( S ( NP-SBJ ( DT The ) ( NNS scars ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-LOC-PRD ( RB here ) ) ( SBAR-TMP ( NP-ADV ( NNS years ) ) ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNS polls ) ) ( VP ( VBP close ) ) ) ) ) ) )

The scars will be here years after the polls close


( S ( PP-LOC ( IN In ) ( NP ( DT each ) ( NN show ) ) ) ( NP-SBJ-1 ( NNP Mancuso ) ) ( VP ( VBZ gets ) ( S ( VP ( TO to ) ( VP ( VB unleash ) ( NP ( JJ similar ) ( NNS harangues ) ) ) ) ) ) )

In each show Mancuso gets to unleash similar harangues


( SBARQ ( WHADVP-3 ( WRB Where ) ( NP-ADV ( DT the ) ( NN hell ) ) ) ( SQ ( VBP are ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBG gon ) ( S ( VP ( TO na ) ( VP ( VB live ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNS people ) ) ( PP ( IN like ) ( NP ( PRP you ) ) ) ) ( VP ( VBP turn ) ( NP ( DT the ) ( NN world ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( ADJP ( JJ big ) ( JJ toxic ) ) ( NN waste ) ( NN dump ) ) ) ) ) ) ) ) ) ) ) )

Where the hell are they gon na live when people like you turn the world into a big toxic waste dump


( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP 're ) ( NP-PRD ( DT the ) ( JJ real ) ( JJ criminal ) ) ( ADVP-LOC ( RB here ) ) ) ) ( CC and ) ( S ( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD did ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( RB just ) ( DT a ) ( NN murder ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN crime ) ) ( PP ( IN against ) ( NP ( NN humanity ) ) ) ) ) ) ) )

You 're the real criminal here and what you did was n't just a murder it was a crime against humanity


( S ( CC And ) ( ADVP-TMP ( ADVP ( IN at ) ( JJS least ) ( RB once ) ) ( NP ( DT a ) ( NN show ) ) ) ( NP-SBJ ( NN someone ) ) ( VP ( VBZ delivers ) ( NP ( NP ( DT the ) ( NN line ) ) ( S ( VP ( VB Get ) ( PP-DIR ( IN off ) ( NP ( DT that ) ( NN soapbox ) ) ) ) ) ) ) )

And at least once a show someone delivers the line Get off that soapbox


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( IN that ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN advice ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS writers ) ) ( VP ( MD should ) ( VP ( VB take ) ( PP-CLR ( TO to ) ( NP ( NN heart ) ) ) ) ) ) ) ) ) )

Now that 's advice the writers should take to heart


( S ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ good ) ( NN character ) ) ( NP ( DT some ) ( JJ interesting ) ( PRN ( ADVP ( RB even ) ) ( ADVP-TMP ( RB occasionally ) ) ( ADJP ( JJ surprising ) ) ) ( NN plot ) ( NNS lines ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG ruining ) ( NP ( PRP it ) ) ) ) ) )

They have a series with a good character some interesting even occasionally surprising plot lines and they 're ruining it


( SBARQ ( WHADVP-2 ( WRB Why ) ) ( SQ ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( JJ key ) ( NN witness ) ) ( VP ( VBZ disappears ) ) ) ) ( VBZ does ) ( NP-SBJ-3 ( NNP Mancuso ) ) ( VP ( VB trash ) ( NP ( PRP$ her ) ( NN apartment ) ) ( S-ADV ( VP ( VP ( VBG tearing ) ( PRT ( RP down ) ) ( NP ( NNS drapes ) ) ) ( VP ( VBG smashing ) ( NP ( NNS walls ) ) ) ) ) ) ) )

Why when a key witness disappears does Mancuso trash her apartment tearing down drapes smashing walls


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( ADJP ( JJ bizarre ) ) ( CC and ) ( ADJP ( RB totally ) ( JJ inappropriate ) ) ) ( NN reaction ) ) ( S-PRP ( DT all ) ( VP ( TO to ) ( VP ( VB add ) ( NP ( JJR more ) ( NN pizzazz ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN script ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( ADVP ( RB already ) ) ( VP ( VBG overdosing ) ( PP-CLR ( IN on ) ( NP ( NN pizzazz ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's a bizarre and totally inappropriate reaction all to add more pizzazz to a script that 's already overdosing on pizzazz


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( NN plot ) ) ) )

That 's not plot


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( RB not ) ( NP-PRD ( NN character ) ) ) )

That 's not character


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NN hyperventilating ) ) ) )

That 's hyperventilating


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN scene ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ first ) ( NN week ) ( POS 's ) ) ( NN show ) ) ) ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNP Mancuso ) ) ( VP ( VBZ attends ) ( NP ( NP ( DT the ) ( NN unveiling ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN memorial ) ) ( PP ( TO to ) ( NP ( PRP$ his ) ( JJ dead ) ( NN partner ) ( NNP David ) ) ) ) ) ) ) ) ) ) ) )

There is a scene at the end of the first week 's show where Mancuso attends the unveiling of the memorial to his dead partner David


( S ( S ( S-ADV ( VP ( VBN Asked ) ( S ( VP ( TO to ) ( VP ( VB say ) ( NP ( DT a ) ( JJ few ) ( NNS words ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VP ( VBZ pulls ) ( ADVP-DIR ( RP out ) ) ( NP ( NP ( PRP$ his ) ( JJ crumpled ) ( NN piece ) ) ( PP ( IN of ) ( NP ( NN paper ) ) ) ) ) ( CC and ) ( VP ( VBZ tries ) ( S ( VP ( TO to ) ( VP ( VB talk ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB too ) ( VBN choked ) ( PRT ( RP up ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT the ) ( NNS words ) ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) )

Asked to say a few words he pulls out his crumpled piece of paper and tries to talk but he 's too choked up to get the words out


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ bangs ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN piece ) ) ( PP ( IN of ) ( NP ( NN paper ) ) ) ) ) ( PP-MNR ( IN in ) ( NP ( NN frustration ) ) ) ) ( RB then ) ( VP ( VP ( VBZ turns ) ) ( CC and ) ( VP ( VBZ walks ) ( ADVP-DIR ( RB away ) ) ) ) ) )

He bangs on the piece of paper in frustration then turns and walks away


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB profoundly ) ( JJ moving ) ) ( NN moment ) ) ( PP ( IN for ) ( NP ( NN series ) ( NN television ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Loggia ) ( POS 's ) ) ( NN acting ) ) ( VP ( VBD resonated ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN silence ) ) ) ) ) )

It was a profoundly moving moment for series television and Robert Loggia 's acting resonated in the silence


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( RB pretty ) ( JJ good ) ) ( NN program ) ) ( PP-LOC ( IN inside ) ( NP ( NP ( PDT all ) ( DT the ) ( NN noise ) ) ( PP ( IN of ) ( NP-TTL ( NNP Mancuso ) ( NNP FBI ) ) ) ) ) ) )

There 's a pretty good program inside all the noise of Mancuso FBI


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NN show ) ( POS 's ) ) ( NNS creators ) ) ( VP ( MD could ) ( ADVP ( RB just ) ) ( VP ( VB let ) ( S ( NP-SBJ ( PRP themselves ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ quiet ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ little ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD might ) ( ADVP ( RB just ) ) ( VP ( VB hear ) ( NP ( PRP it ) ) ) ) )

If the show 's creators could just let themselves be quiet for a little they might just hear it


( NP-HLN ( NP ( NNP BRISTOL-MYERS ) ( NNP SQUIBB ) ( NNP Co ) ) ( PRN ( NP-LOC ( NNP New ) ( NNP York ) ) ) )

BRISTOL-MYERS SQUIBB Co New York


( S ( NP-SBJ-1 ( NP ( NNP Gerald ) ( NNP C. ) ( NNP Beddall ) ) ( ADJP ( NP ( CD 47 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Clairol ) ( NN division ) ) ( PP ( IN of ) ( NP ( DT this ) ( UCP ( NNS pharmaceuticals ) ( CC and ) ( NN health-care ) ) ( NN company ) ) ) ) ) ) ) ) ) )

Gerald C. Beddall 47 years old was named president of the Clairol division of this pharmaceuticals and health-care company


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP C. ) ( NNP Benjamin ) ( NNP Brooks ) ( NNP Jr. ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB retire ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ) ) ) ) ) ) ) )

He succeeds C. Benjamin Brooks Jr. who will retire Nov. 1


( S ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Brooks ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( PRP$ his ) ( NN age ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN leaving ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ normal ) ( NN retirement ) ) ) ) ) ) ) )

Mr. Brooks declined to give his age but he said his leaving is a normal retirement


( S ( NP-SBJ ( NNP Mr. ) ( NNP Beddall ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN division ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP April ) ) ) ) ) )

Mr. Beddall had been executive vice president of the division since April


( S ( NP-SBJ ( NP ( NNP Clairol ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( NP ( NN hair ) ( CC and ) ( NN skin ) ( NNS products ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN division ) ) ( PP ( IN of ) ( NP ( NNP Bristol-Myers ) ( NNP Co. ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NP ( DT that ) ( NN company ) ( POS 's ) ) ( NN merger ) ) ( PP ( IN with ) ( NP ( NNP Squibb ) ( NNP Corp ) ) ) ) ) ) )

Clairol which makes hair and skin products was a division of Bristol-Myers Co. before that company 's merger with Squibb Corp


( S ( SBAR-TMP ( NP ( RB Just ) ( CD five ) ( NNS months ) ) ( IN after ) ( S ( NP-SBJ ( NNP Ogilvy ) ( NNP Group ) ) ( VP ( VBD was ) ( VP ( VBN swallowed ) ( PRT ( RP up ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ unsolicited ) ( NN takeover ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Kenneth ) ( NNP Roman ) ) ( NP ( NP ( NNP Ogilvy ) ( POS 's ) ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBG leaving ) ( S-PRP ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ top ) ( NN post ) ) ( PP-LOC ( IN at ) ( NP ( NNP American ) ( NNP Express ) ( NNP Co ) ) ) ) ) ) ) ) ) ) ) ) )

Just five months after Ogilvy Group was swallowed up in an unsolicited takeover Kenneth Roman Ogilvy 's chairman and chief executive officer said he is leaving to take a top post at American Express Co


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Roman ) ) ( ADJP ( NP ( CD 59 ) ( NNS years ) ) ( JJ old ) ) ) ( ADVP-MNR ( RB abruptly ) ) ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( MD will ) ( VP ( VB leave ) ( NP ( NP ( DT the ) ( JJ venerable ) ( NN ad ) ( NN agency ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJS largest ) ( NN client ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NNP American ) ( NNP Express ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB become ) ( NP-PRD ( NP ( NP ( NNP American ) ( NNP Express ) ( POS 's ) ) ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( JJ corporate ) ( NNS affairs ) ( CC and ) ( NNS communications ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Roman 59 years old abruptly announced he will leave the venerable ad agency whose largest client is American Express to become American Express 's executive vice president for corporate affairs and communications


( S ( NP-SBJ ( PRP He ) ) ( VP ( MD will ) ( VP ( VB succeed ) ( NP ( NP ( NNP Harry ) ( NNP L. ) ( NNP Freeman ) ) ( NP ( CD 57 ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB retire ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He will succeed Harry L. Freeman 57 who has said he will retire in December


