( S ( NP-SBJ ( NNP Mr. ) ( NNP Silvers ) ) ( VP ( VBZ says ) ( S ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN interviewed ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( NP ( NNP Abbie ) ( POS 's ) ) ( NN story ) ) ( ADVP-PRD ( RB out ) ) ) ) ) ) ) ) ( CC and ) ( S ( ADVP ( RB maybe ) ) ( S-NOM-SBJ ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NN illness ) ) ) ) ) ( VP ( MD will ) ( VP ( VB do ) ( NP ( DT some ) ( NN good ) ) ) ) ) ) ) )

Mr. Silvers says I wanted to be interviewed to get Abbie 's story out and maybe talking about the illness will do some good


( S ( NP-SBJ-1 ( NP ( NP ( DT The ) ( JJ executive ) ( NN producer ) ) ( PP ( IN of ) ( NP-TTL ( NP ( NNP Saturday ) ( NNP Night ) ) ( PP ( IN With ) ( NP ( NNP Connie ) ( NNP Chung ) ) ) ) ) ) ( NP ( NNP Andrew ) ( NNP Lack ) ) ) ( VP ( VBZ declines ) ( S ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( NP ( NP ( NNS re-creactions ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN practice ) ) ) ) ( CC or ) ( NP ( PRP$ his ) ( NN show ) ) ( PP ( IN in ) ( ADJP ( JJ particular ) ) ) ) ) ) ) ) )

The executive producer of Saturday Night With Connie Chung Andrew Lack declines to discuss re-creactions as a practice or his show in particular


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB talk ) ( PP-CLR ( IN about ) ( NP ( PRP$ my ) ( NN work ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I do n't talk about my work he says


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP CBS ) ( NNP News ) ) ) ) ( NP ( NNP David ) ( NNP W. ) ( NNP Burke ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( JJ return ) ( NP ( JJ numerous ) ( NN telephone ) ( NNS calls ) ) ) ) )

The president of CBS News David W. Burke did n't return numerous telephone calls


( S ( NP-SBJ ( NP ( CD One ) ( NN person ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN process ) ) ) ) ) ( VP ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( JJS best ) ( NN interest ) ) ( PP ( IN of ) ( NP ( NNP CBS ) ( NNP News ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT a ) ( NN work ) ) ( PP-LOC ( IN in ) ( NP ( NN progress ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( NNP Hoffman ) ( NN re-creation ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NNP CBS ) ( NNP News ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS concerns ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ms. ) ( NNP Lawrenson ) ) ( CC and ) ( NP ( NP ( NNP Mr. ) ( NNP Hoffman ) ( POS 's ) ) ( JJ former ) ( NN wife ) ) ) ) ) ) ) ) ) ) ) ) )

One person close to the process says it would not be in the best interest of CBS News to comment on a work in progress such as the Hoffman re-creation but says CBS News is aware of the concerns of Ms. Lawrenson and Mr. Hoffman 's former wife


( S ( NP-SBJ-1 ( DT Neither ) ( NN woman ) ) ( VP ( VBD was ) ( VP ( VBN invited ) ( PP ( IN by ) ( NP-LGS ( NNP CBS ) ( NNP News ) ) ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ round-table ) ( NN discussion ) ) ( PP ( IN about ) ( NP ( NNP Mr. ) ( NNP Hoffman ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB follow ) ( NP ( DT the ) ( NN re-enactment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Neither woman was invited by CBS News to participate in a round-table discussion about Mr. Hoffman that is to follow the re-enactment


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Lieber ) ) ( NP ( NP ( DT the ) ( NN actor ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ plays ) ( NP ( NNP Mr. ) ( NNP Hoffman ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ concerned ) ) ( PP-TMP ( IN at ) ( ADJP ( JJ first ) ) ) ( SBAR-4 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN script ) ) ( VP ( MD would ) ( VP ( VB misrepresent ) ( NP ( NP ( DT an ) ( JJ astute ) ( JJ political ) ( NN mind ) ) ( NP ( NP ( CD one ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD admired ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ his ) ( NNS concerns ) ) ( VP ( VBD were ) ( VP ( VBN allayed ) ) ) ) ) ) ) )

Mr. Lieber the actor who plays Mr. Hoffman says he was concerned at first that the script would misrepresent an astute political mind one that I admired but that his concerns were allayed


( S-3 ( NP-SBJ ( DT The ) ( NNS producers ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBD did ) ( NP ( NP ( DT a ) ( JJ good ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG depicting ) ( NP ( NP ( NN someone ) ) ( SBAR ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN done ) ( NP ( RB so ) ( JJ much ) ) ) ) ) ) ( CC but ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD was ) ( ADVP ( RB also ) ) ( NP-PRD ( DT a ) ( NN manic-depressive ) ) ) ) ) ) ) ) ) ) ) ) )

The producers he says did a good job of depicting someone who had done so much but who was also a manic-depressive


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Italy ) ( POS 's ) ) ( NN trade ) ( NN deficit ) ) ( VP ( VBD narrowed ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 2.007 ) ( CD trillion ) ) ( NNS lire ) ) ( PRN ( NP ( QP ( CD 1.49 ) ( CD billion ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( CD 2.616 ) ( CD trillion ) ) ( NNS lire ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN state ) ( JJ statistical ) ( NN office ) ( NNP Istat ) ) ( VP ( VBD said ) ) )

Italy 's trade deficit narrowed to 2.007 trillion lire 1.49 billion in September from 2.616 trillion lire a year earlier the state statistical office Istat said


( S ( NP-SBJ ( DT The ) ( NN deficit ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 466 ) ( CD billion ) ) ( NNS lire ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) )

The deficit was 466 billion lire in August


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( NN trade ) ( NN deficit ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 14.933 ) ( CD trillion ) ) ( NNS lire ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 10.485 ) ( CD trillion ) ) ( NNS lire ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) )

For the first nine months the trade deficit was 14.933 trillion lire compared with 10.485 trillion lire in the year-earlier period


( S ( NP-SBJ ( NNP Istat ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS statistics ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( JJ provisional ) ) ) ( CC and ) ( VP ( VBP are ) ( RB n't ) ( ADVP-PRD ( RB seasonally ) ) ( VBN adjusted ) ) ) ) ) ) )

Istat said the statistics are provisional and are n't seasonally adjusted


( S ( NP-SBJ ( NNS Imports ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18.443 ) ( CD trillion ) ) ( NNS lire ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( PP-DIR ( IN from ) ( NP-TMP ( DT a ) ( NN year ) ( RBR earlier ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNS exports ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16.436 ) ( CD trillion ) ) ( NNS lire ) ) ) ) ) ) ) )

Imports rose 11 % to 18.443 trillion lire in September from a year earlier while exports rose 17 % to 16.436 trillion lire


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNS imports ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 20 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 155.039 ) ( CD trillion ) ) ( NNS lire ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNS exports ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 18 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 140.106 ) ( CD trillion ) ) ( NNS lire ) ) ) ) ) ) ) )

In the nine months imports rose 20 % to 155.039 trillion lire while exports grew 18 % to 140.106 trillion lire


( S ( NP-SBJ-1 ( NN Import ) ( NNS values ) ) ( VP ( VBP are ) ( VP ( VBN calculated ) ( PP ( IN on ) ( NP ( DT a ) ( NN cost ) ( NN insurance ) ( CC and ) ( NN freight ) ( PRN ( JJ c.i.f ) ) ( NN basis ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NNS exports ) ) ( VP ( VBP are ) ( VP ( VBN accounted ) ( PP-CLR ( IN for ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJ free-on-board ) ( PRN ( JJ f.o.b ) ) ( NN basis ) ) ) ) ) ) ) ) ) )

Import values are calculated on a cost insurance and freight c.i.f basis while exports are accounted for on a free-on-board f.o.b basis


( S ( NP-SBJ ( NNP ABB ) ( NNP Asea ) ( NNP Brown ) ( NNP Boveri ) ( NNP B.V. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD signed ) ( NP ( NP ( DT a ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ largest-ever ) ( NN power ) ( NN plant ) ( NN order ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNPS Netherlands ) ) ) ) ) ) ) ) ) ) )

ABB Asea Brown Boveri B.V. said it signed a contract for the largest-ever power plant order in the Netherlands


( S ( NP-SBJ ( NNP ABB ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN contract ) ) ( VP ( VBN signed ) ( PP ( IN with ) ( NP ( DT the ) ( JJ Dutch ) ( NN utility ) ( NNP N.V ) ( NNP Energieproduktiebedrijf ) ( NNP UNA ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN valued ) ( PP-CLR ( IN in ) ( NP ( NP ( NN excess ) ) ( PP ( IN of ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

ABB said the contract signed with the Dutch utility N.V Energieproduktiebedrijf UNA is valued in excess of 200 million


( S ( NP-SBJ ( DT The ) ( NN accord ) ) ( VP ( VBZ is ) ( PP-PRD ( IN for ) ( NP ( NP ( DT a ) ( NN turbogenerator ) ( NN plant ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( JJ coal-fired ) ( NN power ) ( NN station ) ( NNP Hemweg ) ) ( PP-LOC ( IN in ) ( NP ( NNP Amsterdam ) ) ) ) ) ) ) ) )

The accord is for a turbogenerator plant at the coal-fired power station Hemweg in Amsterdam


( S ( NP-SBJ ( NNP ABB ) ( NNP Asea ) ( NNP Brown ) ( NNP Boveri ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ Dutch ) ( NN unit ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Swedish-Swiss ) ( JJ electrical ) ( NN engineering ) ( NN group ) ( NNP ABB ) ( NNP Asea ) ( NNP Brown ) ( NNP Boveri ) ( NNP AG ) ) ) ) ) )

ABB Asea Brown Boveri is the Dutch unit of the Swedish-Swiss electrical engineering group ABB Asea Brown Boveri AG


( S ( NP-SBJ-2 ( NNP ABB ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ significant ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN order ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN placed ) ( PP-CLR ( IN with ) ( NP ( JJ Dutch ) ( NNS subcontractors ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG adding ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT a ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN set ) ( PRT ( RP up ) ) ( PP-PRP ( IN for ) ( NP ( DT this ) ( NN purpose ) ) ) ) ) ) ) ) ) ) ) )

ABB said a significant portion of the order will be placed with Dutch subcontractors adding that a group has been set up for this purpose


( S ( NP-SBJ ( DT The ) ( JJ Dutch ) ( NN utility ) ( NN firm ) ) ( VP ( VBZ serves ) ( NP ( DT the ) ( NNP Amsterdam ) ( CC and ) ( NNP Utrecht ) ( NNS areas ) ) ) )

The Dutch utility firm serves the Amsterdam and Utrecht areas


( S ( NP-SBJ-1 ( DT The ) ( JJ planned ) ( NN turbogenerator ) ( NN plant ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-CLR ( IN into ) ( NP ( NN operation ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1994 ) ) ) ) ) ) ) ) )

