( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( SBAR-PRP-PRD ( IN because ) ( S ( S ( NP-SBJ ( JJ many ) ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB standardize ) ( PP ( IN on ) ( NP ( NP ( JJ certain ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NN equipment ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ various ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG manufacturing ) ( NN market ) ) ) ) ( VP ( VBP merge ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( JJS biggest ) ( NN player ) ) ) ) ) ) ) )

That is because many companies will standardize on certain types of equipment as the various parts of the manufacturing market merge and IBM is the biggest player


( S ( CC But ) ( NP-SBJ ( RB much ) ) ( VP ( MD will ) ( VP ( VB depend ) ( PP-CLR ( IN on ) ( SBAR-NOM ( WHADVP-1 ( WRB how ) ( RB quickly ) ) ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( MD can ) ( VP ( VB move ) ) ) ) ) ) ) ) )

But much will depend on how quickly IBM can move


( S ( NP-SBJ-2 ( NP ( DT The ) ( JJ whole ) ( NN idea ) ) ( PP ( IN of ) ( NP ( NP ( JJ computer-integrated ) ( NN manufacturing ) ) ( NP ( NNP CIM ) ) ) ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG making ) ( NP ( DT a ) ( NN comeback ) ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG losing ) ( NP ( DT a ) ( JJ little ) ( NN luster ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT the ) ( JJ past ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS years ) ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ apparent ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN panacea ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VP ( VB make ) ( S ( NP-SBJ ( NNP U.S. ) ( NNS plants ) ) ( ADJP-PRD ( RBR more ) ( JJ efficient ) ) ) ) ( CC and ) ( VP ( VB banish ) ( NP ( JJ foreign ) ( NN competition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The whole idea of computer-integrated manufacturing CIM seems to be making a comeback after losing a little luster over the past couple of years when it became apparent that it was n't a panacea that would make U.S. plants more efficient and banish foreign competition


( S ( S ( NP-SBJ ( NP ( NNP Erik ) ( NNP Keller ) ) ( NP ( DT a ) ( NNP Gartner ) ( NNP Group ) ( NN analyst ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ organizational ) ( NNS changes ) ) ( VP ( MD may ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( VP ( VBN required ) ( S-PRP ( VP ( TO to ) ( VP ( ADVP ( RB really ) ) ( VB take ) ( NP ( NP ( NN advantage ) ) ( PP ( IN of ) ( NP ( NP ( NNP CIM ) ( POS 's ) ) ( NNS capabilities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( NP ( NN someone ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN shop ) ( NN floor ) ) ) ) ( VP ( VP ( MD may ) ( RB not ) ( VP ( VB like ) ( S ( VP ( VBG having ) ( S ( NP-SBJ-3 ( NN someone ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN office ) ) ) ( VP ( VBG using ) ( NP ( DT a ) ( JJ personal ) ( NN computer ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB look ) ( PP-DIR ( IN over ) ( NP ( PRP$ his ) ( NN shoulder ) ) ) ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( IN that ) ) ( PP-CLR ( IN from ) ( NP ( VBG happening ) ) ) ) ) ) ) ) ) ) ) )

Erik Keller a Gartner Group analyst said organizational changes may still be required to really take advantage of CIM 's capabilities someone on the shop floor may not like having someone in an office using a personal computer to look over his shoulder for instance and may be able to prevent that from happening


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN system ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP IBM ) ( POS 's ) ) ) ) ( VP ( MD should ) ( VP ( VB help ) ( ADVP-MNR ( RB significantly ) ) ) ) ) ) ) )

But he said a system such as IBM 's should help significantly


( S ( PP ( IN In ) ( S-NOM ( VP ( VBG making ) ( NP ( NN polyethylene ) ( NNS sheets ) ) ( ADVP ( IN out ) ( PP ( IN of ) ( NP ( JJ plastic ) ( NNS chips ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP-SBJ-1 ( DT a ) ( NN chip ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VP ( VBZ does ) ( RB n't ) ( VP ( VB melt ) ) ) ( VP ( VBZ gets ) ( VP ( VBN caught ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN machinery ) ) ) ) ) ( CC and ) ( VP ( VBZ creates ) ( NP ( NP ( DT a ) ( NN run ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS sheets ) ) ) ) ) ) )

In making polyethylene sheets out of plastic chips for instance a chip sometimes does n't melt gets caught in the machinery and creates a run in the sheets


( S ( NP-SBJ ( DT That ) ) ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( JJ expensive ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ-1 ( DT the ) ( NN problem ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( VP ( VBN noticed ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT the ) ( NNS sheets ) ) ( VP ( VBP are ) ( ADVP ( RB typically ) ) ( VP ( VBN thrown ) ( ADVP-CLR ( RB away ) ) ) ) ) ) ) ) ) )

That can be expensive because the problem may not be noticed for a while and the sheets are typically thrown away


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Keller ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NNS computers ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN integrated ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN process ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB alert ) ( NP ( DT an ) ( NN operator ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB soon ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN problem ) ) ( VP ( VBD occurred ) ) ) ) ) ) ) ) ) ) )

But Mr. Keller said that if computers can be integrated into the process they could alert an operator as soon as the problem occurred


( S ( NP-SBJ-3 ( PRP They ) ) ( VP ( MD could ) ( ADVP ( RB also ) ) ( VP ( VB check ) ( PP-CLR ( IN through ) ( NP ( NP ( DT the ) ( NNS orders ) ) ( PP-LOC ( IN on ) ( NP ( NN file ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( DT a ) ( NN customer ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( DT a ) ( JJR lower ) ( NN grade ) ) ( PP ( IN of ) ( NP ( NN polyethylene ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They could also check through the orders on file to find a customer that was willing to accept a lower grade of polyethylene


( S ( NP-SBJ ( DT The ) ( NN computer ) ) ( VP ( MD would ) ( VP ( VB let ) ( S ( NP-SBJ ( DT the ) ( NN machine ) ) ( VP ( VB run ) ) ) ( SBAR-TMP ( RB just ) ( IN until ) ( S ( NP-SBJ-1 ( DT that ) ( NN order ) ) ( VP ( VBD was ) ( VP ( VBN filled ) ) ) ) ) ( S-ADV ( VP ( VBG eliminating ) ( NP ( NN waste ) ) ) ) ) ) )

The computer would let the machine run just until that order was filled eliminating waste


( S ( NP-SBJ-1 ( NP ( DT This ) ( NN sort ) ) ( PP ( IN of ) ( NP ( VBN improved ) ( NN link ) ) ) ) ( VP ( NNS figures ) ( S ( VP ( TO to ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB become ) ( NP-PRD ( NP ( DT a ) ( JJ significant ) ( NN weapon ) ) ( PP ( IN for ) ( NP ( DT some ) ( NNS companies ) ) ) ) ) ) ) ) )

This sort of improved link figures to eventually become a significant weapon for some companies


( S ( NP-SBJ-2 ( NNS Companies ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB tell ) ( NP ( NN salespeople ) ) ( ADVP-TMP ( RB daily ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( PP-CLR ( IN about ) ( NP ( JJ idle ) ( NN equipment ) ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB offer ) ( NP ( NP ( NNS discounts ) ) ( PP ( IN on ) ( SBAR-NOM ( WHNP-1 ( WDT whatever ) ) ( S ( NP-SBJ ( DT that ) ( NN equipment ) ) ( VP ( VBZ produces ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Companies might be able to tell salespeople daily for instance about idle equipment so they could offer discounts on whatever that equipment produces


( S ( NP-SBJ ( NNS Salespeople ) ) ( ADVP ( RB also ) ) ( VP ( MD could ) ( VP ( VB get ) ( NP ( NP ( DT a ) ( JJ precise ) ( NN reading ) ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS products ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN delivered ) ) ) ) ) ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( RB much ) ( DT the ) ( JJ same ) ( NN way ) ) ( SBAR ( WHADVP-4 ( IN that ) ) ( S ( NP-SBJ ( NNP Federal ) ( NNP Express ) ) ( VP ( VBZ has ) ( VP ( VBN marketed ) ( NP ( PRP$ its ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB tell ) ( SBAR ( WHADVP-3 ( RB exactly ) ( WRB where ) ) ( S ( NP-SBJ ( DT a ) ( NN package ) ) ( VP ( VBZ is ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN delivery ) ( NN system ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Salespeople also could get a precise reading on when products could be delivered in much the same way that Federal Express has marketed its ability to tell exactly where a package is in the delivery system


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB quite ) ( JJ unfortunate ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBD failed ) ( ADVP-MNR ( RB so ) ( RB miserably ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG reporting ) ( NP ( DT the ) ( NNP Hurricane ) ( NNP Hugo ) ( NN disaster ) ) ) ) ) ) ) ) ) )

It is quite unfortunate that you failed so miserably in reporting the Hurricane Hugo disaster


( S ( NP-SBJ ( NP ( PRP$ Your ) ( NAC-TMP ( NNP Sept. ) ( CD 27 ) ) ( NN page-one ) ( NN article ) ) ( S-TTL ( NP-SBJ ( NNP Charleston ) ) ( VP ( VBD Lost ) ( NP ( NP ( RB Quite ) ( DT a ) ( NN Lot ) ) ) ( PP-CLR ( TO to ) ( NP ( NNP Hugo ) ) ) ( NP-1 ( RB Especially ) ( NN Gentility ) ) ) ) ) ( VP ( VBZ leaves ) ( NP ( DT the ) ( NN impression ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN storm ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB little ) ( JJR more ) ) ( PP ( IN than ) ( NP ( DT an ) ( NN inconvenience ) ) ) ) ) ) ) ) ) )

Your Sept. 27 page-one article Charleston Lost Quite a Lot to Hugo Especially Gentility leaves the impression that the storm was little more than an inconvenience


( S ( NP-SBJ ( NP ( DT The ) ( NN damage ) ) ( VP ( VBD reported ) ) ) ( VP ( VBN focused ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ select ) ( JJ few ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD owned ) ( NP ( NP ( JJ irreplaceable ) ( JJ historic ) ( NNS homes ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Battery ) ) ) ) ) ) ) ) ) ) )

The damage reported focused on a select few who owned irreplaceable historic homes on the Battery


( SINV ( VP-TPC-1 ( RB Not ) ( VBN mentioned ) ) ( VP ( VBD were ) ) ( NP-SBJ-2 ( NP ( NP ( NP ( DT the ) ( CD 50,000 ) ( NNS people ) ) ( VP ( VBD rendered ) ( S ( ADJP-PRD ( JJ homeless ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( QP ( RBR more ) ( IN than ) ( CD 200,000 ) ) ) ( ADJP ( IN out ) ( PP ( IN of ) ( NP ( NN work ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT an ) ( JJ indeterminable ) ( NN period ) ) ) ) ) ( NP ( NP ( DT the ) ( QP ( CD 1 ) ( CD billion-plus ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS losses ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNS homes ) ) ( CC and ) ( NP ( JJ personal ) ( NN property ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN barrier ) ( NNS islands ) ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( ADJP ( JJ near ) ( CC and ) ( JJ long-term ) ) ( NN impact ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( JJS largest ) ( NN industry ) ) ( NP ( NN tourism ) ) ) ) ) ( CONJP ( RB not ) ( TO to ) ( VB mention ) ) ( NP ( DT the ) ( JJ human ) ( NN suffering ) ) ) )

Not mentioned were the 50,000 people rendered homeless and the more than 200,000 out of work for an indeterminable period the 1 billion-plus in losses to homes and personal property on the barrier islands the near and long-term impact on the state 's largest industry tourism not to mention the human suffering