( S ( NP-SBJ ( NNP Mr. ) ( NNP Freeman ) ) ( VP ( VBD said ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB retire ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( JJ executive ) ( NN responsibility ) ) ( PP ( IN for ) ( NP ( DT an ) ( JJ embarrassing ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB discredit ) ( NP ( NN banker ) ( NNP Edmond ) ( NNP Safra ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Freeman said in August that he would retire by the end of this year to take executive responsibility for an embarrassing effort to discredit banker Edmond Safra


( S ( NP-SBJ ( NNP American ) ( NNP Express ) ( NNS representatives ) ) ( ADVP ( RB apparently ) ) ( VP ( VBD influenced ) ( NP ( NP ( DT the ) ( NN publication ) ) ( PP ( IN of ) ( NP ( NP ( JJ unfavorable ) ( NNS articles ) ) ( PP ( IN about ) ( NP ( NNP Mr. ) ( NNP Safra ) ) ) ) ) ) ) )

American Express representatives apparently influenced the publication of unfavorable articles about Mr. Safra


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VP ( VBD apologized ) ) ( CC and ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( QP ( CD 8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS contributions ) ) ( PP ( TO to ) ( NP ( NP ( NNS charities ) ) ( VP ( VBN chosen ) ( PP ( IN by ) ( NP-LGS ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company later apologized and agreed to make 8 million in contributions to charities chosen by him


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Freeman ) ) ( VP ( VBZ is ) ( VP ( VBG retiring ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB work ) ( PP-MNR ( IN as ) ( NP ( DT a ) ( NN consultant ) ) ) ( PP ( IN for ) ( NP ( NNP American ) ( NNP Express ) ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( NN project ) ( NN basis ) ) ) ) ) ) ) ) )

Although Mr. Freeman is retiring he will continue to work as a consultant for American Express on a project basis


( S ( NP-SBJ ( NN Ad ) ( NN industry ) ( NNS executives ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ surprised ) ( PP ( IN by ) ( NP ( NP ( NNP Mr. ) ( NNP Roman ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( NP ( NNP Ogilvy ) ) ) ) ) ) ) ) ) )

Ad industry executives were n't surprised by Mr. Roman 's decision to leave Ogilvy


( S ( NP-SBJ-1 ( DT The ) ( NN agency ) ) ( PP-LOC ( IN under ) ( NP ( PRP$ his ) ( NN direction ) ) ) ( ADVP-MNR ( RB bitterly ) ) ( VP ( VBD fought ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN attempt ) ) ( PP ( IN by ) ( NP ( NP ( NNP WPP ) ( NNP Group ) ( NNP PLC ) ) ( PP ( IN of ) ( NP ( NNP London ) ) ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG succumbing ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ) ) ) ) )

The agency under his direction bitterly fought a takeover attempt by WPP Group PLC of London before succumbing in May


( S ( CC And ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Roman ) ) ( CC and ) ( NP ( NP ( NP ( NNP WPP ) ( POS 's ) ) ( JJ chief ) ( NN executive ) ) ( NP ( NNP Martin ) ( NNP Sorrell ) ) ) ) ( VP ( VBP have ) ( VP ( VBN gone ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN way ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB publicly ) ( JJ supportive ) ( PP ( IN of ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS people ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Roman ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unhappy ) ) ( S-ADV ( VP ( VBG giving ) ( PRT ( RP up ) ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) )

And although Mr. Roman and WPP 's chief executive Martin Sorrell have gone out of their way to be publicly supportive of each other people close to Mr. Roman say he was unhappy giving up control of the company


( S ( NP-SBJ ( DT Some ) ( NNS executives ) ) ( ADVP ( RB also ) ) ( VP ( VBP cite ) ( NP ( NP ( NN tension ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS efforts ) ) ( PP ( IN by ) ( NP ( NP ( NNP Mr. ) ( NNP Sorrell ) ) ( NP ( DT a ) ( JJ financial ) ( NN man ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN agency ) ) ) ) ) ) ) ) ) ) )

Some executives also cite tension because of efforts by Mr. Sorrell a financial man to cut costs at the agency


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Roman ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN succeeded ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Ogilvy ) ( POS 's ) ) ( NN flagship ) ( NN ad ) ( NN agency ) ) ( NP ( NNP Ogilvy ) ( CC & ) ( NNP Mather ) ( NNP Worldwide ) ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Graham ) ( NNP Phillips ) ) ( NP ( CD 50 ) ) ( SBAR ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ North ) ( JJ American ) ) ( NNS operations ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( PP ( IN like ) ( NP ( NNP Mr. ) ( NNP Sorrell ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ British ) ) ) ) ) ) ) ) ) ) ) )

Mr. Roman will be succeeded as the head of Ogilvy 's flagship ad agency Ogilvy & Mather Worldwide by Graham Phillips 50 who had been president of North American operations and who like Mr. Sorrell is British


( S ( NP-SBJ ( NP ( NNP Alexander ) ( NNP Brody ) ) ( NP ( CD 56 ) ) ) ( VP ( MD will ) ( VP ( VB take ) ( PRT ( RP on ) ) ( NP ( NP ( DT the ) ( ADJP ( RB newly ) ( VBN created ) ) ( NN position ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ world-wide ) ( NN agency ) ) ) ) ( CC and ) ( NP ( NP ( JJ chief ) ( NN executive ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ international ) ( NNS operations ) ) ) ) ) ) ) ) ) )

Alexander Brody 56 will take on the newly created position of president of the world-wide agency and chief executive of its international operations


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ international ) ( NNS operations ) ) ) ) ) ) )

He had been president of the international operations


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( VP ( VBN overseen ) ( NP ( NP ( NP ( NNP Ogilvy ) ( NNP Group ) ( POS 's ) ) ( CD two ) ( JJ other ) ( NNS units ) ) ( NP ( NP ( DT the ) ( NNP Scali ) ( NNP McCabe ) ( NNP Sloves ) ( NN advertising ) ( NN agency ) ) ( CC and ) ( NP ( PRP$ its ) ( NN research ) ( NN division ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT those ) ( NNS units ) ) ( VP ( MD will ) ( ADVP-TMP ( RB now ) ) ( VP ( VB report ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( TO to ) ( NP ( NNP WPP ) ) ) ) ) ) )

Mr. Roman also had overseen Ogilvy Group 's two other units the Scali McCabe Sloves advertising agency and its research division but those units will now report directly to WPP


( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBZ appears ) ( ADJP-PRD ( JJ custom-made ) ( PP ( IN for ) ( NP ( DT the ) ( NNP American ) ( NNP Express ) ( NN job ) ) ) ) ) )

Mr. Roman appears custom-made for the American Express job


( S ( S-ADV ( VP ( VBN Known ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ traditional ) ( NN executive ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( ADVP ( RB very ) ( RB much ) ) ( PP-PRD ( IN in ) ( NP ( DT the ) ( JJ conservative ) ( NNP American ) ( NNP Express ) ( NN mold ) ) ) ) )

Known as a traditional executive he is very much in the conservative American Express mold


( S ( ADVP ( RB Moreover ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD 26 ) ( NNS years ) ) ( PP-LOC ( IN at ) ( NP ( NNP Ogilvy ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN honed ) ( NP ( NP ( DT a ) ( NN reputation ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG being ) ( UCP-PRD ( ADJP ( JJ squeaky-clean ) ) ( CC and ) ( NP ( DT a ) ( JJ straight ) ( NN arrow ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VB help ) ( NP ( NNP American ) ( NNP Express ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Safra ) ( NN incident ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover after 26 years at Ogilvy he had honed a reputation for being squeaky-clean and a straight arrow which can only help American Express in the wake of the Safra incident


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB close ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP American ) ( NNP Express ) ( POS 's ) ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( NP ( NNP James ) ( NNP D. ) ( NNP Robinson ) ( NNP III ) ) ) ) ) ) )

He also is close to American Express 's chairman and chief executive officer James D. Robinson III


( S ( ADVP ( RB Aside ) ( PP ( IN from ) ( S-NOM ( VP ( VBG working ) ( PP-CLR ( IN with ) ( NP ( NNP Mr. ) ( NNP Robinson ) ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP American ) ( NNP Express ) ( NN advertising ) ( NN account ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RB about ) ( CD 11 ) ) ( NNS years ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBZ serves ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( JJ several ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ same ) ( NNS charities ) ( CC and ) ( NNS boards ) ) ( PP ( IN as ) ( NP ( NNP Mr. ) ( NNP Robinson ) ) ) ) ) ) ) ) )

Aside from working with Mr. Robinson on the American Express advertising account for about 11 years Mr. Roman serves on several of the same charities and boards as Mr. Robinson


( S ( NP-SBJ ( DT The ) ( JJ abrupt ) ( NN management ) ( NN change ) ) ( VP ( VBD sparked ) ( NP ( JJ widespread ) ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN pushed ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( NNP Ogilvy ) ( POS 's ) ) ( JJ top ) ( NN spot ) ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Sorrell ) ) ) ) ) ) ) ) ) ) )

The abrupt management change sparked widespread speculation that Mr. Roman had been pushed out of Ogilvy 's top spot by Mr. Sorrell


( S ( CC But ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Roman ) ) ( ADVP-MNR ( RB flatly ) ) ( VP ( VBD denied ) ( NP ( DT the ) ( NN speculation ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Sorrell ) ) ( VP ( VBD had ) ( VP ( VBN tried ) ( NP-TMP ( JJ several ) ( NNS times ) ) ( S ( VP ( TO to ) ( VP ( VB persuade ) ( NP-3 ( PRP him ) ) ( S ( VP ( TO to ) ( VP ( VB stay ) ) ) ) ) ) ) ( S-ADV ( VP ( VP ( VBG offering ) ( NP ( JJ various ) ( NNS incentives ) ) ) ( CC and ) ( VP ( PP-TMP ( IN in ) ( NP ( CD one ) ( NN instance ) ) ) ( VBG sending ) ( NP ( DT a ) ( NN note ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN case ) ) ( PP ( IN of ) ( NP ( NP ( NN wine ) ) ( PRN ( S ( NP-SBJ ( DT The ) ( NN wine ) ) ( ADVP ( RB naturally ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NNP Seagram ) ( POS 's ) ) ( NN brand ) ) ( NP ( DT an ) ( NNP Ogilvy ) ( NN client ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Roman flatly denied the speculation saying Mr. Sorrell had tried several times to persuade him to stay offering various incentives and in one instance sending a note with a case of wine The wine naturally was Seagram 's brand an Ogilvy client


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD asked ) ( NP-1 ( PRP me ) ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB resign ) ) ) ) ) )

He asked me not to resign


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN implication ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( VP ( VBN pushed ) ( ADVP-DIR ( RB aside ) ) ) ) ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( JJ accurate ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBD said ) ) )

The implication that I was pushed aside would n't be accurate Mr. Roman said


( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Sorrell ) ) ( S-ADV ( VP ( VBG traveling ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Far ) ( NNP East ) ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ) ) ) )

