( S ( NP-SBJ ( NP ( DT The ) ( NN drug ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NN adenocard ) ) ) ) ) ( VP ( VBZ returns ) ( NP ( DT the ) ( NN heart ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ normal ) ( NN rhythm ) ) ) ( PP-TMP ( IN within ) ( NP ( NNS seconds ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Lyphomed ) ) ) ) ) )

The drug called adenocard returns the heart to a normal rhythm within seconds according to Lyphomed


( S ( NP-SBJ ( NNP Medco ) ( NNP Research ) ) ( VP ( VP ( VBD developed ) ( NP ( DT the ) ( NN drug ) ) ) ( CC and ) ( VP ( VBD licensed ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( NNP Lyphomed ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN sale ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( NNP Canada ) ) ) ) ) ) ) ) )

Medco Research developed the drug and licensed it to Lyphomed for sale in the U.S. and Canada


( S ( NP-TMP ( ADVP ( RBR Earlier ) ) ( DT this ) ( NN year ) ) ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBD made ) ( NP ( NP ( NP ( DT a ) ( JJ final ) ( JJ take-it-or-leave ) ( PRP it ) ( NN offer ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ minimum ) ( NN wage ) ) ) ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP ( TO to ) ( NP ( NP ( CD 4.25 ) ) ( NP-ADV ( DT an ) ( NN hour ) ) ) ) ( UCP ( PP-TMP ( IN over ) ( NP ( CD three ) ( NNS years ) ) ) ( CC and ) ( SBAR ( ADVP ( RB only ) ) ( IN if ) ( S ( VP ( VBN accompanied ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJR lower ) ( NN wage ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN job ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier this year President Bush made a final take-it-or-leave it offer on the minimum wage an increase to 4.25 an hour over three years and only if accompanied by a lower wage for the first six months of a job


( S ( INTJ ( RB Now ) ) ( NP-SBJ-1 ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ has ) ( VP ( VBN decided ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( DT the ) ( JJR higher ) ( NN wage ) ) ( PP-TMP ( IN over ) ( NP ( RB only ) ( CD two ) ( NNS years ) ) ) ) ) ) ) ) ) )

Now the White House has decided to accept the higher wage over only two years


( S ( NP-SBJ ( DT The ) ( JJ sub-minimum ) ( NN wage ) ) ( VP ( MD would ) ( VP ( VB apply ) ( PP-CLR ( ADVP ( RB only ) ) ( TO to ) ( NP ( JJ first-time ) ( JJ teen-age ) ( NNS workers ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 90 ) ( NNS days ) ) ) ) ) )

The sub-minimum wage would apply only to first-time teen-age workers for 90 days


( S ( NP-SBJ-1 ( DT The ) ( NNP White ) ( NNP House ) ) ( VP ( VP ( VBD had ) ( NP ( JJ enough ) ( NNS votes ) ( S ( VP ( TO to ) ( VP ( VB sustain ) ( NP ( DT a ) ( NN veto ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD chose ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( DT a ) ( NN confrontation ) ) ) ) ) ) ) )

The White House had enough votes to sustain a veto but chose to avoid a confrontation


( S ( NP-SBJ ( DT The ) ( JJ only ) ( JJ permanent ) ( NNS losers ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( QP ( CD 200,000 ) ( CC or ) ( RB so ) ) ( NNS workers ) ) ( SBAR ( S ( NP-SBJ ( NN everyone ) ) ( VP ( VBZ agrees ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN priced ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT a ) ( NN job ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( ADJP ( CD 4.25 ) ) ( NN rate ) ) ( SBAR ( S ( NP-SBJ-4 ( NNP Congress ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB approve ) ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The only permanent losers will be the 200,000 or so workers everyone agrees will be priced out of a job at the 4.25 rate Congress is likely to approve today


( S-CLF ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNS compromises ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT this ) ) ) ) ( SBAR-1 ( WHNP-8 ( WDT that ) ) ( S ( VP ( VBP convince ) ( NP ( NP ( NNP Washington ) ( POS 's ) ) ( NNS liberals ) ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB simply ) ) ( VP ( VBP stay ) ( NP ( DT the ) ( NN course ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN administration ) ) ( VP ( MD will ) ( VP ( VB stray ) ( PP-DIR ( IN from ) ( NP ( PRP$ its ) ( JJ own ) ( NN course ) ) ) ( PP-LOC ( IN on ) ( NP ( ADJP ( DT this ) ( CC and ) ( JJ other ) ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) )