( S ( PP ( IN In ) ( S-NOM ( VP ( VBG centering ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN disruption ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ few ) ( JJ proud ) ( JJ local ) ( NNS customs ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( JJ historic ) ( NNS homes ) ( NN tour ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN damage ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNS antiquities ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP$ your ) ( NN reporter ) ) ( VP ( VBD served ) ( S ( VP ( TO to ) ( ADVP ( RB only ) ) ( VP ( VB perpetuate ) ( NP ( NP ( DT an ) ( ADJP ( ADJP ( VBN outdated ) ) ( CC and ) ( ADJP ( RB stereotypically ) ( JJ provincial ) ) ) ( NN view ) ) ( PP ( IN of ) ( NP ( DT this ) ( ADJP ( RB otherwise ) ( VBG thriving ) ) ( JJ port ) ( NN city ) ) ) ) ) ) ) ) )

In centering on the disruption of a few proud local customs such as the historic homes tour and the damage to the antiquities your reporter served to only perpetuate an outdated and stereotypically provincial view of this otherwise thriving port city


( S ( NP-SBJ-1 ( DT The ) ( NN damage ) ) ( VP ( MD will ) ( ADVP ( RB undoubtedly ) ) ( VP ( VB prove ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN epic ) ( ADJP ( JJ human ) ( CC and ) ( JJ economic ) ) ( NNS disasters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decade ) ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN country ) ) ) ) ) ) ) ) ) ) ) )

The damage will undoubtedly prove to be one of the epic human and economic disasters of the decade in this country


( NP ( NNP David ) ( NNP M. ) ( NNP Carroll ) )

David M. Carroll


( NP ( NP ( NNP Columbia ) ) ( NP ( NNP S.C ) ) )

Columbia S.C


( S ( NP-SBJ ( PRP$ Your ) ( NN story ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ tasteless ) ( CC and ) ( JJ insensitive ) ) ) )

Your story was tasteless and insensitive


( S ( S-NOM-SBJ ( VP ( VBG Depicting ) ( NP ( NP ( DT the ) ( NNS people ) ) ( PP ( IN of ) ( NP ( DT a ) ( VBN traumatized ) ( NN city ) ) ) ( VP ( VBG reeling ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN disaster ) ) ( PP ( IN of ) ( NP ( JJ unprecedented ) ( NNS proportions ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( PP ( IN at ) ( NP ( DT the ) ( ADJP ( RB very ) ( JJS best ) ) ) ) ( ADJP-PRD ( JJ ludicrous ) ) ( PP ( IN under ) ( NP ( DT the ) ( NNS circumstances ) ) ) ) )

Depicting the people of a traumatized city reeling from a disaster of unprecedented proportions was at the very best ludicrous under the circumstances


( S ( NP-SBJ-1 ( PRP$ Your ) ( JJ narrow ) ( NN focus ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ contrived ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB show ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS people ) ) ( PP ( IN of ) ( NP ( DT that ) ( JJ historic ) ( NN city ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( JJ doddering ) ( NNS fools ) ) ) ) ) ) ) ) ) ) ) ) ) )

Your narrow focus appears to be a contrived attempt to show the people of that historic city to be doddering fools


( S ( NP-SBJ-3 ( PRP You ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ blind ) ) ) ) ) ) ( S-PRP ( RB not ) ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( DT the ) ( NN scenario ) ) ( ADVP-LOC ( RB there ) ) ) ( PP-CLR ( IN for ) ( NP ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ-4 ( PRP it ) ) ( VP ( VP ( VBD was ) ) ( CC and ) ( VP ( VBZ is ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( NNS months ) ) ( CC and ) ( JJ even ) ( NP ( NNS years ) ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN part ) ) ( PP ( IN of ) ( NP ( NNP South ) ( NNP Carolina ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN sustained ) ( NP ( NP ( DT a ) ( NN blow ) ) ( SBAR ( WHNP-5 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NNP Red ) ( NNP Cross ) ) ( VP ( VBZ expects ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB cost ) ( NP ( NP ( DT that ) ( NN organization ) ) ( ADVP ( RB alone ) ) ) ( NP ( QP ( DT some ) ( CD 38 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

You had to have been blind not to see the scenario there for what it was and is and will continue to be for months and even years a part of South Carolina that has sustained a blow that the Red Cross expects will cost that organization alone some 38 million


( NP ( NNP William ) ( NNP C. ) ( NNP Barksdale ) ( NNP Jr ) )

William C. Barksdale Jr


Columbia S.C


( S ( NP-SBJ ( NNP Charleston ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD-1 ( JJ historic ) ( CC and ) ( JJ aristocratic ) ) ( SBAR-ADV-2 ( RB as ) ( S ( NP-SBJ ( PRP$ your ) ( NN reporter ) ) ( VP ( VBD said ) ) ) ) ) ( CC but ) ( RB not ) ( VP ( ADJP-PRD=1 ( JJ haughty ) ) ( SBAR-ADV=2 ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD suggested ) ) ) ) ) ) )

Charleston is historic and aristocratic as your reporter said but not haughty as he suggested


( S ( NP-SBJ ( NNS Charlestonians ) ) ( VP ( VP ( VBP are ) ( ADVP ( RB instead ) ) ( ADJP-PRD ( JJ indomitable ) ) ) ( CC and ) ( VP ( VBP have ) ( VP ( VBN contributed ) ( ADVP-MNR ( RB mightily ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN culture ) ( CC and ) ( NN history ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN country ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 300 ) ) ( NNS years ) ) ) ) ) ) )

Charlestonians are instead indomitable and have contributed mightily to the culture and history of our country for more than 300 years


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP suggest ) ( SBAR ( S ( NP-SBJ ( PRP$ your ) ( NN reporter ) ) ( VP ( VB see ) ( NP ( NP ( NNP Charleston ) ) ) ( NP-TMP ( JJ next ) ( NN spring ) ) ( PP-1 ( IN in ) ( NP ( PRP$ its ) ( JJ full ) ( NN glory ) ) ) ) ) ) ) )

I suggest your reporter see Charleston next spring in its full glory


( NP ( NNP William ) ( NNP C. ) ( NNP Stuart ) ( NNP III ) )

William C. Stuart III


( NP ( NP ( NNP Silver ) ( NNP Spring ) ) ( NP ( NNP Md ) ) )

Silver Spring Md


( S ( NP-SBJ-1 ( NP ( CD Three ) ( NN savings-and-loan ) ( NNS institutions ) ) ( PP-LOC ( IN in ) ( NP ( NNP Kansas ) ( CC and ) ( NNP Texas ) ) ) ) ( VP ( VBD were ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ( POS 's ) ) ( NN conservatorship ) ( NN program ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( JJ federal ) ( NNS regulators ) ) ( VP ( VP ( VBD declared ) ( S ( NP-SBJ ( DT the ) ( NNS thrifts ) ) ( ADJP-PRD ( JJ insolvent ) ) ) ) ( CC and ) ( VP ( VBD named ) ( S ( NP-SBJ ( DT the ) ( NNP RTC ) ) ( NP-PRD ( PRP$ their ) ( NN receiver ) ) ) ) ) ) ) ) ) )

Three savings-and-loan institutions in Kansas and Texas were added to the Resolution Trust Corp. 's conservatorship program after federal regulators declared the thrifts insolvent and named the RTC their receiver


( S ( NP-SBJ-1 ( NP ( DT The ) ( NX ( NX ( NNS deposits ) ) ( NX ( NNS assets ) ) ( CC and ) ( NX ( JJ certain ) ( NNS liabilities ) ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD three ) ( NNS thrifts ) ) ) ) ( VP ( VBD were ) ( VP ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( ADJP ( RB newly ) ( VBN chartered ) ) ( JJ federal ) ( JJ mutual ) ( NNS institutions ) ) ) ) ) )

The deposits assets and certain liabilities of the three thrifts were transferred to newly chartered federal mutual institutions


( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS institutions ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Mid ) ( NNP Kansas ) ( NNP Federal ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( NP-LOC ( NNP Wichita ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( NP ( NP ( QP ( CD 830.5 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( NNP Valley ) ( NNP Federal ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP McAllen ) ) ) ( NP-LOC ( NP ( NNP McAllen ) ) ( NP ( NNP Texas ) ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 582.6 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Surety ) ( NNP Savings ) ( NNP Association ) ) ( NP-LOC ( NNP El ) ( NNP Paso ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 309.3 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ) ) )

The three institutions are Mid Kansas Federal Savings & Loan Association Wichita which had 830.5 million in assets Valley Federal Savings & Loan Association of McAllen McAllen Texas with 582.6 million in assets and Surety Savings Association El Paso with 309.3 million in assets


( S ( NP-SBJ ( DT The ) ( CD three ) ( JJ insolvent ) ( NNS thrifts ) ) ( VP ( MD will ) ( VP ( VB maintain ) ( NP ( JJ normal ) ( NN business ) ( NNS hours ) ( CC and ) ( NNS operations ) ) ( PP ( IN under ) ( NP ( JJ RTC-appointed ) ( VBG managing ) ( NNS agents ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ-1 ( DT the ) ( NNP RTC ) ) ( VP ( VBZ tries ) ( S ( VP ( TO to ) ( VP ( VB negotiate ) ( NP ( JJ permanent ) ( NNS resolutions ) ) ) ) ) ) ) ) ) ) )

The three insolvent thrifts will maintain normal business hours and operations under RTC-appointed managing agents while the RTC tries to negotiate permanent resolutions


( S ( ADVP ( RB Separately ) ) ( NP-SBJ-1 ( NP ( NNP Century ) ( NNP Bank ) ) ( NP-LOC ( NP ( NNP Phoenix ) ) ( NP ( NNP Ariz. ) ) ) ) ( VP ( VBD was ) ( VP ( VBN closed ) ( PP ( IN by ) ( NP-LGS ( NNP Arizona ) ( NN banking ) ( NNS officials ) ) ) ) ) )

Separately Century Bank Phoenix Ariz. was closed by Arizona banking officials


( S ( NP-SBJ ( DT The ) ( NNP Federal ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Corp. ) ) ( VP ( VBD approved ) ( NP ( NP ( DT the ) ( NN assumption ) ) ( PP ( IN of ) ( NP ( NP ( NNP Century ) ( POS 's ) ) ( NX ( NX ( NNS deposits ) ) ( CC and ) ( NX ( ADJP ( RB fully ) ( VBN secured ) ) ( NNS liabilities ) ) ) ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( ADJP ( RB newly ) ( VBN chartered ) ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Valley ) ( NNP Capital ) ( NNP Corp. ) ) ( NP-LOC ( NNP Las ) ( NNP Vegas ) ) ) ) ) ) ) ) )

The Federal Deposit Insurance Corp. approved the assumption of Century 's deposits and fully secured liabilities by a newly chartered subsidiary of Valley Capital Corp. Las Vegas


( S ( S ( NP-SBJ-1 ( DT The ) ( JJ new ) ( NN institution ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NNP Century ) ( NNP Bank ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( VBN failed ) ( NN bank ) ( POS 's ) ) ( CD five ) ( NNS offices ) ) ( VP ( MD will ) ( VP ( VB reopen ) ( NP-TMP ( NN today ) ) ) ) ) )

The new institution is also called Century Bank and the failed bank 's five offices will reopen today


( S ( NP-SBJ ( DT The ) ( VBN failed ) ( NN bank ) ) ( VP ( VBD had ) ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 129.6 ) ( CD million ) ) ) ) ) ) )

The failed bank had assets of about 129.6 million


( S ( NP-SBJ ( DT The ) ( ADJP ( RB newly ) ( VBN chartered ) ) ( NN bank ) ) ( VP ( MD will ) ( VP ( VP ( VB assume ) ( NP ( NP ( QP ( IN about ) ( CD 125.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( CD 10,300 ) ( NN deposit ) ( NNS accounts ) ) ) ) ) ( CC and ) ( VP ( VB pay ) ( NP ( DT the ) ( NNP FDIC ) ) ( NP ( NP ( DT a ) ( NN purchase ) ( NN premium ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.9 ) ( CD million ) ) ) ) ) ) ) ) )