Mr. Sorrell traveling in the Far East could n't be reached


( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP American ) ( NNP Express ) ( POS 's ) ) ( NNP Mr. ) ( NNP Robinson ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VBD approached ) ( NP ( PRP him ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN job ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( NNP September ) ) ) ) ) ) ) )

Mr. Roman said American Express 's Mr. Robinson first approached him about the job in late September


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NN industry ) ( NNS executives ) ) ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP Sutherland ) ) ( NP ( NP ( DT a ) ( JJ former ) ( NNP European ) ( NNP Community ) ( NN commissioner ) ) ( PP ( IN from ) ( NP ( NNP Ireland ) ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT a ) ( JJ serious ) ( NN contender ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP American ) ( NNP Express ) ( NN job ) ) ) ) ) )

According to industry executives Peter Sutherland a former European Community commissioner from Ireland was also a serious contender for the American Express job


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP ( RB ultimately ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBD offered ) ( PP-DTV ( TO to ) ( NP ( PRP him ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( IN on ) ( NP ( NP ( NN retainer ) ) ( PP ( TO to ) ( NP ( NNP American ) ( NNP Express ) ) ) ) ) ( PP-MNR ( IN as ) ( NP ( NP ( DT an ) ( NN adviser ) ) ( PP ( IN on ) ( NP ( JJ international ) ( NNS matters ) ) ) ) ) ) ) )

Although it ultimately was n't offered to him he will be on retainer to American Express as an adviser on international matters


( S-1 ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG talking ) ( ADVP ( RB on ) ( CC and ) ( RB off ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD four ) ( NNS weeks ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT the ) ( NN job ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT the ) ( JJ right ) ( NN time ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ terrific ) ( NN opportunity ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP leave ) ( NP ( DT the ) ( NN company ) ) ( PP-LOC-CLR ( IN in ) ( NP ( ADJP ( RB very ) ( JJ strong ) ) ( NNS hands ) ) ) ) ) ) ) ) ) ) ) )

After talking on and off for the past four weeks Mr. Roman said he agreed to take the job because it 's the right time it 's a terrific opportunity and I think I leave the company in very strong hands


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( PRP$ my ) ( NN decision ) ) ( RB not ) ( NP ( NN anyone ) ( RB else ) ( POS 's ) ) ) ) )

It was my decision not anyone else 's


( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( ADVP ( RB also ) ) ( VP ( VBD brushed ) ( PRT ( RP aside ) ) ( NP ( NP ( NNS reports ) ) ( PP ( IN about ) ( NP ( NP ( NN infighting ) ) ( PP ( IN between ) ( NP ( NP ( PRP him ) ) ( CC and ) ( NP ( NP ( NNP Mr. ) ( NNP Phillips ) ) ( NP ( NP ( PRP$ his ) ( NN successor ) ) ( PP-LOC ( IN at ) ( NP ( NNP Ogilvy ) ) ) ) ) ) ) ) ) ) ) )

Mr. Roman also brushed aside reports about infighting between him and Mr. Phillips his successor at Ogilvy


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS executives ) ) ( VP ( MD could ) ( ADVP ( RB hardly ) ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ different ) ) ) ) )

The two executives could hardly be more different


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBZ comes ) ( PRT ( RP across ) ) ( PP-MNR ( IN as ) ( NP ( DT a ) ( JJ low-key ) ( NN executive ) ) ) ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phillips ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJR flashier ) ( NN personality ) ) ) ) )

Mr. Roman comes across as a low-key executive Mr. Phillips has a flashier personality


( S ( S ( PP-TMP ( IN During ) ( NP ( NN time ) ( RB off ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBZ tends ) ( PP-CLR ( TO to ) ( NP ( PRP$ his ) ( NN garden ) ) ) ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phillips ) ) ( VP ( VBZ confesses ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN fondness ) ) ( PP ( IN for ) ( PRN ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ) ( NP ( NP ( JJ fast ) ( NNS cars ) ) ( CC and ) ( NP ( NNS planes ) ) ) ) ) ) ) ) )

During time off Mr. Roman tends to his garden Mr. Phillips confesses to a fondness for among other things fast cars and planes


( S ( NP-SBJ ( NN Industry ) ( NNS executives ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( DT the ) ( CD two ) ( NNS executives ) ) ( VP ( VBD used ) ( S ( VP ( TO to ) ( VP ( VB clash ) ( ADVP-TMP ( RBR more ) ( RB frequently ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP WPP ) ( NN takeover ) ) ( VP ( VBD brought ) ( NP ( PRP them ) ) ( ADVP-CLR ( RB closer ) ( RB together ) ) ) ) ) ) )

Industry executives say that although the two executives used to clash more frequently the WPP takeover brought them closer together


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( NP-PRD ( NP ( DT the ) ( NN guy ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD made ) ( S ( NP-SBJ ( PRP him ) ) ( NP-PRD ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP North ) ( NNP America ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD recommended ) ( NP ( PRP him ) ) ( PP-CLR ( TO to ) ( NP ( NNP Mr. ) ( NNP Sorrell ) ) ) ( PP-CLR ( IN as ) ( NP ( PRP$ my ) ( NN successor ) ) ) ) ) ) ) ) ) )

I 'm the guy who made him head of New York head of the U.S. president of North America and recommended him to Mr. Sorrell as my successor


( S ( SQ-TPC-1 ( MD Would ) ( NP-SBJ ( PRP I ) ) ( VP ( VB have ) ( VP ( VBN done ) ( NP ( PDT all ) ( DT those ) ( NNS things ) ) ( ADVP ( RB successively ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( JJ right ) ( NN guy ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( VBD asked ) ) )

Would I have done all those things successively if I did n't think he was the right guy Mr. Roman asked


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD labeled ) ( S ( NP-SBJ ( NP ( NNS reports ) ) ( PP ( IN of ) ( NP ( NN friction ) ) ) ) ( ADJP-PRD ( JJ ridiculous ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD spent ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN weekend ) ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Phillips ) ( POS 's ) ) ( NN boat ) ) ( PP-LOC ( IN in ) ( NP ( NNP Connecticut ) ) ) ) ) ) ) ) ) ) )

He labeled reports of friction ridiculous and said that he spent part of the weekend on Mr. Phillips 's boat in Connecticut


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roman ) ) ( VP ( MD will ) ( VP ( VB oversee ) ( NP ( NP ( NNP American ) ( NNP Express ) ( POS 's ) ) ( JJ public ) ( NNS relations ) ( CC and ) ( NN government ) ( NNS affairs ) ) ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ its ) ( NN advertising ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN handled ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN operating ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Roman will oversee American Express 's public relations and government affairs among other things but he wo n't be involved in its advertising which is handled by the operating units


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP consider ) ( NP ( DT this ) ) ( NP ( DT a ) ( JJ second ) ( NN career ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I consider this a second career he said


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB sit ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ corporate ) ( NN planning ) ( CC and ) ( NN policy ) ( NN committee ) ) ( VP ( VBD made ) ( PRT ( RP up ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( JJ top ) ( JJ corporate ) ( CC and ) ( NN operating ) ( NNS executives ) ) ) ) ) ) ) ) )

He also will sit on the company 's corporate planning and policy committee made up of the top corporate and operating executives


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Roman ) ( POS 's ) ) ( NN departure ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT any ) ( JJ enormous ) ( NNS repercussions ) ) ( PP-LOC ( IN at ) ( NP ( NNP Ogilvy ) ) ) ) ) ) ) ) )

Mr. Roman 's departure is n't expected to have any enormous repercussions at Ogilvy


( S ( NP-SBJ ( NP ( NNP American ) ( NNP Express ) ) ( NP ( NNP Kraft ) ( NNP General ) ( NNP Foods ) ) ( CC and ) ( NP ( NNP Mattel ) ( NNS executives ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB affect ) ( NP ( NP ( PRP$ their ) ( NNS relationships ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN ad ) ( NN agency ) ) ) ) ) ) ) ) ) )

American Express Kraft General Foods and Mattel executives said the move wo n't affect their relationships with the ad agency


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NP ( NP ( NNP General ) ( NNP Foods ) ( POS 's ) ) ( NNS relationships ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( NNS agencies ) ) ) ) ( VP ( VP ( VBP are ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNS agencies ) ( POS ' ) ) ( NN work ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Hurwitt ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Kraft ) ( NNP General ) ( NNP Foods ) ) ) ) ) )

General Foods 's relationships with its agencies are based on the agencies ' work and will continue to be said David Hurwitt a vice president of Kraft General Foods


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS clients ) ( CC and ) ( NNS analysts ) ) ( VP ( VBD expressed ) ( NP ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phillips ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB as ) ( JJ well-known ) ( PP ( TO to ) ( NP ( JJ many ) ( NNS clients ) ) ) ) ) ) ) ) ) )

But some clients and analysts expressed concern that Mr. Phillips is n't as well-known to many clients


( SINV ( S-TPC-2 ( NP-SBJ ( NNP Ken ) ) ( VP ( VBD was ) ( NP-PRD ( PRP$ my ) ( JJ key ) ( NN contact ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP J. ) ( NNP Nicholas ) ( NNP Hahn ) ) ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cotton ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ represents ) ( NP ( NN cotton ) ( NNS producers ) ) ) ) ) ) ) ) ) )

Ken was my key contact said J. Nicholas Hahn president and chief executive officer of Cotton Inc. which represents cotton producers


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( NP ( NNP Mr. ) ( NNP Phillips ) ) ( ADVP-MNR ( RB all ) ( RB that ) ( RB well ) ) ) ) )

I do n't know Mr. Phillips all that well


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VP ( VBN seen ) ) ( CC or ) ( VP ( VBN talked ) ( PP ( TO to ) ) ) ( NP-1 ( PRP him ) ) ( PP-TMP ( IN in ) ( NP ( JJ several ) ( NNS years ) ) ) ) ) )

I have n't seen or talked to him in several years


( S ( CC And ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD questioned ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phillips ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NNS skills ) ) ( SBAR ( S ( NP-SBJ ( NNP Ogilvy ) ) ( VP ( VBZ needs ) ( S-PRP ( VP ( TO to ) ( VP ( VB turn ) ( NP-PRD ( DT the ) ( NN agency ) ) ( PRT ( RP around ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And some analysts questioned whether Mr. Phillips would have the skills Ogilvy needs to turn the agency around


( S ( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBZ has ) ( VP ( VBN done ) ( ADVP-MNR ( RB well ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ many ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP$ its ) ( NN flagship ) ( NNP New ) ( NNP York ) ( NN office ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ dismal ) ( NN track ) ( NN record ) ) ( ADVP-TMP ( RB recently ) ) ) ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN won ) ( NP ( JJ few ) ( JJ new ) ( NNS accounts ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG losing ) ( NP ( NP ( JJ big ) ( NNS ones ) ) ( PP ( VBG including ) ( NP ( NNP Maxwell ) ( NNP House ) ) ) ) ) ) ) ) ) ) )

While the agency has done well in many parts of the world its flagship New York office has had a dismal track record recently it has won few new accounts while losing big ones including Maxwell House


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Phillips ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB need ) ( NP ( DT some ) ( NN help ) ) ) ) ) ) ) ) ) ) )