It is compromises such as this that convince Washington 's liberals that if they simply stay the course this administration will stray from its own course on this and other issues


( S ( PP-TMP ( NP-ADV ( RB Nearly ) ( CD two ) ( NNS months ) ) ( IN after ) ( S-NOM ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( NN victim ) ) ( PP ( IN of ) ( NP ( JJ widespread ) ( NN fraud ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP MiniScribe ) ( NNP Corp. ) ) ( VP ( VP ( VBD disclosed ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ negative ) ( JJ net ) ( NN worth ) ) ( PP ( IN of ) ( NP ( QP ( CD 88 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP July ) ( CD 2 ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD hinted ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB file ) ( PP-CLR ( IN for ) ( NP ( NP ( NN protection ) ) ( PP-LOC ( IN under ) ( NP ( NN bankruptcy ) ( NNS laws ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nearly two months after saying it had been the victim of widespread fraud MiniScribe Corp. disclosed it had a negative net worth of 88 million as of July 2 and hinted that it might be forced to file for protection under bankruptcy laws


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Rifenburgh ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC-LOC ( NNP Longmont ) ( NNP Colo. ) ) ( NN disk-drive ) ( NN maker ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VP ( VBD continued ) ( S ( VP ( VBG losing ) ( NP ( NN money ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ( CC and ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB sustain ) ( NP ( JJ further ) ( NNS losses ) ) ( PP-TMP ( IN through ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

Richard Rifenburgh chairman and chief executive of the Longmont Colo. disk-drive maker also said the company continued losing money in the third quarter and expects to sustain further losses through the end of the year


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rifenburgh ) ) ( VP ( VP ( VBD told ) ( NP ( NN industry ) ( NNS analysts ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBG moving ) ( ADVP-MNR ( RB aggressively ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB negotiate ) ( NP ( NP ( JJ out-of-court ) ( NNS settlements ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NN shareholder ) ( NNS lawsuits ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD could ) ( VP ( VB file ) ( PP-CLR ( IN for ) ( NP ( NN bankruptcy-law ) ( NN protection ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN settlement ) ( NNS talks ) ) ( VP ( VBP fail ) ) ) ) ) ) ) ) ) ) )

Mr. Rifenburgh told industry analysts he is moving aggressively to negotiate out-of-court settlements on a number of shareholder lawsuits but noted that the company could file for bankruptcy-law protection if settlement talks fail


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rifenburgh ) ) ( ADVP ( RB also ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( CD 150 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP MiniScribe ) ( JJ common ) ( NN stock ) ) ) ) ( VP ( VBD were ) ( VP ( VBN traded ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS years ) ) ) ( SBAR ( IN so ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ tremendous ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN exposure ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Rifenburgh also noted that 150 million shares of MiniScribe common stock were traded during the past three years so there 's a tremendous amount of exposure


( S ( NP-SBJ ( NNP MiniScribe ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( PRP$ its ) ( JJ financial ) ( NNS results ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NN fiscal ) ( NNS years ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN restated ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB allegedly ) ( JJ fraudulent ) ) ( NN accounting ) ( CC and ) ( NN marketing ) ( NNS practices ) ) ( SBAR ( WHNP-177 ( IN that ) ) ( S ( VP ( VBD inflated ) ( NP ( NP ( NNS revenues ) ) ( CC and ) ( NP ( JJ net ) ( NN income ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

MiniScribe has said that its financial results for the past three fiscal years would have to be restated because of the allegedly fraudulent accounting and marketing practices that inflated revenues and net income


( S ( NP-SBJ ( NNP MiniScribe ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN filed ) ( NP ( NP ( DT any ) ( JJ financial ) ( NNS statements ) ) ( PP-TMP ( IN for ) ( NP ( CD 1989 ) ) ) ) ) ) )

MiniScribe also has n't filed any financial statements for 1989


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rifenburgh ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ such ) ( NNS statements ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ ready ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) )

Mr. Rifenburgh said such statements should be ready by the end of November


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS sales ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) )

