( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( CD 66 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( CD 18 ) ( TO to ) ( CD 24 ) ) ( NN year ) ( NNS olds ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD four ) ( JJS latest ) ( NNS surveys ) ) ) ) ) ) ( VP ( VBD favored ) ( NP ( NP ( DT an ) ( JJ open ) ( NN housing ) ( NN law ) ) ( VP ( VBG prohibiting ) ( NP-2 ( NNS homeowners ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG refusing ) ( PP-PRP ( IN on ) ( NP ( JJ racial ) ( NNS grounds ) ) ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PP-CLR ( TO to ) ( NP ( JJ prospective ) ( NNS buyers ) ) ) ) ) ) ) ) ) ) ) ) )

For example 66 % of the 18 to 24 year olds in the four latest surveys favored an open housing law prohibiting homeowners from refusing on racial grounds to sell to prospective buyers


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ compares ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( CD 58 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ similar ) ( NN age ) ( NN group ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD 1980 ) ( IN through ) ( CD 1982 ) ( NNS surveys ) ) ) ) ( CC and ) ( NP ( NP ( CD 55 ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD 1972 ) ( IN through ) ( CD 1975 ) ( NNS surveys ) ) ) ) ) ) ) )

That compares with 58 % of the similar age group in the 1980 through 1982 surveys and 55 % in the 1972 through 1975 surveys


( S ( S-ADV ( VP ( VBN Asked ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD agreed ) ( CC or ) ( VBD disagreed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN claim ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS men ) ) ( VP ( VBP are ) ( ADVP ( RB emotionally ) ) ( VP ( ADVP-MNR ( ADVP ( RB better ) ) ) ( VBN suited ) ( PP-CLR ( TO to ) ( NP ( NNS politics ) ) ) ( PP-2 ( IN than ) ( NP ( NNS women ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( CD 70 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Reagan ) ( NN generation ) ) ) ) ( VP ( VBD disagreed ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( IN under ) ( CD 60 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJR younger ) ( NNS men ) ( CC and ) ( NNS women ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJR earlier ) ( NNS years ) ) ) ) ) ) ) )

Asked whether they agreed or disagreed with the claim that men are emotionally better suited to politics than women 70 % of the Reagan generation disagreed compared with under 60 % of younger men and women in the earlier years


( NP-HLN ( NNPS Odds ) ( CC and ) ( NNPS Ends ) )

Odds and Ends


( S ( S-TPC-3 ( NP-SBJ-1 ( ADJP ( VBN SEPARATED ) ( CC and ) ( VBN divorced ) ) ( NNS men ) ( CC and ) ( NNS women ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( ADVP ( RB far ) ( RBR more ) ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NNS smokers ) ) ) ) ) ) ( PP ( IN than ) ( NP ( JJ married ) ( NNS persons ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNPS Centers ) ) ( PP ( IN for ) ( NP ( NNP Disease ) ( NNP Control ) ) ) ) ( VP ( VBZ discovers ) ) )

SEPARATED and divorced men and women are far more likely to be smokers than married persons the Centers for Disease Control discovers


( S ( S-TPC-2 ( NP-SBJ-1 ( NN Graduate ) ( NNS students ) ) ( VP ( VBP are ) ( VP ( VBG taking ) ( ADVP ( ADVP ( RBR longer ) ) ( PP ( IN than ) ( ADVP-TMP ( RB ever ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( PRP$ their ) ( NN doctor ) ) ( PP ( IN of ) ( NP ( NN philosophy ) ( NNS degrees ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP National ) ( NNP Research ) ( NNP Council ) ) ( VP ( VBZ says ) ) )

Graduate students are taking longer than ever to get their doctor of philosophy degrees the National Research Council says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ estimates ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN time ) ) ( PP ( IN between ) ( NP ( NP ( NN college ) ( NN graduation ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN awarding ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP Ph. ) ( NNP D. ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN lengthened ) ( PP-EXT ( IN by ) ( NP ( CD 30 ) ( NN % ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD 20 ) ( NNS years ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( JJ average ) ( NN gap ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG ranging ) ( PP-CLR ( PP ( IN from ) ( NP ( NP ( QP ( IN about ) ( CD 7.4 ) ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ physical ) ( NNS sciences ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 16.2 ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN education ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It estimates the time between college graduation and the awarding of a Ph. D. has lengthened by 30 % over the past 20 years with the average gap now ranging from about 7.4 years in the physical sciences to 16.2 years in education


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( NN aftermath ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Beijing ) ( NN massacre ) ) ( PP-TMP ( IN on ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ) ) ( NP-SBJ ( NNS economists ) ) ( VP ( VBD advanced ) ( NP ( NP ( ADJP ( RB wildly ) ( JJ divergent ) ) ( NNS views ) ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ-1 ( NNP Hong ) ( NNP Kong ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN affected ) ) ) ) ) ) ) ) ) )

In the aftermath of the Beijing massacre on June 4 economists advanced wildly divergent views on how Hong Kong would be affected


( SINV ( PP-PRD-TPC-1 ( IN Among ) ( NP ( DT the ) ( JJS most ) ( NN upbeat ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NNP BT ) ( NNP Brokerage ) ( PRN ( NNP Asia ) ) ( NNP Ltd ) ) )

Among the most upbeat was BT Brokerage Asia Ltd


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NNP June ) ( CD 5 ) ( NN reaction ) ) ) ( NP-SBJ ( DT the ) ( NNPS Bankers ) ( NNP Trust ) ( NNP Co. ) ( NN unit ) ) ( VP ( VBD proclaimed ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( ADJP-PRD ( JJ shockproof ) ) ) ) )

In a June 5 reaction the Bankers Trust Co. unit proclaimed the economy shockproof


( S ( NP-SBJ ( NNS Others ) ) ( VP ( VBD were ) ( ADJP-PRD ( RBR more ) ( JJ cautious ) ) ) )

Others were more cautious


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NNP July ) ( NN analysis ) ) ( VP ( VBN titled ) ( S ( PP-TTL-PRD ( PP ( IN From ) ( NP ( NNP Euphoria ) ) ) ( PP ( TO to ) ( NP ( NN Despair ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP W.I. ) ( NNP Carr ) ( PRN ( NNP Far ) ( NNP East ) ) ( NNP Ltd. ) ) ( NP ( DT another ) ( NNS securities ) ( NN firm ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( VBG eroding ) ( NN confidence ) ) ( VP ( MD might ) ( VP ( VB undermine ) ( NP ( JJ future ) ( JJ economic ) ( NN development ) ) ) ) ) ) ) )

In a July analysis titled From Euphoria to Despair W.I. Carr Far East Ltd. another securities firm said that eroding confidence might undermine future economic development


( S ( NP-TMP ( NN Today ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( NN business ) ( NN activity ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ( VP ( VBG staggering ) ( ADVP-CLR ( RB along ) ) ( PP-MNR ( IN at ) ( NP ( DT an ) ( JJ uneven ) ( NN pace ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN economy ) ) ( NP ( PRP itself ) ) ) ( VP ( VBZ seems ) ( S ( VP ( VBN locked ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN struggle ) ) ( PP-LOC ( IN between ) ( NP ( NN hope ) ( CC and ) ( NN fear ) ) ) ) ) ) ) ) )

Today with business activity in Hong Kong staggering along at an uneven pace the economy itself seems locked in a struggle between hope and fear


( S ( NP-SBJ-1 ( NNS Manufacturers ) ) ( VP ( VBP have ) ( VP ( VBN survived ) ( NP ( NP ( DT the ) ( NN turmoil ) ) ( PP-LOC ( IN in ) ( NP ( NNP China ) ) ) ) ( S-MNR ( ADJP-PRD ( RB largely ) ( JJ unscathed ) ) ) ) ) )

Manufacturers have survived the turmoil in China largely unscathed


( S ( NP-SBJ ( NP ( NNS Signs ) ) ( PP ( IN of ) ( NP ( NN revival ) ) ) ) ( VP ( VBP seem ) ( ADJP-PRD ( JJ evident ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJ hard-hit ) ( NN hotel ) ( NN sector ) ) ) ) )

Signs of revival seem evident in Hong Kong 's hard-hit hotel sector


( S ( CC But ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( CC and ) ( NN real-estate ) ( NNS markets ) ) ) ( NP-SBJ ( NN activity ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ spotty ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP have ) ( VP ( VBN regained ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( VBN lost ) ( NN ground ) ) ) ) ) ) ) ) ) )

But in the stock and real-estate markets activity remains spotty even though prices have regained much of their lost ground


( S ( NP-SBJ ( NP ( JJ Waning ) ( NN demand ) ) ( VP ( VBN reported ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS importers ) ) ( NP ( NNS retailers ) ) ( CC and ) ( ADVP ( RB even ) ) ( NP ( JJ fancy ) ( NNS restaurants ) ) ) ) ) ) ( ADVP ( DT all ) ) ( VP ( VBP reinforce ) ( NP ( NP ( DT a ) ( NN profile ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN community ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB sharply ) ) ( VBG tightening ) ( NP ( PRP$ its ) ( NN belt ) ) ) ) ) ) ) ) ) ) )

Waning demand reported by importers retailers and even fancy restaurants all reinforce a profile of a community that is sharply tightening its belt


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( JJ many ) ( NNS economists ) ( CC and ) ( NNS businessmen ) ) ( VP ( VBP see ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( DT those ) ( NNS incongruities ) ) ( VP ( VBP underscore ) ( NP ( NP ( DT a ) ( NN paradox ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ seems ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB bedevil ) ( NP ( DT the ) ( NN economy ) ) ( PP-TMP ( IN throughout ) ( NP ( DT the ) ( CD 1990s ) ) ) ) ) ) ) ) ) ) ) ) )

As many economists and businessmen see it those incongruities underscore a paradox that seems likely to bedevil the economy throughout the 1990s


( S ( NP-SBJ ( DT That ) ( NN paradox ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( ADJP ( ADJP ( RB economically ) ( JJ rewarding ) ) ( CC yet ) ( ADJP ( RB politically ) ( JJ perilous ) ) ) ( NN relationship ) ) ( PP ( IN with ) ( NP ( NNP China ) ) ) ) ) )

That paradox is Hong Kong 's economically rewarding yet politically perilous relationship with China


( S ( PP ( IN As ) ( NP ( NP ( DT a ) ( NN model ) ) ( PP ( IN of ) ( NP ( JJ capitalist ) ( NN efficiency ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( JJ southern ) ( NNP China ) ( POS 's ) ) ( NN doorstep ) ) ) ) ) ( NP-SBJ ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NNS prospects ) ) ( VP ( VBP look ) ( ADJP-PRD ( JJ good ) ) ) )

As a model of capitalist efficiency on southern China 's doorstep Hong Kong 's prospects look good


( S ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( NN land ) ( CC and ) ( NN labor ) ) ( VP ( VBP offer ) ( NP ( NP ( JJ inexpensive ) ( NNS alternatives ) ) ( PP ( TO to ) ( NP ( JJ local ) ( NN industry ) ) ) ) ) )

China 's land and labor offer inexpensive alternatives to local industry


( S ( NP-SBJ ( JJ China-bound ) ( NN freight ) ) ( VP ( NNS streams ) ( PP-DIR ( IN through ) ( NP ( NP ( DT the ) ( NN territory ) ( POS 's ) ) ( NN port ) ) ) ) )

China-bound freight streams through the territory 's port


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( NN decade ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN communist ) ( NN nation ) ) ( VP ( VBD emerged ) ( PP-DIR ( IN from ) ( NP ( NN isolation ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP$ its ) ( VBG burgeoning ) ( NN trade ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN West ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN lifted ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NN status ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ regional ) ( NN business ) ( NN center ) ) ) ) ) )

In the decade since the communist nation emerged from isolation its burgeoning trade with the West has lifted Hong Kong 's status as a regional business center


( S ( NP-SBJ ( DT These ) ( NNS benefits ) ) ( VP ( VBP seem ) ( ADJP-PRD ( JJ secure ) ) ( PP ( IN despite ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ current ) ( ADJP ( JJ economic ) ( CC and ) ( JJ political ) ) ( NNS troubles ) ) ) ) )