I think Mr. Phillips is going to need some help


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP need ) ( NP ( JJ creative ) ( NN leadership ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Emma ) ( NNP Hill ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Wertheim ) ( CC & ) ( NNP Co ) ) ) ) ) )

I think they need creative leadership and I do n't think they have it said Emma Hill an analyst with Wertheim & Co


( S ( NP-SBJ ( NP ( NP ( NNP Ogilvy ) ( CC & ) ( NNP Mather ) ( POS 's ) ) ( JJ top ) ( JJ creative ) ( NN executive ) ) ( NP ( NNP Norman ) ( NNP Berry ) ) ) ( VP ( VBD left ) ( NP ( DT the ) ( NN agency ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) )

Ogilvy & Mather 's top creative executive Norman Berry left the agency earlier this year


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NNP Norm ) ( NNP Berry ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ creative ) ( NN inspiration ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN nobody ) ) ( VP ( VBZ has ) ( VP ( VBN filled ) ( NP ( DT that ) ( NN void ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Hill ) ) )

Norm Berry was a creative inspiration at the company and nobody has filled that void said Ms. Hill


( S ( CC But ) ( NP-SBJ ( JJ other ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG having ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Phillips ) ) ( VP ( VB succeed ) ( NP ( NNP Mr. ) ( NNP Roman ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB make ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ smooth ) ( NN transition ) ) ) ) ) ) ) ) )

But other analysts said that having Mr. Phillips succeed Mr. Roman would make for a smooth transition


( SINV ( S-TPC-1 ( NP-SBJ ( NNP Graham ) ( NNP Phillips ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-LOC-PRD ( RB there ) ) ( NP-TMP ( DT a ) ( JJ long ) ( NN time ) ) ) ) ( VP ( VBZ knows ) ( NP ( DT the ) ( NN culture ) ) ( ADVP-MNR ( RB well ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ aggressive ) ) ) ( CC and ) ( VP ( ADVP ( RB apparently ) ) ( VBZ gets ) ( PRT ( RP along ) ) ( ADVP-MNR ( RB well ) ) ( PP-CLR ( IN with ) ( NP ( NNP Mr. ) ( NNP Sorrell ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Andrew ) ( NNP Wallach ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ) ) ) )

Graham Phillips has been there a long time knows the culture well is aggressive and apparently gets along well with Mr. Sorrell said Andrew Wallach an analyst with Drexel Burnham Lambert


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADVP ( RB probably ) ) ( NP-PRD ( DT a ) ( JJ reasonable ) ( NN transition ) ) ) )

It 's probably a reasonable transition


( S ( ADVP ( RB Hopefully ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN answer ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBD had ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) ) )

Hopefully he 'll be the answer to the problems they 've had in New York


( S-HLN ( NP-SBJ ( NP ( NN Sale ) ) ( PP ( IN of ) ( NP ( NNP Saatchi ) ( NNP Unit ) ) ) ) ( ADJP-PRD ( RB Close ) ) )

Sale of Saatchi Unit Close


( S ( NP-SBJ ( NP ( NNP Computer ) ( NNP Sciences ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP El ) ( NNP Segundo ) ) ( NP ( NNP Calif. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB close ) ( PP ( TO to ) ( S-NOM ( VP ( VBG making ) ( S ( ADJP-PRD ( JJ final ) ) ( NP-SBJ ( DT an ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Cleveland ) ( NNP Consulting ) ( NNP Associates ) ) ( PP-CLR ( IN from ) ( NP ( NNP Saatchi ) ( CC & ) ( NNP Saatchi ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Computer Sciences Corp. El Segundo Calif. said it is close to making final an agreement to buy Cleveland Consulting Associates from Saatchi & Saatchi


( S ( NP-SBJ ( NNP Computer ) ( NNP Sciences ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NP ( DT the ) ( JJ proposed ) ( NN purchase ) ( NN price ) ) ( PP ( IN for ) ( NP ( NP ( NNP Cleveland ) ( NNP Consulting ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ counsels ) ( NP ( NNS companies ) ) ( PP-CLR ( IN on ) ( NP ( NNS logistics ) ( CC and ) ( NN supply ) ) ) ) ) ) ) ) ) ) ) )

Computer Sciences would n't disclose the proposed purchase price for Cleveland Consulting which counsels companies on logistics and supply


( S ( CC But ) ( NP-SBJ ( NP ( NNP David ) ( NNP Lord ) ) ( NP ( NP ( NN managing ) ( NN editor ) ) ( PP ( IN of ) ( NP ( NP ( NNP Consultants ) ( NNP News ) ) ( NP ( NP ( DT an ) ( NN industry ) ( NN publication ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Fitzwilliam ) ) ( NP ( NNP N.H. ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT an ) ( NN industry ) ( NN standard ) ) ( VP ( MD would ) ( VP ( VB suggest ) ( NP ( NP ( DT a ) ( NN purchase ) ( NN price ) ) ( PP ( IN of ) ( NP ( QP ( IN between ) ( CD one ) ( CC and ) ( CD two ) ( NNS times ) ) ( NP ( NNP Cleveland ) ( NNP Consulting ) ( POS 's ) ) ( ADJP ( QP ( RB approximately ) ( CD 15 ) ( CD million ) ) ) ( JJ annual ) ( NN revenue ) ) ) ) ) ) ) ) ) )

But David Lord managing editor of Consultants News an industry publication based in Fitzwilliam N.H. said an industry standard would suggest a purchase price of between one and two times Cleveland Consulting 's approximately 15 million annual revenue


( S ( NP-SBJ-2 ( DT Both ) ( NP ( NP ( NNP Saatchi ) ( CC & ) ( NNP Saatchi ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD announced ) ( NP ( PRP$ its ) ( NN intention ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PRT ( RP off ) ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN consulting ) ( NN business ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NNP Cleveland ) ( NNP Consulting ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ proposed ) ( NN sale ) ) ) ) ) ) ) )

Both Saatchi & Saatchi which announced its intention to sell off most of its consulting business in June and Cleveland Consulting declined to comment on the proposed sale


Ad Notes


NEW ACCOUNT


( S ( NP-SBJ ( NP ( NNP AmBase ) ( NNP Corp. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ( VP ( VBD awarded ) ( NP ( NP ( DT the ) ( NN ad ) ( NN account ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNP Home ) ( NNP Insurance ) ( NNP Co. ) ( NN unit ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Biederman ) ( NNP Kelly ) ( CC & ) ( NNP Shaffer ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ) ) )

AmBase Corp. New York awarded the ad account for its Home Insurance Co. unit to Biederman Kelly & Shaffer New York


( S ( NP-SBJ-1 ( NNS Billings ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Billings were n't disclosed


( S ( NP-SBJ ( NNP Puerto ) ( NNP Rico ) ( NNP Telephone ) ( NNP Co. ) ) ( VP ( VBD awarded ) ( NP ( PRP$ its ) ( ADJP ( QP ( CD 3 ) ( CD million ) ) ) ( NN account ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP West ) ( NNP Indies ) ( CC & ) ( NNP Grey ) ) ( NP ( NP ( NP ( NNP Grey ) ( NNP Advertising ) ( POS 's ) ) ( NN office ) ) ( PP-LOC ( IN in ) ( NP ( NNP Puerto ) ( NNP Rico ) ) ) ) ) ) ) )

Puerto Rico Telephone Co. awarded its 3 million account to West Indies & Grey Grey Advertising 's office in Puerto Rico


DIET COKE


( S ( NP-SBJ ( NNP Coca-Cola ) ( NNP Co. ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NN singer ) ( NNP Elton ) ( NNP John ) ) ( VP ( VBD signed ) ( S ( VP ( TO to ) ( VP ( VB appear ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN ad ) ) ( PP ( IN for ) ( NP ( NNP Diet ) ( NNP Coke ) ) ) ) ) ) ) ) ) ) ) ) )

Coca-Cola Co. yesterday said singer Elton John signed to appear in an ad for Diet Coke


( S ( NP-SBJ-2 ( NP ( NNS Details ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN commercial ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN brand ) ( POS 's ) ) ( CD 1990 ) ( NN advertising ) ( NN campaign ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Details of the commercial which will be part of the brand 's 1990 advertising campaign were n't disclosed


( S ( NP-SBJ ( NNP Mr. ) ( NNP John ) ) ( VP ( VBZ becomes ) ( NP-PRD ( NP ( DT the ) ( JJS latest ) ) ( PP ( IN of ) ( NP ( NP ( JJ many ) ( NN music ) ( NNS stars ) ) ( PP ( VBG including ) ( NP ( NP ( NNP George ) ( NNP Michael ) ) ( CC and ) ( NP ( NNP Whitney ) ( NNP Houston ) ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB appear ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS ads ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN diet ) ( NN drink ) ) ) ) ) ) ) ) ) ) ) )

Mr. John becomes the latest of many music stars including George Michael and Whitney Houston to appear in ads for the diet drink


( S ( NP-SBJ ( DT A ) ( JJ federal ) ( NN judge ) ) ( VP ( VBD granted ) ( NP ( NP ( DT a ) ( JJ temporary ) ( NN stay ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP California ) ( NNP Student ) ( NNP Aid ) ( NNP Commission ) ( POS 's ) ) ( NN emergency ) ( NN action ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( S ( VP ( VBG guaranteeing ) ( NP ( NP ( NNS loans ) ) ( PP ( IN for ) ( NP ( NP ( NNP National ) ( NNP Technical ) ( NNP Schools ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Education ) ( CC & ) ( NNP Software ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A federal judge granted a temporary stay of the California Student Aid Commission 's emergency action to stop guaranteeing loans for National Technical Schools a unit of United Education & Software Inc


( S ( S ( NP-SBJ ( DT The ) ( NNP California ) ( NNP Student ) ( NNP Aid ) ( NNP Commission ) ) ( VP ( VBD took ) ( NP ( DT the ) ( NN action ) ) ( NP-TMP ( NNP Oct. ) ( CD 15 ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT a ) ( NN government ) ( NN audit ) ) ( VP ( VBD cited ) ( NP-1 ( NNP National ) ( NNP Technical ) ( NNP Schools ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VP ( VBG having ) ( NP ( NP ( NNS courses ) ) ( ADJP ( RB too ) ( JJ short ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ eligible ) ( PP ( IN for ) ( NP ( DT the ) ( JJ educational ) ( NN loan ) ( NN program ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG having ) ( NP ( NP ( DT a ) ( NN student ) ( JJ drop-out ) ( NN rate ) ) ( PP ( ADVP ( RB far ) ) ( IN in ) ( NP ( NP ( NN excess ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NNS standards ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD alleged ) ( NP ( NP ( JJ other ) ( JJ serious ) ( NNS violations ) ) ( PP ( IN of ) ( NP ( NN law ) ( CC and ) ( NNS regulations ) ) ) ) ) ) )

The California Student Aid Commission took the action Oct. 15 after a government audit cited National Technical Schools for having courses too short to be eligible for the educational loan program and having a student drop-out rate far in excess of federal standards and it alleged other serious violations of law and regulations


( S ( NP-SBJ ( NP ( NNP United ) ( NNP Education ) ( CC & ) ( NNP Software ) ) ( NP ( DT a ) ( NNP Los ) ( NNP Angeles ) ( NN education ) ( NNS services ) ( NN company ) ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( NP ( DT the ) ( NN commission ) ( POS 's ) ) ( NN action ) ) ( ADJP-PRD ( JJ precipitous ) ( CC and ) ( JJ unwarranted ) ) ) ) )