He said he expects the company to have 500 million in sales for this year


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB say ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD expected ) ( S ( VP ( TO to ) ( VP ( VB report ) ( PP-TMP ( IN for ) ( NP ( NP ( JJ year-earlier ) ( NNS sales ) ) ( SBAR ( WHNP-178 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN restated ) ( PP ( IN from ) ( NP ( DT the ) ( ADJP ( RB previously ) ( VBN reported ) ) ( QP ( CD 603 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He did n't say what the company expected to report for year-earlier sales which will be restated from the previously reported 603 million


( S ( NP-SBJ ( NP ( DT The ) ( NN release ) ) ( PP ( IN of ) ( NP ( NP ( NNP MiniScribe ) ( POS 's ) ) ( JJ new ) ( NN balance ) ( NN sheet ) ) ) ) ( VP ( VBD came ) ( SBAR-TMP ( NP ( CD one ) ( NN day ) ) ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD introduced ) ( NP ( NP ( PRP$ its ) ( JJ new ) ( NN line ) ) ( PP ( IN of ) ( NP ( JJ one-inch ) ( NN disk ) ( NNS drives ) ) ) ( SBAR ( WHPP-1 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG pinning ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN hope ) ) ( PP ( IN for ) ( NP ( NN survival ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The release of MiniScribe 's new balance sheet came one day after it introduced its new line of one-inch disk drives on which it is pinning much of its hope for survival


( S ( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN company ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( DT the ) ( JJR thinner ) ( NNS drives ) ) ( SBAR ( WHNP-179 ( WDT which ) ) ( S ( VP ( VBP store ) ( NP ( NN information ) ) ( PP-LOC ( IN in ) ( NP ( JJ personal ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP MiniScribe ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( PP ( IN with ) ( NP ( DT an ) ( JJ 80-megabyte ) ( NN drive ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB introduce ) ( NP ( DT a ) ( JJ 120-megabyte ) ( NN drive ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) )

Although it is not the first company to produce the thinner drives which store information in personal computers MiniScribe says it is the first with an 80-megabyte drive the company plans to introduce a 120-megabyte drive next year


( S ( NP-SBJ-1 ( NNS Analysts ) ( CC and ) ( NNS consultants ) ) ( VP ( VBD had ) ( NP ( NP ( JJ mixed ) ( NNS reactions ) ) ( PP ( TO to ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NNS announcements ) ) ) ) ( S-ADV ( VP ( VP ( VBG praising ) ( NP ( NP ( NNP Mr. ) ( NNP Rifenburgh ) ( POS 's ) ) ( NNS efforts ) ) ) ( CC but ) ( VP ( VBG questioning ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD can ) ( VP ( VB survive ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( RB highly ) ( JJ competitive ) ( NN marketplace ) ) ) ) ) ) ) ) ) ) ) )

Analysts and consultants had mixed reactions to yesterday 's announcements praising Mr. Rifenburgh 's efforts but questioning whether the company can survive in a highly competitive marketplace


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ wait-and-see ) ( NN attitude ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Dave ) ( NNP Vellante ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN storage ) ( NN research ) ) ) ( PP ( IN for ) ( NP ( NNP International ) ( NNP Data ) ( NNP Corp ) ) ) ) ) )

It 's a wait-and-see attitude said Dave Vellante vice president of storage research for International Data Corp


( S ( NP-SBJ ( NNS Others ) ) ( VP ( VBD pointed ) ( PRT ( RP out ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD four ) ) ( JJ other ) ( NN disk-drive ) ( NNS makers ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( JJ competitive ) ( JJ one-inch ) ( NNS drives ) ) ( NP-TMP ( RB early ) ( JJ next ) ( NN year ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ operates ) ( PP-MNR ( IN on ) ( NP ( ADJP ( RB very ) ( JJ thin ) ) ( NNS margins ) ) ) ) ) ) ) ) )

Others pointed out that at least four other disk-drive makers will have competitive one-inch drives early next year and that the industry already operates on very thin margins


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBZ faces ) ( NP ( NP ( NN delisting ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNPS Securities ) ( NNPS Dealers ) ) ) ) ) ) ) )

The company also faces delisting by the National Association of Securities Dealers


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( NN exception ) ) ( PP ( TO to ) ( NP ( NN listing ) ( NNS requirements ) ) ) ) ) ) ) ) ) )