The newly chartered bank will assume about 125.7 million in 10,300 deposit accounts and pay the FDIC a purchase premium of 2.9 million


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NP ( QP ( IN about ) ( CD 91.7 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP FDIC ) ) ( VP ( MD will ) ( VP ( VB advance ) ( NP ( QP ( CD 31.8 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( VBG assuming ) ( NN bank ) ) ) ) ) ) )

It also will buy about 91.7 million of assets and the FDIC will advance 31.8 million to the assuming bank


( S ( PP-LOC ( IN Outside ) ( NP ( NP ( DT the ) ( JJ white-walled ) ( NN headquarters ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ socalled ) ( NNP Society ) ) ( PP ( IN of ) ( NP ( NNP Orange ) ( NNPS Workers ) ) ) ) ) ) ) ( NP-SBJ ( DT all ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( RB normal ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP South ) ( NNP Africa ) ( POS 's ) ) ( JJ abnormal ) ( NN society ) ) ) ) )

Outside the white-walled headquarters of the socalled Society of Orange Workers all seems normal in South Africa 's abnormal society


( S ( NP-SBJ ( NP ( DT A ) ( NN pickup ) ( NN truck ) ) ( VP ( VBN driven ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ white ) ( NN farmer ) ) ) ) ) ( VP ( VBZ rumbles ) ( ADVP-DIR ( NN past ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN load ) ) ( PP ( IN of ) ( NP ( JJ black ) ( NNS workers ) ) ) ( VP ( VBG bouncing ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN back ) ) ) ) ) ) ) )

A pickup truck driven by a white farmer rumbles past with a load of black workers bouncing in the back


( S ( PP-LOC ( IN Over ) ( PP ( IN at ) ( NP ( NP ( NNP Conradies ) ) ( NP ( DT the ) ( JJ general ) ( NN store ) ) ) ) ) ( NP-SBJ-1 ( DT a ) ( JJ black ) ( NN stock ) ( NN boy ) ) ( VP ( NNS scurries ) ( S ( VP ( TO to ) ( VP ( VB help ) ( NP ( DT an ) ( JJ elderly ) ( JJ white ) ( NN woman ) ) ( PP ( IN with ) ( NP ( PRP$ her ) ( NNS packages ) ) ) ) ) ) ) )

Over at Conradies the general store a black stock boy scurries to help an elderly white woman with her packages


( S ( PP-LOC ( IN Down ) ( NP ( DT the ) ( NN street ) ) ) ( NP-SBJ-1 ( DT a ) ( NN car ) ) ( VP ( VP ( VBZ pulls ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NNP Shell ) ( NN station ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN surrounded ) ( PP ( IN by ) ( NP-LGS ( JJ black ) ( NNS attendants ) ) ) ) ) ) )

Down the street a car pulls into the Shell station and is surrounded by black attendants


( S ( CC But ) ( PP-LOC ( IN inside ) ( NP ( NP ( DT the ) ( JJ white ) ( NNS walls ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Orange ) ( NNPS Workers ) ( POS ' ) ) ( NN office ) ) ( PRN ( NP ( NP ( RB just ) ( IN about ) ( DT the ) ( JJS largest ) ( NN building ) ) ( PP-LOC ( IN in ) ( NP ( NN town ) ) ) ( PP ( IN save ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Dutch ) ( NNP Reformed ) ( NNP Church ) ) ( CC and ) ( NP ( DT the ) ( NN school ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP South ) ( NNP Africa ) ( POS 's ) ) ( JJ neat ) ( JJ racial ) ( NN order ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ awry ) ) ) )

But inside the white walls of the Orange Workers ' office just about the largest building in town save for the Dutch Reformed Church and the school South Africa 's neat racial order is awry


( S ( NP-SBJ ( DT A ) ( NN dozen ) ( JJ white ) ( NN office ) ( NNS workers ) ) ( VP ( VP ( VBP fold ) ( NP ( NNS newsletters ) ) ) ( CC and ) ( VP ( VBP stuff ) ( NP ( PRP them ) ) ( PP-CLR ( IN into ) ( NP ( NNS envelopes ) ) ) ) ) )

A dozen white office workers fold newsletters and stuff them into envelopes


( S ( NP-SBJ ( JJ White ) ( NNS women ) ) ( VP ( VP ( VBP serve ) ( NP ( NN tea ) ( CC and ) ( NN coffee ) ) ) ( CC and ) ( RB then ) ( VP ( VBP wash ) ( NP ( DT the ) ( NNS cups ) ( CC and ) ( NNS saucers ) ) ( ADVP-TMP ( RB afterwards ) ) ) ) )

White women serve tea and coffee and then wash the cups and saucers afterwards


( S ( NP-SBJ ( JJ White ) ( NNS children ) ) ( VP ( VP ( VBP empty ) ( NP ( DT the ) ( NN wastepaper ) ( NNS baskets ) ) ) ( CC and ) ( VP ( VBP squeegee ) ( NP ( DT the ) ( NNS windows ) ) ) ) )

White children empty the wastepaper baskets and squeegee the windows


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( JJ black ) ( NN worker ) ) ( PP ( IN in ) ( NP ( NN sight ) ) ) ) )

There is n't a black worker in sight


( FRAG ( RB Not ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN kitchen ) ) ( CC or ) ( NP ( DT the ) ( NN storeroom ) ) ( CC or ) ( NP ( DT the ) ( NN book ) ( NN shop ) ) ) ) )

Not in the kitchen or the storeroom or the book shop


( SINV ( S-TPC-3 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( PRP$ our ) ( JJ own ) ( NN nation ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB then ) ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( MD must ) ( VP ( VB be ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( PDT all ) ( DT the ) ( NN work ) ) ( NP-ADV ( PRP ourselves ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Hendrik ) ( NNP Verwoerd ) ( NNP Jr. ) ) ( NP ( NP ( NP ( NN son ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ former ) ( JJ prime ) ( NN minister ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN leader ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBN founded ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ) ) ) ) ) ) ) ) )

If we want to have our own nation then we must be willing to do all the work ourselves says Hendrik Verwoerd Jr. son of the former prime minister and the leader of the Orange Workers founded in 1980


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP do ) ( ADVP ( RB indeed ) ) ( VP ( VB want ) ( NP ( PRP$ their ) ( JJ own ) ( NN nation ) ) ) ) )

They do indeed want their own nation


( S ( NP-SBJ ( NP ( DT The ) ( NNS pillars ) ) ( PP ( IN of ) ( NP ( NN apartheid ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG trembling ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ ( NNP Johannesburg ) ) ( VP ( VBG opening ) ( NP ( PRP$ its ) ( JJ public ) ( NNS facilities ) ) ( PP-CLR ( TO to ) ( NP ( DT all ) ( NNS races ) ) ) ) ) ( S ( NP-SBJ ( NNS blacks ) ) ( VP ( VBG storming ) ( NP ( NP ( DT the ) ( JJ all-white ) ( NNS beaches ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Cape ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBG releasing ) ( NP ( NP ( CD seven ) ( NNS leaders ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN banned ) ( NNP African ) ( NNP National ) ( NNP Congress ) ) ) ) ) ) ) ) ) ) ) )

The pillars of apartheid may be trembling in the rest of South Africa with Johannesburg opening its public facilities to all races blacks storming the all-white beaches of the Cape and the government releasing seven leaders of the banned African National Congress


( S ( CC But ) ( ADVP-LOC ( RB here ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Morgenzon ) ) ( NP ( NP ( DT a ) ( JJ sleepy ) ( NN town ) ) ( PP-LOC ( IN amid ) ( NP ( NP ( DT the ) ( NN corn ) ( NNS fields ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ eastern ) ( NNP Transvaal ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP are ) ( VP ( VBG holding ) ( S ( NP-SBJ ( DT the ) ( NNS pillars ) ) ( ADJP-PRD ( RB steady ) ) ) ) ) )

But here in Morgenzon a sleepy town amid the corn fields of the eastern Transvaal the Orange Workers are holding the pillars steady


( S ( NP-SBJ ( NP ( DT The ) ( NNP Orange ) ( NNPS Workers ) ) ( PRN ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP take ) ( NP ( PRP$ their ) ( NN name ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( NNP William ) ) ( PP ( IN of ) ( NP ( NNP Orange ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Netherlands ) ) ) ) ( NP ( NP ( DT a ) ( NN hero ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Dutch-descended ) ( NNPS Afrikaners ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( DT the ) ( NN solution ) ) ( PP ( TO to ) ( NP ( NP ( NNP South ) ( NNP Africa ) ( POS 's ) ) ( JJ racial ) ( NNS problems ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( NN abolition ) ) ( PP ( IN of ) ( NP ( NN apartheid ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN perfection ) ) ( PP ( IN of ) ( NP ( NP ( NN apartheid ) ) ( NP ( NP ( ADJP ( JJ complete ) ( CC and ) ( JJ total ) ) ( NN separation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS races ) ) ) ) ) ) ) ) ) ) ) ) )

The Orange Workers who take their name from William of Orange of the Netherlands a hero of the Dutch-descended Afrikaners believe that the solution to South Africa 's racial problems is n't the abolition of apartheid it 's the perfection of apartheid complete and total separation of the races


( S ( ADVP-LOC-PRD-TPC-3 ( RB Here ) ) ( ADVP ( RB then ) ) ( VP ( VBZ is ) ) ( SBAR-NOM-SBJ ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP have ) ( VP ( VBN come ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( NN apartheid ) ( POS 's ) ) ( JJ last ) ( NN stand ) ) ) ) ) ) ) ) ) )

Here then is where the Orange Workers have come to make apartheid 's last stand


( S ( NP-SBJ ( PRP$ Their ) ( NN idea ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VP ( VB create ) ( NP-1 ( DT a ) ( NN city ) ) ( ADVP ( JJ first ) ) ) ( CC and ) ( RB then ) ( VP ( NP=1 ( DT an ) ( JJ entire ) ( NN nation ) ) ) ( PP ( IN without ) ( NP ( NNS blacks ) ) ) ) ) ) ) )

Their idea is to create a city first and then an entire nation without blacks


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( MD may ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( ADJP ( JJ preposterous ) ( CC and ) ( RB utterly ) ) ( JJ futile ) ( NN effort ) ) ( PP-LOC ( IN in ) ( NP ( NNP Africa ) ) ) ) ) ) ) ) )

This may seem to be a preposterous and utterly futile effort in Africa


( S ( CC And ) ( NP-SBJ ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( QP ( RB only ) ( CD 3,000 ) ) ( JJ card-carrying ) ( NNP Orange ) ( NNPS Workers ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB put ) ( NP ( PRP them ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( JJ loony ) ( NN fringe ) ) ) ) ) )

And the fact that there are only 3,000 card-carrying Orange Workers may put them on the loony fringe


( S ( CC But ) ( NP-SBJ ( NP ( PRP$ their ) ( NN ideal ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( JJ Afrikaner ) ( NN homeland ) ) ( NP ( NP ( DT an ) ( JJ all-white ) ( NN reserve ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN carved ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( JJ present-day ) ( NNP South ) ( NNP Africa ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN mainstream ) ( NN desire ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN right-wing ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ embraces ) ( NP ( NP ( IN about ) ( NN one-third ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( QP ( CD five ) ( CD million ) ) ( NNS whites ) ) ) ) ) ) ) ) ) ) ) )

But their ideal of an Afrikaner homeland an all-white reserve to be carved out of present-day South Africa is a mainstream desire of the right-wing which embraces about one-third of the country 's five million whites