The planned turbogenerator plant is expected to go into operation in 1994


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB deeply ) ( JJ disturbed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ recent ) ( NN editorial ) ) ( VP ( VBD stated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NAC ( NNP Americans ) ( PP ( IN With ) ( NP ( NNP Disabilities ) ) ) ) ( NNP Act ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ( VP ( VBD was ) ( VP ( VBN crafted ) ( PP ( ADVP ( RB primarily ) ) ( IN by ) ( NP-LGS ( JJ Democratic ) ( NNPS Senators ) ( NNP Kennedy ) ( CC and ) ( NNP Harkin ) ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN premise ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( DT the ) ( NN presumption ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJS most ) ( NNPS Americans ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ hostile ) ( PP ( TO to ) ( NP ( DT the ) ( JJ disabled ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We are deeply disturbed that a recent editorial stated that the Americans With Disabilities Act of 1989 was crafted primarily by Democratic Senators Kennedy and Harkin with a premise based on the presumption that most Americans are hostile to the disabled


( SINV ( ADVP ( RB Perhaps ) ) ( ADJP-TPC-1 ( ADVP ( RB even ) ( RBR more ) ) ( JJ offensive ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN statement ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ surprising ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP George ) ( NNP Bush ) ) ( CC and ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ( JJ inner ) ( NN circle ) ) ) ( VP ( MD would ) ( VP ( VB ally ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN with ) ( NP ( DT this ) ( JJ crabby ) ( NN philosophy ) ) ) ) ) ) ) ) ) ) ) )

Perhaps even more offensive is the statement It is surprising that George Bush and the White House inner circle would ally themselves with this crabby philosophy


( S ( NP-SBJ-1 ( DT This ) ( NN legislation ) ) ( VP ( VBD was ) ( RB not ) ( VP ( VBN drafted ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN handful ) ) ( PP ( IN of ) ( NP ( JJ Democratic ) ( NNS do-gooders ) ) ) ) ) ) ) )

This legislation was not drafted by a handful of Democratic do-gooders


( S ( ADVP ( PDT Quite ) ( DT the ) ( JJ contrary ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ results ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS years ) ) ( PP ( IN of ) ( NP ( NN work ) ) ) ( PP ( IN by ) ( NP ( NP ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Council ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Handicapped ) ) ) ) ) ) ( NP ( NP ( RB all ) ) ( VP ( VBN appointed ) ( PP ( IN by ) ( NP-LGS ( NNP President ) ( NNP Reagan ) ) ) ) ) ) ) ) ) ) )

Quite the contrary it results from years of work by members of the National Council on the Handicapped all appointed by President Reagan


( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP depict ) ( NP ( DT the ) ( NN bill ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN something ) ) ( SBAR ( S ( NP-SBJ ( JJ Democratic ) ( NNS leaders ) ) ( VP ( VBN hoodwinked ) ( NP ( DT the ) ( NN administration ) ) ( PP-CLR ( IN into ) ( S-NOM ( VP ( VBG endorsing ) ) ) ) ) ) ) ) ) ) )

You depict the bill as something Democratic leaders hoodwinked the administration into endorsing


( S ( S ( NP-SBJ ( DT The ) ( JJ opposite ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ true ) ) ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN product ) ) ( PP ( IN of ) ( NP ( NP ( JJ many ) ( NNS meetings ) ) ( PP ( IN with ) ( NP ( NP ( NN administration ) ( NNS officials ) ) ( NP ( NNP Senate ) ( NNS staffers ) ) ( NP ( NNS advocates ) ) ( CC and ) ( NP ( NN business ) ( CC and ) ( NN transportation ) ( NNS officials ) ) ) ) ) ) ) ) ) )

The opposite is true It 's the product of many meetings with administration officials Senate staffers advocates and business and transportation officials


( S ( NP-SBJ ( JJ Many ) ( NNS congressmen ) ) ( VP ( VBP are ) ( VP ( VBG citing ) ( NP ( NP ( DT the ) ( NN compromise ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NAC ( NNP Americans ) ( PP ( IN With ) ( NP ( NNP Disabilities ) ) ) ) ( NNP Act ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN model ) ) ( PP ( IN for ) ( NP ( JJ bipartisan ) ( NNS deliberations ) ) ) ) ) ) ) )

Many congressmen are citing the compromise on the Americans With Disabilities Act of 1989 as a model for bipartisan deliberations


( S ( NP-SBJ-1 ( JJS Most ) ( NNP National ) ( NNP Council ) ( NNS members ) ) ( VP ( VP ( VBP are ) ( NP-ADV ( PRP themselves ) ) ( VP ( JJ disabled ) ) ) ( CC or ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS parents ) ) ( PP ( IN of ) ( NP ( NP ( NNS children ) ) ( PP ( IN with ) ( NP ( NNS disabilities ) ) ) ) ) ) ) ) )

Most National Council members are themselves disabled or are parents of children with disabilities


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP know ) ( ADVP-MNR ( RB firsthand ) ) ( NP ( NP ( DT the ) ( NN discrimination ) ) ( VP ( VBN addressed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN act ) ) ) ) ( S ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN told ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN place ) ) ( PP ( IN for ) ( NP ( PRP$ your ) ( NN child ) ) ) ( PP-LOC ( IN in ) ( NP ( NN school ) ) ) ) ) ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( JJ lonely ) ( NNS hours ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( NN transportation ) ) ( PP ( IN for ) ( NP ( NP ( NN someone ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN wheelchair ) ) ) ) ) ) ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN denied ) ( NP ( NN employment ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-3 ( PRP you ) ) ( VP ( VBP are ) ( VP ( JJ disabled ) ) ) ) ) ) ) ) ) ) ) ) )

We know firsthand the discrimination addressed by the act to be told there 's no place for your child in school to spend lonely hours at home because there is no transportation for someone in a wheelchair to be denied employment because you are disabled


( S ( NP-SBJ ( PRP$ Your ) ( NN editorial ) ) ( VP ( ADVP-MNR ( RB mockingly ) ) ( VBZ entitles ) ( S ( NP-SBJ ( DT this ) ( NN legislation ) ) ( NP-PRD ( DT the ) ( NX-TTL ( NNP Lawyers ) ( POS ' ) ( NNP Employment ) ( NNP Act ) ) ) ) ) )

Your editorial mockingly entitles this legislation the Lawyers ' Employment Act


( S ( PP ( IN For ) ( NP ( NP ( NP ( DT the ) ( QP ( CD 43 ) ( CD million ) ) ( NNS people ) ) ( PP ( IN with ) ( NP ( NNS disabilities ) ) ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS families ) ) ) ) ( NP-SBJ ( DT this ) ( NN legislation ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NX-TTL ( NNP Emancipation ) ( NNP Proclamation ) ) ) ) )

For the 43 million people with disabilities and their families this legislation is the Emancipation Proclamation


( NP ( NNP Sandra ) ( NNP Swift ) ( NNP Parrino ) )

Sandra Swift Parrino


Chairperson


( NP ( NP ( NNP National ) ( NNP Council ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Handicapped ) ) ) )

National Council on the Handicapped


( S ( NP-SBJ ( NP ( NNP Shoney ) ( POS 's ) ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( DT a ) ( NN write-off ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD seven ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) )

Shoney 's Inc. said it will report a write-off of 2.5 million or seven cents a share for its fourth quarter ended yesterday


( S ( NP-SBJ ( DT The ) ( NN restaurant ) ( NN operator ) ) ( VP ( VBD cited ) ( NP ( NP ( NN transaction ) ( NNS costs ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( CD 1988 ) ( NN recapitalization ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 160 ) ( CD million ) ) ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN bank ) ( NN debt ) ) ) ) ) ) ) ) ) )

The restaurant operator cited transaction costs from its 1988 recapitalization as a result of a 160 million restructuring of its bank debt


( S ( NP-SBJ-1 ( DT The ) ( NN write-off ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reported ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( JJ extraordinary ) ( NN item ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( CD 1989 ) ( NN operating ) ( NNS results ) ) ) ) ) ) )

The write-off will be reported as an extraordinary item in the company 's 1989 operating results


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ effective ) ( NN interest ) ( NN rate ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( QP ( CD 410 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ total ) ( VBG remaining ) ( NN bank ) ( NN debt ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 10.66 ) ( NN % ) ) ) )

In addition the effective interest rate on the 410 million of total remaining bank debt after the restructuring is 10.66 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ combined ) ( NN effect ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS changes ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB save ) ( NP ( DT the ) ( NN company ) ) ( NP ( NP ( QP ( RB about ) ( CD 4 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN interest ) ( NNS expenses ) ) ) ) ( NP-TMP ( IN next ) ( NN year ) ) ( PRN ( CC or ) ( NP ( NP ( CD six ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

The combined effect of these changes is expected to save the company about 4 million in interest expenses next year or six cents a share


( S ( NP-SBJ ( NNP Shoney ) ( POS 's ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJS latest ) ( NN restructuring ) ) ( VP ( VBD affected ) ( NP ( NP ( NN bank ) ( NN indebtedness ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN incurred ) ( S-PRP ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( QP ( CD 585 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( ADJP ( QP ( CD 728 ) ( CD million ) ) ) ( NN recapitalization ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD took ) ( NP-CLR ( NN place ) ) ( X ( PP-TMP ( IN in ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shoney 's said the latest restructuring affected bank indebtedness that was incurred to finance 585 million of the company 's 728 million recapitalization that took place in


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( NP ( NNS payments ) ) ( PP ( IN of ) ( NP ( QP ( CD 175 ) ( CD million ) ) ) ) ( PP ( IN against ) ( NP ( NP ( NP ( DT the ) ( JJ original ) ( QP ( CD 585 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN bank ) ( NN debt ) ) ) ) ( VP ( VBN incurred ) ( PP ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN recapitalization ) ) ) ) ) ) ) ) ) ) ) )

The company has made payments of 175 million against the original 585 million of bank debt incurred in connection with the recapitalization


( S ( NP-SBJ ( DT These ) ( NNS payments ) ) ( VP ( VBD consisted ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( QP ( CD 54 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ scheduled ) ( NNS payments ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 121 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS prepayments ) ) ( VP ( VBN funded ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( CD 82.8 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( NP ( NN operating ) ( NN cash ) ( NN flow ) ) ( NP ( JJ zero-coupon ) ( JJ subordinated ) ( NN debt ) ) ( CC and ) ( NP ( NNS assets ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) ) )

These payments consisted of 54 million in scheduled payments and 121 million in prepayments funded by 82.8 million from operating cash flow zero-coupon subordinated debt and assets sales