These benefits seem secure despite China 's current economic and political troubles


( S ( CC But ) ( PP ( TO to ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( NP-SBJ ( NNP China ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( RB purely ) ( NN business ) ) ) )

But to Hong Kong China is n't purely business


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT the ) ( JJ sovereign ) ( NN power ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( PRN ( SINV ( VB come ) ( NP-SBJ ( CD 1997 ) ) ) ) ( VP ( MD will ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( DT this ) ( JJ British ) ( NN colony ) ) ) ) ) ) ) ) )

It is also the sovereign power that come 1997 will take over this British colony


( S ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( NNS leaders ) ) ( VP ( VBP have ) ( VP ( VBN promised ) ( NP ( JJ generous ) ( NNS liberties ) ) ( PP-CLR ( IN for ) ( NP ( JJ post-1997 ) ( NNP Hong ) ( NNP Kong ) ) ) ) ) )

China 's leaders have promised generous liberties for post-1997 Hong Kong


( S ( NP-SBJ ( DT That ) ( NN promise ) ) ( VP ( VBZ sounds ) ( ADJP-PRD ( JJ shaky ) ) ( SBAR-PRP ( ADVP-TMP ( RB now ) ) ( IN that ) ( S ( NP-SBJ-1 ( DT those ) ( JJ same ) ( NNS leaders ) ) ( VP ( VBP have ) ( VP ( VBN fallen ) ( ADVP-CLR ( RB back ) ( PP ( IN on ) ( NP ( NP ( JJ Marxist ) ( NN dogma ) ) ( CC and ) ( NP ( JJ brute ) ( NN force ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB crush ) ( NP ( NP ( PRP$ their ) ( NN nation ) ( POS 's ) ) ( NN democracy ) ( NN movement ) ) ) ) ) ) ) ) ) ) )

That promise sounds shaky now that those same leaders have fallen back on Marxist dogma and brute force to crush their nation 's democracy movement


( S ( NP-SBJ ( NP ( NNS Outflows ) ) ( PP ( IN of ) ( NP ( NNS people ) ( CC and ) ( NN capital ) ) ) ( PP ( IN from ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG growing ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN sovereignty ) ( NN issue ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VBD arose ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( CD 1980s ) ) ) ) ) ) ) ) ) )

Outflows of people and capital from Hong Kong have been growing since the sovereignty issue first arose in the early 1980s


( S ( NP-SBJ ( DT A ) ( ADJP ( RB widely ) ( VBN held ) ) ( NN assumption ) ) ( ADVP-TMP ( DT all ) ( IN along ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( SBAR-PRD ( IN that ) ( S ( PP ( VBN given ) ( NP ( PRP$ its ) ( JJ robust ) ( NN economy ) ) ) ( NP-SBJ-1 ( NNP Hong ) ( NNP Kong ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( JJ sufficient ) ( JJ foreign ) ( NN money ) ( CC and ) ( NN talent ) ) ( S-PRP ( VP ( TO to ) ( VP ( ADVP-MNR ( RB comfortably ) ) ( VB offset ) ( NP ( DT the ) ( NNS outflows ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A widely held assumption all along has been that given its robust economy Hong Kong will be able to attract sufficient foreign money and talent to comfortably offset the outflows


( S ( PP ( IN With ) ( S-NOM ( NP-SBJ ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( NN emigration ) ( CC and ) ( NN investment ) ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ( VP ( VBG soaring ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ) ( NP-SBJ ( DT that ) ( NN assumption ) ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( RB so ) ( JJ safe ) ) ) )

With interest in emigration and investment abroad soaring since June 4 that assumption no longer seems so safe


( S ( NP-SBJ-1 ( NN Investment ) ( CC and ) ( NN emigration ) ( NNS plans ) ) ( VP ( VBP take ) ( NP ( NN time ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB come ) ( PP-CLR ( TO to ) ( NP ( NN fruition ) ) ) ) ) ) ) )

Investment and emigration plans take time to come to fruition


( S ( S ( NP-SBJ ( QP ( RB Only ) ( CD four ) ) ( NNS months ) ) ( VP ( VBP have ) ( VP ( VBN passed ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NNP Beijing ) ( NN massacre ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( JJ few ) ) ( VP ( VBP are ) ( VP ( VBN prepared ) ( S ( VP ( TO to ) ( VP ( VB predict ) ( NP ( PRP$ its ) ( JJ ultimate ) ( NN impact ) ) ) ) ) ) ) ) )

Only four months have passed since the Beijing massacre and few are prepared to predict its ultimate impact


( S ( NP-SBJ ( DT The ) ( JJ only ) ( NN consensus ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( JJR more ) ( NN money ) ( CC and ) ( NNS people ) ) ) ( VP ( MD may ) ( VP ( VB leave ) ( NP ( NNP Hong ) ( NNP Kong ) ) ( SBAR-2 ( IN than ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN thought ) ( S ( ADJP-PRD ( RB likely ) ) ) ) ) ) ) ) ) ) ) ) ) )

The only consensus is that more money and people may leave Hong Kong than had been thought likely


( S ( NP-SBJ ( DT This ) ( VBN expected ) ( NN blow ) ) ( VP ( VBZ has ) ( VP ( VBN cast ) ( NP ( DT a ) ( NN pall ) ) ( PP-CLR ( IN over ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( NNS prospects ) ) ) ) ) )

This expected blow has cast a pall over the economy 's prospects


( S ( NP-SBJ ( DT The ) ( NN question ) ) ( PRN ( SBAR ( IN as ) ( S ( NP-SBJ ( JJ many ) ( NNS people ) ) ( VP ( VBP see ) ( NP ( PRP it ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( WHADVP-1 ( WRB how ) ( JJ long ) ) ( S ( NP-SBJ ( JJ such ) ( NN uncertainty ) ) ( VP ( MD will ) ( VP ( VB last ) ) ) ) ) ) )

The question as many people see it is how long such uncertainty will last


( S ( NP-SBJ ( NP ( NNP Maureen ) ( NNP Fraser ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP-LOC ( IN with ) ( NP ( NP ( NNP W.I. ) ( NNP Carr ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP France ) ( POS 's ) ) ( NNP Banque ) ( NNP Indosuez ) ) ) ) ) ) ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN territory ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB regain ) ( NP ( PRP$ its ) ( NN momentum ) ) ( PP-TMP ( IN until ) ( NP ( NP ( DT some ) ( NN time ) ) ( PP-TMP ( IN after ) ( NP ( CD 1997 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Maureen Fraser an economist with W.I. Carr a subsidiary of France 's Banque Indosuez believes that the territory may not be able to regain its momentum until some time after 1997


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD may ) ( VP ( VB experience ) ( NP ( DT an ) ( NN upswing ) ( QP ( CC or ) ( CD two ) ) ) ( PP-TMP ( IN in ) ( NP ( IN between ) ) ) ) ) )

It may experience an upswing or two in between


( S-2 ( CC But ) ( PP ( IN with ) ( S-NOM ( NP-SBJ-1 ( JJ local ) ( NNS investors ) ) ( VP ( VBN shaken ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP China ) ( POS 's ) ) ( ADJP ( JJ political ) ( CC and ) ( JJ economic ) ) ( NN turmoil ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( DT a ) ( JJ genuine ) ( NN recovery ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB arrive ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ) ( VP ( MD can ) ( VP ( VB prove ) ( S ( NP-SBJ ( PRP itself ) ) ( ADJP-PRD ( JJ secure ) ( PP-LOC ( IN under ) ( NP ( JJ Chinese ) ( NN sovereignty ) ) ) ) ) ) ) ) ) ) ) )

But with local investors shaken by China 's political and economic turmoil she says a genuine recovery may not arrive until Hong Kong can prove itself secure under Chinese sovereignty


( S ( S-TPC-2 ( NP-SBJ-1 ( NNS Investors ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ economic ) ( NN activity ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN runup ) ) ( PP ( TO to ) ( NP ( CD 1997 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

Investors have to accept the possibility of a significant slowdown in economic activity in the runup to 1997 she says


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS years ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB advise ) ( NP ( NN caution ) ) ) ) )

Over the next few years I would advise caution


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( JJ soon-to-be ) ( VBN published ) ( NN book ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN territory ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ political ) ( NN economist ) ) ( NP ( NNP Miron ) ( NNP Mushkat ) ) ) ( VP ( VBZ has ) ( VP ( VBN derived ) ( NP ( CD three ) ( JJ future ) ( NNS scenarios ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS interviews ) ) ( PP ( IN with ) ( NP ( CD 41 ) ( NNP Hong ) ( NNP Kong ) ( NN government ) ( NNS officials ) ( CC and ) ( NNS businessmen ) ) ) ) ) ) ) )

In a soon-to-be published book on the territory a political economist Miron Mushkat has derived three future scenarios from interviews with 41 Hong Kong government officials and businessmen


( S ( NP-SBJ ( NP ( QP ( RB Nearly ) ( DT half ) ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJ uneasy ) ( NN relationship ) ) ( PP ( IN with ) ( NP ( NNP China ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB constrain ) ) ( PRN ( IN though ) ( VP ( RB not ) ( VB inhibit ) ) ) ( NP-1 ( JJ long-term ) ( JJ economic ) ( NN growth ) ) ) ) ) ) ) )

Nearly half of them argue that Hong Kong 's uneasy relationship with China will constrain though not inhibit long-term economic growth


( S ( NP-SBJ-1 ( DT The ) ( NN rest ) ) ( VP ( VBP are ) ( VP ( VBN split ) ( PP-CLR ( ADVP ( RB roughly ) ) ( IN between ) ( NP ( NP ( NP ( NNS optimists ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP expect ) ( S ( NP-SBJ-4 ( NNP Hong ) ( NNP Kong ) ) ( VP ( TO to ) ( VP ( VB hum ) ( ADVP-CLR ( RB along ) ) ( SBAR-MNR ( RB as ) ( S ( VP ( ADVP-TMP ( IN before ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS pessimists ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBP foresee ) ( NP ( JJ irreparable ) ( NN chaos ) ) ) ) ) ) ) ) ) ) )

The rest are split roughly between optimists who expect Hong Kong to hum along as before and pessimists who foresee irreparable chaos


( S ( NP-SBJ ( DT The ) ( NNS interviews ) ) ( VP ( VBD took ) ( NP-CLR ( NN place ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( IN ago ) ) ) )

The interviews took place two years ago


( S-2 ( SBAR-TMP ( IN Since ) ( S ( NP-SBJ ( DT the ) ( NNP China ) ( NN crisis ) ) ( VP ( VBD erupted ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Mushkat ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN scenario ) ) ( SBAR ( IN as ) ( S ( VP ( VBN depicted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ middle-of-the-road ) ( NN group ) ) ) ) ) ) ) ( VP ( VBZ bears ) ( NP ( NP ( DT a ) ( JJ remarkable ) ( NN resemblance ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS difficulties ) ) ( SBAR ( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ faces ) ) ) ) ) ) ) ) )

Since the China crisis erupted Mr. Mushkat says the scenario as depicted by the middle-of-the-road group bears a remarkable resemblance to the difficulties Hong Kong currently faces


( S ( NP-SBJ ( NP ( DT The ) ( NN consensus ) ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ dubs ) ( S ( NP-PRD ( NNS realists ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ local ) ( NN economy ) ) ( VP ( MD will ) ( VP ( VB grow ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( CD 1990s ) ) ) ( PP-MNR ( IN at ) ( NP ( NP ( JJ annual ) ( NNS rates ) ) ( VP ( VBG averaging ) ( NP ( QP ( IN between ) ( CD 3 ) ( NN % ) ( CC and ) ( CD 5 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

The consensus of this group which he dubs realists is that the local economy will grow through the 1990s at annual rates averaging between 3 % and 5 %