( S ( NP-SBJ ( JJ Afrikaner ) ( NNS philosophers ) ( CC and ) ( NNS theologians ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN ruminated ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN need ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ white ) ( NN homeland ) ) ) ) ) ) ) )

Afrikaner philosophers and theologians have long ruminated on the need for a white homeland


( S ( NP-SBJ ( DT The ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP are ) ( ADVP ( RB just ) ) ( VP ( VBG putting ) ( NP ( DT this ) ( NN preaching ) ) ( PP-CLR ( IN into ) ( NP ( NN practice ) ) ) ) ) )

The Orange Workers are just putting this preaching into practice


( S ( ADVP ( RB Thus ) ) ( NP-SBJ-2 ( NN farmer ) ( NNP Johan ) ( NNP Fischer ) ) ( S-ADV ( NP-SBJ-1 ( PRP$ his ) ( NNS T-shirt ) ( CC and ) ( NNS jeans ) ) ( VP ( VBN covered ) ( PP-CLR ( IN in ) ( NP ( NN grease ) ) ) ) ) ( VP ( VBZ crawls ) ( ADVP-CLR ( RB around ) ) ( PP-LOC ( IN under ) ( NP ( PRP$ his ) ( NN planter ) ) ) ( S-ADV ( VP ( VP ( VBG tightening ) ( NP ( NNS bolts ) ) ) ( CC and ) ( VP ( VBG fixing ) ( NP ( NNS dents ) ) ) ) ) ) )

Thus farmer Johan Fischer his T-shirt and jeans covered in grease crawls around under his planter tightening bolts and fixing dents


( S ( PP-LOC ( IN On ) ( NP ( NP ( ADVP ( RB almost ) ( DT every ) ) ( JJ other ) ( NN farm ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ( NP-SBJ ( JJ black ) ( NNS workers ) ) ( VP ( VBP do ) ( NP ( DT the ) ( NNS repairs ) ) ) )

On almost every other farm in South Africa black workers do the repairs


( FRAG ( CC But ) ( RB not ) ( ADVP-LOC ( RB here ) ) )

But not here


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fischer ) ) ( VP ( VP ( VBZ plows ) ( NP ( PRP$ his ) ( JJ own ) ( NNS fields ) ) ) ( VP ( VBZ sows ) ( NP ( PRP$ his ) ( JJ own ) ( NN corn ) ( CC and ) ( NNS sunflowers ) ) ) ( CC and ) ( VP ( VBZ feeds ) ( NP ( PRP$ his ) ( JJ own ) ( NN sheep ) ) ) ) )

Mr. Fischer plows his own fields sows his own corn and sunflowers and feeds his own sheep


( S ( S ( PP-LOC ( IN Over ) ( PP ( IN at ) ( NP ( DT the ) ( NNS fiberglass ) ( NN factory ) ) ) ) ( NP-SBJ ( CD four ) ( JJ white ) ( NNS workers ) ) ( VP ( VBP assemble ) ( NP ( NN water ) ( NNS tanks ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( JJ own ) ) ) ) ) ( CC and ) ( S ( PP-TMP ( IN in ) ( NP ( PRP$ their ) ( JJ spare ) ( NN time ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP build ) ( NP ( NNS townhouses ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN road ) ) ) ) ) )

Over at the fiberglass factory four white workers assemble water tanks on their own and in their spare time they build townhouses across the road


( S ( PP-LOC ( IN On ) ( NP ( NNP Main ) ( NNP Street ) ) ) ( NP-SBJ-1 ( NP ( NNP Alida ) ( NNP Verwoerd ) ) ( CC and ) ( NP ( PRP$ her ) ( NNS daughters ) ) ) ( VP ( VP ( VB look ) ( PP-CLR ( IN after ) ( NP ( DT the ) ( NNS clothes ) ( CC and ) ( NN fabric ) ( NN shop ) ) ) ) ( RB then ) ( VP ( VB hurry ) ( ADVP-DIR ( NN home ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fix ) ( NP ( NN lunch ) ) ( PP-BNF ( IN for ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN family ) ) ) ) ) ) ) ) ) ) )

On Main Street Alida Verwoerd and her daughters look after the clothes and fabric shop then hurry home to fix lunch for the rest of the family


( S ( PP-LOC ( IN Down ) ( PP ( IN by ) ( NP ( DT the ) ( NN stream ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNP Orange ) ( NNPS Workers ) ) ) ) ( VP ( VBZ puts ) ( NP ( DT the ) ( VBG finishing ) ( NNS touches ) ) ( PP-PUT ( IN on ) ( NP ( DT a ) ( NN golf ) ( NN course ) ) ) ) )

Down by the stream a group of Orange Workers puts the finishing touches on a golf course


( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NNS whites ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB play ) ( ADVP-LOC ( RB there ) ) ( PP-MNR ( IN by ) ( NP ( PRP themselves ) ) ) ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( VBG consulting ) ( NN engineer ) ( NNP Willem ) ( NNP van ) ( NNP Heerden ) ) ) ) ( NP-SBJ ( NNS whites ) ) ( VP ( MD should ) ( ADVP ( RB also ) ) ( VP ( VB build ) ( NP ( PRP it ) ) ( PP-MNR ( IN by ) ( NP ( PRP themselves ) ) ) ) ) )

If whites want to play there by themselves says consulting engineer Willem van Heerden whites should also build it by themselves


( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB survive ) ( PP ( IN as ) ( NP ( DT a ) ( NNS people ) ) ) ) ) ) ) ) ) ( PRN ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ( NP-SBJ-3 ( PRP we ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( NP ( PRP$ our ) ( NN way ) ) ( PP ( IN of ) ( NP ( NN life ) ) ) ) ) ) ) ) )

If we want to survive as a people he says we have to change our way of life


( S ( NP-SBJ ( DT The ) ( NNP Afrikaner ) ) ( VP ( MD must ) ( VP ( VB end ) ( NP ( NP ( PRP$ his ) ( NN reliance ) ) ( PP ( IN on ) ( NP ( NNS others ) ) ) ) ) ) )

The Afrikaner must end his reliance on others


( S ( PP ( IN In ) ( NP ( PRP$ their ) ( NN quest ) ( S ( VP ( TO to ) ( VP ( JJ perfect ) ( NP ( NN apartheid ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP have ) ( VP ( VBN discovered ) ( NP ( NP ( NP ( DT a ) ( NN truth ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-3 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( JJ privileged ) ( JJ white ) ( NNP South ) ( NNP Africa ) ) ) ) ( VP ( VBZ tries ) ( ADVP-MNR ( RB mightily ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB deny ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( DT The ) ( NN master ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VP ( VB become ) ( ADJP-PRD ( JJ dependent ) ( PP ( IN on ) ( NP ( DT the ) ( NN slave ) ) ) ) ) ( CC and ) ( VP ( VB expect ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( NP-PRD ( NN master ) ) ( ADVP-TMP ( RB forever ) ) ) ) ) ) ) ) ) ) ) ) )

In their quest to perfect apartheid the Orange Workers have discovered a truth that most of privileged white South Africa tries mightily to deny The master ca n't become dependent on the slave and expect to remain master forever


( SINV ( S-TPC-4 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NN apartheid ) ) ( VP ( VBZ means ) ( SBAR ( S ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP want ) ( NP ( NP ( JJ cheap ) ( JJ black ) ( NN labor ) ) ( CC and ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS comforts ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP go ) ( PP-CLR ( IN with ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-3 ( PRP you ) ) ( ADVP ( RB also ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB exclude ) ( NP ( DT the ) ( NNS blacks ) ) ( PP-CLR ( IN from ) ( NP ( ADJP ( JJ social ) ( CC and ) ( JJ political ) ) ( NN integration ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( DT these ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( CD two ) ( NNS contradictions ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD ca ) ( RB n't ) ( VP ( VB go ) ( PRT ( RP on ) ) ( ADVP-TMP ( RB forever ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Verwoerd ) ) )

If apartheid means you want cheap black labor and all the comforts that go with it but you also want to exclude the blacks from social and political integration then these are two contradictions that ca n't go on forever says Mr. Verwoerd


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( VP ( VBG sitting ) ( PP-LOC-CLR ( IN in ) ( NP ( PRP$ his ) ( VBG living ) ( NN room ) ) ) ( PP-LOC ( IN beneath ) ( NP ( NP ( DT a ) ( JJ huge ) ( NN portrait ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( JJ late ) ( NN father ) ) ( NP ( NNP Hendrik ) ( NNP F. ) ( NNP Verwoerd ) ) ( NP ( NP ( NP ( NN apartheid ) ( POS 's ) ) ( NN architect ) ) ( CC and ) ( NP ( NP ( JJ South ) ( JJ African ) ( JJ prime ) ( NN minister ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1958 ) ) ) ( PP ( TO to ) ( NP ( CD 1966 ) ) ) ) ) ) ) ) ) ) ) ) )

He is sitting in his living room beneath a huge portrait of his late father Hendrik F. Verwoerd apartheid 's architect and South African prime minister from 1958 to 1966


( S-1 ( ADVP-LOC ( RB Somewhere ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN son ) ) ( VP ( VBZ sighs ) ) ) ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBD went ) ( ADJP-PRD ( RB terribly ) ( JJ wrong ) ) ( PP ( IN with ) ( NP ( NN apartheid ) ) ) ) ) ( S ( NP-TMP ( NN today ) ) ( NP-SBJ ( NNS whites ) ) ( ADVP ( RB even ) ) ( VP ( VBP rely ) ( PP-CLR ( IN on ) ( NP ( NNS blacks ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB police ) ( NP ( PRP$ their ) ( NN separation ) ) ) ) ) ) ) )

Somewhere the son sighs things went terribly wrong with apartheid today whites even rely on blacks to police their separation


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBD took ) ( NP ( JJ separate ) ( NN development ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( JJ black ) ( NN labor ) ) ( PP ( IN without ) ( S-NOM ( ADVP-TMP ( RB ever ) ) ( VP ( VBG getting ) ( ADJP-PRD ( JJ rid ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) )

People took separate development as an opportunity to use black labor without ever getting rid of it


( SINV ( S-TPC-1 ( CC But ) ( NP-SBJ ( PRP$ my ) ( NN father ) ) ( VP ( VBD meant ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB mean ) ( NP ( JJ real ) ( NN separation ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT the ) ( NN son ) ) )

But my father meant it to mean real separation says the son


( S ( NP-SBJ ( DT The ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP speak ) ( ADVP-MNR ( RB sincerely ) ) ) )

The Orange Workers speak sincerely


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP agree ) ( PP-CLR ( IN with ) ( NP ( NN world ) ( NN opinion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( FW status ) ( FW quo ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB morally ) ( JJ wrong ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Pieter ) ( NNP Bruwer ) ) ( NP ( NP ( DT the ) ( NNP Orange ) ( NNPS Workers ) ( POS ' ) ) ( NN chief ) ( NN scribe ) ( CC and ) ( NN pamphleteer ) ) ) )

We agree with world opinion that the status quo in South Africa is morally wrong says Pieter Bruwer the Orange Workers ' chief scribe and pamphleteer


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD must ) ( VP ( RB either ) ( VP ( VB integrate ) ( ADVP-MNR ( RB honestly ) ) ) ( CC or ) ( VP ( VB segregate ) ( ADVP-MNR ( RB honestly ) ) ) ) ) )

We must either integrate honestly or segregate honestly


( S ( NP-SBJ ( NNP Morgenzon ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ special ) ( NN domain ) ) ( PP ( IN of ) ( NP ( NNP Afrikanerdom ) ) ) ) ) ) )