United Education & Software a Los Angeles education services company called the commission 's action precipitous and unwarranted


( S ( NP-SBJ ( DT The ) ( NN court ) ) ( VP ( VBD set ) ( NP ( NP ( DT a ) ( NN hearing ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN emergency ) ( NN action ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NNP Oct. ) ( CD 30 ) ) ) ) )

The court set a hearing on the emergency action for Oct. 30


( S ( NP-SBJ ( NNP United ) ( NNP Education ) ( CC & ) ( NNP Software ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( ADJP ( CD 250,000 ) ) ( NN bond ) ) ( PP ( IN against ) ( NP ( NP ( JJ potential ) ( NNS losses ) ) ( PP ( PP ( TO to ) ( NP ( DT the ) ( NN student ) ( NN aid ) ( NN commission ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NNS taxpayers ) ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG guaranteeing ) ( NP ( NP ( DT any ) ( JJR more ) ( NNS loans ) ) ( PP ( IN for ) ( NP ( NNP National ) ( NNP Technical ) ( NNP Schools ) ( NNS students ) ) ) ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( DT the ) ( NN hearing ) ) ) ) ) ) ) ) ) ) )

United Education & Software posted a 250,000 bond against potential losses to the student aid commission and to taxpayers in guaranteeing any more loans for National Technical Schools students prior to the hearing


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Consumer ) ( NN spending ) ) ( PP-LOC ( IN in ) ( NP ( NNP Britain ) ) ) ) ( VP ( VP ( VBD rose ) ( NP-EXT ( CD 0.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-DIR ( IN from ) ( NP-TMP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ( CC and ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 3.8 ) ( NN % ) ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Central ) ( NNP Statistical ) ( NNP Office ) ) ( VP ( VBD estimated ) ( NP-TMP ( NNP Friday ) ) ) )

Consumer spending in Britain rose 0.1 % in the third quarter from the second quarter and was up 3.8 % from a year ago the Central Statistical Office estimated Friday


( S-2 ( NP-SBJ ( NNP China ) ) ( VP ( MD could ) ( VP ( VB exhaust ) ( NP ( PRP$ its ) ( NN foreign-exchange ) ( NNS reserves ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB early ) ) ( PP ( IN as ) ( NP ( JJ next ) ( NN year ) ) ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( JJ Western ) ( NN government ) ( NN report ) ) ( VP ( VBZ says ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-1 ( NNS imports ) ) ( VP ( VBP are ) ( VP ( VBN cut ) ( ADVP-MNR ( RB drastically ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB narrow ) ( NP ( DT the ) ( JJ balance-of-payments ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ) ) )

China could exhaust its foreign-exchange reserves as early as next year a Western government report says unless imports are cut drastically to help narrow the balance-of-payments deficit


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN report ) ) ( VP ( VBN completed ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NP ( NNP China ) ( POS 's ) ) ( NN trade ) ( NN gap ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB widen ) ( PP-MNR ( IN at ) ( NP ( NP ( DT the ) ( NN pace ) ) ( VP ( VBN seen ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD seven ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNS reserves ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN wiped ) ( PRT ( RP out ) ) ( PP-TMP ( CC either ) ( IN in ) ( NP ( NP ( CD 1990 ) ) ( CC or ) ( NP ( CD 1991 ) ) ) ) ) ) ) )

According to the report completed last month if China 's trade gap continues to widen at the pace seen in the first seven months of this year the reserves would be wiped out either in 1990 or 1991


( S ( NP-SBJ-1 ( DT A ) ( NN country ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( RB financially ) ( JJ healthy ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP$ its ) ( NNS reserves ) ) ( VP ( VBP cover ) ( NP ( NP ( CD three ) ( NNS months ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS imports ) ) ) ) ) ) ) ) ) )

A country is considered financially healthy if its reserves cover three months of its imports


( S ( NP-SBJ ( NP ( DT The ) ( QP ( CD 14 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS reserves ) ) ( SBAR ( S ( NP-SBJ ( NNP China ) ) ( VP ( VBD had ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB cover ) ( NP ( RB just ) ( RB that ) ( JJ much ) ) ) ) )

The 14 billion of reserves China had in June would cover just that much


( S ( NP-SBJ ( NP ( DT The ) ( NN report ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( JJ Western ) ( NN government ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ declines ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN identified ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ concludes ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT a ) ( JJ near-term ) ( NN foreign-exchange ) ( NN payment ) ( NN problem ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN avoided ) ( SBAR-ADV ( RB only ) ( IN if ) ( S ( NP-SBJ ( NN import ) ( NN growth ) ) ( VP ( VBZ drops ) ( PP-DIR ( TO to ) ( PP ( NP ( QP ( IN below ) ( CD 5 ) ) ( NN % ) ) ( PP ( IN per ) ( NP ( NN annum ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The report by the Western government which declines to be identified concludes that a near-term foreign-exchange payment problem can be avoided only if import growth drops to below 5 % per annum


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( JJ Chinese ) ( NNS customs ) ( NNS figures ) ) ) ) ( NP-SBJ-1 ( NN import ) ( NN growth ) ) ( VP ( VBZ has ) ( VP ( VBN slowed ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ( S-ADV ( VP ( VBG dropping ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( CD 16 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ( CC and ) ( NP ( NP ( CD 7.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP-TMP ( DT the ) ( JJ year-earlier ) ( NNS periods ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( JJ average ) ( NN growth ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 26 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ) ) ) ) ) ) )

According to Chinese customs figures import growth has slowed in recent months dropping to 16 % in July and 7.1 % in August from the year-earlier periods compared with an average growth rate of 26 % in the first half


( S ( CC But ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NN import ) ( NN growth ) ) ( VP ( VBD slowed ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP China ) ( POS 's ) ) ( NN buying ) ( NN spree ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ( ADVP ( RB already ) ) ( VP ( VBD had ) ( VP ( VBN taken ) ( NP ( NP ( PRP$ its ) ( NN toll ) ) ( PP ( IN on ) ( NP ( NN foreign-exchange ) ( NNS reserves ) ) ) ) ) ) )

But before import growth slowed China 's buying spree in the first half already had taken its toll on foreign-exchange reserves


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( QP ( CD 14 ) ( CD billion ) ) ) ( NN level ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ( VP ( VBD marked ) ( NP ( NP ( DT a ) ( NN drop ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 19 ) ( CD billion ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP April ) ) ) ) ) ) ) ) ) )

The 14 billion level in June marked a drop from 19 billion at the end of April


( S ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( JJ last ) ( JJ big ) ( NN import ) ( NN binge ) ) ( VP ( VBD sent ) ( S ( NP-SBJ ( NNS reserves ) ) ( VP ( VBG tumbling ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10.6 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ( CD 1985 ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 16.6 ) ( CD billion ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NNP September ) ) ) ) ) ) )

China 's last big import binge sent reserves tumbling to 10.6 billion in June 1985 from 16.6 billion the previous September


( S ( NP-SBJ ( NNP China ) ) ( VP ( MD might ) ( VP ( VB stave ) ( PRT ( RP off ) ) ( NP ( DT a ) ( NN crisis ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ acts ) ( ADVP-MNR ( ADVP ( RB as ) ( RB forcefully ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD did ) ( S-PRP ( VP ( TO to ) ( VP ( VB arrest ) ( NP ( NP ( DT the ) ( CD 1985 ) ( NN decline ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNP Beijing ) ) ( VP ( VP ( VBD slammed ) ( NP-CLR ( DT the ) ( NNS brakes ) ) ( PP-CLR ( IN on ) ( NP ( NN foreign-exchange ) ( NN spending ) ) ) ) ( CC and ) ( VP ( VBD devalued ) ( NP ( DT the ) ( NN currency ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

China might stave off a crisis if it acts as forcefully as it did to arrest the 1985 decline when Beijing slammed the brakes on foreign-exchange spending and devalued the currency


( S ( CC But ) ( NP-TMP ( DT this ) ( NN time ) ) ( NP-SBJ ( NNP China ) ) ( VP ( VBZ faces ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ difficult ) ) ( NN battle ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ economic ) ( NNS forces ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN come ) ( PP-CLR ( IN into ) ( NP ( NN play ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NNP Tiananmen ) ( NNP Square ) ( NNS killings ) ) ( NP-TMP ( NNP June ) ( CD 4 ) ) ) ) ) ) ) ) ) ) ) )

But this time China faces a more difficult battle because of economic forces that have come into play since the Tiananmen Square killings June 4


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ-1 ( NP ( NNP China ) ( POS 's ) ) ( NN hard-currency ) ( NN income ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB suffer ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ big ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN tourist ) ( NNS arrivals ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ) ) ) ) ) )

For example China 's hard-currency income is expected to suffer from the big drop in tourist arrivals since June 4


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( PP ( IN from ) ( NP ( NN tourism ) ) ) ) ( NP-TMP-1 ( DT this ) ( NN year ) ) ( VP ( VBZ is ) ( VP ( VBN projected ) ( S ( VP ( TO to ) ( VP ( VB total ) ( NP ( QP ( CD 1.3 ) ( CD billion ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 2.2 ) ( CD billion ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) )

Revenue from tourism this year is projected to total 1.3 billion down from 2.2 billion last year


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT this ) ) ( CC and ) ( NP ( DT the ) ( JJ huge ) ( NN trade ) ( NN gap ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN deficit ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ current ) ( NN account ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ measures ) ( NP ( NP ( NP ( NN trade ) ) ( PP ( IN in ) ( NP ( NNS goods ) ( CC and ) ( NNS services ) ) ) ) ( CC plus ) ( NP ( NP ( JJ certain ) ( JJ unilateral ) ( NNS transfers ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB widen ) ( ADVP-MNR ( RB sharply ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( ADJP ( QP ( CD 3.8 ) ( CD billion ) ) ) ( NN deficit ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) )

Because of this and the huge trade gap the deficit in China 's current account which measures trade in goods and services plus certain unilateral transfers of funds is expected to widen sharply from the 3.8 billion deficit last year


( S ( NP-SBJ ( DT The ) ( JJ Western ) ( NN government ) ( NN report ) ) ( VP ( VBZ suggests ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS scenarios ) ) ( PP ( IN for ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ current-account ) ( NN balance ) ) ) ( SBAR ( WHNP-2 ( WHNP ( CD two ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBP are ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( RBS most ) ( RB likely ) ) ) ) ) ) ) ) ) ) ) )

The Western government report suggests a number of scenarios for China 's current-account balance two of which are considered most likely


( S ( PP-LOC ( IN In ) ( NP ( CD one ) ) ) ( S ( NP-SBJ-1 ( NNS imports ) ( CC and ) ( NNS exports ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB grow ) ( PP-MNR ( IN at ) ( NP ( NP ( DT the ) ( JJ respective ) ( JJ average ) ( NNS rates ) ) ( PP ( IN of ) ( NP ( NP ( CD 25 ) ( NN % ) ) ( CC and ) ( NP ( CD 5 ) ( NN % ) ) ) ) ( VP ( VBN recorded ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ first ) ( CD seven ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ current-account ) ( NN deficit ) ) ( VP ( VBZ widens ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 13.1 ) ( CD billion ) ) ) ) ) ) )