( S ( NP-SBJ-1 ( NP ( PDT Such ) ( DT a ) ( NN pace ) ) ( PP ( IN of ) ( NP ( NN growth ) ) ) ) ( PRN ( SBAR-ADV ( IN though ) ( S ( ADJP-PRD ( JJ respectable ) ) ( PP ( IN for ) ( NP ( JJ mature ) ( VBN industrialized ) ( NNS economies ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( RB unusually ) ( JJ slow ) ) ( PP ( IN for ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) )

Such a pace of growth though respectable for mature industrialized economies would be unusually slow for Hong Kong


( SINV ( ADVP-TMP ( RB Only ) ( RB twice ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( CD 1960s ) ) ) ( VBZ has ) ( NP-SBJ ( NP ( JJ annual ) ( JJ gross ) ( JJ domestic ) ( NN product ) ( NN growth ) ) ( ADVP-LOC ( RB here ) ) ) ( VP ( VBN fallen ) ( PP-DIR ( IN below ) ( NP ( CD 5 ) ( NN % ) ) ) ( PP-TMP ( IN for ) ( NP ( ADJP ( CD two ) ( CC or ) ( JJR more ) ) ( JJ consecutive ) ( NNS years ) ) ) ) )

Only twice since the 1960s has annual gross domestic product growth here fallen below 5 % for two or more consecutive years


( S ( NP-SBJ ( DT The ) ( JJ first ) ( NN instance ) ) ( VP ( VBD occurred ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1967-68 ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( NNP Cultural ) ( NNP Revolution ) ) ( VP ( VBD triggered ) ( NP ( JJ bloody ) ( NN street ) ( NN rioting ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN colony ) ) ) ) ) ) ) ) ) )

The first instance occurred in 1967-68 when China 's Cultural Revolution triggered bloody street rioting in the colony


( S ( NP-SBJ ( DT The ) ( JJ other ) ) ( VP ( VBD came ) ( PP-TMP ( IN in ) ( NP ( CD 1974-75 ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( VBN combined ) ( NN shock ) ) ( PP ( IN of ) ( NP ( NP ( NN world ) ( NN recession ) ) ( CC and ) ( NP ( DT a ) ( JJ severe ) ( JJ local ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) ) ) ) )

The other came in 1974-75 from the combined shock of world recession and a severe local stock market crash


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( JJ past ) ( CD 10 ) ( NNS years ) ) ) ( NP-SBJ ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJ economic ) ( NN growth ) ) ( VP ( VBZ has ) ( VP ( VBN averaged ) ( NP ( CD 8.3 ) ( NN % ) ) ( ADVP-TMP ( RB annually ) ) ) ) )

During the past 10 years Hong Kong 's economic growth has averaged 8.3 % annually


( S ( PP ( VBN Given ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NN record ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mushkat ) ( POS 's ) ) ( NNS realists ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN sounded ) ( ADJP-PRD ( RB unduly ) ( JJ conservative ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNS interviews ) ) ( VP ( VBD took ) ( NP-CLR ( NN place ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( IN ago ) ) ) ) ) ) ) ) )

Given Hong Kong 's record Mr. Mushkat 's realists might have sounded unduly conservative when the interviews took place two years ago


( S-1 ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ current ) ( NNS circumstances ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP$ their ) ( NN scenario ) ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( JJ unrealistic ) ) ) )

Under the current circumstances he says their scenario no longer seems unrealistic


( S ( NP-SBJ ( DT The ) ( NN city ) ) ( VP ( MD could ) ( VP ( VB lose ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ entrepreneurial ) ( NN flavor ) ) ) ) ) ) )

The city could lose some of its entrepreneurial flavor


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD could ) ( VP ( VB lose ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN dynamism ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mushkat ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Baring ) ( NNPS Securities ) ( PRN ( NNP Hong ) ( NNP Kong ) ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NNPS Barings ) ( NNP PLC ) ) ) ) ) ) ) ) )

It could lose some of its dynamism says Mr. Mushkat a director of Baring Securities Hong Kong Ltd. a unit of Britain 's Barings PLC


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN disaster ) ) ) ) ) ) ) )

It does n't have to be a disaster


( S ( NP-SBJ ( PRP It ) ) ( VP ( ADVP ( RB just ) ) ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ) ( VP ( MD would ) ( VP ( VB become ) ( NP-PRD ( DT a ) ( ADJP ( RBR less ) ( JJ exciting ) ) ( NN place ) ) ) ) ) ) ) )

It just means that Hong Kong would become a less exciting place


( S ( S-ADV ( VP ( VBG Going ) ( PP-CLR ( IN by ) ( NP ( NP ( JJ official ) ( NNS forecasts ) ) ( PP ( IN of ) ( NP ( NP ( NNP GDP ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ measures ) ( NP ( NP ( NP ( DT the ) ( NN colony ) ( POS 's ) ) ( NN output ) ) ( PP ( IN of ) ( NP ( NNS goods ) ( CC and ) ( NNS services ) ) ) ( PP ( CC minus ) ( NP ( JJ foreign ) ( NN income ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( NNP Mr. ) ( NNP Mushkat ) ( POS 's ) ) ( NNS realists ) ) ( VP ( VBP seem ) ( ADJP-PRD ( RB relatively ) ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN mark ) ) ) ) ) )

Going by official forecasts of GDP which measures the colony 's output of goods and services minus foreign income Mr. Mushkat 's realists seem relatively close to the mark


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG taking ) ( PP-CLR ( IN into ) ( NP ( NN account ) ) ) ( NP ( NP ( DT the ) ( NN fallout ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP China ) ( NN crisis ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN projected ) ( NP ( NP ( CD 1989 ) ( NNP GDP ) ( NN growth ) ) ( PP ( IN of ) ( NP ( CD 5 ) ( NN % ) ) ) ) ) ) )

After taking into account the fallout from the China crisis the government has projected 1989 GDP growth of 5 %


( S ( NP-SBJ ( NP ( DT The ) ( VBN updated ) ( NN forecast ) ) ( VP ( VBN published ) ( NP-TMP ( NNP Aug. ) ( CD 25 ) ) ) ) ( VP ( VBZ compares ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT an ) ( JJR earlier ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( CD 6 ) ( NN % ) ) ) ( VP ( VBN published ) ( NP-TMP ( NNP March ) ( CD 1 ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 7.4 ) ( NN % ) ) ( NN rate ) ) ( VP ( VBN achieved ) ( FRAG ( PP ( IN in ) ) ) ) ) ) ) ) )

The updated forecast published Aug. 25 compares with an earlier forecast of 6 % published March 1 and a 7.4 % rate achieved in


( S ( NP-SBJ ( NP ( NNP Sir ) ( NNP Piers ) ( NNP Jacobs ) ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJ financial ) ( NN secretary ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( RB further ) ( JJ downward ) ( NN revision ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN justified ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ stages ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ convincing ) ) ( NN rally ) ) ) ) ) ) ) ) ) ) ) )

Sir Piers Jacobs Hong Kong 's financial secretary says a further downward revision may be justified unless the economy stages a more convincing rally


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( NN anything ) ) ( PP ( IN like ) ( NP ( DT a ) ( NN doomsday ) ( NN scenario ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

We are n't looking at anything like a doomsday scenario he says


( S ( CC But ) ( ADVP ( RB clearly ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG entering ) ( NP ( DT a ) ( JJ difficult ) ( NN period ) ) ) ) )

But clearly we 're entering a difficult period


( S ( NP-SBJ ( NP ( JJ Many ) ( NNS factors ) ) ( PP ( IN besides ) ( NP ( NP ( DT a ) ( NN dread ) ) ( PP ( IN of ) ( NP ( CD 1997 ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP-CLR ( DT a ) ( NN bearing ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NN economy ) ) ) ) ) )

Many factors besides a dread of 1997 will have a bearing on Hong Kong 's economy


( S ( NP-SBJ ( CD One ) ) ( VP ( VBZ concerns ) ( NP ( JJ Japanese ) ( NNS investors ) ) ) )

One concerns Japanese investors


( S ( S-ADV ( ADJP-PRD ( RB Barely ) ( JJ visible ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NN property ) ( NN scene ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ last ) ( NN year ) ) ) ( NP-SBJ-1 ( NNP Japan ) ) ( VP ( VBD had ) ( VP ( VBN become ) ( NP-PRD ( DT the ) ( JJ top ) ( JJ foreign ) ( NN investor ) ) ( S-ADV ( VP ( VBG spending ) ( NP ( QP ( CD 602 ) ( CD million ) ) ) ) ) ) ) )

Barely visible on Hong Kong 's property scene in 1985 by last year Japan had become the top foreign investor spending 602 million


( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN grown ) ( ADJP-PRD ( RB relatively ) ( JJ quiet ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NNP China ) ( NN crisis ) ) ) ) ) )

The market has grown relatively quiet since the China crisis


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNPS Japanese ) ) ( VP ( VBP return ) ( PP-MNR ( IN in ) ( NP ( NN force ) ) ) ) ) ) ( NP-SBJ ( PRP$ their ) ( JJ financial ) ( NN might ) ) ( VP ( MD could ) ( VP ( VB compensate ) ( PP ( TO to ) ( NP ( DT some ) ( NN extent ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ local ) ( NNS investors ) ( POS ' ) ) ( VBG waning ) ( NN commitment ) ) ) ) ) )

But if the Japanese return in force their financial might could compensate to some extent for local investors ' waning commitment


( S ( NP-SBJ ( ADJP ( DT Another ) ( PRN ( CC and ) ( JJ critical ) ) ) ( NN factor ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NNP U.S. ) ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJS biggest ) ( NN export ) ( NN market ) ) ) ) )

Another and critical factor is the U.S. Hong Kong 's biggest export market


( S ( PP-TMP ( ADVP ( RB Even ) ) ( IN before ) ( NP ( DT the ) ( NNP China ) ( NN crisis ) ) ) ( NP-SBJ ( JJ weak ) ( NNP U.S. ) ( NN demand ) ) ( VP ( VBD was ) ( VP ( VBG slowing ) ( NP ( JJ local ) ( JJ economic ) ( NN growth ) ) ) ) )

Even before the China crisis weak U.S. demand was slowing local economic growth


( S ( ADVP ( RB Conversely ) ) ( NP-SBJ-1 ( NP ( JJ strong ) ( NN consumer ) ( NN spending ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( IN ago ) ) ) ( VP ( VBD helped ) ( S ( VP ( VB propel ) ( NP ( DT the ) ( JJ local ) ( NN economy ) ) ( PP-CLR ( IN at ) ( NP ( QP ( RBR more ) ( IN than ) ( RB twice ) ) ( PRP$ its ) ( JJ current ) ( NN rate ) ) ) ) ) ) )

Conversely strong consumer spending in the U.S. two years ago helped propel the local economy at more than twice its current rate


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( DT a ) ( JJ few ) ( NNS economists ) ) ( VP ( VBP maintain ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ global ) ( NNS forces ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB govern ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJ economic ) ( NN rhythm ) ) ) ) ) ) ) ) ) ) )

Indeed a few economists maintain that global forces will continue to govern Hong Kong 's economic rhythm


( S-1 ( SBAR-TMP ( IN Once ) ( S ( NP-SBJ ( NP ( JJ external ) ( NNS conditions ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP U.S. ) ( NN demand ) ) ) ) ( VP ( VBP swing ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN territory ) ( POS 's ) ) ( NN favor ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP argue ) ) ) ) ( NP-SBJ-2 ( JJ local ) ( NNS businessmen ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VP ( VB overcome ) ( NP ( PRP$ their ) ( CD 1997 ) ( NNS worries ) ) ) ( CC and ) ( VP ( VB continue ) ( S ( VP ( VBG doing ) ( NP ( NN business ) ) ( PP-MNR ( IN as ) ( ADJP ( JJ usual ) ) ) ) ) ) ) ) )

Once external conditions such as U.S. demand swing in the territory 's favor they argue local businessmen will probably overcome their 1997 worries and continue doing business as usual