Morgenzon has long been a special domain of Afrikanerdom


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Verwoerd ) ) ) ) ( NP-SBJ ( DT the ) ( JJ early ) ( JJ Afrikaner ) ( NNS pioneers ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NNS people ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB settle ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ eastern ) ( JJ Transvaal ) ) ) ( PP-TMP ( RB even ) ( IN before ) ( NP ( DT the ) ( NNS blacks ) ) ) ) ) ) ) ) ) )

According to Mr. Verwoerd the early Afrikaner pioneers were the first people to settle in the eastern Transvaal even before the blacks


( S ( RB Then ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP Morgenzon ) ) ( VP ( VBD was ) ( VP ( VBN incorporated ) ( PP-TMP ( IN in ) ( NP ( CD 1908 ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN farmer ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD owned ) ( NP ( DT the ) ( NN land ) ) ) ) ) ) ( VP ( VBD stipulated ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( JJ only ) ( NNS whites ) ) ( VP ( MD could ) ( VP ( VB reside ) ( PP-LOC ( IN in ) ( NP ( NN town ) ) ) ) ) ) ( S ( NP-SBJ ( NNS blacks ) ) ( VP ( MD could ) ( VP ( VB work ) ( ADVP-LOC ( RB there ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-4 ( PRP they ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( PP-TMP ( IN at ) ( NP ( NN night ) ) ) ) ) ) ) ) ) ) ) )

Then when Morgenzon was incorporated in 1908 the farmer who owned the land stipulated that only whites could reside in town blacks could work there but they had to leave at night


( S ( NP-TMP ( NN Today ) ) ( NP-SBJ ( NNP Morgenzon ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN town ) ) ( PP ( IN of ) ( NP ( NP ( CD 800 ) ( NNS whites ) ) ( CC and ) ( NP ( CD two ) ( JJ paved ) ( NNS roads ) ) ) ) ) ) )

Today Morgenzon is a town of 800 whites and two paved roads


( S ( S ( NP-SBJ ( NNS Weeds ) ) ( VP ( VBP push ) ( ADVP-DIR ( IN up ) ) ( PP-DIR ( IN through ) ( NP ( NP ( DT the ) ( NNS cracks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS sidewalks ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ many ) ( NNS houses ) ( CC and ) ( NNS storefronts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ empty ) ) ) ) )

Weeds push up through the cracks in the sidewalks and many houses and storefronts are empty


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ few ) ( NNS factories ) ) ( CC and ) ( NP ( DT no ) ( NNS mines ) ) ) ) )

There are few factories and no mines


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT an ) ( JJ ideal ) ( NN place ) ) ( SBAR-3 ( IN for ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( TO to ) ( VP ( VB start ) ( NP ( PRP$ their ) ( JJ new ) ( NN nation ) ) ( S-ADV ( ADJP-PRD ( JJ unencumbered ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNS demographics ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN undermined ) ( NP ( NN apartheid ) ) ( ADVP-LOC ( RB elsewhere ) ( PP ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was an ideal place for the Orange Workers to start their new nation unencumbered by the demographics that have undermined apartheid elsewhere in South Africa


( S ( ADVP-TMP ( IN So ) ( RB far ) ) ( NP-SBJ-1 ( QP ( IN about ) ( CD 150 ) ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP have ) ( VP ( VBN moved ) ( ADVP-DIR ( RB here ) ) ( S-ADV ( VP ( VBG spending ) ( NP ( QP ( RB nearly ) ( CD 1 ) ( CD million ) ) ) ( S-CLR ( VP ( NN buying ) ( PRT ( RP up ) ) ( NP ( NN property ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS years ) ) ) ) ) ) ) )

So far about 150 Orange Workers have moved here spending nearly 1 million buying up property over the past three years


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( ADJP ( JJ complete ) ( CC and ) ( JJ total ) ) ( NN segregation ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ elusive ) ) ) )

Still complete and total segregation remains elusive


( SINV ( PP-LOC-PRD-TPC-3 ( RB Just ) ( IN beyond ) ( NP ( DT the ) ( NN city ) ( NNS limits ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT a ) ( NN shantytown ) ) ( PP ( IN of ) ( NP ( NP ( CD 2,000 ) ( NNS blacks ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBN employed ) ( PP-LOC ( IN throughout ) ( NP ( DT the ) ( NN area ) ) ) ) ) ) ) ) ) ) )

Just beyond the city limits is a shantytown of 2,000 blacks who are employed throughout the area


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NNP Orange ) ( NNPS Workers ) ( POS ' ) ) ( NN intention ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( NP ( PRP them ) ) ( NP ( DT all ) ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN work ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( DT no ) ( NN hurry ) ( S ( VP ( TO to ) ( VP ( VB leave ) ) ) ) ) ) ) )

Despite the Orange Workers ' intention to put them all out of work they are in no hurry to leave


( S ( NP-SBJ ( NP ( DT A ) ( JJ young ) ( NN man ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NP ( NNP July ) ) ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( SBAR-PRD ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBN born ) ) ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ works ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN railroad ) ( NN station ) ) ( PP-LOC ( RB just ) ( IN up ) ( NP ( DT the ) ( NN street ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Orange ) ( NNPS Workers ) ( NN office ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ points ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJ whitewalled ) ( NN building ) ) ) ) ( CC and ) ( VP ( VBZ says ) ( ADVP-MNR ( RB matter-of-factly ) ) ( S ( S ( NP-SBJ-5 ( PRP We ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBN allowed ) ( PP-LOC-CLR ( IN in ) ( NP ( RB there ) ) ) ) ) ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP know ) ) ) ) ) ) ) ) ) ) )

A young man called July that 's when he was born who works at the railroad station just up the street from the Orange Workers office points at the whitewalled building and says matter-of-factly We 're not allowed in there that 's all I know


( S ( NP-SBJ ( NP ( DT The ) ( JJ 650-or-so ) ( JJ local ) ( NNS whites ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( NNP Orange ) ( NNPS Workers ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( VBN troubled ) ) ) )

The 650-or-so local whites who are n't Orange Workers are more troubled


( S ( S-ADV ( VP ( VB Try ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD might ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( ADVP ( RB just ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB conceive ) ( PP-CLR ( IN of ) ( NP ( NP ( NN life ) ) ( PP ( IN without ) ( NP ( JJ black ) ( NNS workers ) ) ) ) ) ) ) )

Try as they might they just ca n't conceive of life without black workers


( SINV ( FRAG-TPC-2 ( ADJP ( JJ Impossible ) ( JJ impossible ) ) ) ( VP ( VBP say ) ) ( NP-SBJ ( NP ( DT the ) ( NNPS Conradies ) ) ( NP ( NP ( DT an ) ( JJ elderly ) ( NN couple ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN run ) ( NP ( DT the ) ( JJ general ) ( NN store ) ) ( PP-TMP ( IN for ) ( NP ( NNS decades ) ) ) ) ) ) ) ) ) )

Impossible impossible say the Conradies an elderly couple who have run the general store for decades


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB do ) ( PP ( IN without ) ( NP ( PRP$ their ) ( NN help ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Conradie ) ) )

We ca n't do without their help says Mrs. Conradie


Oh no


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP need ) ( NP ( PRP them ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP thank ) ( NP ( NNP God ) ) ( PP ( IN for ) ( NP ( PRP them ) ) ) ) ) )

We need them and I thank God for them


( S ( PP-LOC ( IN Over ) ( PP ( IN at ) ( NP ( DT the ) ( NNP Shell ) ( NN station ) ) ) ) ( NP-SBJ ( NP ( NN owner ) ( NNP Rudi ) ( NNP van ) ( NNP Dyk ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ doubles ) ( PP ( IN as ) ( NP ( NP ( NNP Morgenzon ) ( POS 's ) ) ( NN mayor ) ) ) ) ) ) ) ( VP ( VBZ worries ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( NP-SBJ ( PRP$ his ) ( NN town ) ) ( NP-PRD ( NP ( DT the ) ( NN laughingstock ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN nation ) ) ) ) ) ) ) ) ) ) )

Over at the Shell station owner Rudi van Dyk who doubles as Morgenzon 's mayor worries that the Orange Workers have made his town the laughingstock of the nation


( S ( S-2 ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP want ) ( S ( NP-SBJ ( PRP us ) ) ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ( ADVP ( RB just ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ practical ) ) ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ says ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ employs ) ( NP ( CD 16 ) ( NNS blacks ) ) ) ) ) ) ) ) )

What they want us to do just is n't practical he says noting that he employs 16 blacks


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB hire ) ( NP ( CD 16 ) ( NNS whites ) ) ) ) ) ) ) )

I could n't afford to hire 16 whites


( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NNPS Afrikaners ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB work ) ( PP ( IN for ) ( NP ( DT this ) ( NN salary ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB know ) ( SBAR-NOM ( WHADVP-3 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NN money ) ) ) ) ) ) ) ) )

The only Afrikaners who would be willing to work for this salary would n't know how to handle money


( S ( ADVP-LOC ( RB Back ) ( PP ( IN at ) ( NP ( DT the ) ( NNP Verwoerd ) ( NN house ) ) ) ) ( NP-SBJ ( NNP Hendrik ) ( NNP Sr. ) ) ( VP ( VBZ peers ) ( ADVP-DIR ( IN down ) ) ( PP-DIR ( IN over ) ( NP ( NP ( DT the ) ( NN shoulder ) ) ( PP ( IN of ) ( NP ( NNP Hendrik ) ( NNP Jr ) ) ) ) ) ) )

Back at the Verwoerd house Hendrik Sr. peers down over the shoulder of Hendrik Jr


( S ( NP-SBJ ( DT The ) ( NN son ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNPS Afrikaners ) ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBP realize ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( RB no ) ( S-NOM ( VP ( VBG turning ) ( ADVP-DIR ( RB back ) ) ( NP-PRD ( NP ( DT the ) ( NN integration ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ South ) ( JJ African ) ) ( NN society ) ( CC and ) ( NNS politics ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Morgenzon ) ) ( VP ( MD will ) ( VP ( VB boom ) ) ) ) ) ) )

The son believes that when the Afrikaners finally realize there is no turning back the integration of South African society and politics Morgenzon will boom


( SINV ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP urge ) ( NP-3 ( PRP$ our ) ( NNS people ) ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB wait ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB fight ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ own ) ( NN nation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Verwoerd ) ) )

We urge our people not to wait until they have to fight for their own nation says Mr. Verwoerd


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG populating ) ( NP ( DT a ) ( NN place ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ( NP-SBJ-3 ( PRP we ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( PRP ourselves ) ) ( NP-PRD ( NP ( DT a ) ( NN power ) ) ( SBAR ( S ( NP-SBJ-2 ( DT any ) ( JJ new ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PP-CLR ( IN into ) ( NP ( NN account ) ) ) ) ) ) ) ) ) ) ) ) ) )

By populating a place now we make ourselves a power any new government will have to take into account


( S ( ADVP ( RB Curiously ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ compares ) ( NP ( DT the ) ( NNP Orange ) ( NNPS Workers ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP ANC ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP$ his ) ( NN father ) ) ( VP ( VBD outlawed ) ( PP-TMP ( IN in ) ( NP ( CD 1960 ) ) ) ) ) ) ) ) ) )

Curiously he compares the Orange Workers to the ANC which his father outlawed in 1960


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNP ANC ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN stopped ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN provision ) ) ( PP ( IN for ) ( NP ( JJ black ) ( NNS aspirations ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Verwoerd ) ) )

The ANC wo n't be stopped until there is a provision for black aspirations says Mr. Verwoerd


( S ( ADVP ( RB Likewise ) ) ( NP-SBJ ( DT no ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB stop ) ( NP ( NP ( DT this ) ( NN idea ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNPS Afrikaners ) ) ) ) ) ) )