( S-1 ( S ( NP-SBJ ( NN Factory ) ( NNS owners ) ) ( VP ( VBP are ) ( VP ( VBG buying ) ( NP ( JJ new ) ( NN machinery ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ good ) ( NN rate ) ) ) ( NP-TMP ( DT this ) ( NN fall ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NN machine ) ( NN tool ) ( NNS makers ) ) ( VP ( VBP say ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( JJ sluggish ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS cars ) ( CC and ) ( NNS trucks ) ) ) ) ( VP ( VBP raise ) ( NP ( NP ( NNS questions ) ) ( PP ( IN about ) ( NP ( NP ( JJ fourth-quarter ) ( NN demand ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ important ) ( JJ automotive ) ( NN industry ) ) ) ) ) ) ) ) )

Factory owners are buying new machinery at a good rate this fall machine tool makers say but sluggish sales of new cars and trucks raise questions about fourth-quarter demand from the important automotive industry


( S ( NP-SBJ ( NP ( NNP September ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( NN machine ) ( NNS tools ) ) ) ) ( VP ( VP ( VBD rebounded ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN summer ) ( NNS doldrums ) ) ) ) ( CC but ) ( VP ( VBD remained ) ( PP-LOC-PRD ( NP-ADV ( CD 7.7 ) ( NN % ) ) ( IN below ) ( NP ( JJ year-earlier ) ( NNS levels ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS figures ) ) ( PP ( IN from ) ( NP ( NP ( NNP NMTBA ) ) ( NP ( NP ( DT the ) ( NNP Association ) ) ( PP ( IN for ) ( NP ( NNP Manufacturing ) ( NNP Technology ) ) ) ) ) ) ) ) ) ) )

September orders for machine tools rebounded from the summer doldrums but remained 7.7 % below year-earlier levels according to figures from NMTBA the Association for Manufacturing Technology


( S ( S-TPC-1 ( NP-SBJ ( JJ Domestic ) ( NN machine ) ( NN tool ) ( NNS plants ) ) ( VP ( VBD received ) ( NP ( NP ( QP ( CD 303 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS orders ) ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( UCP ( ADVP ( RB up ) ( NP ( CD 33 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( NNP August ) ( POS 's ) ) ( QP ( CD 227.1 ) ( CD million ) ) ) ) ) ( CC but ) ( ADVP ( RB still ) ) ( PP-LOC ( IN below ) ( NP ( NP ( DT the ) ( QP ( CD 328.2 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP September ) ( CD 1988 ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP NMTBA ) ) ( VP ( VBD said ) ) )

Domestic machine tool plants received 303 million of orders last month up 33 % from August 's 227.1 million but still below the 328.2 million of September 1988 NMTBA said


( S ( NP-SBJ ( NN Machine ) ( NNS tools ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ complex ) ( NNS machines ) ) ( VP ( VBG ranging ) ( PP-CLR ( PP ( IN from ) ( NP ( NNS lathes ) ) ) ( PP ( TO to ) ( NP ( NP ( JJ metal-forming ) ( NNS presses ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB shape ) ( NP ( JJS most ) ( NN metal ) ( NNS parts ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Machine tools are complex machines ranging from lathes to metal-forming presses that are used to shape most metal parts


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Overall ) ( NN demand ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ respectable ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Christopher ) ( NNP C. ) ( NNP Cole ) ) ( NP ( NP ( NN group ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Cincinnati ) ( NNP Milacron ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN machine ) ( NN tool ) ( NN producer ) ) ) ) ) ) )

Overall demand still is very respectable says Christopher C. Cole group vice president at Cincinnati Milacron Inc. the nation 's largest machine tool producer


( S ( NP-SBJ ( NP ( DT The ) ( NN outlook ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ positive ) ) ( PP-1 ( IN for ) ( NP ( DT the ) ( ADJP ( JJ intermediate ) ( TO to ) ( JJ long ) ) ( NN term ) ) ) ) )

The outlook is positive for the intermediate to long term


( S ( NP-SBJ ( NP ( NNP September ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( DT all ) ( NNP U.S. ) ( NNS producers ) ) ) ) ( PP ( IN in ) ( NP ( NN fact ) ) ) ( VP ( VBD were ) ( PP-PRD ( ADVP ( RB slightly ) ) ( IN above ) ( NP ( NP ( DT the ) ( JJ monthly ) ( NN average ) ) ( PP ( IN for ) ( NP ( NP ( CD 1988 ) ) ( NP ( NP ( DT a ) ( JJ good ) ( NN year ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) )

September orders for all U.S. producers in fact were slightly above the monthly average for 1988 a good year for the industry


( S ( S-TPC-1 ( NP-SBJ ( NN Aerospace ) ( NNS orders ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB very ) ( JJ good ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Cole ) ) ( VP ( VBZ says ) ) )

Aerospace orders are very good Mr. Cole says


( S ( CC And ) ( NP-SBJ ( NN export ) ( NN business ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ good ) ) ) )

And export business is still good


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( DT some ) ( JJ automotive ) ( NNS programs ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN delayed ) ) ) ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN canceled ) ) ) ) )

While some automotive programs have been delayed they have n't been canceled


( SINV ( S-TPC-1 ( NP-SBJ ( NNP September ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NN order ) ( NNS months ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NN history ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP R. ) ( NNP Roberts ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PRN ( NP ( JJ world-wide ) ( NNS sales ) ( CC and ) ( NN marketing ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Giddings ) ( CC & ) ( NNP Lewis ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Fond ) ( NNP du ) ( NNP Lac ) ) ( NP ( NNP Wis ) ) ) ) ) ) ) )

September was one of the biggest order months in our history says James R. Roberts vice president world-wide sales and marketing for Giddings & Lewis Inc. Fond du Lac Wis


( S ( S-TPC-2 ( PP-LOC ( IN At ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN meeting ) ) ( PP ( IN of ) ( NP ( NN manufacturing ) ( NNS executives ) ) ) ) ) ( NP-SBJ ( NP ( NN everybody ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD talked ) ( PP-CLR ( IN with ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB very ) ( JJ positive ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

At a recent meeting of manufacturing executives everybody I talked with was very positive he says


( S ( NP-SBJ ( JJS Most ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( NP ( JJR more ) ) ) ( PP-CLR ( IN on ) ( NP ( NN factory ) ( NN equipment ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-2 ( IN than ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) )

Most say they plan to spend more on factory equipment in 1990 than in 1989


( S ( CC But ) ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ North ) ( JJ American-made ) ) ( JJ 1990-model ) ( NNS cars ) ) ) ) ( VP ( VBP are ) ( VP ( VBG running ) ( PP-CLR ( IN at ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( QP ( RB only ) ( CD six ) ( CD million ) ) ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 7.1 ) ( CD million ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

But sales of North American-made 1990-model cars are running at an annual rate of only six million down from 7.1 million a year earlier


( S ( CC And ) ( NP-SBJ ( NN truck ) ( NNS sales ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB off ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ) ) )

And truck sales also are off more than 20 %


( S ( S-TPC-4 ( NP-SBJ-3 ( NP ( NN Auto ) ( NNS makers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD began ) ( S ( VP ( VBG deferring ) ( NP ( DT some ) ( NN equipment ) ( NNS purchases ) ) ) ) ( NP-TMP ( JJ last ) ( NN spring ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( JJ cautious ) ( PP ( IN about ) ( NP ( VBG spending ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP$ their ) ( NNS sales ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB pick ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN machine ) ( NN tool ) ( NNS builders ) ) ( VP ( VBP say ) ) )

Auto makers who began deferring some equipment purchases last spring can be expected to remain cautious about spending if their sales do n't pick up machine tool builders say


( S ( NP-SBJ ( NN Machine ) ( NN tool ) ( NNS executives ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ hopeful ) ( PRN ( ADVP ( RB however ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ recent ) ( NNS developments ) ) ( PP-LOC ( IN in ) ( NP ( NNP Eastern ) ( NNP Europe ) ) ) ) ( VP ( MD will ) ( VP ( VB expand ) ( NP ( NP ( NNS markets ) ) ( PP ( IN for ) ( NP ( JJ U.S.-made ) ( NN machine ) ( NNS tools ) ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN region ) ) ) ) ) ) ) ) ) ) )

Machine tool executives are hopeful however that recent developments in Eastern Europe will expand markets for U.S.-made machine tools in that region


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ state-of-the-art ) ( NN machine ) ( NNS tools ) ) ) ) ( PP-LOC ( PP ( IN in ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( JJ other ) ( JJ Eastern ) ( JJ European ) ( NNS countries ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( DT those ) ( NNS nations ) ) ( VP ( VBP strive ) ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NP ( NP ( DT the ) ( NN efficiency ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( VBG ailing ) ( NNS factories ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS goods ) ) ) ) ) ) ) ) ) ) ) ) )

There is demand for state-of-the-art machine tools in the Soviet Union and in other Eastern European countries as those nations strive to improve the efficiency of their ailing factories as well as the quality of their goods


( S ( ADVP ( RB However ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( VBG continuing ) ( NN dispute ) ) ( PP ( IN between ) ( NP ( NP ( NN machine ) ( NN tool ) ( NNS makers ) ) ( CC and ) ( NP ( DT the ) ( NNP Defense ) ( NNP Department ) ) ) ) ( PP ( IN over ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( JJ sophisticated ) ( NNP U.S. ) ( NN machine ) ( NNS tools ) ) ( VP ( MD would ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ( POS 's ) ) ( JJ military ) ( NN might ) ) ) ) ) ) ) ) ) )

However there 's a continuing dispute between machine tool makers and the Defense Department over whether sophisticated U.S. machine tools would increase the Soviet Union 's military might


( SINV ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( NNP Commerce ) ( NNP Department ) ) ( VP ( VBZ says ) ( S ( VP ( VB go ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP Defense ) ( NNP Department ) ) ( VP ( VBZ says ) ( S ( VP ( VB stop ) ) ) ) ) ) ( VP ( VBZ complains ) ) ( NP-SBJ ( CD one ) ( NN machine ) ( NN tool ) ( NN producer ) ) )

The Commerce Department says go and the Defense Department says stop complains one machine tool producer


( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT that ) ( NN controversy ) ) ( VP ( VBZ continues ) ) ) ) ( PRN ( NP-SBJ ( NNP U.S. ) ( NN machine ) ( NN tool ) ( NNS makers ) ) ( VP ( VBP say ) ) ) ( NP-SBJ-1 ( ADJP ( ADJP ( JJ West ) ( JJ German ) ) ( CC and ) ( ADJP ( JJ other ) ( JJ foreign ) ) ) ( NNS producers ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB grab ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS sales ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Eastern ) ( NNP Europe ) ) ) ) ) ) ) ) ) )

If that controversy continues U.S. machine tool makers say West German and other foreign producers are likely to grab most of the sales in Eastern Europe