( S ( CC But ) ( NP-SBJ ( NP ( JJ economic ) ( NNS arguments ) ) ( ADJP ( RB however ) ( JJ solid ) ) ) ( VP ( MD wo ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB impress ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( QP ( CD 5.7 ) ( CD million ) ) ( NNS people ) ) ) ) )

But economic arguments however solid wo n't necessarily impress Hong Kong 's 5.7 million people


( S ( NP-SBJ-1 ( DT Many ) ) ( VP ( VBP are ) ( NP-PRD ( NNS refugees ) ) ( S-ADV ( VP ( VBG having ) ( VP ( VBN fled ) ( NP ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ unending ) ( NNS cycles ) ) ( PP ( IN of ) ( NP ( NP ( JJ political ) ( NN repression ) ) ( CC and ) ( NP ( NN poverty ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NNP Communist ) ( NNP Party ) ) ( VP ( VBD took ) ( NP ( NN power ) ) ( PP-TMP ( IN in ) ( NP ( CD 1949 ) ) ) ) ) ) ) ) ) ) )

Many are refugees having fled China 's unending cycles of political repression and poverty since the Communist Party took power in 1949


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ-1 ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( ADVP-MNR ( RB easily ) ) ( VB be ) ( VP ( VBN swayed ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ momentary ) ( NNS improvements ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN colony ) ( POS 's ) ) ( ADJP ( JJ political ) ( CC and ) ( JJ economic ) ) ( NN climate ) ) ) ) ) ) ) ) )

As a result many of those now planning to leave Hong Kong ca n't easily be swayed by momentary improvements in the colony 's political and economic climate


( S ( NP-SBJ ( NN Emigration ) ( NNS applications ) ) ( VP ( VBD soared ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1985 ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Britain ) ( CC and ) ( NNP China ) ) ( VP ( VBD ratified ) ( NP ( NP ( PRP$ their ) ( NN accord ) ) ( PP ( IN on ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NN future ) ) ) ) ) ) ) ) ) ) )

Emigration applications soared in 1985 when Britain and China ratified their accord on Hong Kong 's future


( S ( PP-TMP ( IN In ) ( NP ( NP ( CD 1987 ) ) ( NP ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( ADJP ( JJS most ) ( JJ prosperous ) ) ( NN year ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN decade ) ) ) ) ) ) ( NP-SBJ ( NP ( CD 30,000 ) ) ) ( VP ( VBD left ) ( ADVP-1 ( IN up ) ( NP ( CD 58 ) ( NN % ) ) ( PP ( IN from ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) )

In 1987 Hong Kong 's most prosperous year for a decade 30,000 left up 58 % from the previous year


( S ( NP-TMP ( JJ Last ) ( NN year ) ) ( NP-SBJ ( CD 45,000 ) ) ( VP ( VBD went ) ) )

Last year 45,000 went


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBZ predicts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ annual ) ( NNS outflows ) ) ( VP ( MD will ) ( VP ( VB level ) ( ADVP-CLR ( RB off ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS years ) ) ) ( PP ( IN at ) ( NP ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( CD 60,000 ) ) ) ) ( NP ( NP ( DT a ) ( NN projection ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB widely ) ) ( VBN regarded ) ( PP-CLR ( RB as ) ( ADJP ( RB unrealistically ) ( JJ low ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The government predicts that annual outflows will level off over the next few years at as much as 60,000 a projection that is widely regarded as unrealistically low


( S ( NP-SBJ ( NP ( DT A ) ( JJ large ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( VP ( VBG leaving ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NNS managers ) ( CC and ) ( NNS professionals ) ) ) )

A large number of those leaving are managers and professionals


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( DT no ) ( NN one ) ) ( VP ( VBZ professes ) ( S ( VP ( TO to ) ( VP ( VB know ) ( NP ( NP ( DT the ) ( JJ exact ) ( NN cost ) ) ( PP ( IN of ) ( NP ( PDT such ) ( DT a ) ( NN brain ) ( NN drain ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( RB hardly ) ( NN anyone ) ) ( VP ( VBZ doubts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ poses ) ( NP ( DT a ) ( NN threat ) ) ) ) ) ) )

While no one professes to know the exact cost of such a brain drain to the economy hardly anyone doubts that it poses a threat


( S ( S-TPC-4 ( SBAR-TMP ( WHADVP-5 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ loses ) ( NP ( NP ( DT a ) ( JJ big ) ( NN portion ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ happens ) ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( PRP$ its ) ( ADJP ( JJS most ) ( JJ productive ) ) ( NNS members ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( JJ economic ) ( NN growth ) ) ( VP ( VBZ is ) ( VP ( VBN bound ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN affected ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Anthong ) ( NNP Wong ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP ( IN with ) ( NP ( NNP Hang ) ( NNP Seng ) ( NNP Bank ) ) ) ) ) )

When the economy loses a big portion of its work force that also happens to include its most productive members economic growth is bound to be affected says Anthong Wong an economist with Hang Seng Bank


( S ( NP-SBJ ( NNP Analog ) ( NNPS Devices ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB purchase ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD one ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( NNS shares ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS months ) ) ) ) ) ) ) ) )

Analog Devices Inc. said it may purchase as many as one million of its common shares over the next several months


( S ( NP-SBJ ( NNP Analog ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( ADJP ( QP ( CD one ) ( CD million ) ) ( NN share ) ) ( JJ buy-back ) ( NN program ) ) ( VP ( VBD announced ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB substantially ) ( JJ complete ) ) ) ) ) ) )

Analog also said that a one million share buy-back program announced in March is substantially complete


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( NP ( NP ( VBN integrated ) ( NNS circuits ) ) ( CC and ) ( NP ( JJ other ) ( JJ electronic ) ( NNS parts ) ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( IN about ) ( CD 47 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

The company which makes integrated circuits and other electronic parts now has about 47 million common shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Analog ) ( NNPS Devices ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 8.875 ) ) ) ( ADVP ( RB up ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading yesterday Analog Devices closed at 8.875 up 25 cents


( S ( NP-SBJ-1 ( NP ( JJ Several ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( POS 's ) ) ( JJ own ) ( VBN listed ) ( NNS companies ) ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( JJ giant ) ( NNP Contel ) ( NNP Corp. ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG joining ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN time ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB complain ) ( PP-CLR ( IN about ) ( NP ( NP ( NN program ) ( NN trading ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN exchange ) ( POS 's ) ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

Several of the New York Stock Exchange 's own listed companies led by giant Contel Corp. are joining for the first time to complain about program trading and the exchange 's role in it


( S ( S-ADV ( VP ( VBG Claiming ) ( SBAR ( S ( NP-SBJ ( NN program ) ( NN trading ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( NN gambling ) ( NN casino ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Contel ) ( NNP Chairman ) ( NNP Charles ) ( NNP Wohlstetter ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 20 ) ) ( JJ other ) ( JJ corporate ) ( NNS executives ) ) ) ( VP ( VBP are ) ( VP ( VBG forming ) ( NP ( DT an ) ( JJ unprecedented ) ( NN alliance ) ) ) ) ) ) ) )

Claiming program trading has turned the Big Board into a gambling casino Contel Chairman Charles Wohlstetter said that he and at least 20 other corporate executives are forming an unprecedented alliance


( S-2 ( NP-SBJ-3 ( DT The ) ( NN group ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wohlstetter ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ) ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB end ) ( NP ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ wild ) ( NN price ) ( NNS swings ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNS critics ) ) ( VP ( VBP blame ) ( PP-CLR ( IN on ) ( NP ( JJ computer-aided ) ( JJ program-trading ) ( NNS strategies ) ) ) ) ) ) ) ) ) ) ) )

The group Mr. Wohlstetter said in an interview wants to end the market 's wild price swings that critics blame on computer-aided program-trading strategies


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( MD will ) ( VP ( VB complain ) ( PP-CLR ( PP ( TO to ) ( NP ( NNP Washington ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS heads ) ) ( PP ( IN of ) ( NP ( JJ program-trading ) ( NNS firms ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS heads ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ( NP ( PRP itself ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The group will complain to Washington to the heads of program-trading firms and to the heads of the Big Board itself he said


( SINV ( S-TPC-2 ( NP-SBJ ( PRP They ) ) ( VP ( MD should ) ( VP ( VB call ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( NP-PRD ( NNP Trump ) ( NNP East ) ) ) ) ) ) ( VP ( VBD charged ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Wohlstetter ) ) ( NP ( NP ( DT the ) ( JJ 79-year-old ) ( NN founder ) ) ( PP ( IN of ) ( NP ( NNP Contel ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ 's ) ( ADVP ( RB also ) ) ( NP-PRD ( DT a ) ( JJ former ) ( NX ( NX ( NN investment ) ( NN banker ) ) ( CC and ) ( NX ( NN stock ) ( NN trader ) ) ) ) ) ) ) ) )

They should call the exchange Trump East charged Mr. Wohlstetter the 79-year-old founder of Contel who 's also a former investment banker and stock trader


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VBZ is ) ( NP-SBJ ( NP ( DT the ) ( NN mission ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ financial ) ( NN community ) ) ) ) ) )

What is the mission of the financial community


( FRAG ( S ( VP ( TO to ) ( VP ( VP ( VB help ) ( NP ( DT some ) ( NNS scavengers ) ( CC or ) ( NNS schemers ) ) ) ( CC or ) ( VP ( VB help ) ( NP ( JJ corporate ) ( NNP America ) ) ) ) ) ) )

to help some scavengers or schemers or help corporate America


( S ( NP-SBJ ( NNP Contel ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( QP ( CD 6 ) ( CD billion ) ) ) ( NN telephone ) ( CC and ) ( NNS electronics ) ( NN company ) ) ) )

Contel is a 6 billion telephone and electronics company


( S ( NP-SBJ ( NN Pressure ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG building ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS weeks ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB do ) ( NP ( NN something ) ) ( PP-CLR ( IN about ) ( NP ( NP ( NN market ) ( NN volatility ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ ( JJ many ) ( NNS investors ) ) ( VP ( VBP say ) ( SBAR ( S ( VP ( VBZ is ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Pressure has been building on the Big Board in the past two weeks to do something about market volatility which many investors say is caused by program trading


( S ( NP-SBJ ( NP ( NP ( NP ( DT The ) ( NN market ) ( POS 's ) ) ( JJ Friday-the-13th ) ( NN plunge ) ) ( PP ( IN of ) ( NP ( CD 190 ) ( NNS points ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( VBN understated ) ( NN response ) ) ( PP ( TO to ) ( NP ( PRP it ) ) ) ) ) ( VP ( VBD galvanized ) ( NP ( NP ( DT some ) ( JJ longstanding ) ( NN dissatisfaction ) ) ( PP-LOC ( IN among ) ( NP ( NP ( NNS companies ) ) ( VP ( VBN listed ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) ) ) )

The market 's Friday-the-13th plunge of 190 points in the Dow Jones Industrial Average and the Big Board 's understated response to it galvanized some longstanding dissatisfaction among companies listed on the exchange


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( NN program ) ( NN trading ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN record ) ( CD 13.8 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ average ) ( JJ daily ) ( NNP Big ) ( NNP Board ) ( NN volume ) ) ) ) ) ) )

Last month program trading accounted for a record 13.8 % of average daily Big Board volume


( S ( NP-SBJ ( NNP Mr. ) ( NNP Wohlstetter ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD wrote ) ( PP-DTV ( TO to ) ( NP ( NNP Big ) ( NNP Board ) ( NNP Chairman ) ( NNP John ) ( NNP J. ) ( NNP Phelan ) ( NNP Jr. ) ) ) ( PP-CLR ( IN about ) ( NP ( NN program ) ( NN trading ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( JJ 190-point ) ( NNP Dow ) ( NN plunge ) ) ) ) ) ( CC and ) ( S ( PP ( IN as ) ( PP-LOC ( IN in ) ( NP ( JJ previous ) ( NNS queries ) ) ) ) ( SBAR-NOM-SBJ ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP get ) ( ADVP-CLR ( RB back ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NN gobbledygook ) ) ) ) ) ) )

