( CD 11.9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 279.39 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 249.68 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Sales increased 11.9 % to 279.39 billion yen from 249.68 billion yen


( S ( NP-SBJ ( NN Net ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.23 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3.26 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

Net fell 1 % to 3.23 billion yen from 3.26 billion yen


( S ( NP-SBJ ( JJ Pershare ) ( NN net ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 4.97 ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 5.40 ) ( NNS yen ) ) ) ) )

Pershare net fell to 4.97 yen from 5.40 yen


( S ( S-TPC-1 ( NP-SBJ-2 ( NP ( DT The ) ( VBG growing ) ( NNS sales ) ) ( VP ( VBN sustained ) ( PP ( IN by ) ( NP-LGS ( JJ domestic ) ( NN demand ) ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB counter ) ( NP ( NP ( NP ( VBG rising ) ( NN material ) ( NN metal ) ( NNS costs ) ) ( CC and ) ( NP ( VBG declining ) ( NN profitability ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ overseas ) ( NN construction ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Furukawa ) ) ( VP ( VBD said ) ) )

The growing sales sustained by domestic demand failed to counter rising material metal costs and declining profitability in overseas construction Furukawa said


( S ( NP-SBJ ( VBN Rolled ) ( NN copper ) ( NN product ) ( NNS sales ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( JJ major ) ( NNS contributors ) ) ( PP ( TO to ) ( NP ( JJ overall ) ( NNS sales ) ( NN growth ) ) ) ) ) )

Rolled copper product sales were major contributors to overall sales growth