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNP September ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( NP ( NN machining ) ( NNS centers ) ) ( NP ( NNS lathes ) ) ( NP ( NN milling ) ( NNS machines ) ) ( NP ( NNS grinders ) ) ( NP ( NN boring ) ( NNS mills ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS machines ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( NN shape ) ( NP ( NN metal ) ) ( PP-MNR ( IN by ) ( NP ( VBG cutting ) ) ) ) ) ) ) ) ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 192.9 ) ( CD million ) ) ) ( UCP ( ADVP ( RB down ) ( NP ( CD 28 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 266.5 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( ADJP ( CD 23 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN from ) ( NP ( NP ( NNP August ) ( POS 's ) ) ( QP ( CD 156.3 ) ( CD million ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP NMTBA ) ) ( VP ( VBD said ) ) )

September orders for machining centers lathes milling machines grinders boring mills and other machines that shape metal by cutting totaled 192.9 million down 28 % from 266.5 million a year earlier but a 23 % increase from August 's 156.3 million NMTBA said


( S ( NP-SBJ ( NP ( NNS Orders ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP-1 ( IN for ) ( NP ( NP ( JJ metal-forming ) ( NNS presses ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NN machinery ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB form ) ( NP ( NN metal ) ) ( PP-CLR ( IN with ) ( NP ( NN pressure ) ) ) ) ) ) ) ) ) ) ( VP ( VBD surged ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 110.1 ) ( CD million ) ) ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 78 ) ( NN % ) ) ( NN rise ) ) ( PP ( IN from ) ( NP ( QP ( CD 61.7 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 55 ) ( NN % ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( QP ( CD 70.9 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ) )

Orders last month for metal-forming presses and other machinery to form metal with pressure surged to 110.1 million a 78 % rise from 61.7 million a year earlier and a 55 % gain from 70.9 million in August


( S ( S ( NP-SBJ ( NP ( NN Today ) ( POS 's ) ) ( NNS presses ) ) ( VP ( VBP are ) ( NP-PRD ( ADJP ( JJ large ) ( CC and ) ( JJ costly ) ) ( NNS machines ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT a ) ( JJ few ) ( NNS orders ) ) ( VP ( MD can ) ( VP ( VB produce ) ( NP ( NP ( DT a ) ( JJ high ) ( NN total ) ) ( PP ( IN for ) ( NP ( CD one ) ( NN month ) ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB indicate ) ( NP ( DT a ) ( NN trend ) ) ) ) ) ) ) ) ) ) )

Today 's presses are large and costly machines and a few orders can produce a high total for one month that does n't necessarily indicate a trend


( S ( NP-SBJ ( NN Machine ) ( NN tool ) ( NNS shipments ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( QP ( CD 281.2 ) ( CD million ) ) ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 24 ) ( NN % ) ) ( NN rise ) ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 25 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN from ) ( NP-TMP ( NNP August ) ) ) ) ) ) ) )

Machine tool shipments last month were 281.2 million a 24 % rise from a year earlier and a 25 % increase from August


( S ( NP-SBJ ( NNS Shipments ) ) ( VP ( VBP have ) ( VP ( VBN run ) ( ADVP-CLR ( RB well ) ( RB ahead ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ( NP-TMP ( DT all ) ( NN year ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NN machine ) ( NN tool ) ( NNS builders ) ) ( VP ( VBP produce ) ( PP ( IN against ) ( NP ( RB relatively ) ( JJ good ) ( NNS backlogs ) ) ) ) ) ) ) ) )

Shipments have run well ahead of 1988 all year as machine tool builders produce against relatively good backlogs


( S ( NP-SBJ ( NNP U.S. ) ( NNS producers ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.15 ) ( CD billion ) ) ) ( NN backlog ) ) ( PP ( IN of ) ( NP ( JJ unfilled ) ( NNS orders ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP September ) ) ) ) ) ) )

U.S. producers had a 2.15 billion backlog of unfilled orders at the end of September


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 2.8 ) ( NN % ) ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( CD 19 ) ( NN % ) ) ( PP ( IN from ) ( NP-TMP ( DT the ) ( JJ comparable ) ( CD 1988 ) ( NN period ) ) ) ) ) ) ) ) )

That was up 2.8 % from a year earlier even though orders for the first nine months of 1989 were down 19 % from the comparable 1988 period


( NP-TMP-HLN ( NP ( NNP Friday ) ) ( NP ( NNP October ) ( CD 27 ) ( CD 1989 ) ) )

Friday October 27 1989


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( JJ annual ) ( NN interest ) ( NNS rates ) ) ( ADVP-LOC ( RB below ) ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN guide ) ) ( PP ( TO to ) ( NP ( JJ general ) ( NNS levels ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB represent ) ( NP ( JJ actual ) ( NNS transactions ) ) ) ) ) )

The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions


( NP ( NP ( JJ PRIME ) ( NN RATE ) ) ( NP ( QP ( CD 10 ) ( CD 1\/2 ) ) ( NN % ) ) )

PRIME RATE 10 1\/2 %


( NP ( NP ( DT The ) ( JJ base ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NNS loans ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ large ) ( NNP U.S. ) ( NN money ) ( NN center ) ( JJ commercial ) ( NNS banks ) ) ) )

The base rate on corporate loans at large U.S. money center commercial banks


( NP ( NP ( JJ FEDERAL ) ( NNS FUNDS ) ) ( NP ( NP ( ADJP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( JJ high ) ) ( NP ( ADJP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( JJ low ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( PP-LOC ( IN near ) ( NP ( VBG closing ) ( NN bid ) ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( VP ( VBN offered ) ) ) ) )

FEDERAL FUNDS 8 3\/4 % high 8 11\/16 % low 8 5\/8 % near closing bid 8 11\/16 % offered


( NP ( NP ( NNS Reserves ) ) ( VP ( VBN traded ) ( PP-LOC ( IN among ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ( PP ( IN for ) ( NP ( JJ overnight ) ( NN use ) ) ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) )

Reserves traded among commercial banks for overnight use in amounts of 1 million or more


( NP ( NP ( NN Source ) ) ( NP ( NNP Fulton ) ( NNP Prebon ) ( PRN ( NNP U.S.A ) ) ( NNP Inc ) ) )

Source Fulton Prebon U.S.A Inc


( NP ( NP ( NN DISCOUNT ) ( NN RATE ) ) ( NP ( CD 7 ) ( NN % ) ) )

DISCOUNT RATE 7 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NN depository ) ( NNS institutions ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ) ) ) )

The charge on loans to depository institutions by the New York Federal Reserve Bank


( NP ( NP ( NN CALL ) ( NN MONEY ) ) ( NP ( QP ( CD 9 ) ( CD 3\/4 ) ( NN % ) ( TO to ) ( CD 10 ) ( NN % ) ) ) )

CALL MONEY 9 3\/4 % to 10 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNS brokers ) ) ) ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN exchange ) ( NN collateral ) ) ) )

The charge on loans to brokers on stock exchange collateral


( NP ( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( VP ( VBN placed ) ( ADVP-MNR ( RB directly ) ) ( PP ( IN by ) ( NP-LGS ( NNP General ) ( NNP Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ) ) ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( QP ( CD 30 ) ( TO to ) ( CD 44 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.25 ) ( NN % ) ) ( NP ( QP ( CD 45 ) ( TO to ) ( CD 65 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.375 ) ( NN % ) ) ( NP ( QP ( CD 66 ) ( TO to ) ( CD 89 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( QP ( CD 90 ) ( TO to ) ( CD 119 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( QP ( CD 120 ) ( TO to ) ( CD 149 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.75 ) ( NN % ) ) ( NP ( QP ( CD 150 ) ( TO to ) ( CD 179 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( QP ( CD 180 ) ( TO to ) ( CD 270 ) ) ( NNS days ) ) ) )

COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. 8.50 % 30 to 44 days 8.25 % 45 to 65 days 8.375 % 66 to 89 days 8 % 90 to 119 days 7.875 % 120 to 149 days 7.75 % 150 to 179 days 7.50 % 180 to 270 days


( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( NP ( NP ( JJ High-grade ) ( JJ unsecured ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP-CLR ( IN through ) ( NP ( NNS dealers ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS multiples ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ( NP ( NP ( CD 8.575 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.475 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) )

COMMERCIAL PAPER High-grade unsecured notes sold through dealers by major corporations in multiples of 1,000 8.575 % 30 days 8.475 % 60 days 8.40 % 90 days


( NP ( NP ( NP ( NNS CERTIFICATES ) ) ( PP ( IN OF ) ( NP ( NN DEPOSIT ) ) ) ) ( NP ( NP ( CD 8.09 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.04 ) ( NN % ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( CD 8.03 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 7.96 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( CD 7.92 ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) )

CERTIFICATES OF DEPOSIT 8.09 % one month 8.04 % two months 8.03 % three months 7.96 % six months 7.92 % one year


( NP ( NP ( NN Average ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ primary ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ negotiable ) ( NNS C.D.s ) ) ) ) ) ( ADVP-TMP ( RB usually ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC and ) ( JJR more ) ) ) ) ) ) ) ) ) )

Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s usually on amounts of 1 million and more


( S ( NP-SBJ ( DT The ) ( JJ minimum ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 100,000 ) ) ) )

The minimum unit is 100,000


( NP ( NP ( NP ( JJ Typical ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ( NP ( NP ( CD 8.55 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) )

Typical rates in the secondary market 8.55 % one month 8.50 % three months 8.40 % six months


( NP ( NP ( NNS BANKERS ) ( NNS ACCEPTANCES ) ) ( NP ( NP ( CD 8.52 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.35 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.33 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.17 ) ( NN % ) ) ( NP ( CD 120 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.08 ) ( NN % ) ) ( NP ( CD 150 ) ( NNS days ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( CD 180 ) ( NNS days ) ) ) )

BANKERS ACCEPTANCES 8.52 % 30 days 8.35 % 60 days 8.33 % 90 days 8.17 % 120 days 8.08 % 150 days 8 % 180 days


( NP ( NP ( JJ Negotiable ) ( JJ bank-backed ) ( NN business ) ( NN credit ) ( NNS instruments ) ) ( VP ( ADVP ( RB typically ) ) ( VBG financing ) ( NP ( DT an ) ( NN import ) ( NN order ) ) ) )

Negotiable bank-backed business credit instruments typically financing an import order


( NP ( NP ( NNP LONDON ) ( JJ LATE ) ( NNS EURODOLLARS ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 1\/2 ) ( NN % ) ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 7\/16 ) ( NN % ) ) ) ( NP ( CD four ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 3\/8 ) ( NN % ) ) ) ( NP ( CD five ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 5\/16 ) ( NN % ) ) ) ( NP ( CD six ) ( NNS months ) ) ) )

LONDON LATE EURODOLLARS 8 11\/16 % to 8 9\/16 % one month 8 5\/8 % to 8 1\/2 % two months 8 11\/16 % to 8 9\/16 % three months 8 9\/16 % to 8 7\/16 % four months 8 1\/2 % to 8 3\/8 % five months 8 7\/16 % to 8 5\/16 % six months


( NP ( NP ( NP ( NNP LONDON ) ( JJ INTERBANK ) ( VBN OFFERED ) ( NNS RATES ) ) ( PRN ( NP ( NNP LIBOR ) ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 3\/8 ) ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) )