Mr. Wohlstetter for example said he wrote to Big Board Chairman John J. Phelan Jr. about program trading after the 190-point Dow plunge and as in previous queries what I get back is gobbledygook


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( VBN upset ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Phelan ) ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB calm ) ( NP ( NNS investors ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN plunge ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NNS investors ) ) ( VP ( MD would ) ( ADVP ( RB simply ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADVP-PRD ( VBN used ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ big ) ( NN price ) ( NNS swings ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said he 's upset that Mr. Phelan trying to calm investors after the plunge said that investors would simply have to get used to the market 's big price swings


( SINV ( S-TPC-1 ( NP-SBJ-2 ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB partly ) ) ( S ( VP ( TO to ) ( VP ( VB blame ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN price ) ( NNS swings ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( NP-PRD ( NNS cowards ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wohlstetter ) ) )

The Big Board is partly to blame for the price swings because they 're cowards said Mr. Wohlstetter


( S ( NP-SBJ ( PRP$ Their ) ( JJ powerful ) ( NNS members ) ) ( VP ( VBP manage ) ( NP ( PRP them ) ) ) )

Their powerful members manage them


( S ( NP-SBJ ( NP ( DT The ) ( NN focus ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN outcry ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( NN stock-index ) ( NN arbitrage ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( IN about ) ( PDT half ) ) ( DT the ) ( NN program ) ( NN trading ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ goes ) ( ADVP-CLR ( RB on ) ) ) ) ) ) ) ) ) ) ) ) ) )

The focus of the outcry has been stock-index arbitrage which accounts for about half the program trading that goes on


( S ( NP-SBJ ( NN Index ) ( NNS arbitragers ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( PRP$ their ) ( NN trading ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ healthy ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ links ) ( NP ( NNS markets ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS critics ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( JJ such ) ( NN trading ) ) ( VP ( VP ( VBZ accelerates ) ( NP ( NN market ) ( NNS movements ) ) ) ( CC and ) ( VP ( VBZ increases ) ( NP ( NP ( DT the ) ( NN chance ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) )

Index arbitragers argue that their trading is healthy because it links markets but critics say such trading accelerates market movements and increases the chance for a crash


( S ( NP-SBJ-2 ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ has ) ( VP ( VBN refused ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN drawn ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( JJ public ) ( NN debate ) ) ( PP ( IN about ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) )

The Big Board has refused to be drawn into a public debate about program trading


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Grasso ) ) ( NP ( NNP Big ) ( NNP Board ) ( NN president ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD said ) ( ADVP ( RB only ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN exchange ) ) ( VP ( VBZ is ) ( VP ( VBN concerned ) ( PP-CLR ( IN about ) ( NP ( PDT all ) ( PRP$ its ) ( NNS constituents ) ) ) ) ) ) ) ) )

Richard Grasso Big Board president last week said only that the exchange is concerned about all its constituents


( S ( ADVP-MNR ( RB Privately ) ) ( NP-SBJ ( NN exchange ) ( NNS officials ) ) ( VP ( VBP worry ) ( SBAR ( IN that ) ( S ( PP ( IN without ) ( NP ( NP ( DT a ) ( JJ hospitable ) ( NN system ) ) ( PP ( IN for ) ( NP ( NN program ) ( NN trading ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ( NP-SBJ ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ( PP ( IN in ) ( NP ( NN trading ) ) ) ) ( VP ( MD will ) ( ADVP ( RB simply ) ) ( VP ( VB migrate ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ overseas ) ( NNS exchanges ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP London ) ( POS 's ) ) ) ) ) ) ) ) ) ) )

Privately exchange officials worry that without a hospitable system for program trading at the Big Board billions of dollars in trading will simply migrate to overseas exchanges such as London 's


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB partly ) ) ( PP-PRP-PRD ( IN for ) ( NP ( DT this ) ( NN reason ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN exchange ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD began ) ( S ( VP ( VBG trading ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NN stock ) ( NN basket ) ( NN product ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ allows ) ( S ( NP-SBJ ( JJ big ) ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( NP ( QP ( DT all ) ( CD 500 ) ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NN index ) ) ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ single ) ( NN trade ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is partly for this reason that the exchange last week began trading in its own stock basket product that allows big investors to buy or sell all 500 stocks in the Standard & Poor 's index in a single trade


( S ( NP-SBJ ( NP ( CD One ) ( VBN intended ) ( NN customer ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN basket ) ( NN product ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NN index ) ( NNS arbitragers ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) )

One intended customer of the new basket product is index arbitragers according to the exchange


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBP have ) ( VP ( VBN complained ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NN time ) ) ) ( PP-CLR ( IN about ) ( NP ( NP ( NN program ) ( NN trading ) ) ( ADVP ( RB particularly ) ) ( NP ( NN index ) ( NN arbitrage ) ) ) ) ( PP ( TO to ) ( NP ( JJ little ) ( NN avail ) ) ) ) ) )

Investors have complained for some time about program trading particularly index arbitrage to little avail


( S ( CC But ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT some ) ( NNP Big ) ( NNP Board ) ( NNS traders ) ) ) ) ( NP-SBJ ( NP ( DT an ) ( VBN organized ) ( NN campaign ) ) ( PP ( IN from ) ( NP ( JJ exchange-listed ) ( NNS companies ) ) ) ) ( VP ( MD might ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( ADVP-TMP ( RB finally ) ) ( VP ( VB consider ) ( NP ( JJ big ) ( NNS changes ) ) ) ) ) ) )

But according to some Big Board traders an organized campaign from exchange-listed companies might make the exchange finally consider big changes


( S ( NP-SBJ ( PRP They ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB fight ) ( NP ( DT the ) ( VBN listed ) ( NNS companies ) ) ) ) )

They wo n't fight the listed companies


( SINV ( S-TPC-1 ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( DT the ) ( NN assault ) ) ( VP ( VBZ is ) ( ADVP-PRD ( IN on ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NN top ) ( NN trader ) ) )

Now the assault is on said one top trader


( S ( S ( NP-SBJ ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB ban ) ( NP ( NN stock-index ) ( NNS futures ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VP ( VB ban ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ high-speed ) ( JJ electronic ) ( NN trading ) ( NN system ) ) ) ( PP ( IN for ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ( CC or ) ( VP ( ADVP ( IN at ) ( JJS least ) ) ( VB encourage ) ( S ( NP-SBJ ( NNS securities ) ( NNS firms ) ) ( VP ( TO to ) ( VP ( VB back ) ( ADVP-CLR ( RB off ) ) ) ) ) ) ) ) ) )

The Big Board ca n't ban stock-index futures of course but it could ban use of its high-speed electronic trading system for program trading or at least encourage securities firms to back off


( S ( NP-SBJ ( DT The ) ( NN exchange ) ) ( VP ( VBD put ) ( NP ( NP ( DT a ) ( NN bit ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN damper ) ) ) ) ( PP-PUT ( IN on ) ( NP ( NN program ) ( NN trading ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-TMP ( JJ last ) ( NN year ) ) ( NP-SBJ-1 ( PRP it ) ) ( ADVP ( RB simply ) ) ( VP ( VBD started ) ( S ( VP ( TO to ) ( VP ( VB publish ) ( NP ( NP ( JJ monthly ) ( NNS statistics ) ) ( PP ( IN of ) ( NP ( NP ( DT each ) ( NN firm ) ( POS 's ) ) ( JJ program-trading ) ( NN volume ) ) ) ) ) ) ) ) ) ) ) )

The exchange put a bit of a damper on program trading when last year it simply started to publish monthly statistics of each firm 's program-trading volume


( S ( NP-SBJ ( NP ( NNP Contel ) ( POS 's ) ) ( NNP Mr. ) ( NNP Wohlstetter ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNP Big ) ( NNP Board ) ( NNS companies ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADJP-PRD ( JJ public ) ) ( ADVP-TMP ( RB yet ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NN effort ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB plan ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN leader ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ public ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Contel 's Mr. Wohlstetter said the group of Big Board companies is n't ready to go public yet with its effort and that he does n't plan to be the leader once it is public


( S ( ADVP ( RB However ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( DT the ) ( NN weekend ) ) ( S-CLR ( VP ( VBG making ) ( NP ( NNS calls ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB gather ) ( NP ( JJ additional ) ( NN support ) ) ) ) ) ) ) ) ) ) ) ) )

However he said he planned to spend the weekend making calls to gather additional support


( SINV ( PP-LOC-PRD-TPC-3 ( IN Among ) ( NP ( NP ( DT those ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wohlstetter ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG talking ) ( PP-CLR ( TO to ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NP ( NNP Sanford ) ( NNP Weill ) ) ( PP ( IN of ) ( NP ( NP ( NNP Primerica ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co. ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NNP GTE ) ( NNP Corp. ) ( POS 's ) ) ( NNP James ) ( NNP Johnson ) ) ( CC and ) ( NP ( NP ( NNP ITT ) ( NNP Corp. ) ( POS 's ) ) ( NNP Rand ) ( NNP Araskog ) ) ) )

Among those Mr. Wohlstetter said he has been talking to are Sanford Weill of Primerica Corp. which is the parent of Smith Barney Harris Upham & Co. GTE Corp. 's James Johnson and ITT Corp. 's Rand Araskog


( S ( NP-SBJ ( NP ( NN None ) ) ( PP ( IN of ) ( NP ( DT these ) ( NN chief ) ( NNS executives ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NN comment ) ) ) ) ) )

None of these chief executives were available for comment


( SINV ( PP-LOC-PRD-TPC-2 ( IN Among ) ( NP ( NP ( DT the ) ( NNS targets ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NNS companies ) ( POS ' ) ) ( NN campaign ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ) ) ( NP-SBJ ( NP ( DT some ) ( JJ corporate ) ( NN pension ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP use ) ( NP ( JJ program-trading ) ( NNS strategies ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB maximize ) ( NP ( NP ( NNS returns ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ) )

Among the targets of the Big Board companies ' campaign will be some corporate pension funds that use program-trading strategies to maximize returns on their investments


( S ( PP ( IN For ) ( NP ( NP ( NNP Contel ) ( POS 's ) ) ( NN part ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( ADVP-TMP ( NP ( DT a ) ( NN month ) ) ( IN ago ) ) ( VP ( VBD informed ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN money ) ( NNS managers ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB drop ) ( NP ( PRP them ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP give ) ( NP ( NN business ) ) ( PP-DTV ( TO to ) ( NP ( JJ program-trading ) ( NNS firms ) ) ) ) ) ) ) ) ) ) ) )

For Contel 's part the company a month ago informed each of its money managers that it would drop them if they give business to program-trading firms


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( RB just ) ( DT those ) ( NNS kinds ) ) ( PP ( IN of ) ( NP ( NNS ultimatums ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBN succeeded ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG turning ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN heat ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN debate ) ) ) ) ) ) ) ) ) ) ) )

It was just those kinds of ultimatums that last week succeeded in turning up the heat in the debate


( S ( NP-SBJ ( NP ( NNP Kemper ) ( NNP Corp. ) ( POS 's ) ) ( NNP Kemper ) ( NNP Financial ) ( NNP Services ) ( NN unit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD cut ) ( PRT ( RP off ) ) ( NP ( NP ( NNP Bear ) ( NNP Stearns ) ) ( NP ( NNP Morgan ) ( NNP Stanley ) ) ( NP ( NNP Oppenheimer ) ) ( CC and ) ( NP ( NP ( NNP General ) ( NNP Electric ) ( NNP Co. ) ( POS 's ) ) ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ( NN unit ) ) ) ) ) ) ) )

Kemper Corp. 's Kemper Financial Services unit said it cut off Bear Stearns Morgan Stanley Oppenheimer and General Electric Co. 's Kidder Peabody & Co. unit


( S ( NP-SBJ ( NP ( DT All ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS firms ) ) ) ( PP ( IN except ) ( NP ( NP ( NNP Kidder ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ second-biggest ) ( NN program ) ( NN trader ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB quickly ) ) ( VP ( VBD announced ) ( NP ( NP ( NNS pull-backs ) ) ( PP ( IN from ) ( NP ( NN index ) ( NN arbitrage ) ) ) ) ) )