Likewise no government will stop this idea of the Afrikaners


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ apologizes ) ( PP ( IN for ) ( S-NOM ( VP ( VBG sounding ) ( ADJP-PRD ( JJ pushy ) ) ) ) ) ) )

He apologizes for sounding pushy


( S-2 ( S-ADV ( VP ( VB Look ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT an ) ( VBN integrated ) ( NN melting ) ( NN pot ) ) ) ) ) ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( PRP$ their ) ( NN choice ) ) ) )

Look he says If the rest of South Africa wants to have an integrated melting pot that 's their choice


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD 'll ) ( VP ( VB leave ) ( NP ( PRP them ) ) ( ADVP-CLR ( RB alone ) ) ) ) )

We 'll leave them alone


( S ( NP-SBJ-1 ( PRP We ) ) ( ADVP ( RB just ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( PRP$ our ) ( JJ own ) ( NN cup ) ) ( PP ( IN of ) ( NP ( NN tea ) ) ) ) ) ) ) ) )

We just want to have our own cup of tea


( S ( CC And ) ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( ADVP ( RB even ) ) ( VP ( VB serve ) ( NP ( PRP it ) ) ( NP-ADV ( PRP themselves ) ) ) ) )

And they will even serve it themselves


( S ( NP-SBJ ( NP ( NP ( NNP Bristol-Myers ) ( NNP Squibb ) ( NNP Co. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ( NP ( DT the ) ( ADJP ( RB newly ) ( VBN merged ) ) ( NN drug ) ( CC and ) ( NN health-care-product ) ( NN company ) ) ) ( VP ( VBD reported ) ( NP ( NP ( NN record ) ( NN third-quarter ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( NP ( DT both ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN merger ) ) ) ) ) ) ) )

Bristol-Myers Squibb Co. New York the newly merged drug and health-care-product company reported record third-quarter earnings for both companies in the merger


( S ( S ( NP-SBJ ( NP ( NNP Bristol-Myers ) ( NNP Co. ) ) ( CC and ) ( NP ( NP ( NNP Squibb ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Princeton ) ) ( NP ( NNP N.J. ) ) ) ) ) ( VP ( VBD merged ) ( NP-TMP ( NNP Oct. ) ( CD 4 ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ third-period ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( DT both ) ( NNS companies ) ) ) ) ) ) )

Bristol-Myers Co. and Squibb Corp. Princeton N.J. merged Oct. 4 but the new company reported third-period earnings for both companies


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Bristol-Myers ) ( NNP Squibb ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( CD one ) ( NN set ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ) ) ) ) ) )

For the fourth quarter Bristol-Myers Squibb will report one set of earnings


( S ( NP-SBJ ( NNP Bristol-Myers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 15 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 266.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 93 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 232.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 81 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Bristol-Myers said net income rose 15 % to 266.2 million or 93 cents a share from 232.3 million or 81 cents a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD gained ) ( NP ( CD 5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.59 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.52 ) ( CD billion ) ) ) ) ) )

Sales gained 5 % to 1.59 billion from 1.52 billion


( S ( NP-SBJ ( NNP Squibb ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN net ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 144.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.47 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 123 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

Squibb Corp. said net rose 17 % to 144.5 million or 1.47 a share from 123 million or 1.25 a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 730.1 ) ( CD million ) ) ) ( ADVP ( IN up ) ( NP ( CD 7 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 679.5 ) ( CD million ) ) ) ) ) ) )

Sales were 730.1 million up 7 % from 679.5 million


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Bristol-Myers ) ( NNP Squibb ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.75 ) ) ( PP-DIR ( TO to ) ( NP ( CD 52.75 ) ) ) ) )

In New York Stock Exchange composite trading Bristol-Myers Squibb rose 1.75 to 52.75


( S ( NP-SBJ ( NP ( NNP First ) ( NNP Fidelity ) ( NNP Bancorp. ) ) ( NP-LOC ( NP ( NNP Lawrenceville ) ) ( NP ( NNP N.J. ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 24 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( NN profit ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( DT a ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( VBG earning ) ( NNS assets ) ) ) ) ( NP ( JJR lower ) ( NN loan ) ( NN volume ) ) ( CC and ) ( NP ( JJR tighter ) ( NN interest ) ( NNS margins ) ) ) ) ) )

First Fidelity Bancorp. Lawrenceville N.J. reported a 24 % drop in third-quarter profit because of a decline in earning assets lower loan volume and tighter interest margins


( S ( NP-SBJ ( DT The ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 54.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 87 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( QP ( CD 1.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD three ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN in ) ( NP ( JJ one-time ) ( NN tax ) ( NNS benefits ) ) ) ) ) ) ) )

The bank holding company posted net income of 54.4 million or 87 cents a share including 1.7 million or three cents a share in one-time tax benefits


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RBR earlier ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 71.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.22 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

A year earlier net was 71.6 million or 1.22 a share


( S ( NP-SBJ ( NNP First ) ( NNP Fidelity ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ non-performing ) ( NNS assets ) ) ( VP ( VBD increased ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 482.3 ) ( CD million ) ) ) ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 393.1 ) ( CD million ) ) ) ( NP-TMP ( NNP June ) ( CD 30 ) ) ) ) ) ) ) )

First Fidelity said non-performing assets increased to 482.3 million Sept. 30 from 393.1 million June 30


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN rise ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN transfer ) ) ( PP ( TO to ) ( NP ( JJ non-accrual ) ( NN status ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 96 ) ( CD million ) ) ) ( VP ( VBN owed ) ( PP ( IN by ) ( NP-LGS ( NP ( CD two ) ( JJ national ) ( NNS borrowers ) ) ( CC and ) ( NP ( CD one ) ( JJ local ) ( JJ commercial ) ( NN real-estate ) ( NN customer ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP First ) ( NNP Fidelity ) ) ( VP ( VBD said ) ) )

The rise resulted from the transfer to non-accrual status of 96 million owed by two national borrowers and one local commercial real-estate customer First Fidelity said


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB anticipate ) ( NP ( NP ( DT any ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NN principal ) ) ) ( PP ( IN on ) ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS loans ) ) ) ( VP ( VBG comprising ) ( NP ( NP ( QP ( CD 85 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS credits ) ) ) ) ) ) ) ) ) ) ) ) ) )

It said it does n't anticipate any loss of principal on two of the loans comprising 85 million of these credits


( S ( NP-SBJ ( NNP First ) ( NNP Fidelity ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD boosted ) ( NP ( PRP$ its ) ( NN loan-loss ) ( NN provision ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 50.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 20.4 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ( PP-PRP ( RB primarily ) ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( JJR weaker ) ( JJ real-estate ) ( NN sector ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ) ) ) ) ) )

First Fidelity said it boosted its loan-loss provision to 50.9 million from 20.4 million a year ago primarily because of a weaker real-estate sector in the region


( S ( NP-SBJ ( DT The ) ( JJ municipal ) ( NN bond ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG bracing ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ tough ) ( NNS times ) ) ( PP-TMP ( IN through ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ struggles ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( NP ( DT an ) ( NN oversupply ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJS best ) ( NNS customers ) ) ) ) ( VP ( VBP turn ) ( PP-CLR ( IN into ) ( NP ( NNS sellers ) ) ) ) ) ) ) ) ) )

The municipal bond market is bracing for tough times through the end of the year as it struggles to absorb an oversupply of bonds and two of its best customers turn into sellers


( S ( NP-SBJ ( NP ( NP ( JJ Commercial ) ( NNS banks ) ) ( CC and ) ( NP ( JJ property\/casualty ) ( NNS insurers ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB together ) ) ( VP ( VBP own ) ( NP ( NP ( QP ( RB about ) ( CD 36 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT all ) ( JJ municipal ) ( NNS bonds ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG dumping ) ( NP ( PRP$ their ) ( NNS securities ) ) ( PP-TMP ( IN for ) ( NP ( NNS weeks ) ) ) ) ) ) )

Commercial banks and property\/casualty insurers which together own about 36 % of all municipal bonds have been dumping their securities for weeks


( S-1 ( NP-TMP ( JJ Last ) ( NN week ) ) ( PRN ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( CD three ) ( JJ institutional ) ( NNS sellers ) ) ( PP ( IN for ) ( NP ( DT every ) ( NN buyer ) ) ) ) )

Last week traders said there were three institutional sellers for every buyer


( S ( S-TPC-1 ( NP-TMP ( DT Every ) ( NN day ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG getting ) ( NP ( JJ new ) ( NN bid ) ( NNS lists ) ) ( PP-CLR ( IN from ) ( NP ( JJ would-be ) ( NNS sellers ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NN trader ) ) ( VP ( VBD said ) ) )

Every day we 're getting new bid lists from would-be sellers one trader said


( S ( NP-SBJ-1 ( JJS Most ) ( NNS dealers ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( DT this ) ( NN supply ) ) ) ) ) ) ) )

Most dealers can not continue to absorb this supply


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( JJ long-term ) ( JJ muni ) ( NNS bonds ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP stand ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( QP ( RB about ) ( CD 95 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ long-term ) ( NNP Treasury ) ( NNS yields ) ) ) ) ( NP ( NP ( DT the ) ( JJS highest ) ( JJ such ) ( NN level ) ) ( PP-TMP ( IN in ) ( NP ( QP ( RBR more ) ( IN than ) ( CD two ) ) ( NNS years ) ) ) ) ) ) ) )

As a result yields on long-term muni bonds now stand at about 95 % of long-term Treasury yields the highest such level in more than two years


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ incredible ) ( JJ negative ) ( NN psychology ) ) ( VP ( VBG building ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Donna ) ( NNP Avedisian ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co ) ) ) ) ) )

There is incredible negative psychology building in the market said Donna Avedisian a vice president at Merrill Lynch & Co


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB very ) ( JJ concerned ) ( PP ( IN about ) ( SBAR-NOM ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VP ( VB step ) ( ADVP-CLR ( RB up ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN plate ) ) ) ) ( CC and ) ( VP ( VB buy ) ( NP ( JJ municipal ) ( NNS bonds ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( JJ institutional ) ( NNS buyers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

People are very concerned about who is going to step up to the plate and buy municipal bonds in the absence of institutional buyers


( S ( NP-SBJ ( NP ( DT The ) ( NN yield ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( CD 25 ) ( NN revenue ) ( NNS bonds ) ) ) ( VP ( VBN compiled ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Bond ) ( NNP Buyer ) ) ( NP ( DT a ) ( NN trade ) ( NN publication ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ exceeds ) ( NP ( CD 7.50 ) ( NN % ) ) ) )

The yield on a group of 25 revenue bonds compiled by the Bond Buyer a trade publication now exceeds 7.50 %


( S ( PP-LOC ( IN At ) ( NP ( NP ( DT this ) ( NN week ) ( POS 's ) ) ( NNP New ) ( NNP York ) ( NNP City ) ( NN bond ) ( NN sale ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ 20-year ) ( NNP New ) ( NNP York ) ( NNS bonds ) ) ) ) ( VP ( TO to ) ( VP ( ADVP-MNR ( RB nearly ) ) ( VB match ) ( NP ( NP ( DT the ) ( ADJP ( CD 7.9 ) ( NN % ) ) ( NN yield ) ) ( PP ( IN on ) ( NP ( JJ 30-year ) ( NNP Treasury ) ( NNS bonds ) ) ) ) ) ) ) ) )

At this week 's New York City bond sale traders expect yields on the 20-year New York bonds to nearly match the 7.9 % yield on 30-year Treasury bonds