LONDON INTERBANK OFFERED RATES LIBOR 8 11\/16 % one month 8 11\/16 % three months 8 7\/16 % six months 8 3\/8 % one year


( NP ( NP ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( JJ interbank ) ( VBN offered ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( NP ( NN dollar ) ( NNS deposits ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NNS quotations ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( JJ major ) ( NNS banks ) ) ) ) ) ) )

The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks


( NP ( NP ( JJ FOREIGN ) ( JJ PRIME ) ( NNS RATES ) ) ( NP ( NP ( NNP Canada ) ) ( NP ( CD 13.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Germany ) ) ( NP ( CD 9 ) ( NN % ) ) ) ( NP ( NP ( NNP Japan ) ) ( NP ( CD 4.875 ) ( NN % ) ) ) ( NP ( NP ( NNP Switzerland ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Britain ) ) ( NP ( CD 15 ) ( NN % ) ) ) )

FOREIGN PRIME RATES Canada 13.50 % Germany 9 % Japan 4.875 % Switzerland 8.50 % Britain 15 %


( S ( S ( NP-SBJ ( DT These ) ( NN rate ) ( NNS indications ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ( S ( NP-SBJ ( NN lending ) ( NNS practices ) ) ( VP ( VBP vary ) ( ADVP-MNR ( RB widely ) ) ( PP-CLR ( IN by ) ( NP ( NN location ) ) ) ) ) )

These rate indications are n't directly comparable lending practices vary widely by location


( NP ( NP ( NNP TREASURY ) ( NNS BILLS ) ) ( NP ( NP ( NP ( NNS Results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Monday ) ( NNP October ) ( CD 23 ) ( CD 1989 ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ short-term ) ( NNP U.S. ) ( NN government ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( IN from ) ( NP ( NN face ) ( NN value ) ) ) ) ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( QP ( CD 10,000 ) ( TO to ) ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( CD 7.52 ) ( NN % ) ) ( NP ( CD 13 ) ( NNS weeks ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( CD 26 ) ( NNS weeks ) ) ) ) )

TREASURY BILLS Results of the Monday October 23 1989 auction of short-term U.S. government bills sold at a discount from face value in units of 10,000 to 1 million 7.52 % 13 weeks 7.50 % 26 weeks


( NP ( NP ( NNP FEDERAL ) ( NNP HOME ) ( NNP LOAN ) ( NNP MORTGAGE ) ( NNP CORP ) ) ( PRN ( NP ( NNP Freddie ) ( NNP Mac ) ) ) )

FEDERAL HOME LOAN MORTGAGE CORP Freddie Mac


( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( JJ 30-year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NN days ) ) ) ) ) ) ) )

Posted yields on 30-year mortgage commitments for delivery within 30 days


( NP ( NP ( NP ( CD 9.80 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( ADJP ( CD 2 ) ( NN % ) ) ( ADJP ( NN rate ) ( VBN capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) )

9.80 % standard conventional fixed-rate mortgages 7.875 % 2 % rate capped one-year adjustable rate mortgages


( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNPS Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc


( NP ( NP ( NNP FEDERAL ) ( NNP NATIONAL ) ( NNP MORTGAGE ) ( NNP ASSOCIATION ) ) ( PRN ( NP ( NNP Fannie ) ( NNP Mae ) ) ) )

FEDERAL NATIONAL MORTGAGE ASSOCIATION Fannie Mae


( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( CD 30 ) ( NN year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ( PRN ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( NN par ) ) ) ) ) ) ) ( NP ( NP ( CD 9.75 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 8.70 ) ( NN % ) ) ( NP ( CD 6\/2 ) ( ADJP ( NN rate ) ( VBN capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) )

Posted yields on 30 year mortgage commitments for delivery within 30 days priced at par 9.75 % standard conventional fixed-rate mortgages 8.70 % 6\/2 rate capped one-year adjustable rate mortgages


Source Telerate Systems Inc


( NP ( NP ( NNP MERRILL ) ( NNP LYNCH ) ( NNP READY ) ( NNPS ASSETS ) ( NNP TRUST ) ) ( NP ( CD 8.65 ) ( NN % ) ) )

MERRILL LYNCH READY ASSETS TRUST 8.65 %


( NP ( NP ( NP ( VBN Annualized ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN return ) ) ) ( PP-TMP ( IN after ) ( NP ( NNS expenses ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ( RB not ) ( NP ( NP ( DT a ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( JJ future ) ( NNS returns ) ) ) ) )

Annualized average rate of return after expenses for the past 30 days not a forecast of future returns


( S ( NP-SBJ ( NNP Costa ) ( NNP Rica ) ) ( VP ( VBD reached ) ( NP ( NP ( DT an ) ( NN agreement ) ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( NN creditor ) ( NNS banks ) ) ) ( SBAR-1 ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( NP ( DT that ) ( NN government ) ( POS 's ) ) ( QP ( CD 1.8 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN bank ) ( NN debt ) ) ) ) ( PP-MNR ( IN by ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 60 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

Costa Rica reached an agreement with its creditor banks that is expected to cut that government 's 1.8 billion in bank debt by as much as 60 %


( S ( NP-SBJ-1 ( DT The ) ( NN agreement ) ) ( VP ( VBD was ) ( VP ( VBN announced ) ( PP ( IN by ) ( NP-LGS ( JJ Costa ) ( JJ Rican ) ( NNP President ) ( NNP Oscar ) ( NNP Arias ) ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNP President ) ( NNP Bush ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS leaders ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Western ) ( NNP Hemisphere ) ) ) ) ) ( VP ( VBN gathered ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Central ) ( JJ American ) ( NN nation ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT a ) ( NN celebration ) ) ( PP ( IN of ) ( NP ( NN democracy ) ) ) ) ) ) ) ) ) ) )

The agreement was announced by Costa Rican President Oscar Arias Friday as President Bush and other leaders from the Western Hemisphere gathered in the Central American nation for a celebration of democracy


( S ( S ( NP-SBJ ( NNP Costa ) ( NNP Rica ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG negotiating ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( JJ other ) ( NNS banks ) ) ) ) ( PP-TMP ( IN for ) ( NP ( CD three ) ( NNS years ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT the ) ( NN debt ) ( NN plan ) ) ( VP ( VBD was ) ( VP ( VBN rushed ) ( PP-CLR ( TO to ) ( NP ( NN completion ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN announced ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN meeting ) ) ) ) ) ) ) ) ) ) ) )

Costa Rica had been negotiating with the U.S. and other banks for three years but the debt plan was rushed to completion in order to be announced at the meeting


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD had ) ( VP ( VBN fallen ) ( ADVP-CLR ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( RB behind ) ) ( PP-LOC ( IN in ) ( NP ( NN interest ) ( NNS payments ) ) ) ) ) )

The government had fallen 300 million behind in interest payments


( S ( NP-SBJ-1 ( NNP Treasury ) ( NNP Secretary ) ( NNP Nicholas ) ( NNP Brady ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NN agreement ) ) ( NP-PRD ( NP ( DT an ) ( JJ important ) ( NN step ) ( RB forward ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ strengthened ) ( NN debt ) ( NN strategy ) ) ) ) ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( MD will ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( VP ( VBN implemented ) ) ) ) ( VP ( VB provide ) ( NP ( NP ( JJ significant ) ( NN reduction ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN debt ) ) ( CC and ) ( NP ( NN debt ) ( NN service ) ) ) ( VP ( VBN owed ) ( PP ( IN by ) ( NP-LGS ( NNP Costa ) ( NNP Rica ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Treasury Secretary Nicholas Brady called the agreement an important step forward in the strengthened debt strategy noting that it will when implemented provide significant reduction in the level of debt and debt service owed by Costa Rica


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN plan ) ) ) ( NP-SBJ ( NNP Costa ) ( NNP Rica ) ) ( VP ( MD will ) ( VP ( VB buy ) ( PRT ( RP back ) ) ( NP ( NP ( QP ( RB roughly ) ( CD 60 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN bank ) ( NN debt ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( ADJP ( RB deeply ) ( VBN discounted ) ) ( NN price ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS officials ) ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ) ) ) ) )

Under the plan Costa Rica will buy back roughly 60 % of its bank debt outstanding at a deeply discounted price according to officials involved in the agreement


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN remainder ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN debt ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN exchanged ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ new ) ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NNS bonds ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( QP ( CD 6 ) ( CD 1\/4 ) ) ( NN % ) ) ( NN interest ) ( NN rate ) ) ) ) ) ) ) ) )

The remainder of the debt will be exchanged for new Costa Rican bonds with a 6 1\/4 % interest rate


( S ( S ( NP-SBJ-2 ( NP ( DT The ) ( NNP International ) ( NNP Monetary ) ( NNP Fund ) ) ( CC and ) ( NP ( DT the ) ( NNP World ) ( NNP Bank ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( QP ( RB approximately ) ( CD 180 ) ( CD million ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB support ) ( NP ( DT the ) ( NN deal ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( JJ additional ) ( NNS funds ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( PP-5 ( IN from ) ( NP ( NNP Japan ) ) ) ) ) ) )

The International Monetary Fund and the World Bank are expected to provide approximately 180 million to help support the deal and additional funds are expected from Japan


( S ( NP-SBJ ( NNP Treasury ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ Costa ) ( JJ Rican ) ( NN agreement ) ) ( VP ( VBZ demonstrates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Brady ) ( NN debt ) ( NN plan ) ) ( VP ( MD can ) ( VP ( VB benefit ) ( NP ( NP ( JJ small ) ( NN debtor ) ( NNS countries ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( JJ big ) ( NNS debtors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Mexico ) ) ) ) ) ) ) ) ) ) ) ) ) )

Treasury officials say the Costa Rican agreement demonstrates that the Brady debt plan can benefit small debtor countries as well as big debtors such as Mexico


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( JJ bullish ) ( NN dollar ) ( NN sentiment ) ) ( VP ( VBZ has ) ( VP ( VBN fizzled ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NN currency ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ massive ) ( NN sell-off ) ) ( ADVP ( RB probably ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB occur ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ) ) ) ) ) )

Although bullish dollar sentiment has fizzled many currency analysts say a massive sell-off probably wo n't occur in the near future


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJ tough ) ( NNS times ) ) ( CC and ) ( NP ( JJR lower ) ( NNP U.S. ) ( NN interest ) ( NNS rates ) ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB undermine ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN pound ) ) ( CC and ) ( NP ( DT the ) ( NN yen ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( DT those ) ( NNS factors ) ) ) ) ) ) ) )

While Wall Street 's tough times and lower U.S. interest rates continue to undermine the dollar weakness in the pound and the yen is expected to offset those factors