All of the firms except Kidder which is the second-biggest program trader on Wall Street quickly announced pull-backs from index arbitrage


( S ( NP-SBJ ( NNP Kidder ) ( NNS officials ) ) ( VP ( VBP stand ) ( PP-CLR ( IN by ) ( NP ( NP ( PRP$ their ) ( JJ aggressive ) ( NN use ) ) ( PP ( IN of ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) )

Kidder officials stand by their aggressive use of program trading


( S ( NP-SBJ ( NNP Chief ) ( NNP Executive ) ( NNP Officer ) ( NNP Michael ) ( NNP Carpenter ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( DT the ) ( NN outcry ) ) ( PP ( ADVP ( RB even ) ) ( IN by ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( NNP Kidder ) ( POS 's ) ) ( JJ own ) ( NNS brokers ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NN index ) ( NN arbitrage ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ negative ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Chief Executive Officer Michael Carpenter said that despite the outcry even by some of Kidder 's own brokers he believes index arbitrage does n't have a negative impact on the market as a whole


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NN pressure ) ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Kidder ) ( POS 's ) ) ( NN parent ) ) ( NP ( NNP GE ) ) ) ) ) ( VP ( MD could ) ( VP ( VB change ) ( NP ( NP ( NNP Kidder ) ( POS 's ) ) ( NN policy ) ) ) ) )

However pressure on Kidder 's parent GE could change Kidder 's policy


( S ( NP-SBJ ( NNP GE ) ( NNP Chairman ) ( NNP John ) ( NNP Welch ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN besieged ) ( PP-CLR ( IN with ) ( NP ( NP ( NN phone ) ( NNS calls ) ) ( VP ( VBG complaining ) ( PP-CLR ( IN about ) ( NP ( NP ( PRP$ his ) ( NN unit ) ( POS 's ) ) ( NN program ) ( NN trading ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN person ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) )

GE Chairman John Welch has been besieged with phone calls complaining about his unit 's program trading according to a person close to him


( SINV ( PP-LOC-PRD-TPC-3 ( IN Among ) ( NP ( NP ( DT the ) ( NNS things ) ) ( SBAR ( S ( NP-SBJ-4 ( PRP I ) ) ( VP ( VBD learned ) ( S-ADV ( VP ( VBG covering ) ( NP ( DT the ) ( NNP World ) ( NNP Series ) ) ( NP-TMP ( DT these ) ( IN past ) ( JJ few ) ( NNS weeks ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ) ( SBAR-SBJ ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Richter ) ( NN scale ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ measures ) ( NP ( NNS earthquakes ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( PP-PRD ( IN like ) ( NP ( NP ( DT the ) ( CD one ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ your ) ( NN bathroom ) ) ) ) ) ) ) ) )

Among the things I learned covering the World Series these past few weeks is that the Richter scale which measures earthquakes is n't like the one in your bathroom


( S ( S ( NP-SBJ ( NP ( DT A ) ( NN quake ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ measures ) ( NP-ADV ( CD two ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Richter ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( ADJP ( RB twice ) ( RB as ) ( JJ severe ) ) ( PP ( IN as ) ( NP ( DT a ) ( CD one ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( QP ( CD 10 ) ( NNS times ) ) ( JJR worse ) ) ) ) )

A quake that measures two on the Richter is n't twice as severe as a one it 's 10 times worse


( S ( NP-SBJ ( DT A ) ( CD three ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( CD 10 ) ( NNS times ) ) ( CD 10 ) ) ( ADVP ( RB again ) ) ) ( ADVP ( CC and ) ( RB so ) ( IN on ) ) ) )

A three is 10 times 10 again and so on


( S ( NP-SBJ ( WDT That ) ) ( VP ( VBD put ) ( NP ( NP ( DT the ) ( CD seven ) ) ( PP ( IN of ) ( NP ( NNP Oct. ) ( CD 17 ) ) ) ) ( PP-CLR ( IN in ) ( NP ( NN perspective ) ) ) ( PP ( IN for ) ( NP ( PRP me ) ) ) ) )

That put the seven of Oct. 17 in perspective for me


( S ( VP ( VBP Think ) ( SBAR ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD 'll ) ( VP ( VB buy ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT those ) ( S-TTL ( NP-SBJ ( PRP I ) ) ( VP ( VBD Survived ) ) ) ( NNS T-shirts ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT all ) ) ) ) ) ) ) ) )

Think I 'll buy one of those I Survived T-shirts after all


( S ( PP ( IN By ) ( NP ( JJ Richterian ) ( NNS standards ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN show ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NNP Oakland ) ( NNP Athletics ) ) ( VP ( VBD put ) ( PP-PUT ( RP on ) ) ( NP-TMP ( NNP Friday ) ( CC and ) ( NNP Saturday ) ( NNS nights ) ) ) ) ) ) ( PRN ( PP ( IN in ) ( S-NOM ( VP ( VBG putting ) ( NP-CLR ( DT a ) ( RB mercifully ) ( JJ swift ) ( NN end ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN game ) ( POS 's ) ) ( NNP Longest ) ( NNP Short ) ( NNP Series ) ) ) ) ) ) ) ( VP ( VBD rated ) ( ADVP-CLR ( RB somewhere ) ( PP ( IN between ) ( NP ( NP ( DT a ) ( CD 10 ) ) ( CC and ) ( NP ( DT an ) ( CD 11 ) ) ) ) ) ) )

By Richterian standards the show that the Oakland Athletics put on Friday and Saturday nights in putting a mercifully swift end to the game 's Longest Short Series rated somewhere between a 10 and an 11


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNS boys ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ white ) ( NNS elephants ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( NNS sleeves ) ) ) ) ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB have ) ( VP ( VBN made ) ( S ( NP-SBJ ( DT the ) ( NN earth ) ) ( VP ( VB move ) ( ADVP ( RB much ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB certainly ) ) ( VP ( VBD did ) ( NP ( DT some ) ( JJ impressive ) ( NNS things ) ) ( PP ( IN with ) ( NP ( NNS baseballs ) ) ) ) ) )

The boys with the white elephants on their sleeves might not have made the earth move much but they certainly did some impressive things with baseballs


( S ( NP-SBJ ( DT The ) ( NNP Pale ) ( NNPS Pachyderms ) ) ( VP ( VBD propelled ) ( NP ( NP ( CD six ) ) ( PP ( IN of ) ( NP ( PRP 'em ) ) ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ unfriendly ) ( NNS confines ) ) ( PP ( IN of ) ( NP ( NNP Candlestick ) ( NNP Park ) ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( CD two ) ( NNS games ) ) ) ( PP ( IN en ) ( NP ( NP ( NN route ) ) ( PP ( TO to ) ( NP ( NP ( ADVP ( CD 13-7 ) ( CC and ) ( CD 9-6 ) ) ( NNS wins ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NNPS Giants ) ) ) ) ) ) ) ) )

The Pale Pachyderms propelled six of 'em out of the unfriendly confines of Candlestick Park during the two games en route to 13-7 and 9-6 wins over the San Francisco Giants


( S ( S-ADV ( VP ( VBN Combined ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( PRP$ their ) ( CD two ) ( JJ pre-quake ) ( NNS victories ) ) ( PP-TMP ( ADVP ( RB way ) ( RB back ) ) ( IN on ) ( NP ( NNP Oct. ) ( CD 14 ) ( CC and ) ( CD 15 ) ) ) ) ( PRN ( S ( S ( NP-SBJ ( DT the ) ( NNS scores ) ) ( VP ( VBD were ) ( NP-PRD ( CD 5-0 ) ( CC and ) ( CD 5-1 ) ) ) ) ( FRAG ( VP ( VB remember ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( WDT that ) ) ( VP ( VBD gave ) ( NP ( PRP them ) ) ( NP ( NP ( DT a ) ( NN sweep ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ best-of-seven ) ( NN series ) ) ) ) ) )

Combined with their two pre-quake victories way back on Oct. 14 and 15 the scores were 5-0 and 5-1 remember that gave them a sweep of the best-of-seven series


( S ( NP-SBJ ( NP ( DT The ) ( NN joke ) ) ( ADVP-LOC ( RB here ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNPS Giants ) ) ( VP ( VBD lost ) ( PP-MNR ( IN by ) ( NP ( IN de ) ( NN fault ) ) ) ) ) ) ) )

The joke here is that the Giants lost by de fault


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( RB geologically ) ( JJ correct ) ) ( CC but ) ( ADJP ( NP-ADV ( DT a ) ( RB trifle ) ) ( JJ unfair ) ) ( ADVP ( RB otherwise ) ) ) ) )

That 's geologically correct but a trifle unfair otherwise


( S ( NP-SBJ ( PRP They ) ) ( VP ( VP ( VBD showed ) ( PRT ( IN up ) ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( PRN ( CC or ) ( MD could ) ( RB n't ) ) ( VP ( VB challenge ) ) ) ) )

They showed up but did n't or could n't challenge


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VP ( VBD led ) ( PP-TMP ( IN for ) ( NP ( DT nary ) ( DT an ) ( NN inning ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD four ) ( NNS games ) ) ) ) ( CC and ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB stir ) ( NP ( PRP$ their ) ( NNS fans ) ) ( ADVP-TMP ( RB only ) ( RB once ) ) ) ) ) ) ) )

They led for nary an inning in the four games and managed to stir their fans only once


( S ( NP-SBJ ( WDT That ) ) ( VP ( VBD came ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ seventh ) ( NN inning ) ) ( PP ( IN of ) ( NP ( NNP Game ) ( NNP Four ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( S-ADV ( VP ( VBG trailing ) ( ADVP-CLR ( CD 8-2 ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VP ( VBD scored ) ( NP-ADV ( CD four ) ( NNS times ) ) ) ( CC and ) ( VP ( VBD brought ) ( NP ( NP ( PRP$ their ) ( JJ big ) ( NN heat ) ) ( NP ( NP ( NNP Will ) ( NNP Clark ) ) ( CC and ) ( NP ( NNP Kevin ) ( NNP Mitchell ) ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN plate ) ) ) ( PP ( IN with ) ( NP ( NP ( CD one ) ( NN out ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN runner ) ) ( ADJP ( IN on ) ) ) ) ) ) ) ) ) ) )

That came in the seventh inning of Game Four when trailing 8-2 they scored four times and brought their big heat Will Clark and Kevin Mitchell to the plate with one out and a runner on


( S ( CC But ) ( S ( NP-SBJ ( NNP Clark ) ) ( VP ( VBD flied ) ( PRT ( RP out ) ) ( PP-CLR ( TO to ) ( NP ( VB short ) ( JJ right ) ( NN field ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( NP ( NNP Mitchell ) ( POS 's ) ) ( NN drive ) ) ( PP ( TO to ) ( NP ( JJ left ) ) ) ) ( VP ( VBD was ) ( VP ( VBN caught ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( VBG warning ) ( NN track ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Rickey ) ( NNP Henderson ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( CD 62,000 ) ( NNS sets ) ) ( PP ( IN of ) ( NP ( NNS lungs ) ) ) ) ( VP ( VBD exhaled ) ( PP-MNR ( IN as ) ( NP ( CD one ) ) ) ) ) ) ) ) ) )

But Clark flied out to short right field and Mitchell 's drive to left was caught on the warning track by Rickey Henderson as 62,000 sets of lungs exhaled as one


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBD went ) ( ADVP-DIR ( IN out ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP Todd ) ( NNP Burns ) ) ( NP ( NP ( DT the ) ( NNP A ) ( POS 's ) ) ( NN reliever ) ) ) ) ) ( CC and ) ( VP ( VBD told ) ( NP ( PRP him ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBG gon ) ( S ( VP ( TO na ) ( VP ( VB let ) ( S ( NP-SBJ ( DT this ) ( NN guy ) ) ( VP ( VB beat ) ( NP ( PRP us ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Oakland ) ( NN catcher ) ( NNP Terry ) ( NNP Steinbach ) ) ( PP-CLR-3 ( IN of ) ( NP ( NP ( DT the ) ( JJ decisive ) ( NN confrontation ) ) ( PP ( IN with ) ( NP ( NP ( NNP Mitchell ) ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP League ) ( POS 's ) ) ( VBG reigning ) ( JJ home-run ) ( NN king ) ) ) ) ) ) )