In one imports and exports continue to grow at the respective average rates of 25 % and 5 % recorded during the first seven months and the current-account deficit widens to 13.1 billion


( S ( PP-TMP ( IN In ) ( NP ( CD 1985 ) ) ) ( NP-SBJ ( NNP China ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ record ) ( NN deficit ) ) ( PP ( IN of ) ( NP ( QP ( CD 11.4 ) ( CD billion ) ) ) ) ) ) )

In 1985 China had a record deficit of 11.4 billion


( S ( NP-SBJ ( DT The ) ( JJ other ) ( NN scenario ) ) ( VP ( VBZ assumes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Beijing ) ) ( VP ( VBZ takes ) ( NP ( JJ effective ) ( NNS actions ) ( S ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NNS imports ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ coming ) ( NNS months ) ) ) ) ) ) ) )

The other scenario assumes that Beijing takes effective actions to curb imports in the coming months


( S ( PP-LOC ( IN In ) ( NP ( DT this ) ( NN case ) ) ) ( NP-SBJ ( NNP China ) ) ( VP ( MD would ) ( ADVP ( RB still ) ) ( VP ( VB finish ) ( NP ( DT the ) ( NN year ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT a ) ( JJ current-account ) ( NN deficit ) ) ( PP ( IN of ) ( NP ( QP ( CD 8.7 ) ( CD billion ) ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NNS projections ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP-1 ( NNS imports ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ( VP ( VBP grow ) ( NP-EXT-2 ( CD 20 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP=1 ( VBZ exports ) ) ( NP-EXT=2 ( CD 10 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

In this case China would still finish the year with a current-account deficit of 8.7 billion based on projections that imports for all of this year grow 20 % and exports 10 %


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP China ) ) ( VP ( VBD were ) ( ADVP ( RB still ) ) ( PP-PRD ( IN on ) ( NP ( NP ( JJ good ) ( NNS terms ) ) ( PP ( IN with ) ( NP ( JJ foreign ) ( NNS lenders ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB stem ) ( NP ( NP ( DT the ) ( NN drain ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ foreign-exchange ) ( NNS reserves ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG using ) ( NP ( DT some ) ( NN loan ) ( NNS funds ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB offset ) ( NP ( DT the ) ( JJ current-account ) ( NN deficit ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If China were still on good terms with foreign lenders it might be able to stem the drain on its foreign-exchange reserves by using some loan funds to offset the current-account deficit


( S ( CC But ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ) ) ( NP-SBJ ( NP ( JJ foreign ) ( NNS bankers ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( JJ international ) ( JJ financial ) ( NNS institutions ) ) ) ) ) ( VP ( VBP have ) ( ADVP ( RB virtually ) ) ( VP ( VBN suspended ) ( NP ( NP ( PRP$ their ) ( JJ new ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNP China ) ) ) ) ) ) )

But since June foreign bankers led by international financial institutions have virtually suspended their new loans to China


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( NN borrowing ) ) ( VP ( NNS resumes ) ) ) ) ( NP-SBJ-1 ( JJ commercial ) ( NNS bankers ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB lend ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( RB before ) ) ) ) ) ) ) ) )

Even if borrowing resumes commercial bankers are n't expected to lend as much as before


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNS economists ) ) ( VP ( VBP are ) ( VP ( VBG forecasting ) ( NP ( NP ( DT a ) ( NN slowdown ) ) ( PP ( IN in ) ( NP ( JJ foreign ) ( JJ direct ) ( NNS investments ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS businessmen ) ) ( VP ( VBP become ) ( ADJP-PRD ( RB increasingly ) ( JJ wary ) ( PP ( IN of ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( VBG deteriorating ) ( ADJP ( JJ political ) ( CC and ) ( JJ economic ) ) ( NN environment ) ) ) ) ) ) ) ) ) )

In addition economists are forecasting a slowdown in foreign direct investments as businessmen become increasingly wary of China 's deteriorating political and economic environment


( S ( PP ( IN On ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( PDT all ) ( DT this ) ) ) ) ) ( NP-SBJ-1 ( NN foreign-debt ) ( NNS repayments ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB peak ) ( PP-TMP ( IN in ) ( NP ( QP ( CD 1991 ) ( TO to ) ( CD 1992 ) ) ) ) ) ) ) ) ) )

On top of all this foreign-debt repayments are expected to peak in 1991 to 1992


( S ( PP ( IN With ) ( S-NOM ( NP-SBJ ( JJR less ) ( NN capital ) ) ( VP ( VBG coming ) ( ADVP-DIR ( RB in ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP China ) ( POS 's ) ) ( NN balance ) ) ( PP ( IN of ) ( NP ( NNS payments ) ) ) ) ( VP ( MD would ) ( VP ( VB suffer ) ) ) )

With less capital coming in China 's balance of payments would suffer


( S ( NP-SBJ ( NP ( DT The ) ( JJ Western ) ( NN government ) ( NN report ) ( POS 's ) ) ( JJ first ) ( NN scenario ) ) ( VP ( VBZ assumes ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN reduction ) ) ( PP ( IN in ) ( NP ( JJ foreign ) ( NN borrowing ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( QP ( CD 5 ) ( NN % ) ) ( NN contraction ) ) ( PP ( IN in ) ( NP ( JJ foreign ) ( JJ direct ) ( NN investment ) ) ) ) ) ) )

The Western government report 's first scenario assumes a 30 % reduction in foreign borrowing and a 5 % contraction in foreign direct investment


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ second ) ) ) ( S ( NP-SBJ-1 ( JJ foreign ) ( NN borrowing ) ) ( VP ( VBZ is ) ( VP ( VBN projected ) ( S-3 ( VP ( TO to ) ( VP ( VB grow ) ( NP-EXT ( CD 10 ) ( NN % ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1-2 ( NN investment ) ) ( S=3 ( VP ( TO to ) ( VP ( VB drop ) ( NP-EXT ( CD 10 ) ( NN % ) ) ) ) ) ) )

In the second foreign borrowing is projected to grow 10 % and investment to drop 10 %


( S-2 ( CC But ) ( PP-LOC ( IN in ) ( NP ( DT either ) ( NN case ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP China ) ( POS 's ) ) ( NN balance ) ) ( PP ( IN of ) ( NP ( NNS payments ) ) ) ) ( VP ( MD would ) ( ADVP-MNR ( RB rapidly ) ) ( VP ( VB dry ) ( PRT ( RP up ) ) ( NP ( NP ( JJ foreign ) ( NNS reserves ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB finance ) ( NP ( DT the ) ( NN imbalance ) ) ) ) ) ) ) ) ) ) ) ) )

But in either case the report says China 's balance of payments would rapidly dry up foreign reserves which are used to finance the imbalance


( S ( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ first ) ( NN scenario ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS reserves ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN exhausted ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ( CC and ) ( S ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ second ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN wiped ) ( PRT ( RP out ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) ) ) ) )

In the first scenario the reserves would be exhausted next year and in the second they would be wiped out in 1991


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBD dumped ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NP ( JJ big ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS earnings ) ) ( S ( VP ( VBP fluctuate ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) ) )

Investors dumped stocks of big companies whose earnings fluctuate with the economy


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( DT those ) ( JJ cyclical ) ( NNS issues ) ) ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 26.23 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2662.91 ) ) ) ) ) ) ) ) ) )

Many of those cyclical issues are in the Dow Jones Industrial Average which fell 26.23 to 2662.91


( S ( NP-SBJ ( VBG Declining ) ( NNS issues ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( VP ( VBD outpaced ) ( NP ( NNS advancers ) ) ( ADVP ( CD 1,012 ) ( TO to ) ( CD 501 ) ) ) )

Declining issues on the New York Stock Exchange outpaced advancers 1,012 to 501


( S ( NP-SBJ ( NN Recession ) ( NNS fears ) ) ( VP ( VBP are ) ( VP ( VBG springing ) ( PRT ( RP up ) ) ( ADVP ( RB again ) ) ( PP-LOC ( IN among ) ( NP ( NNS investors ) ) ) ) ) )

Recession fears are springing up again among investors


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN selling ) ) ( PP ( IN of ) ( NP ( JJ cyclical ) ( NNS stocks ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN sell-off ) ) ( PP ( IN in ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( PP ( IN with ) ( NP ( NP ( JJ big ) ( NN debt ) ( NNS loads ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NN balance ) ( NNS sheets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts say that the selling of cyclical stocks yesterday will be followed by a sell-off in shares of companies with big debt loads on their balance sheets


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( JJ economic ) ( NN slowdown ) ) ) ( NP-SBJ ( JJ heavy ) ( NN debt ) ( NNS loads ) ) ( VP ( VBP reduce ) ( NP ( NP ( DT the ) ( NN flexibility ) ) ( PP ( IN of ) ( NP ( NNS companies ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( NP ( NN cash ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( ADVP ( RB normally ) ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( ADJP-PRD ( JJ buoyant ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN diverted ) ( PP-CLR ( TO to ) ( NP ( NN interest ) ( NNS payments ) ) ) ) ) ) ) ) ) )

In an economic slowdown heavy debt loads reduce the flexibility of companies because cash that would normally be used to keep the company buoyant must be diverted to interest payments


( S ( PP ( IN On ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBP beat ) ( NP-CLR ( DT a ) ( JJ clear ) ( NN path ) ) ( NP-TMP ( NN yesterday ) ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ blue-chip ) ( NNS issues ) ) ( PP ( IN with ) ( NP ( JJ proven ) ( NNS earnings ) ( NN growth ) ( NNS records ) ) ) ) ) ) )

On the other hand investors beat a clear path yesterday to blue-chip issues with proven earnings growth records


( S ( PP-LOC ( IN Among ) ( NP ( DT the ) ( CD 30 ) ( NNP Dow ) ( NNS industrials ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBD bought ) ( NP ( NP ( NNP McDonald ) ( POS 's ) ) ( NP ( NNP Coca-Cola ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ) ) ( CC and ) ( VP ( VBD sold ) ( NP ( NP ( NNP Aluminum ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) )

Among the 30 Dow industrials they bought McDonald 's Coca-Cola Co. and Procter & Gamble and sold Aluminum Co. of America


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT another ) ( NN sign ) ) ( PP ( IN of ) ( NP ( NN slowdown ) ( NNS fears ) ) ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBD dumped ) ( NP ( NN technology ) ( NNS shares ) ) ) )

In another sign of slowdown fears investors dumped technology shares


( S ( NP-SBJ ( JJ Many ) ( NN money ) ( NNS managers ) ) ( VP ( VBP are ) ( VP ( VBG bracing ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN decline ) ) ( PP ( IN in ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( PP ( IN with ) ( NP ( NP ( JJ big ) ( NN debt ) ( NNS loads ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NN balance ) ( NNS sheets ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many money managers are bracing for a decline in stocks of companies with big debt loads on their balance sheets


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN junk ) ( NN bond ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN taken ) ( PRT ( RP apart ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NN recession ) ( NNS fears ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP J. ) ( NNP David ) ( NNP Mills ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Boston ) ( NNP Company ) ( NNP Advisers ) ) ) ) ) )