( SINV ( S-TPC-2 ( PP-MNR ( IN By ) ( NP ( NN default ) ) ) ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( PRT ( RP up ) ) ( ADVP-MNR ( RB pretty ) ( RB well ) ) ( PP-TMP ( IN in ) ( NP ( JJ coming ) ( NNS days ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Francoise ) ( NNP Soares-Kemp ) ) ( NP ( NP ( DT a ) ( JJ foreign-exchange ) ( NN adviser ) ) ( PP-LOC ( IN at ) ( NP ( NNP Credit ) ( NNP Suisse ) ) ) ) ) )

By default the dollar probably will be able to hold up pretty well in coming days says Francoise Soares-Kemp a foreign-exchange adviser at Credit Suisse


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RB close ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN bottom ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ near-term ) ( NNS ranges ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ contends ) ) )

We 're close to the bottom of the near-term ranges she contends


( S ( PP-LOC ( IN In ) ( NP ( JJ late ) ( NNP Friday ) ( NN afternoon ) ( NNP New ) ( NNP York ) ( NN trading ) ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( PP-PRD ( IN at ) ( NP ( NP ( CD 1.8300 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 141.65 ) ( NNS yen ) ) ) ) ( ADVP ( RB off ) ( PP ( IN from ) ( NP ( NP ( JJ late ) ( NNP Thursday ) ( POS 's ) ) ( NX ( NX ( CD 1.8400 ) ( NNS marks ) ) ( CC and ) ( NX ( CD 142.10 ) ( NNS yen ) ) ) ) ) ) ) )

In late Friday afternoon New York trading the dollar was at 1.8300 marks and 141.65 yen off from late Thursday 's 1.8400 marks and 142.10 yen


( S ( NP-SBJ ( DT The ) ( NN pound ) ) ( VP ( VBD strengthened ) ( PP-DIR ( TO to ) ( NP ( CD 1.5795 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1.5765 ) ) ) ) )

The pound strengthened to 1.5795 from 1.5765


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Monday ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBD opened ) ( PP-CLR ( IN for ) ( NP ( VBG trading ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 141.70 ) ( NNS yen ) ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNP Tokyo ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 142.75 ) ( NNS yen ) ) ) ) ) ) ) )

In Tokyo Monday the U.S. currency opened for trading at 141.70 yen down from Friday 's Tokyo close of 142.75 yen


( S ( NP-SBJ-2 ( DT The ) ( NN dollar ) ) ( VP ( VBD began ) ( NP ( NNP Friday ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( NN firm ) ( NN note ) ) ) ( S-ADV ( VP ( VBG gaining ) ( PP-CLR ( IN against ) ( NP ( DT all ) ( JJ major ) ( NNS currencies ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Tokyo ) ( NNS dealings ) ) ( CC and ) ( NP ( JJ early ) ( JJ European ) ( NN trading ) ) ) ) ( PP ( IN despite ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ( VP ( VBD was ) ( VP ( VBN seen ) ( S ( VP ( VBG unloading ) ( NP ( NNS dollars ) ) ( PP ( RB around ) ( NP ( CD 142.70 ) ( NNS yen ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The dollar began Friday on a firm note gaining against all major currencies in Tokyo dealings and early European trading despite reports that the Bank of Japan was seen unloading dollars around 142.70 yen


( S ( NP-SBJ ( DT The ) ( NN rise ) ) ( VP ( VBD came ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNS traders ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB dump ) ( NP ( DT the ) ( NN pound ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( JJ sudden ) ( NN resignation ) ) ( NP-TMP ( NNP Thursday ) ) ( PP ( IN of ) ( NP ( NAC ( NNP British ) ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ) ) ) ) ) ) ) ) )

The rise came as traders continued to dump the pound after the sudden resignation Thursday of British Chancellor of the Exchequer Nigel Lawson


( S-2 ( CC But ) ( SBAR-TMP ( RB once ) ( S ( NP-SBJ ( DT the ) ( NN pound ) ) ( VP ( VBD steadied ) ( PP ( IN with ) ( NP ( NP ( NN help ) ) ( PP ( IN from ) ( NP ( NP ( NNS purchases ) ) ( PP ( IN by ) ( NP ( NP ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP England ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( VP ( VBN dragged ) ( PRT ( RP down ) ) ( PRN ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ stock-market ) ( NN slump ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD left ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( CD 17.01 ) ( NNS points ) ) ) ) ) ) ) ) ) ) ) ) )

But once the pound steadied with help from purchases by the Bank of England and the Federal Reserve Bank of New York the dollar was dragged down traders say by the stock-market slump that left the Dow Jones Industrial Average with a loss of 17.01 points


( S ( SBAR ( IN With ) ( S ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( ADJP-PRD ( JJ wobbly ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NN dollar ) ( NNS buyers ) ) ( VP ( VBN discouraged ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( JJ economic ) ( NN weakness ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NN interest ) ( NNS rates ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN diminished ) ( NP ( NP ( DT the ) ( NN attractiveness ) ) ( PP ( IN of ) ( NP ( JJ dollar-denominated ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( PP-LOC-PRD ( IN in ) ( NP ( DT a ) ( JJ precarious ) ( NN position ) ) ) ) ) ) ) )

With the stock market wobbly and dollar buyers discouraged by signs of U.S. economic weakness and the recent decline in U.S. interest rates that has diminished the attractiveness of dollar-denominated investments traders say the dollar is still in a precarious position


( SINV ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS levels ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Scalfaro ) ) ( NP ( NP ( DT a ) ( JJ foreign-exchange ) ( NN marketing ) ( NN representative ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Montreal ) ) ) ) ) ) ) )

They 'll be looking at levels to sell the dollar says James Scalfaro a foreign-exchange marketing representative at Bank of Montreal


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( MD could ) ( VP ( VB test ) ( NP ( NP ( NN support ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD 1.75 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 135 ) ( NNS yen ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Scalfaro ) ) ( CC and ) ( NP ( NNS others ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( S ( NP-SBJ ( DT the ) ( NN currency ) ) ( VP ( ADVP-MNR ( RB decisively ) ) ( VBG sliding ) ( PP-CLR ( IN under ) ( NP ( NP ( NN support ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD 1.80 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 140 ) ( NNS yen ) ) ) ) ) ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) )

While some analysts say the dollar eventually could test support at 1.75 marks and 135 yen Mr. Scalfaro and others do n't see the currency decisively sliding under support at 1.80 marks and 140 yen soon


( S ( NP-SBJ-1 ( NP ( NNS Predictions ) ) ( PP ( IN for ) ( NP ( JJ limited ) ( NN dollar ) ( NNS losses ) ) ) ) ( VP ( VBP are ) ( VP ( VBN based ) ( PP-CLR ( ADVP ( RB largely ) ) ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN pound ) ( POS 's ) ) ( JJ weak ) ( NN state ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( NN resignation ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN yen ) ( POS 's ) ) ( NN inability ) ( S ( VP ( TO to ) ( VP ( VB strengthen ) ( ADVP-MNR ( RB substantially ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NN dollar ) ( NNS retreats ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Predictions for limited dollar losses are based largely on the pound 's weak state after Mr. Lawson 's resignation and the yen 's inability to strengthen substantially when there are dollar retreats


( S ( S-TPC-1 ( PP ( IN With ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN pound ) ) ( CC and ) ( NP ( DT the ) ( NN yen ) ) ) ( VP ( VBG lagging ) ( PP-CLR ( IN behind ) ( NP ( JJ other ) ( JJ major ) ( NNS currencies ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT a ) ( NN confirmation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ sharp ) ( NN dollar ) ( NN downturn ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NNS works ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mike ) ( NNP Malpede ) ) ( NP ( NP ( JJ senior ) ( NN currency ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Refco ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )

With the pound and the yen lagging behind other major currencies you do n't have a confirmation that a sharp dollar downturn is in the works says Mike Malpede senior currency analyst at Refco Inc. in Chicago


( S ( ADVP ( ADVP ( RB As ) ( RB far ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN pound ) ) ( VP ( VBZ goes ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS traders ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN slide ) ) ( PP ( IN toward ) ( NP ( NP ( NN support ) ) ( PP-LOC ( IN at ) ( NP ( CD 1.5500 ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ favorable ) ( NN development ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN dollar ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) )

As far as the pound goes some traders say a slide toward support at 1.5500 may be a favorable development for the dollar this week


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( DT the ) ( NN pound ) ) ( VP ( VBZ has ) ( VP ( VBN attempted ) ( S ( VP ( TO to ) ( VP ( VB stabilize ) ) ) ) ) ) ) ) ( NP-SBJ ( NN currency ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( JJ critical ) ( NN condition ) ) ) ) ) ) ) )

While the pound has attempted to stabilize currency analysts say it is in critical condition


( S ( NP-SBJ ( NN Sterling ) ) ( VP ( VP ( VBD plunged ) ( NP-EXT ( QP ( RB about ) ( CD four ) ) ( NNS cents ) ) ( NP-TMP ( NNP Thursday ) ) ) ( CC and ) ( VP ( VBD hit ) ( NP ( NP ( NP ( DT the ) ( NN week ) ( POS 's ) ) ( NN low ) ) ( PP ( IN of ) ( NP ( CD 1.5765 ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VBD resigned ) ( PP-CLR ( IN from ) ( NP ( PRP$ his ) ( JJ six-year ) ( NN post ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( NN policy ) ( NN squabble ) ) ( PP ( IN with ) ( NP ( JJ other ) ( NN cabinet ) ( NNS members ) ) ) ) ) ) ) ) ) ) )

Sterling plunged about four cents Thursday and hit the week 's low of 1.5765 when Mr. Lawson resigned from his six-year post because of a policy squabble with other cabinet members


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( VP ( VBN succeeded ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP John ) ( NNP Major ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( NP-TMP ( NNP Friday ) ) ( VP ( VP ( VBD expressed ) ( NP ( NP ( DT a ) ( NN desire ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ firm ) ( NN pound ) ) ) ) ) ( CC and ) ( VP ( VBD supported ) ( NP ( NP ( DT the ) ( ADJP ( RB relatively ) ( JJ high ) ) ( JJ British ) ( NN interest ) ( NNS rates ) ) ( SBAR ( WHNP-3 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( S ( VP ( VBP are ) ( VP ( VBG working ) ( SBAR-MNR ( ADVP ( RB exactly ) ) ( RB as ) ( FRAG ( VP ( VBN intended ) ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He was succeeded by John Major who Friday expressed a desire for a firm pound and supported the relatively high British interest rates that he said are working exactly as intended in reducing inflation


( S ( CC But ) ( S-TPC-1 ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ uneasy ) ( PP ( IN about ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Major ) ( POS 's ) ) ( NN policy ) ( NN strategy ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS prospects ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN pound ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN currency ) ( NNS analysts ) ) ( VP ( VBP contend ) ) )

But the market remains uneasy about Mr. Major 's policy strategy and the prospects for the pound currency analysts contend