( S ( PP ( IN For ) ( NP ( NP ( DT an ) ( NN investor ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( CD 28 ) ( NN % ) ) ( JJ federal ) ( NN tax ) ( NN bracket ) ) ) ) ) ( NP-SBJ ( NP ( CD 7.9 ) ( NN % ) ) ( ADJP ( JJ tax-free ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ same ) ) ( PP ( IN as ) ( NP ( NP ( CD 10.38 ) ( NN % ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJ taxable ) ( NN investment ) ) ) ) ) ) ) )

For an investor in the 28 % federal tax bracket 7.9 % tax-free is the same as 10.38 % on a taxable investment


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ taxable-equivalent ) ( NN yield ) ) ( ADJP ( ADJP ( NP-ADV ( QP ( RB nearly ) ( CD three ) ) ( NN percentage ) ( NNS points ) ) ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJ current ) ( NN yield ) ) ( PP ( IN on ) ( NP ( JJ 30-year ) ( NNP Treasury ) ( NNS bonds ) ) ) ) ) ) ) ) )

That 's a taxable-equivalent yield nearly three percentage points more than the current yield on 30-year Treasury bonds


( SBAR ( WHADVP-1 ( WRB How ) ( RB quickly ) ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VBP change ) ) ) )

How quickly things change


( S ( NP-TMP ( DT This ) ( JJ past ) ( NN summer ) ) ( NP-SBJ ( NP ( NP ( NNS investors ) ( POS ' ) ) ( NN appetite ) ) ( PP ( IN for ) ( NP ( JJ municipal ) ( NNS bonds ) ) ) ) ( VP ( VBD seemed ) ( ADJP-PRD ( JJ insatiable ) ) ) )

This past summer investors ' appetite for municipal bonds seemed insatiable


( S ( NP-SBJ-1 ( NP ( NNS Individuals ) ) ( ADJP ( JJ eager ) ( PP ( IN for ) ( NP ( JJ tax-free ) ( NN income ) ) ) ) ) ( VP ( VBD drove ) ( PRT ( RP up ) ) ( NP ( NN bond ) ( NNS prices ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( UCP ( NN state ) ( CC and ) ( JJ local ) ) ( NN government ) ( NN debt ) ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ best-performing ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NN fixed-income ) ( NNS investments ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN period ) ) ) ) ) ) ) ) ) ) )

Individuals eager for tax-free income drove up bond prices making state and local government debt one of the best-performing types of fixed-income investments during the period


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ municipal ) ( NNS bonds ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP offer ) ( NP ( JJ good ) ( NN value ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB know ) ( NP ( PRP it ) ) ( PP-MNR ( IN by ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ-1 ( JJ institutional ) ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBG rushing ) ( S ( VP ( TO to ) ( VP ( VB dump ) ( NP ( PRP$ their ) ( NNS holdings ) ) ) ) ) ) ) ) ) ) ) ) ) )

But while analysts say that municipal bonds still offer good value you would n't know it by the way institutional investors are rushing to dump their holdings


( S ( NP-SBJ ( NN Bond ) ( NN market ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( JJ institutional ) ( NN selling ) ) ( VP ( VBD was ) ( VP ( VBN triggered ) ( PP ( IN by ) ( NP-LGS ( JJ several ) ( NNS factors ) ) ) ) ) ) ) ) )

Bond market analysts say the institutional selling was triggered by several factors


( S ( NP-SBJ ( NP ( JJ Big ) ( NNS banks ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP ( NNP Chemical ) ( NNP Bank ) ) ( CC and ) ( NP ( NNP Chase ) ( NNP Manhattan ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG taking ) ( NP ( JJ heavy ) ( NNS charges ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB expand ) ( NP ( PRP$ their ) ( JJ Third ) ( NNP World ) ( NN loan-loss ) ( NNS reserves ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( JJ tax-exempt ) ( NN income ) ) ) ) ) )

Big banks such as Chemical Bank and Chase Manhattan which have been taking heavy charges to expand their Third World loan-loss reserves are n't looking for tax-exempt income


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB need ) ( NP ( NP ( DT the ) ( NN shelter ) ) ( PP ( IN of ) ( NP ( JJ tax-free ) ( NNS bonds ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokeswoman ) ) ( PP ( IN at ) ( NP ( NNP Chemical ) ) ) ) )

We do n't need the shelter of tax-free bonds said a spokeswoman at Chemical


( S-1 ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ( PRN ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NNP Chemical ) ) ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ tax-free ) ( NNS bonds ) ) ) ) ) ) )

In recent weeks traders said Chemical has sold more than 1 billion of tax-free bonds


( S ( NP-SBJ ( DT The ) ( NN spokeswoman ) ) ( VP ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB significantly ) ) ( VBN reduced ) ( NP ( PRP$ its ) ( JJ muni ) ( NNS holdings ) ) ) ) ) ) ) ( CC but ) ( VP ( MD could ) ( RB n't ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VB confirm ) ( NP ( DT the ) ( NN amount ) ) ) ) ) )

The spokeswoman confirmed that the bank has significantly reduced its muni holdings but could n't immediately confirm the amount


( S ( NP-SBJ-1 ( NN Insurance ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG rushing ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN tax ) ( NNS benefits ) ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( JJ municipal ) ( NNS bonds ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN phased ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Insurance companies are rushing to sell before the end of the year when some of their tax benefits associated with municipal bonds will be phased out


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ property\/casualty ) ( NNS firms ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( ADJP ( RB even ) ( JJR more ) ) ( NNS munis ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP scramble ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( NN cash ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( NNS claims ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ( CC and ) ( NP ( DT the ) ( NNP Northern ) ( NNP California ) ( NN earthquake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

There is speculation that property\/casualty firms will sell even more munis as they scramble to raise cash to pay claims related to Hurricane Hugo and the Northern California earthquake


( S ( NP-SBJ ( JJ Fundamental ) ( NNS factors ) ) ( VP ( VBP are ) ( PP-PRD ( IN at ) ( NP ( NN work ) ) ) ( ADVP ( RB as ) ( RB well ) ) ) )

Fundamental factors are at work as well


( S ( NP-SBJ ( JJ Muni ) ( NN bond ) ( NNS holders ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ worried ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( DT a ) ( VBG slowing ) ( NN economy ) ) ) ( PP ( IN on ) ( NP ( NN tax ) ( NN revenue ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( JJ many ) ( UCP ( NN state ) ( CC and ) ( JJ local ) ) ( NNS governments ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP face ) ( NP ( NP ( NN budget ) ( NNS deficits ) ) ( CC and ) ( NP ( JJ huge ) ( NN spending ) ( NNS needs ) ) ) ) ) ) ) ) ) ) ) ) )

Muni bond holders are worried about the impact of a slowing economy on tax revenue at a time when many state and local governments already face budget deficits and huge spending needs


( S ( NP-SBJ ( NP ( DT The ) ( JJ recent ) ( JJ natural ) ( NNS disasters ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN need ) ) ( PP ( IN of ) ( NP ( JJ many ) ( JJ other ) ( NNS cities ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB rebuild ) ( NP ( VBG crumbling ) ( NN infrastructure ) ) ) ) ) ) ) ( VP ( VBZ suggests ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NN supply ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS issues ) ) ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( ADVP-MNR ( RB sharply ) ) ) ) ) ( SBAR-TMP ( RB even ) ( IN as ) ( S ( NP-SBJ ( NN demand ) ) ( VP ( VBZ tapers ) ( PRT ( RP off ) ) ) ) ) ) ) ) ) ) )

The recent natural disasters and the need of many other cities to rebuild crumbling infrastructure suggests that supply of new issues will continue to rise sharply even as demand tapers off


( SINV ( S-TPC-3 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ ( NP ( ADVP ( RB just ) ) ( RB so ) ( RB much ) ) ) ( VP ( VBG going ) ( PRT ( RP on ) ) ( SBAR-4 ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ difficult ) ) ( S-2 ( VP ( TO to ) ( VP ( VB pick ) ( NP ( NP ( QP ( RB just ) ( CD one ) ) ( NN factor ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG driving ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Ronald ) ( NNP Ian ) ( NNP Heller ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP First ) ( NNP Chicago ) ( NNP Capital ) ( NNP Markets ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Chicago ) ( NNP Corp ) ) ) ) ) ) ) ) )

There is just so much going on that it 's difficult to pick just one factor that 's driving the market said Ronald Ian Heller vice president at First Chicago Capital Markets Inc. a subsidiary of First Chicago Corp


( S ( NP-SBJ-1 ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ recent ) ( NN selling ) ) ) ) ( VP ( MD could ) ( ADVP ( RB actually ) ) ( VP ( VB be ) ( VP ( VBN considered ) ( S ( NP-PRD ( DT a ) ( JJ positive ) ( NN sign ) ) ) ) ) ) )

Some of the recent selling could actually be considered a positive sign


( S ( NP-SBJ-1 ( JJ Mutual ) ( NNS funds ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBP are ) ( VP ( VBN said ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG selling ) ( NP ( VBG existing ) ( JJ municipal ) ( NNS bonds ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( NN cash ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( JJ new ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mutual funds for example are said to be selling existing municipal bonds to raise cash to buy new issues


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( JJ municipal ) ( NNS bonds ) ( NNS yields ) ) ( VP ( VBP have ) ( VP ( VBN risen ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( ADVP ( RB generally ) ) ( VP ( VBP have ) ( VP ( VBN fallen ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NN portfolio ) ( NNS managers ) ) ( VP ( VBP are ) ( VP ( VBG assuming ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS bonds ) ) ( VP ( VBN bought ) ( ADVP-TMP ( RB now ) ) ) ) ( VP ( MD will ) ( VP ( VB appreciate ) ( PP-CLR ( IN in ) ( NP ( NN value ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( JJ municipal ) ( NN bond ) ( NN market ) ) ( VP ( VBZ rebounds ) ) ) ) ) ) ) ) ) ) )

Because municipal bonds yields have risen at a time when interest rates generally have fallen some portfolio managers are assuming that bonds bought now will appreciate in value as the municipal bond market rebounds


( S ( NP-SBJ ( NNP Ms. ) ( NNP Avedisian ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ mutual ) ( NNS funds ) ) ( VP ( VBP are ) ( VP ( VBG selling ) ( NP ( NP ( JJ muni ) ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( DT a ) ( JJ negative ) ( NN convexity ) ) ) ) ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN appreciated ) ( PP-CLR ( IN in ) ( NP ( NN price ) ) ) ( ADVP-MNR ( RB slowly ) ) ( ADVP ( JJ relative ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. Avedisian believes that the mutual funds are selling muni bonds that have a negative convexity those that have appreciated in price slowly relative to the decline in interest rates


( S-2 ( NP-SBJ ( JJ Such ) ( NNS bonds ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBG nearing ) ( NP ( PRP$ their ) ( NN call ) ( NN date ) ) ) ) ) ) ) ) )

Such bonds she says are those that are nearing their call date


( S ( CC But ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN tone ) ) ( VP ( MD could ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NP ( NNP New ) ( NNP York ) ( NNP City ) ( POS 's ) ) ( ADJP ( QP ( CD 787 ) ( CD million ) ) ) ( NN bond ) ( NN offering ) ) ( VP ( VBZ goes ) ( ADVP-MNR ( RB well ) ) ) ) ) ) ) ) ) ) )

But traders said the market 's tone could pick up this week if New York City 's 787 million bond offering goes well


( S ( NP-SBJ ( DT The ) ( NN offering ) ) ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( NP ( QP ( CD 729 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ 20-year ) ( JJ tax-exempt ) ( NNS bonds ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 57.8 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ taxable ) ( NNS bonds ) ) ) ) ) ) ) )

The offering will include 729 million of 20-year tax-exempt bonds and 57.8 million of taxable bonds


( S ( ADVP-TMP ( NP ( ADJP ( DT A ) ( JJ few ) ) ( NNS weeks ) ) ( RB ago ) ) ( NP-SBJ ( NNP New ) ( NNP York ) ) ( VP ( VBD sold ) ( NP ( NP ( QP ( CD 750 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS tax-exempts ) ) ) ) ) )