The junk bond market is being taken apart because of recession fears said J. David Mills senior vice president at Boston Company Advisers


( S ( PP-LOC ( IN Under ) ( NP ( DT this ) ( NN scrutiny ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ first ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VB sell ) ( NP ( PRP$ your ) ( JJ cyclical ) ( NNS stocks ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ second ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VB sell ) ( NP ( PRP$ your ) ( JJ over-leveraged ) ( NNS companies ) ) ) ) ) )

Under this scrutiny the first thing you do is sell your cyclical stocks and the second thing you do is sell your over-leveraged companies


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN buying ) ) ( PP ( IN in ) ( NP ( JJ blue ) ( NNS chips ) ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN pursuit ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( PP ( IN with ) ( NP ( JJR lower ) ( NN debt ) ( NNS levels ) ) ) ) ) ) ) )

In fact much of the buying in blue chips yesterday was a pursuit of companies with lower debt levels


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN investment ) ( NN letter ) ) ( ADJP ( VBN entitled ) ( NP-TTL ( NP ( NNS Winners ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN Leverage ) ( NNS Wars ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Edward ) ( NNP Kerschner ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP PaineWebber ) ( POS 's ) ) ( NN investment ) ( NN policy ) ( NN committee ) ) ) ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VB buy ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN avoided ) ( S ( VP ( VBG loading ) ( PRT ( RP up ) ) ( PP-CLR ( IN on ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a recent investment letter entitled Winners of the Leverage Wars Edward Kerschner chairman of PaineWebber 's investment policy committee suggested that investors buy stocks of companies that have avoided loading up on debt


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-2 ( NNS companies ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( JJ increasing ) ( NN attention ) ) ( PP-CLR ( TO to ) ( NP ( NN balance ) ( NNS sheets ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kerschner ) ) )

We 're saying companies have to pay increasing attention to balance sheets said Mr. Kerschner


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VB buy ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( JJ Great ) ( NNP Atlantic ) ( CC & ) ( NNP Pacific ) ( NNP Tea ) ) ( NP ( NNP J. ) ( NNP Baker ) ) ( NP ( NNP McDonald ) ( POS 's ) ) ( NP ( NNP Philip ) ( NNP Morris ) ) ( CC and ) ( NP ( NNP Sara ) ( NNP Lee ) ) ) ) ) ) ) ) ) )

He suggested that investors buy the shares of Great Atlantic & Pacific Tea J. Baker McDonald 's Philip Morris and Sara Lee


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS companies ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB compete ) ( ADVP-MNR ( RB fiercely ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ economic ) ( NN downturn ) ) ) ) ) ) ) ) ) ) ) ) )

He said that all of these companies will be able to compete fiercely in an economic downturn


( S ( S ( NP-SBJ ( NNP McDonald ) ( POS 's ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ long-term ) ( NN debt ) ) ( VP ( VBG equaling ) ( NP ( NP ( CD 91 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN shareholder ) ( NN equity ) ) ) ) ) ) ( ADVP-TMP ( RB currently ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Kerschner ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG carrying ) ( NP ( JJ real ) ( NN estate ) ( NNS assets ) ) ( PP-MNR ( IN at ) ( PP ( NP ( QP ( RB about ) ( CD 2.6 ) ( CD billion ) ) ) ( IN below ) ( NP ( PRP$ their ) ( JJ real ) ( NN value ) ) ) ) ) ) ) ) ) ) )

McDonald 's has long-term debt equaling 91 % of shareholder equity currently but Mr. Kerschner said the company is carrying real estate assets at about 2.6 billion below their real value


( S ( S ( NP-SBJ ( NNP Coca-Cola ) ) ( VP ( VBD climbed ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 72 ) ( CD 1\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP McDonald ) ( VBZ 's ) ) ( VP ( VBD added ) ( NP ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 31 ) ( CD 3\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ( VP ( VBD gained ) ( NP ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 130 ) ( CD 5\/8 ) ) ) ) ) ) )

Coca-Cola climbed 1 3\/8 to 72 1\/8 McDonald 's added 1 to 31 3\/8 and Procter & Gamble gained 3\/4 to 130 5\/8


( S ( S ( NP-SBJ ( NNP A&P ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 57 ) ( CD 5\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP J. ) ( NNP Baker ) ) ( VP ( VBD gained ) ( NP ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD 1\/4 ) ) ) ) ) ) )

A&P fell 1 1\/4 to 57 5\/8 and J. Baker gained 3\/8 to 21 1\/4


( S ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 7\/8 ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Sara ) ( NNP Lee ) ) ( VP ( VBD closed ) ( ADJP-ADV ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 60 ) ( CD 1\/8 ) ) ) ) ) ) ) ) )

Philip Morris slipped 1\/2 to 43 7\/8 while Sara Lee closed unchanged at 60 1\/8


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Salomon ) ( NNP Brothers ) ( POS ' ) ) ( NN stub ) ( NN stock ) ( NN index ) ) ( PP ( IN of ) ( NP ( NP ( CD 20 ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN debt ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( NN giant ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NN shareholder ) ( NN equity ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNS investors ) ) ( VP ( VBP are ) ( ADVP ( RB already ) ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB retreat ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ debt-laden ) ( NNS companies ) ) ) ) ) ) ) ) ) ) )

According to Salomon Brothers ' stub stock index of 20 companies whose debt is giant compared with shareholder equity investors are already beginning to retreat from shares of debt-laden companies


( S ( PP-TMP ( PP ( IN From ) ( NP ( NNP January ) ) ) ( PP ( TO to ) ( NP ( JJ early ) ( NNP September ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN index ) ) ( PP ( IN of ) ( NP ( NP ( NN stub ) ( NNS stocks ) ) ( NP ( NP ( DT the ) ( JJ tiny ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NN equity ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( ADVP-MNR ( RB publicly ) ) ( VP ( VBN traded ) ( PP-TMP ( VBG following ) ( NP ( DT a ) ( NN recapitalization ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD outperformed ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 20 ) ) ( NN % ) ) ) ) )

From January to early September the index of stub stocks the tiny portion of equity that 's publicly traded following a recapitalization outperformed Standard & Poor 's 500-stock index by about 20 %


( S ( CC But ) ( PP-TMP-TPC-2 ( VBG starting ) ( PP ( IN in ) ( NP ( JJ early ) ( NNP September ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN index ) ) ( VP ( VP ( VBD started ) ( S ( VP ( TO to ) ( VP ( VB slide ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB now ) ) ( VBZ stands ) ( ADVP-CLR ( RB about ) ( RB even ) ( PP ( IN with ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ) ) ) ) ) )

But starting in early September the index started to slide and now stands about even with the S&P 500


( SINV ( S-TPC-3 ( NP-SBJ-4 ( NP ( NNS Stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( DT a ) ( JJ high ) ( NN default ) ( NN risk ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN started ) ( S ( VP ( TO to ) ( VP ( VB underperform ) ( NP ( NP ( DT those ) ( NNS stocks ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( DT a ) ( JJR lower ) ( NN default ) ( NN risk ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Eric ) ( NNP Sorenson ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( JJ quantitative ) ( NN analysis ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Salomon ) ( NNP Brothers ) ) ) ) ) )

Stocks that have a high default risk have started to underperform those stocks that have a lower default risk said Eric Sorenson director of quantitative analysis at Salomon Brothers


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( NP ( DT the ) ( JJS most ) ( NN exposure ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN business ) ( NN cycle ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN underperformed ) ( PP-TMP ( IN since ) ( NP ( RB late ) ( JJ last ) ( NN summer ) ) ) ) ) )

Companies that have the most exposure to the business cycle have underperformed since late last summer


( S ( NP-SBJ ( NP ( NNP Union ) ( NNP Carbide ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJ third-quarter ) ( NNS earnings ) ) ( S ( VP ( VP ( VBD dropped ) ( NP-EXT ( QP ( RB about ) ( CD 35 ) ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ( CC and ) ( VP ( VBD fell ) ( ADVP ( RB short ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS expectations ) ) ) ) ) ) ) ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 24 ) ( CD 1\/2 ) ) ) ) ) )

Union Carbide whose third-quarter earnings dropped about 35 % from a year earlier and fell short of analysts ' expectations declined 1\/2 to 24 1\/2


( S ( ADVP ( RB Also ) ) ( S ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBD went ) ( ADVP-DIR ( RB down ) ( NP ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 45 ) ( CD 3\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Allied-Signal ) ) ( VP ( VBD lost ) ( NP ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 35 ) ( CD 1\/8 ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NNS companies ) ( POS ' ) ) ( NNS results ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NNS forecasts ) ) ) ) ) ) ) ) ) ) )

Also Exxon went down 3\/8 to 45 3\/4 and Allied-Signal lost 7\/8 to 35 1\/8 even though the companies ' results for the quarter were in line with forecasts


( S ( NP-SBJ ( JJ Other ) ( JJ weak ) ( JJ blue-chip ) ( NNS issues ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( NNP Chevron ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD went ) ( ADVP-DIR ( RB down ) ( NP ( CD 2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 64 ) ( CD 7\/8 ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Big ) ( NNP Board ) ( JJ composite ) ( NN trading ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.3 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ( NP ( NP ( NNP Goodyear ) ( NNP Tire ) ( CC & ) ( NNP Rubber ) ) ( ADVP ( RB off ) ( NP ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 46 ) ( CD 3\/4 ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP American ) ( NNP Express ) ) ( ADVP ( RB down ) ( NP ( CD 3\/4 ) ) ( PP ( TO to ) ( NP ( QP ( CD 37 ) ( CD 1\/4 ) ) ) ) ) ) ) ) )

Other weak blue-chip issues included Chevron which went down 2 to 64 7\/8 in Big Board composite trading of 1.3 million shares Goodyear Tire & Rubber off 1 1\/2 to 46 3\/4 and American Express down 3\/4 to 37 1\/4


( S ( NP-SBJ ( NP ( NNP Texas ) ( NNP Instruments ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN reported ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( RBR more ) ( IN than ) ( CD 30 ) ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( JJ year-ago ) ( NN level ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD went ) ( ADVP-DIR ( RBR down ) ( NP ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 33 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.1 ) ( CD million ) ) ( NNS shares ) ) ) ) )

Texas Instruments which had reported Friday that third-quarter earnings fell more than 30 % from the year-ago level went down 2 1\/8 to 33 on 1.1 million shares


( S ( NP-SBJ ( NP ( NNP Motorola ) ) ( NP ( DT another ) ( JJ major ) ( NN semiconductor ) ( NN producer ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 57 ) ( CD 1\/2 ) ) ) ) ) )

Motorola another major semiconductor producer dropped 1 1\/8 to 57 1\/2


( S ( NP-SBJ-3 ( NP ( NNP Pinnacle ) ( NNP West ) ( NNP Capital ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NNS earnings ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ continued ) ( NNS problems ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP MeraBank ) ( NN unit ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9 ) ( CD 1\/8 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 2.1 ) ( CD million ) ) ( NNS shares ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB lead ) ( NP ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NN list ) ) ( PP ( IN of ) ( NP ( RBS most ) ( JJ active ) ( NNS issues ) ) ) ) ) ) ) ) )