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP England ) ) ) ( POS 's ) ) ( JJ tight ) ( JJ monetary ) ( NN policy ) ) ( VP ( VBZ has ) ( VP ( VBN fueled ) ( NP ( NNS worries ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Britain ) ( POS 's ) ) ( VBG slowing ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBN headed ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB widely ) ) ( VBN believed ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( NN willingness ) ( S ( VP ( TO to ) ( VP ( VB prop ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN pound ) ) ( PP-MNR ( IN with ) ( NP ( JJ interest-rate ) ( NNS increases ) ) ) ) ) ) ) ( VP ( VBD helped ) ( S ( VP ( NN stem ) ( NP ( NN pound ) ( NN selling ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ) ) ) ) ) )

Although the Bank of England 's tight monetary policy has fueled worries that Britain 's slowing economy is headed for a recession it is widely believed that Mr. Lawson 's willingness to prop up the pound with interest-rate increases helped stem pound selling in recent weeks


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( DT any ) ( NNS signs ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Major ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RBR less ) ( JJ inclined ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( JJ interest-rate ) ( NNS boosts ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB rescue ) ( NP ( DT the ) ( NN pound ) ) ( PP-CLR ( IN from ) ( NP ( DT another ) ( NN plunge ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( DT that ) ( NN currency ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-MNR ( RB sharply ) ) ) ) ) ) ) )

If there are any signs that Mr. Major will be less inclined to use interest-rate boosts to rescue the pound from another plunge that currency is expected to fall sharply


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ fair ) ) ( S-1 ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJR more ) ( NNS risks ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN pound ) ) ) ) ( PP-LOC ( IN under ) ( NP ( JJ Major ) ) ) ( SBAR-4 ( IN than ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( PP-LOC ( IN under ) ( NP ( NNP Lawson ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Malcolm ) ( NNP Roberts ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( JJ international ) ( NN bond ) ( NN market ) ( NN research ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Salomon ) ( NNP Brothers ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) )

It 's fair to say there are more risks for the pound under Major than there were under Lawson says Malcolm Roberts a director of international bond market research at Salomon Brothers in London


( S ( S ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( ADJP ( RB very ) ( JJ little ) ) ( NN upside ) ) ( PP ( TO to ) ( NP ( NN sterling ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roberts ) ) ( VP ( VBZ says ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ near-term ) ( NNS losses ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ small ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN selling ) ( NN wave ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD followed ) ( NP ( NP ( NNP Mr. ) ( NNP Major ) ( POS 's ) ) ( NN appointment ) ) ) ) ) ) ( ADVP ( RB apparently ) ) ( VP ( VBZ has ) ( VP ( VBN run ) ( NP ( PRP$ its ) ( NN course ) ) ) ) ) ) ) ) ) ) ) ) )

There 's very little upside to sterling Mr. Roberts says but he adds that near-term losses may be small because the selling wave that followed Mr. Major 's appointment apparently has run its course


( S ( CC But ) ( NP-SBJ ( DT some ) ( JJ other ) ( NNS analysts ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJR stormier ) ( NN forecast ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN pound ) ) ) ( SBAR-PRP ( ADVP ( RB particularly ) ) ( IN because ) ( S ( S ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( NN inflation ) ) ( VP ( VBZ is ) ( VP ( VBG hovering ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ lofty ) ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 7.6 ) ) ( NN % ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN nation ) ) ( VP ( VBZ is ) ( VP ( VBN burdened ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( VBG struggling ) ( NN government ) ) ( CC and ) ( NP ( JJ large ) ( NX ( NX ( JJ current ) ( NN account ) ) ( CC and ) ( NX ( NN trade ) ) ( NX-2 ( NNS deficits ) ) ) ) ) ) ) ) ) ) ) ) )

But some other analysts have a stormier forecast for the pound particularly because Britain 's inflation is hovering at a relatively lofty annual rate of about 7.6 % and the nation is burdened with a struggling government and large current account and trade deficits


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN pound ) ) ( ADVP ( RB likely ) ) ( VP ( MD will ) ( VP ( VP ( VB fall ) ( PP-TMP ( IN in ) ( NP ( JJ coming ) ( NNS days ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB trade ) ( ADVP ( ADVP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( CD 2.60 ) ( NNS marks ) ) ) ) ( PP-TMP ( IN within ) ( NP ( DT the ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Nigel ) ( NNP Rendell ) ) ( NP ( NP ( DT an ) ( JJ international ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NNP James ) ( NNP Capel ) ( CC & ) ( NNP Co. ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) )

The pound likely will fall in coming days and may trade as low as 2.60 marks within the next year says Nigel Rendell an international economist at James Capel & Co. in London


( S ( NP-SBJ ( DT The ) ( NN pound ) ) ( VP ( VBD was ) ( PP-PRD ( IN at ) ( NP ( CD 2.8896 ) ( NNS marks ) ) ) ( NP-TMP ( JJ late ) ( NNP Friday ) ) ( ADVP ( RB off ) ( ADVP-MNR ( RB sharply ) ) ( PP ( IN from ) ( NP ( NP ( CD 2.9511 ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NN trading ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN week ) ) ( RBR earlier ) ) ) ) ) )

The pound was at 2.8896 marks late Friday off sharply from 2.9511 in New York trading a week earlier


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN pound ) ) ( VP ( VBZ falls ) ( ADVP-CLR ( ADVP ( RBR closer ) ) ( PP ( TO to ) ( NP ( CD 2.80 ) ( NNS marks ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP England ) ) ) ) ( VP ( MD may ) ( VP ( VB raise ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NN base ) ( NN lending ) ( NN rate ) ) ( PP-EXT ( IN by ) ( NP ( CD one ) ( NN percentage ) ( NN point ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 16 ) ( NN % ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rendell ) ) )

If the pound falls closer to 2.80 marks the Bank of England may raise Britain 's base lending rate by one percentage point to 16 % says Mr. Rendell


( S-2 ( CC But ) ( NP-SBJ-1 ( PDT such ) ( DT an ) ( NN increase ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN viewed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN market ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( RB too ) ( JJ little ) ) ( ADVP-TMP ( RB too ) ( RB late ) ) ) ) ) ) ) )

But such an increase he says could be viewed by the market as too little too late


( S ( S-TPC-2 ( NP-SBJ-4 ( NP ( DT The ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP England ) ) ) ) ( VP ( VBD indicated ) ( NP ( PRP$ its ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB leave ) ( S ( NP-SBJ ( PRP$ its ) ( JJ monetary ) ( NN policy ) ) ( ADJP-PRD ( JJ unchanged ) ) ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG declining ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( DT the ) ( JJ official ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN discount-borrowing ) ( NN rate ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ charges ) ( NP ( NN discount ) ( NNS houses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )

The Bank of England indicated its desire to leave its monetary policy unchanged Friday by declining to raise the official 15 % discount-borrowing rate that it charges discount houses analysts say


( S ( S-TPC-1 ( S-ADV ( NP-SBJ ( NN Pound ) ( NNS concerns ) ) ( ADVP-PRD ( RB aside ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NP ( JJ strong ) ( NN buying ) ( NN interest ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN yen ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT another ) ( NN boon ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS traders ) ) ( VP ( VBP say ) ) )

Pound concerns aside the lack of strong buying interest in the yen is another boon for the dollar many traders say


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ natural ) ( NN base ) ) ( PP ( IN of ) ( NP ( NN support ) ) ) ) ( PP-LOC ( RB around ) ( NP ( CD 140 ) ( NNS yen ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( DT the ) ( JJ Japanese ) ( NN currency ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN purchased ) ( ADVP-MNR ( RB heavily ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Soares-Kemp ) ) ( PP ( IN of ) ( NP ( NNP Credit ) ( NNP Suisse ) ) ) ) )

The dollar has a natural base of support around 140 yen because the Japanese currency has n't been purchased heavily in recent weeks says Ms. Soares-Kemp of Credit Suisse


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN yen ) ( POS 's ) ) ( NN softness ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( ADVP ( RB apparently ) ) ( VP ( VBZ stems ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( NP ( JJ Japanese ) ( NNS investors ) ( POS ' ) ) ( NN interest ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG buying ) ( NP ( NNS dollars ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN yen ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NNP U.S. ) ( NN bond ) ( NNS issues ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ persistent ) ( NNS worries ) ) ( PP ( IN about ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN upheaval ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Japanese ) ( NN government ) ) ) ) ) ) ) ) ) )

The yen 's softness she says apparently stems from Japanese investors ' interest in buying dollars against the yen to purchase U.S. bond issues and persistent worries about this year 's upheaval in the Japanese government


( S ( PP-LOC ( IN On ) ( NP ( NP ( NNP New ) ( NNP York ) ( POS 's ) ) ( NNP Commodity ) ( NNP Exchange ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NP ( NN gold ) ) ( PP ( IN for ) ( NP ( JJ current ) ( NN delivery ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 5.80 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( CD 378.30 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ( NP ( NP ( DT the ) ( JJS highest ) ( NN settlement ) ) ( PP-TMP ( IN since ) ( NP ( NNP July ) ( CD 12 ) ) ) ) ) ) ) )

On New York 's Commodity Exchange Friday gold for current delivery jumped 5.80 to 378.30 an ounce the highest settlement since July 12


( S ( NP-SBJ ( JJ Estimated ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ heavy ) ( QP ( CD seven ) ( CD million ) ) ( NNS ounces ) ) ) )

Estimated volume was a heavy seven million ounces


( S ( PP-LOC ( IN In ) ( NP ( JJ early ) ( NN trading ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( NP-TMP ( NNP Monday ) ) ( NP-SBJ-1 ( NN gold ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 378.87 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) )

In early trading in Hong Kong Monday gold was quoted at 378.87 an ounce


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Merger ) ( CC and ) ( NN acquisition ) ( NN activity ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD exceeded ) ( NP ( DT the ) ( JJ year-earlier ) ( NN pace ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ( POS 's ) ) ( NNP W.T. ) ( NNP Grimm ) ( CC & ) ( NNP Co. ) ( NN unit ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Schaumburg ) ) ( NP ( NNP Ill ) ) ) ) ) )

Merger and acquisition activity in the third quarter exceeded the year-earlier pace said Merrill Lynch & Co. 's W.T. Grimm & Co. unit in Schaumburg Ill


( S ( S-TPC-3 ( NP-SBJ-1 ( NP ( DT A ) ( NN total ) ) ( PP ( IN of ) ( NP ( CD 672 ) ( NNS transactions ) ) ) ) ( VP ( VBD were ) ( VP ( VBN announced ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ( ADVP ( RB up ) ( NP ( CD 13 ) ( NN % ) ) ( PP ( IN from ) ( NP-TMP ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ( POS 's ) ) ( CD 597 ) ) ) ) ) ) ) ( NP-SBJ ( NNP Grimm ) ) ( VP ( VBD said ) ) )

A total of 672 transactions were announced during the latest quarter up 13 % from the year-earlier period 's 597 Grimm said