I went out to Todd Burns the A 's reliever and told him that we were n't gon na let this guy beat us said Oakland catcher Terry Steinbach of the decisive confrontation with Mitchell the National League 's reigning home-run king


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD told ) ( NP-2 ( PRP him ) ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NNP Mitchell ) ) ( VP ( VB reach ) ( PP-CLR ( IN for ) ( NP ( NN everything ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD did ) ) ) ) ) ) )

I told him to make Mitchell reach for everything and that 's what we did


( S ( NP-SBJ ( NP ( DT The ) ( NN ball ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD hit ) ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT a ) ( NN strike ) ) ) )

The ball he hit was n't a strike


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD mighta ) ( VP ( VB hit ) ( NP ( PRP it ) ) ( PRT ( IN out ) ) ) ) )

If it had been he mighta hit it out


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNP A ) ( POS 's ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN won ) ( PP ( IN in ) ( NP ( CD four ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN prevailed ) ( PP ( IN in ) ( NP ( CD five ) ( CC or ) ( CD six ) ( CC or ) ( CD seven ) ) ) ) ) ) )

But if the A 's had n't won in four they would have prevailed in five or six or seven


( S ( NP-SBJ ( DT The ) ( JJS best ) ( NN team ) ) ( VP ( VBD won ) ( NP ( DT this ) ( NN Series ) ) ( SBAR-ADV ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ unusual ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB sound ) ) ) ) ) ) ) ) ) ) )

The best team won this Series which is more unusual than it may sound


( S ( NP-SBJ ( NN Baseball ) ) ( VP ( VBP ai ) ( RB n't ) ( NP-PRD ( NP ( NN football ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( JJ good ) ( NNS teams ) ) ( VP ( VBP beat ) ( PRT ( RP up ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ bad ) ( NNS ones ) ) ) ) ) ) ) ) )

Baseball ai n't football where the good teams beat up on the bad ones


( S ( S ( NP-SBJ ( DT The ) ( JJS best ) ( NN baseball ) ( NNS teams ) ) ( VP ( VBP win ) ( NP ( QP ( CD six ) ( IN of ) ( CD 10 ) ) ( NNS games ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJS worst ) ) ( VP ( VBP win ) ( NP ( NP ( CD four ) ) ( PP ( IN of ) ( NP ( CD 10 ) ) ) ) ) ) )

The best baseball teams win six of 10 games and the worst win four of 10


( S ( PP ( IN Without ) ( S-NOM ( VP ( VBG becoming ) ( ADJP-PRD ( RB overly ) ( JJ contentious ) ) ) ) ) ( VP ( VB allow ) ( S ( NP-SBJ ( PRP me ) ) ( VP ( TO to ) ( VP ( VB suggest ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ several ) ( JJ recent ) ( NNS champions ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN world ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( PRP us ) ) ( PRN ( PP ( IN as ) ( PP ( IN in ) ( NP ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB have ) ( VP ( VBN ranked ) ( NP-ADV ( NN No. ) ( CD 1 ) ) ( PP-LOC ( IN in ) ( NP ( JJ many ) ( NNS polls ) ) ) ) ) ) ) ) ) ) ) ) )

Without becoming overly contentious allow me to suggest that several recent champions of the world according to us as in U.S. might not have ranked No. 1 in many polls


( S ( NP-SBJ ( DT That ) ( NN list ) ) ( VP ( VBZ includes ) ( NP ( NP ( NP ( JJ last ) ( NN season ) ( POS 's ) ) ( NNS champs ) ) ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NNPS Dodgers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD rode ) ( NP ( NP ( NP ( DT a ) ( NN miracle ) ( NN home ) ( NN run ) ) ( PP ( IN by ) ( NP ( NNP Kirk ) ( NNP Gibson ) ) ) ) ( CC and ) ( NP ( NP ( CD two ) ( JJ faultless ) ( NN pitching ) ( NNS performances ) ) ( PP ( IN by ) ( NP ( NNP Orel ) ( NNP Hershiser ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( JJ five-game ) ( NN triumph ) ) ( PP ( IN over ) ( NP ( DT a ) ( VBN bewitched ) ( VBN bothered ) ( NNP Oakland ) ( NN crew ) ) ) ) ) ) ) ) ) ) )

That list includes last season 's champs the Los Angeles Dodgers who rode a miracle home run by Kirk Gibson and two faultless pitching performances by Orel Hershiser to a five-game triumph over a bewitched bothered Oakland crew


( S ( NP-SBJ ( DT These ) ( NNP A ) ( POS 's ) ) ( ADVP ( RB however ) ) ( VP ( VBD got ) ( NP ( NP ( JJ few ) ( NNS grades ) ) ( ADJP ( ADJP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( NN B ) ) ) ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( CD 1989 ) ( NN report ) ( NN card ) ) ) ) )

These A 's however got few grades as low as B on their 1989 report card


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VP ( VBD led ) ( NP ( DT the ) ( NNP Major ) ( NNPS Leagues ) ) ( PP-CLR ( IN in ) ( NP ( JJ regular-season ) ( NNS wins ) ) ) ( PP-CLR ( IN with ) ( NP ( CD 99 ) ) ) ) ( CC and ) ( VP ( VBD flattened ) ( NP ( DT the ) ( NNP Toronto ) ( NNP Blue ) ( NNPS Jays ) ) ( ADVP-CLR ( CD four ) ( NNS games ) ( TO to ) ( CD one ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP American ) ( NNP League ) ( NN pennant ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG stomping ) ( NP ( PRP$ their ) ( JJ cross-bay ) ( NNS rivals ) ) ) ) ) ) ) ) )

They led the Major Leagues in regular-season wins with 99 and flattened the Toronto Blue Jays four games to one for the American League pennant before stomping their cross-bay rivals


( S ( NP-SBJ ( NP ( DT The ) ( JJS pithiest ) ( NN testimony ) ) ( PP ( TO to ) ( NP ( NP ( PRP$ their ) ( NN domination ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ just-concluded ) ( NN tournament ) ) ) ) ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( NP ( NP ( NNPS Giants ) ( POS ' ) ) ( NN manager ) ( NNP Roger ) ( NNP Craig ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP$ his ) ( NN team ) ) ( VP ( VBD had ) ( VP ( VBN fallen ) ( PP-LOC ( IN in ) ( NP ( NNP Game ) ( NNP Three ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ five-home-run ) ( NN barrage ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD tied ) ( NP ( DT a ) ( JJ 61-year-old ) ( NN Series ) ( NN record ) ) ) ) ) ) ) ) ) ) ) ) )

The pithiest testimony to their domination of the just-concluded tournament came from Giants ' manager Roger Craig after his team had fallen in Game Three to a five-home-run barrage that tied a 61-year-old Series record


( S ( S-ADV ( VP ( VBN Asked ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( VP ( VB do ) ( ADVP-MNR ( RB differently ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN morrow ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Craig ) ) ( VP ( VBD allowed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD might ) ( VP ( VB play ) ( NP ( PRP$ his ) ( NNS outfielders ) ) ( ADVP-MNR ( RBR deeper ) ) ( ADVP ( RB maybe ) ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ other ) ( NN side ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN fence ) ) ) ) ) ) ) ) ) ) )

Asked what he would do differently on the morrow Craig allowed that he might play his outfielders deeper maybe on the other side of the fence


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP A ) ( POS 's ) ) ( JJ offensive ) ( NN showing ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Series ) ) ) ) ( VP ( VBD got ) ( NP ( NP ( DT an ) ( NN A ) ) ( PP ( IN as ) ( PP ( IN in ) ( ADJP ( JJ awesome ) ) ) ) ) ) )

The A 's offensive showing in the Series got an A as in awesome


( S ( S ( NP-SBJ ( PRP$ Their ) ( CD 85 ) ( NN total ) ( NNS bases ) ) ( VP ( VBD broke ) ( NP ( NP ( DT a ) ( NN record ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ four-game ) ( NN set ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ their ) ( CD nine ) ( NN home ) ( NNS runs ) ) ( VP ( VBD tied ) ( NP ( CD one ) ) ) ) )

Their 85 total bases broke a record for a four-game set and their nine home runs tied one


( S ( NP-SBJ ( CD Eight ) ( NNP Oakland ) ( NNS players ) ) ( VP ( VBD hit ) ( NP ( NNS homers ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NN centerfielder ) ( NNP Dave ) ( NNP Henderson ) ) ( VP ( VBG getting ) ( NP ( NP ( CD two ) ) ( NP ( NP ( DT both ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) ) )

Eight Oakland players hit homers with centerfielder Dave Henderson getting two both on Friday


( S ( NP-SBJ ( NP ( NNP Rickey ) ( NNP Henderson ) ) ( NP ( DT the ) ( JJ do-everything ) ( NN leadoff ) ( NN man ) ) ) ( VP ( VP ( VBD had ) ( NP ( CD nine ) ( NNS hits ) ) ) ( CC and ) ( VP ( VBD set ) ( CC or ) ( VBD tied ) ( NP ( NP ( JJ four-game ) ( NNP Series ) ( NNS marks ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNS triples ) ) ( PRN ( NP ( CD 2 ) ) ) ) ( CC and ) ( NP ( NP ( VBN stolen ) ( NNS bases ) ) ( PRN ( NP ( CD 3 ) ) ) ) ) ) ) ) ) )

Rickey Henderson the do-everything leadoff man had nine hits and set or tied four-game Series marks for triples 2 and stolen bases 3


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN sole ) ( NNP A ) ) ( SBAR ( S ( RB not ) ( VP ( TO to ) ( VP ( VB homer ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN cleanup ) ( NN hitter ) ( NNP Mark ) ( NNP McGwire ) ) ( NP ( NP ( PRP$ their ) ( JJ regular-season ) ( NN leader ) ) ( PP ( IN with ) ( NP ( CD 33 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD contributed ) ( NP ( NP ( CD five ) ( NNS hits ) ) ( CC plus ) ( NP ( NP ( DT a ) ( JJ diving ) ( NN fielding ) ( NN play ) ) ( PP ( IN on ) ( NP ( DT a ) ( NN ground ) ( NN ball ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP Game ) ( NNP Three ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD stopped ) ( NP ( DT a ) ( NNP Giant ) ( NN rally ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN issue ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBD was ) ( PP-PRD ( IN in ) ( NP ( NN doubt ) ) ) ) ) ) ) ) ) ) ) ) ) )

The sole A not to homer was cleanup hitter Mark McGwire their regular-season leader with 33 and he contributed five hits plus a diving fielding play on a ground ball in Game Three that stopped a Giant rally while the issue still was in doubt


( SINV ( S-TPC-1 ( VP ( VBP Think ) ( SBAR ( S ( NP-SBJ-5 ( PRP I ) ) ( VP ( MD 'll ) ( VP ( VP ( VB redo ) ( NP ( PRP$ my ) ( NN image ) ) ) ( VP ( VB get ) ( S ( NP-SBJ-4 ( DT this ) ) ( VP ( VBN changed ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN glove ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD quipped ) ) ( NP-SBJ-2 ( DT the ) ( JJ big ) ( JJ first ) ( NN baseman ) ) ( NP-TMP ( NNP Saturday ) ( NN night ) ) ( S-ADV ( VP ( VBG fingering ) ( NP ( NP ( DT the ) ( JJ gold ) ( NN bat ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ wears ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( NN neck ) ( NN chain ) ) ) ) ) ) ) ) ) )

Think I 'll redo my image get this changed to a glove quipped the big first baseman Saturday night fingering the gold bat he wears on a neck chain