Pinnacle West Capital whose earnings have been hurt by continued problems at its MeraBank unit fell 1 5\/8 to 9 1\/8 on 2.1 million shares to lead the Big Board 's list of most active issues


( S ( S ( NP-SBJ ( NP ( VBG Growing ) ( NNS pressures ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Arizona ) ( NN real-estate ) ( NN market ) ) ) ) ( VP ( VBP are ) ( VP ( VBG affecting ) ( NP ( DT the ) ( NN thrift ) ) ) ) ) ( S ( NP-SBJ ( NNP Pinnacle ) ( NNP West ) ) ( VP ( VBD told ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Professional ) ( NNP Investor ) ( NNP Report ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD may ) ( VP ( VB consider ) ( S ( VP ( VBG filing ) ( PP-CLR ( IN for ) ( NP ( NNP Chapter ) ( NNP 11 ) ( NN bankruptcy ) ( NN protection ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB reach ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( JJ federal ) ( NNS regulators ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ additional ) ( NN capital ) ) ( PP-DTV ( TO to ) ( NP ( NNP MeraBank ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Growing pressures on the Arizona real-estate market are affecting the thrift Pinnacle West told Dow Jones Professional Investor Report it may consider filing for Chapter 11 bankruptcy protection if it ca n't reach an agreement with federal regulators to provide additional capital to MeraBank


( S ( NP-SBJ ( NNP Hercules ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 2 ) ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 41 ) ( CD 3\/4 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( QP ( CD one ) ( CD million ) ) ( NNS shares ) ) ( NP ( QP ( RB about ) ( CD six ) ( NNS times ) ) ( PRP$ its ) ( NN average ) ( JJ daily ) ( NN trading ) ( NN volume ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ disappointing ) ( JJ third-quarter ) ( NNS earnings ) ( NN report ) ) ) ) )

Hercules dropped 2 5\/8 to 41 3\/4 on one million shares about six times its average daily trading volume after a disappointing third-quarter earnings report


( S ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ) ( CC and ) ( NP ( NNP Prudential-Bache ) ( NNP Securities ) ) ) ( DT both ) ( VP ( VBD lowered ) ( NP ( NP ( DT the ) ( NN stock ) ( POS 's ) ) ( NN investment ) ( NN rating ) ) ( SBAR-TMP ( RB immediately ) ( IN after ) ( S ( NP-SBJ-1 ( DT the ) ( NNS results ) ) ( VP ( VBD were ) ( VP ( VBN issued ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP PIR ) ) ) ) ) )

Merrill Lynch and Prudential-Bache Securities both lowered the stock 's investment rating immediately after the results were issued Friday according to PIR


( S ( ADVP-LOC ( RB Elsewhere ) ( PP ( IN in ) ( NP ( DT the ) ( NNS chemicals ) ( NN sector ) ) ) ) ( S ( NP-SBJ ( NNP Dow ) ( NNP Chemical ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 97 ) ( CD 1\/2 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Monsanto ) ) ( VP ( VBD lost ) ( NP ( QP ( CD 1 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 118 ) ) ) ) ) ( S ( NP-SBJ ( NNP B.F. ) ( NNP Goodrich ) ) ( VP ( VBD slipped ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44 ) ( CD 3\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Olin ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 57 ) ( CD 3\/4 ) ) ) ) ) ) )

Elsewhere in the chemicals sector Dow Chemical fell 1 1\/4 to 97 1\/2 Monsanto lost 1 7\/8 to 118 B.F. Goodrich slipped 2 1\/4 to 44 3\/4 and Olin slid 1 to 57 3\/4


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS stocks ) ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( JJ earnings-related ) ( NN selling ) ) ) ) ) ( VP ( VBN included ) ( NP ( NP ( NP ( NNP Tandy ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 44 ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Eaton ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD retreated ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 57 ) ( CD 1\/2 ) ) ) ) ) ) ) ) ) ) )

Other stocks hurt by earnings-related selling included Tandy which dropped 1 3\/8 to 44 and Eaton which retreated 2 1\/2 to 57 1\/2


( S ( NP-SBJ ( NP ( JJ Third-quarter ) ( NNS earnings ) ) ( PP-LOC ( IN at ) ( NP ( DT both ) ( NNS companies ) ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN below ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS forecasts ) ) ) ) )

Third-quarter earnings at both companies were below analysts ' forecasts


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG declining ) ( NP-EXT ( QP ( RB about ) ( CD 41 ) ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ( NP-SBJ-1 ( NNP UAL ) ) ( VP ( VBD advanced ) ( NP-EXT ( QP ( CD 9 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 178 ) ( CD 3\/8 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.1 ) ( CD million ) ) ( NNS shares ) ) ) ( PP ( IN on ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ revised ) ( NN takeover ) ( NN offer ) ) ( PP ( IN from ) ( NP ( DT a ) ( NN labor-management ) ( NN group ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ parent ) ( NN company ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ) ) ) ) ) ) ) )

After declining about 41 % last week UAL advanced 9 7\/8 to 178 3\/8 on 1.1 million shares on anticipation of a revised takeover offer from a labor-management group for the parent company of United Airlines


( S ( ADVP ( RB However ) ) ( S ( NP-SBJ ( NNP Delta ) ( NNP Air ) ( NNP Lines ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 67 ) ( CD 1\/2 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP USAir ) ( NNP Group ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 42 ) ( CD 1\/2 ) ) ) ) ) ) )

However Delta Air Lines fell 1 1\/2 to 67 1\/2 and USAir Group dropped 3\/4 to 42 1\/2


( S ( NP-SBJ-2 ( NNP Ramada ) ) ( VP ( VBD gained ) ( NP ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 11 ) ( CD 1\/4 ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG revamping ) ( NP ( NP ( DT the ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( VBG restructuring ) ( NN plan ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( PRP$ its ) ( NN hotel ) ( NNS operations ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 540 ) ( CD million ) ) ) ) ) ( CC and ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( PRP$ its ) ( NN casino ) ( NN business ) ) ( PP-CLR ( TO to ) ( NP ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ramada gained 7\/8 to 11 1\/4 after revamping the terms of its restructuring plan which calls for the company to sell its hotel operations for 540 million and spin off its casino business to shareholders


( S ( NP-SBJ ( DT The ) ( NN revision ) ) ( VP ( VBZ follows ) ( NP ( NP ( NP ( JJ last ) ( NN month ) ( POS 's ) ) ( NN withdrawal ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 400 ) ( CD million ) ) ) ( NNS junk-bond ) ( NN offering ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ new ) ( NN casino ) ( NN company ) ) ( NP ( NNP Aztar ) ( NNP Corp ) ) ) ) ) ) ) ) )

The revision follows last month 's withdrawal of a 400 million junk-bond offering for the new casino company Aztar Corp


( S ( NP-SBJ ( NNP Mead ) ) ( VP ( VBD gained ) ( NP ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 37 ) ( CD 7\/8 ) ) ) ) ) )

Mead gained 1 to 37 7\/8


( S ( NP-SBJ ( NNP USA ) ( NNP Today ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Rales ) ( NNS brothers ) ) ( NP ( NP ( ADJP ( NNP Washington ) ( JJ D.C.-based ) ) ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD made ) ( NP ( DT an ) ( JJ unsuccessful ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Interco ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN bought ) ( NP ( NP ( QP ( RB nearly ) ( CD 3 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mead ) ( POS 's ) ) ( JJ common ) ( NNS shares ) ) ) ) ) ) ) ) ) )

USA Today reported that the Rales brothers Washington D.C.-based investors who made an unsuccessful offer to acquire Interco last year have bought nearly 3 % of Mead 's common shares


( S ( NP-SBJ ( NN Entertainment ) ( CC and ) ( NNS media ) ( NNS stocks ) ) ( ADVP ( RB generally ) ) ( VP ( VBD escaped ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN slide ) ) ( ADVP ( RB as ) ( RB well ) ) ) )

Entertainment and media stocks generally escaped the market 's slide as well


( S ( S ( NP-SBJ ( NNP Paramount ) ( NNP Communications ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 58 ) ( CD 3\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ) ( VP ( VBD climbed ) ( NP-EXT ( QP ( CD 1 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 138 ) ( CD 5\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Walt ) ( NNP Disney ) ) ( VP ( VBD advanced ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 127 ) ( CD 1\/2 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP MCA ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 65 ) ( CD 5\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP McGraw-Hill ) ) ( VP ( VBD added ) ( NP ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 67 ) ( CD 1\/8 ) ) ) ) ) ) )

Paramount Communications rose 5\/8 to 58 3\/4 Time Warner climbed 1 7\/8 to 138 5\/8 Walt Disney advanced 3 1\/8 to 127 1\/2 MCA rose 1 1\/8 to 65 5\/8 and McGraw-Hill added 1\/2 to 67 1\/8


( S ( NP-SBJ ( DT The ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( NNP Market ) ( NNP Value ) ( NNP Index ) ) ( VP ( VBD lost ) ( NP ( CD 3.11 ) ) ( PP-DIR ( TO to ) ( NP ( CD 379.46 ) ) ) ) )

The American Stock Exchange Market Value Index lost 3.11 to 379.46


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD totaled ) ( NP ( CD 10,450,000 ) ( NNS shares ) ) ) )

Volume totaled 10,450,000 shares


( S ( NP-SBJ ( NNP Carnival ) ( NNP Cruise ) ( NNP Lines ) ( NNP Class ) ( NNP A ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 20 ) ( CD 3\/4 ) ) ) ) ) )

Carnival Cruise Lines Class A fell 1 3\/4 to 20 3\/4


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN notified ) ( ADVP-MNR ( RB unofficially ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Waertsilae ) ( NNP Marine ) ( NNP Industries ) ) ( NP ( NP ( DT a ) ( JJ Finnish ) ( NN shipyard ) ) ( VP ( VBG building ) ( NP ( CD three ) ( NN cruise ) ( NNS ships ) ) ( PP-BNF ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG having ) ( NP ( JJ financial ) ( NN trouble ) ) ) ) ( CC and ) ( VP ( MD may ) ( ADVP ( RB already ) ) ( VP ( VB have ) ( VP ( VBN filed ) ( PP-CLR ( IN for ) ( NP ( NN bankruptcy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said it had been notified unofficially that Waertsilae Marine Industries a Finnish shipyard building three cruise ships for the company is having financial trouble and may already have filed for bankruptcy


( S ( NP-SBJ ( NNP Rockwell ) ( NNP International ) ( NNP Corp. ) ) ( VP ( VBD bought ) ( PRT ( RP out ) ) ( NP ( NP ( NP ( NNP Ikegai ) ( NNP Corp. ) ( POS 's ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( NNP Ikegai-Goss ) ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD two ) ( NNS companies ) ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ) ) ) ) ) )

Rockwell International Corp. bought out Ikegai Corp. 's interest in Ikegai-Goss a joint venture of the two companies based in Tokyo


( S ( NP-SBJ ( DT The ) ( NN price ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 3.6 ) ( CD billion ) ) ( NN yen ) ) ( PRN ( NP ( QP ( CD 25 ) ( CD million ) ) ) ) ) ) )

The price was 3.6 billion yen 25 million