( S ( S-TPC-3 ( NP-SBJ ( NP ( NNS Transactions ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NNS prices ) ) ( VP ( VBD were ) ( VP ( VBN disclosed ) ) ) ) ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 71.9 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 36 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 52.9 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD added ) ) )

Transactions in which prices were disclosed totaled 71.9 billion up 36 % from 52.9 billion a year earlier the company added


( S ( NP-SBJ ( NN Grimm ) ) ( VP ( VBD counted ) ( NP ( NP ( CD 16 ) ( NNS transactions ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN period ) ) ) ( ADJP-1 ( ADJP ( RB twice ) ( RB as ) ( JJ many ) ) ( PP ( IN as ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Grimm counted 16 transactions valued at 1 billion or more in the latest period twice as many as a year earlier


( S ( NP-SBJ ( DT The ) ( JJS largest ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( ADJP ( QP ( CD 12 ) ( CD billion ) ) ) ( NN merger ) ) ( VP ( VBG creating ) ( NP ( NNP Bristol-Myers ) ( NNP Squibb ) ( NNP Co ) ) ) ) ) )

The largest was the 12 billion merger creating Bristol-Myers Squibb Co


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ-1 ( NP ( CD 1,977 ) ( NNS transactions ) ) ) ( VP ( VBD were ) ( VP ( VBN announced ) ( ADVP ( RB up ) ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN from ) ( NP ( CD 1,716 ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) )

In the first nine months 1,977 transactions were announced up 15 % from 1,716 in the year-earlier period


( S ( NP-SBJ ( NP ( NNS Transactions ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NNS prices ) ) ( VP ( VBD were ) ( VP ( VBN disclosed ) ) ) ) ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 188.1 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 163.2 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

Transactions in which prices were disclosed totaled 188.1 billion up 15 % from 163.2 billion a year earlier


( S ( S-ADV ( VP ( VBG Citing ) ( NP ( NP ( JJ current ) ( NN stock ) ( NN market ) ( NNS conditions ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN trend ) ) ( ADVP ( RB away ) ( PP ( IN from ) ( NP ( ADJP ( RB highly ) ( JJ leveraged ) ) ( NNS transactions ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Grimm ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ certain ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ total ) ( NN value ) ) ( PP ( IN of ) ( NP ( NNS transactions ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ( VP ( MD will ) ( VP ( VB exceed ) ( NP ( NP ( DT the ) ( JJ record ) ( QP ( CD 247 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Citing current stock market conditions and the trend away from highly leveraged transactions Grimm said it was n't certain that the total value of transactions for the year will exceed the record 247 billion in 1988


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( VP ( VBN listed ) ( ADVP-LOC ( RB below ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ quarterly ) ( NN profit ) ) ( ADJP ( RB substantially ) ( JJ different ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ) ) ) ) ) ) )

Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates


( S ( NP-SBJ-1 ( DT The ) ( NNS companies ) ) ( VP ( VP ( VBP are ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ minimum ) ( JJ five-cent ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ actual ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) )

The companies are followed by at least three analysts and had a minimum five-cent change in actual earnings per share


( S ( NP-SBJ-1 ( NP ( ADJP ( JJ Estimated ) ( CC and ) ( JJ actual ) ) ( NNS results ) ) ( VP ( VBG involving ) ( NP ( NNS losses ) ) ) ) ( VP ( VBP are ) ( VP ( VBN omitted ) ) ) )

Estimated and actual results involving losses are omitted


( S ( NP-SBJ ( DT The ) ( NN percent ) ( NN difference ) ) ( VP ( VBZ compares ) ( NP ( JJ actual ) ( NN profit ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ 30-day ) ( NN estimate ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( NNS issues ) ( NP ( NNS forecasts ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) ) ) )

The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ-1 ( JJ actual ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ 300-day ) ( NN estimate ) ) ) ) ) )

Otherwise actual profit is compared with the 300-day estimate


( S ( NP-SBJ-1 ( NNP Wall ) ( NNP Street ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( RB just ) ( RB about ) ) ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB line ) ( NP ( DT the ) ( NN bird ) ( NN cage ) ) ( PP-CLR ( IN with ) ( NP ( NN paper ) ( NNS stocks ) ) ) ) ) ) ) ) )

Wall Street is just about ready to line the bird cage with paper stocks


( S ( PP-TMP ( IN For ) ( NP ( CD three ) ( NNS years ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ healthy ) ( NN economy ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ export-boosting ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ weak ) ( NN dollar ) ) ) ) ) ( VP ( VBD propelled ) ( NP ( NP ( NNS sales ) ( CC and ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ big ) ( NN paper ) ( NNS companies ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NN record ) ( NNS levels ) ) ) ) )

For three years a healthy economy and the export-boosting effects of a weak dollar propelled sales and earnings of the big paper companies to record levels


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( JJ good ) ( NNS times ) ) ( VP ( VBD rolled ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ( NP ( NP ( PRP$ their ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NP ( NN pulp ) ) ( NP ( NP ( DT a ) ( JJ raw ) ( NN material ) ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( NP ( DT all ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( NN paper ) ) ) ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 830 ) ) ( NP-ADV ( DT a ) ( JJ metric ) ( NN ton ) ) ) ( NP-TMP ( DT this ) ( JJ past ) ( NN spring ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 380 ) ) ( NP-ADV ( DT a ) ( NN ton ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( CD 1986 ) ) ) ) ) ) ) )

As the good times rolled they more than doubled their prices for pulp a raw material used in all sorts of paper to 830 a metric ton this past spring from 380 a ton at the start of 1986


( S ( CC But ) ( ADVP-TMP ( RB now ) ) ( NP-SBJ ( DT the ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( PP-CLR ( IN into ) ( NP ( NN trouble ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD undertook ) ( NP ( DT a ) ( JJ record ) ( NN expansion ) ( NN program ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG raising ) ( NP ( NNS prices ) ) ( ADVP-MNR ( RB sharply ) ) ) ) ) ) ) ) ) ) ) )

But now the companies are getting into trouble because they undertook a record expansion program while they were raising prices sharply


( S ( NP-SBJ ( NP ( JJ Third-quarter ) ( NNS profits ) ) ) ( VP ( VBD fell ) ( PP-LOC-1 ( IN at ) ( NP ( JJ several ) ( NNS companies ) ) ) ) )

Third-quarter profits fell at several companies


( SINV ( S-TPC-1 ( VP ( VB Put ) ( NP ( PRP$ your ) ( NN money ) ) ( PP-PUT ( IN in ) ( NP ( NP ( DT a ) ( JJ good ) ( NX ( NX ( NN utility ) ) ( CC or ) ( NX ( NN bank ) ( NN stock ) ) ) ) ( RB not ) ( NP ( DT a ) ( NN paper ) ( NN company ) ) ) ) ) ) ( VP ( VBZ advises ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP Adler ) ) ( PP ( IN of ) ( NP ( NNP Smith ) ( NNP Barney ) ) ) ) )

Put your money in a good utility or bank stock not a paper company advises George Adler of Smith Barney


( S ( NP-SBJ ( JJ Other ) ( NNS analysts ) ) ( VP ( VBP are ) ( PP-PRD ( ADVP ( RB nearly ) ) ( RB as ) ( ADJP ( JJ pessimistic ) ) ) ) )

Other analysts are nearly as pessimistic


( S ( NP-SBJ ( NP ( NNP Gary ) ( NNP Palmero ) ) ( PP ( IN of ) ( NP ( NNP Oppenheimer ) ( CC & ) ( NNP Co. ) ) ) ) ( VP ( VBZ expects ) ( NP ( NP ( DT a ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNS earnings ) ) ) ) ( PP-TMP ( IN between ) ( NP ( NP ( RB now ) ) ( CC and ) ( NP ( CD 1991 ) ) ) ) ( PP ( IN for ) ( NP ( NP ( JJ commodity-oriented ) ( NN paper ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) )

Gary Palmero of Oppenheimer & Co. expects a 30 % decline in earnings between now and 1991 for commodity-oriented paper companies which account for the majority of the industry


( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Schneider ) ) ( PP ( IN of ) ( NP ( NNP Duff ) ( CC & ) ( NNP Phelps ) ) ) ) ( VP ( VBZ sees ) ( S ( NP-SBJ ( JJ paper-company ) ( NN stock ) ( NNS prices ) ) ( VP ( VP ( VBG falling ) ( NP-EXT-2 ( QP ( CD 10 ) ( NN % ) ( TO to ) ( CD 15 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ( VP ( ADVP=1 ( RB perhaps ) ) ( NP-EXT=2 ( CD 25 ) ( NN % ) ) ( SBAR-ADV=3 ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NN recession ) ) ) ) ) ) ) ) ) )

Robert Schneider of Duff & Phelps sees paper-company stock prices falling 10 % to 15 % in 1990 perhaps 25 % if there 's a recession


( S ( NP-SBJ ( NN Paper ) ( NNS companies ) ) ( VP ( VBP concede ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN business ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-PRD ( RB off ) ) ( ADVP-TMP ( RB recently ) ) ) ) ) ) ) )

Paper companies concede that business has been off recently


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP attribute ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN weakness ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NN customer ) ( NN inventory ) ( NNS reductions ) ) ) ) )

But they attribute much of the weakness to customer inventory reductions


( S ( ADVP ( RB Generally ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP maintain ) ( SBAR ( IN that ) ( S ( PP ( VBG barring ) ( NP ( NP ( DT a ) ( NN recession ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ further ) ( NN strengthening ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN dollar ) ) ) ( PP ( IN against ) ( NP ( JJ foreign ) ( NNS currencies ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN industry ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN headed ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ prolonged ) ( NN slump ) ) ) ) ) ) ) ) )

Generally they maintain that barring a recession and a further strengthening of the dollar against foreign currencies the industry is n't headed for a prolonged slump


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( JJ earthshaking ) ( NN drop ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Weyerhaeuser ) ( NN spokesman ) ) ( VP ( VBZ says ) ) )

It wo n't be an earthshaking drop a Weyerhaeuser spokesman says


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Adler ) ) ( VP ( VBD lowered ) ( NP ( PRP$ his ) ( NN rating ) ) ( PP-DIR ( IN from ) ( NP ( VB hold ) ) ) ( PP-DIR ( TO to ) ( NP ( VB avoid ) ) ) ( PP ( IN on ) ( NP ( NP ( NNP Boise ) ( NNP Cascade ) ) ( NP ( NNP Champion ) ( NNP International ) ) ( NP ( NNP Great ) ( NNP Northern ) ( NNP Nekoosa ) ) ( NP ( NNP International ) ( NNP Paper ) ) ( NP ( NNP Louisiana ) ( NNP Pacific ) ) ( CC and ) ( NP ( NNP Weyerhaeuser ) ) ) ) ) )

Last week Mr. Adler lowered his rating from hold to avoid on Boise Cascade Champion International Great Northern Nekoosa International Paper Louisiana Pacific and Weyerhaeuser