( S ( PP ( ADVP ( RB Even ) ) ( IN with ) ( NP ( DT that ) ( NN power ) ( NN show ) ) ) ( ADVP ( RB though ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NNP Oakland ) ( NNP Series ) ( POS ' ) ) ( NN star ) ) ( VP ( VBN certified ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Most ) ( NNP Valuable ) ( NNP Player ) ( NN award ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN pitcher ) ) ( NP ( NNP Dave ) ( NNP Stewart ) ) ) ) )

Even with that power show though the Oakland Series ' star certified by the Most Valuable Player award was a pitcher Dave Stewart


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD shut ) ( PRT ( RP out ) ) ( NP ( DT the ) ( NNPS Giants ) ) ( PP-CLR ( IN on ) ( NP ( CD five ) ( NNS hits ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP Game ) ( NNP One ) ) ) ) ( CC and ) ( VP ( VBD allowed ) ( NP ( NP ( CD three ) ( NNS runs ) ) ( PP ( IN on ) ( NP ( CD five ) ( NNS hits ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD seven ) ( NNS innings ) ) ) ( NP-TMP ( NNP Friday ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( JJ 12-day ) ( NN break ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN earthquake ) ) ) ) ) ) ) ) )

He shut out the Giants on five hits in Game One and allowed three runs on five hits in seven innings Friday after the 12-day break caused by the earthquake


( S ( NP-SBJ ( NP ( NNP Stewart ) ( POS 's ) ) ( NN honor ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ nice ) ( NN note ) ) ( PP-PRP ( IN on ) ( NP ( NP ( DT a ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS grounds ) ) ) ) ) ) )

Stewart 's honor was a nice note on a couple of grounds


( S ( NP-SBJ ( CD One ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( PRP$ his ) ( CD 62 ) ( JJ regular-season ) ( NNS wins ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS seasons ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Land ) ) ( PP-LOC ( NNP Beyond ) ( NP ( DT the ) ( NNP Late ) ( NNP News ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN overshadowed ) ( PP ( IN by ) ( NP-LGS ( PRP$ his ) ( JJ more-muscular ) ( NNS mates ) ) ) ) ) ) ( CC and ) ( VP ( VBN missed ) ( PRT ( RP out ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS prizes ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( PRP$ his ) ( NN due ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One was that despite his 62 regular-season wins over the past three seasons in the Land Beyond the Late News he has been overshadowed by his more-muscular mates and missed out on prizes that might have been his due


( S ( NP-SBJ ( DT The ) ( JJ other ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBZ 's ) ( NP-PRD ( DT an ) ( NNP Oakland ) ( NN native ) ) ) ( CC and ) ( VP ( VBD lifted ) ( NP ( NP ( NNS residents ) ( POS ' ) ) ( NNS spirits ) ) ( PP-MNR ( IN by ) ( NP ( NP ( PRP$ his ) ( NNS visits ) ) ( PP ( TO to ) ( NP ( JJ quake-hit ) ( NNS areas ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) )

The other is that he 's an Oakland native and lifted residents ' spirits by his visits to quake-hit areas last week


( S ( ADVP-TMP ( RB Afterward ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP A ) ( POS 's ) ) ( VP ( VBD toasted ) ( NP ( PRP$ their ) ( NN victory ) ) ( PP-MNR ( IN with ) ( NP ( NN beer ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD dispensed ) ( PP-CLR ( IN with ) ( NP ( JJ traditional ) ( NN champagne ) ( NNS showers ) ) ) ( PP ( IN in ) ( NP ( NP ( NN deference ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN quake ) ( NNS victims ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Stewart ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( JJ championship-team ) ( NN ring ) ) ( VP ( MD would ) ( VP ( VB outshine ) ( NP ( PRP$ his ) ( JJ individual ) ( NN trophy ) ) ) ) ) ) ) ) ) ) )

Afterward as the A 's toasted their victory with beer they dispensed with traditional champagne showers in deference to the quake victims Stewart said he thought his championship-team ring would outshine his individual trophy


( S ( S-TPC-1 ( S ( VP ( VB Give ) ( NP ( PRP me ) ( NP ( NP ( QP ( CD four ) ( CC or ) ( CD five ) ( JJR more ) ) ( NN Series ) ) ( PP ( IN with ) ( NP ( DT these ) ( NNS guys ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB care ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP I ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBP win ) ( NP ( DT a ) ( NNP Cy ) ( NNP Young ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( PP ( IN in ) ( NP ( NP ( NN reference ) ) ( PP ( TO to ) ( NP ( NP ( NN baseball ) ( POS 's ) ) ( JJ best-pitcher ) ( NN award ) ) ) ) ) ) )

Give me four or five more Series with these guys and I do n't care if I ever win a Cy Young he said in reference to baseball 's best-pitcher award


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NP ( NNP A ) ( POS 's ) ) ( NN ring ) ( NN cycle ) ) ( X ( IN a\/k\/a ) ( NP ( DT a ) ( NN dynasty ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN topic ) ) ( PP ( IN of ) ( NP ( JJ post-game ) ( NN discussion ) ) ) ) ( NP-TMP ( NNP Saturday ) ) ( ADVP-MNR ( ADVP ( RB so ) ( RB much ) ( RB so ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Sandy ) ( NNP Alderson ) ) ( NP ( NP ( DT the ) ( NN team ) ( POS 's ) ) ( JJ general ) ( NN manager ) ) ) ( VP ( VBD felt ) ( VP ( VBN obliged ) ( S ( VP ( TO to ) ( VP ( VB dampen ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

Indeed the possibility of an A 's ring cycle a\/k\/a a dynasty was a major topic of post-game discussion Saturday so much so that Sandy Alderson the team 's general manager felt obliged to dampen it


( S ( S-TPC-1 ( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP change ) ) ) ( S ( NP-SBJ ( NNS teams ) ) ( VP ( VBP change ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD cautioned ) ) )

People change teams change he cautioned


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( JJR easier ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( JJR worse ) ) ) ) ) ( SBAR-1 ( IN than ) ( FRAG ( ADJP-PRD ( JJR better ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN game ) ) ) ) )

It 's easier to get worse than better in this game


( S ( NP-SBJ ( PRP He ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN added ) ( NP ( NP ( DT an ) ( JJ interesting ) ( JJ historical ) ( NN fact ) ) ( S ( NP-SBJ ( NP ( DT The ) ( JJ last ) ( NN Series ) ( NN sweep ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Cincinnati ) ( NNP Reds ) ) ) ) ( VP ( VBD came ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1976 ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN year ) ) ( PP ( IN of ) ( NP ( NN baseball ) ( NN player ) ( JJ free ) ( NN agency ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He might have added an interesting historical fact The last Series sweep by the Cincinnati Reds came in 1976 which also was the first year of baseball player free agency


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB widely ) ) ( VBN predicted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ free ) ( NN agency ) ) ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT the ) ( JJ glamorous ) ( JJ big ) ( NN market ) ( NNS teams ) ) ( VP ( TO to ) ( VP ( VB monopolize ) ( NP ( DT the ) ( JJS best ) ( NN talent ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( S ( NP-SBJ ( RB quite ) ( DT the ) ( NN opposite ) ) ( VP ( VBZ has ) ( VP ( VBN occurred ) ) ) ) ( S ( NP-SBJ ( CD Twelve ) ( JJ different ) ( NNS clubs ) ) ( VP ( VBP have ) ( VP ( VBN won ) ( NP ( NNS titles ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD 14 ) ( NNS seasons ) ) ( PP-TMP ( IN since ) ( NP ( PRP$ its ) ( NN advent ) ) ) ) ) ) ) ) ) )

It was widely predicted that free agency would allow the glamorous big market teams to monopolize the best talent but quite the opposite has occurred Twelve different clubs have won titles in the 14 seasons since its advent


( S ( NP-SBJ ( DT The ) ( NN number ) ) ( VP ( VBZ includes ) ( NP ( NP ( JJ such ) ( JJ unstylish ) ( NNS burgs ) ) ( PP ( IN as ) ( PRN ( INTJ ( UH well ) ) ) ( NP ( NNP Oakland ) ) ) ) ) )

The number includes such unstylish burgs as well Oakland


( S ( NP-SBJ ( NP ( NNP R.H. ) ( NNP Macy ) ( CC & ) ( NNP Co. ) ) ( NP ( DT the ) ( ADJP ( RB closely ) ( VBN held ) ) ( NN department ) ( NN store ) ( NN chain ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ financial ) ( NN filing ) ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NNS sales ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP July ) ( CD 29 ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( CD 10 ) ( NN % ) ) ( PP ( TO to ) ( NP ( QP ( CD 1.59 ) ( CD billion ) ) ) ) ) ( PP ( IN against ) ( NP ( NP ( QP ( CD 1.44 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

R.H. Macy & Co. the closely held department store chain said in a financial filing Friday that its sales for the fiscal fourth quarter ended July 29 were up 10 % to 1.59 billion against 1.44 billion a year earlier


( S ( NP-SBJ ( NP ( JJ Comparable ) ( NN store ) ( NNS sales ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( CD 7.3 ) ( NN % ) ) ) ) )

Comparable store sales for the quarter were up 7.3 %


( S ( NP-SBJ ( NP ( DT The ) ( JJ net ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 43.1 ) ( CD million ) ) ) ( PP ( IN against ) ( NP ( NP ( DT a ) ( JJ year-earlier ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 106 ) ( CD million ) ) ) ) ) ) ) )

The net loss for the quarter was 43.1 million against a year-earlier loss of 106 million


( S ( NP-SBJ ( NP ( DT The ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ( VP ( VBN reflected ) ( PP-CLR ( IN in ) ( NP ( NN part ) ) ) ( NP ( NP ( NP ( NNS expenses ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( JJ unsuccessful ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP Federated ) ( NNP Department ) ( NNPS Stores ) ( NNP Inc. ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT the ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN department ) ( NN store ) ( NNS operations ) ) ) ) ) ) ) ) )

The loss in the fourth quarter of 1988 reflected in part expenses for an unsuccessful bid for Federated Department Stores Inc. as well as the restructuring of some of its department store operations


( S ( PP ( IN For ) ( NP ( DT the ) ( NN year ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( CD 5.6 ) ( NN % ) ) ( PP ( TO to ) ( NP ( QP ( CD 6.97 ) ( CD billion ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 6.61 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1988 ) ) ) ) ) ) ) )

For the year sales were up 5.6 % to 6.97 billion compared with 6.61 billion in fiscal 1988


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( DT both ) ( NNS years ) ) ) ) ( VP ( VBP reflect ) ( NP ( NP ( JJ 12-month ) ( NNS performances ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( NN year ) ) ( PP ( IN of ) ( NP ( NP ( NNP I. ) ( NNP Magnin ) ) ( NP ( NNP Bullock ) ( POS 's ) ) ( CC and ) ( NP ( NNP Bullocks ) ( NNP Wilshire ) ) ) ) ) ) ) ) )

Sales for both years reflect 12-month performances for each year of I. Magnin Bullock 's and Bullocks Wilshire


( S ( NP-SBJ ( NNP Macy ) ) ( VP ( VBD acquired ) ( NP ( DT those ) ( CD three ) ( NNS businesses ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ( CD 1988 ) ) ) ) )

Macy acquired those three businesses in May 1988


( S ( PP ( IN On ) ( NP ( DT a ) ( JJ comparable ) ( NN store ) ( NN basis ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( JJ new ) ( NNS acquisitions ) ) ( PP ( IN for ) ( NP ( DT both ) ( NNS years ) ) ) ) ) ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN for ) ( NP ( JJ fiscal ) ( CD 1989 ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( CD 1.9 ) ( NN % ) ) ) ) )

On a comparable store basis including the new acquisitions for both years sales for fiscal 1989 were up 1.9 %


( S ( NP-SBJ ( NNP Macy ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN for ) ( NP ( JJ fiscal ) ( CD 1989 ) ) ) ( PP ( IN of ) ( NP ( QP ( CD 53.7 ) ( CD million ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 188.2 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( JJ fiscal ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

Macy reported a net loss for fiscal 1989 of 53.7 million compared with a net loss of 188.2 million for fiscal 1988