A few weeks ago New York sold 750 million of tax-exempts


( S ( NP-SBJ-1 ( NNP New ) ( NNP York ) ( NNP City ) ( NNS bonds ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN beaten ) ( PRT ( RP down ) ) ( PP-TMP ( IN for ) ( NP ( CD three ) ( JJ straight ) ( NNS weeks ) ) ) ) ) ) )

New York City bonds have been beaten down for three straight weeks


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( DT some ) ( NNS issues ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( QP ( RB nearly ) ( CD one ) ) ( NN point ) ) ( CC or ) ( NP ( NP ( QP ( RB close ) ( TO to ) ( CD 10 ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ) )

On Friday some issues fell nearly one point or close to 10 for each 1,000 face amount


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN sell-off ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP City ) ( NNS bonds ) ) ) ) ( VP ( VBD was ) ( VP ( VBN triggered ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ financial ) ( NN health ) ) ) ) ( CC and ) ( NP ( NP ( JJ political ) ( NN uncertainty ) ) ( PP ( IN in ) ( NP ( NP ( NN view ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ impending ) ( JJ mayoral ) ( NN election ) ) ) ) ) ) ) ) ) ) )

The sell-off in New York City bonds was triggered by concerns about the city 's financial health and political uncertainty in view of the impending mayoral election


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN city ) ( POS 's ) ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBG growing ) ( ADJP-PRD ( JJR weaker ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS expenditures ) ) ( VP ( VBP are ) ( VP ( VBG rising ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NN tax ) ( NN revenue ) ) ( VP ( VBZ is ) ( VP ( VBG falling ) ) ) ) ) ) ) ) )

The city 's economy is growing weaker and expenditures are rising as tax revenue is falling


( S ( NP-SBJ ( DT The ) ( NN city ) ) ( VP ( VBZ has ) ( VP ( VBN issued ) ( NP ( NP ( ADJP ( RB so ) ( JJ much ) ) ( NN supply ) ) ) ( ADVP-TMP ( RB recently ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT some ) ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( ADJP-PRD ( NP-ADV ( DT a ) ( JJ little ) ) ( JJ concerned ) ) ) ) ) ) ) ) )

The city has issued so much supply recently that some people are getting a little concerned


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP They ) ) ( VP ( MD 'd ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( DT some ) ( JJ other ) ( NNS names ) ) ( PP-PRD ( IN in ) ( NP ( PRP$ their ) ( NNS portfolios ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP S. ) ( NNP Appelbaum ) ) ( NP ( NP ( JJ first ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) )

They 'd like to see some other names in their portfolios said Michael S. Appelbaum first vice president at Shearson Lehman Hutton


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG overreacting ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NNS problems ) ) ) ) ) ) ) ) ) )

But he thinks investors may be overreacting to the market 's problems


( S-1 ( ADVP ( RB Overall ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( JJ municipal ) ( NNS prices ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( RB very ) ( JJ cheap ) ) ) ( CC and ) ( VP ( VB represent ) ( NP ( DT an ) ( JJ excellent ) ( NN buying ) ( NN opportunity ) ) ) ) )

Overall he says municipal prices are very cheap and represent an excellent buying opportunity


( NP-HLN ( NP ( NNP Friday ) ( POS 's ) ) ( NN Market ) ( NN Activity ) )

Friday 's Market Activity


( S ( NP-SBJ ( NNP Treasury ) ( NNS bonds ) ) ( VP ( VBD fell ) ( ADVP-MNR ( RB sharply ) ) ( PP ( IN on ) ( NP ( NP ( NN confusion ) ) ( PP ( IN about ) ( NP ( NP ( NP ( DT this ) ( NN week ) ( POS 's ) ) ( NNP Treasury ) ( NN debt ) ( NN auction ) ) ( CC and ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ major ) ( JJ Japanese ) ( NN investor ) ) ( VP ( VBD was ) ( VP ( VBG unloading ) ( NP ( NP ( JJ large ) ( NNS amounts ) ) ( PP ( IN of ) ( NP ( JJ long-term ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Treasury bonds fell sharply on confusion about this week 's Treasury debt auction and rumors that a major Japanese investor was unloading large amounts of long-term bonds


( S ( NP-SBJ ( NP ( DT The ) ( NNP Treasury ) ( POS 's ) ) ( NN benchmark ) ( JJ 30-year ) ( NN bond ) ) ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 102 ) ( CD 2\/32 ) ) ) ( ADVP ( RB down ) ( NP ( QP ( RB nearly ) ( CD 5\/8 ) ) ( NN point ) ) ( PP ( IN from ) ( NP-TMP ( NNP Thursday ) ) ) ( PRN ( CC or ) ( NP ( NP ( QP ( RB about ) ( CD 6.25 ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ) ) ) ) ) ) )

The Treasury 's benchmark 30-year bond ended at a price of 102 2\/32 down nearly 5\/8 point from Thursday or about 6.25 for each 1,000 face amount


( S ( NP-SBJ ( NP ( DT The ) ( NN issue ) ( POS 's ) ) ( NN yield ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 7.93 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.88 ) ( NN % ) ) ) ) )

The issue 's yield rose to 7.93 % from 7.88 %


( S ( NP-TMP ( RB Late ) ( NNP Thursday ) ) ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBD needed ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( QP ( CD 17 ) ( CD billion ) ) ) ( ADVP-TMP ( RB quickly ) ) ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB do ) ( ADVP-MNR ( RB so ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG issuing ) ( NP ( JJ new ) ( NNS securities ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) ) ) ) ) )

Late Thursday the Treasury said it needed to raise 17 billion quickly and would do so by issuing new securities this week


( S ( NP-SBJ ( NN Credit ) ( NN market ) ( NNS analysts ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( VP ( TO to ) ( VP ( VB cancel ) ( NP ( NP ( NN today ) ( POS 's ) ) ( ADJP ( JJ three-month ) ( CC and ) ( JJ six-month ) ) ( NN sale ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 17 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN cash ) ( NN management ) ( NNS bills ) ) ) ) ) ) ) ) ) )

Credit market analysts expected the Treasury to cancel today 's three-month and six-month sale and to sell 17 billion of cash management bills


( S ( ADVP ( RB Instead ) ) ( S ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 51-day ) ( NN cash ) ( NN management ) ( NNS bills ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ weekly ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 15.6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ three-month ) ( CC and ) ( JJ six-month ) ) ( NNS bills ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP-CLR ( NN place ) ) ( NP-TMP ( NN today ) ) ( SBAR-ADV ( RB as ) ( FRAG ( ADJP ( JJ usual ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN sale ) ) ( VP ( MD will ) ( VP ( VB settle ) ( NP-TMP ( NP ( NN tomorrow ) ) ( PP ( RB instead ) ( IN of ) ( NP ( NNP Thursday ) ) ) ) ) ) ) )

Instead the Treasury announced it would sell 2 billion of 51-day cash management bills today and said that the weekly sale of 15.6 billion of three-month and six-month bills will take place today as usual but the sale will settle tomorrow instead of Thursday


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG moving ) ( NP ( DT the ) ( NN settlement ) ( NN date ) ) ( ADVP-CLR ( RB ahead ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NNP Treasury ) ) ( VP ( MD can ) ( VP ( VB raise ) ( NP ( NN money ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 2.87 ) ( CD trillion ) ) ) ( NN debt ) ( NN ceiling ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NN effect ) ) ) ( PP-TMP ( IN through ) ( NP ( NP ( NN tomorrow ) ) ( SBAR-TMP ( WHPP-2 ( IN after ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ reverts ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 2.8 ) ( CD trillion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

By moving the settlement date ahead the Treasury can raise money under the 2.87 trillion debt ceiling that is in effect through tomorrow after which it reverts to 2.8 trillion


( S ( NP-SBJ-1 ( DT The ) ( NN market ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Nippon ) ( NNP Kangyo ) ( NNP Kakumaru ) ) ( NP ( DT a ) ( JJ Japanese ) ( NN brokerage ) ( NN firm ) ) ) ( VP ( VBD was ) ( VP ( VBG unloading ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ 30-year ) ( NNS bonds ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD purchased ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The market also was hurt by rumors that Nippon Kangyo Kakumaru a Japanese brokerage firm was unloading some of the 30-year bonds it recently purchased


( S ( NP-SBJ ( CD One ) ( NN dealer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN talk ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBD sold ) ( NP ( NP ( QP ( RB about ) ( CD 500 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ bellwether ) ( JJ 30-year ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )

One dealer said the talk was that the firm sold about 500 million of bellwether 30-year bonds


( S ( NP-SBJ-3 ( DT The ) ( NN firm ) ) ( VP ( VBZ is ) ( VP ( VBN thought ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN purchased ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 3 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 30-year ) ( NNS bonds ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ buying ) ( NN spree ) ) ) ( PP-TMP ( IN on ) ( NP ( NP ( NNP Wednesday ) ) ( CC and ) ( NP ( DT the ) ( JJ previous ) ( NNP Thursday ) ) ) ) ) ) ) ) ) ) )

The firm is thought to have purchased up to 3 billion of 30-year bonds in a buying spree on Wednesday and the previous Thursday


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-4 ( DT the ) ( NN firm ) ) ( ADVP ( RB apparently ) ) ( VP ( VBZ has ) ( VP ( VBN wanted ) ( S ( VP ( TO to ) ( VP ( VB publicize ) ( NP ( NP ( PRP$ its ) ( NX ( NX ( JJ recent ) ( NN buying ) ) ( CC and ) ( NX ( JJ subsequent ) ( NN selling ) ) ) ) ( PP ( IN of ) ( NP ( JJ 30-year ) ( NNS bonds ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG using ) ( NP ( NNP Cantor ) ( NNP Fitzgerald ) ( NNP Securities ) ( NNP Corp. ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN broker ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers say the firm apparently has wanted to publicize its recent buying and subsequent selling of 30-year bonds by using Cantor Fitzgerald Securities Corp. as a broker


( S ( NP-SBJ ( NNP Cantor ) ) ( VP ( VBZ provides ) ( NP ( NN price ) ( NNS quotes ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Telerate ) ( NNP Systems ) ( NNP Inc. ) ) ( NP ( DT a ) ( ADJP ( RB widely ) ( VBN used ) ) ( JJ electronic ) ( NN system ) ) ) ) ) )

Cantor provides price quotes to Telerate Systems Inc. a widely used electronic system


( S ( NP-SBJ ( NP ( NNP Nippon ) ( NNP Kangyo ) ( POS 's ) ) ( NNS moves ) ) ( VP ( VP ( VBD puzzled ) ( NP ( NNS traders ) ) ) ( CC and ) ( VP ( VBN created ) ( NP ( NN confusion ) ) ( PP-LOC ( IN among ) ( NP ( NP ( JJ potential ) ( NNS investors ) ) ( SBAR ( WHNP-5 ( NP ( DT many ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nippon Kangyo 's moves puzzled traders and created confusion among potential investors many of whom decided to stay out of the market


( S ( PP-PRP ( IN As ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ large-scale ) ( NN buying ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP say ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NP ( NN liquidity ) ) ( CC or ) ( NP ( DT the ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB easily ) ) ( VB buy ) ( CC and ) ( VB sell ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN constrained ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ benchmark ) ( NNP Treasury ) ( NN bond ) ( NN issue ) ) ) ) ) ) ) ) ) )

As a result of its large-scale buying some analysts now say that liquidity or the ability to easily buy and sell has been constrained in the benchmark Treasury bond issue


( PP-LOC ( IN In ) ( NP ( JJ other ) ( NNS markets ) ) )

In other markets