The company continues to trade in the over-the-counter market with an exception to listing requirements


( S ( NP-SBJ ( NNP MiniScribe ) ) ( VP ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( NN status ) ( NN report ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP NASD ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ( VP-1 ( VP ( VBG detailing ) ( NP ( PRP$ its ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( NN listing ) ( NNS requirements ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG requesting ) ( NP ( NP ( DT an ) ( NN extension ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN exception ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD received ) ( NP ( DT a ) ( NN response ) ) ) ) ) )

MiniScribe filed a status report with the NASD on Monday detailing its efforts to comply with listing requirements and requesting an extension of the exception but has n't received a response


( S ( NP-SBJ ( NNP MiniScribe ) ( JJ common ) ) ( VP ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 1.9375 ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 6.25 ) ( NNS cents ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trading ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS months ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 3 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

MiniScribe common closed yesterday at 1.9375 down 6.25 cents and has been trading for several months at less than 3 a share


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( NNP U.S. ) ( NNP Attorney ) ( NNP Jerry ) ( NNP Rafferty ) ) ( PP-LOC ( IN in ) ( NP ( NNP Denver ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG reviewing ) ( NP ( NP ( DT the ) ( NN report ) ) ( VP ( VBN prepared ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP MiniScribe ) ( POS 's ) ) ( JJ outside ) ( NNS directors ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB determine ) ( SBAR ( IN if ) ( S ( NP-SBJ-2 ( JJ criminal ) ( NNS charges ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN brought ) ( PP-LOC-CLR ( IN before ) ( NP ( DT a ) ( JJ grand ) ( NN jury ) ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile U.S. Attorney Jerry Rafferty in Denver is reviewing the report prepared by MiniScribe 's outside directors to determine if criminal charges should be brought before a grand jury


( S ( NP-SBJ ( DT The ) ( NNP MiniScribe ) ( NN report ) ) ( VP ( VBZ outlines ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB allegedly ) ( JJ fraudulent ) ) ( NNS practices ) ) ( VP ( VBG including ) ( NP ( NP ( NP ( DT the ) ( NN shipment ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNS bricks ) ) ( CC and ) ( NP ( JJ defective ) ( NN disk ) ( NNS drives ) ) ) ( SBAR ( WHNP-180 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN booked ) ( PP-CLR ( IN as ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN inventory ) ( NNS forgeries ) ) ( PP-LOC ( IN in ) ( NP ( NN accounting ) ( NNS records ) ) ) ) ) ) ) ) ) ) )

The MiniScribe report outlines a host of allegedly fraudulent practices including the shipment of bricks and defective disk drives that were booked as sales and inventory forgeries in accounting records


( S ( NP-SBJ ( DT The ) ( JJ internal ) ( NN investigation ) ) ( ADVP ( RB also ) ) ( VP ( VBD criticized ) ( NP-1 ( NP ( NP ( NNP MiniScribe ) ( POS 's ) ) ( NNS auditors ) ) ( NP ( NNP Coopers ) ( CC & ) ( NNP Lybrand ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( ADVP ( RB allegedly ) ) ( VP ( VBG ignoring ) ( NP ( JJ numerous ) ( JJ red ) ( NNS flags ) ) ) ) ) ) )

The internal investigation also criticized MiniScribe 's auditors Coopers & Lybrand for allegedly ignoring numerous red flags


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rifenburgh ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN board ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN acted ) ( PP-CLR ( IN on ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ internal ) ( NN report ) ( POS 's ) ) ( NNS recommendations ) ) ) ) ) ( S-ADV ( VP ( VBG pending ) ( NP ( NP ( NN restatement ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN balance ) ( NN sheet ) ) ) ) ) ) ) ) ) ) ) )

Mr. Rifenburgh said the board still has n't acted on most of the internal report 's recommendations pending restatement of the balance sheet


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN recommendation ) ) ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( JJ few ) ( NNS weeks ) ) ) ( PP-1 ( IN on ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NNP MiniScribe ) ) ( VP ( MD should ) ( VP ( VB file ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NNS lawsuits ) ) ( PP ( IN against ) ( NP ( JJ former ) ( NN company ) ( NNS officers ) ( CC and ) ( NNS directors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He added that he expects to make a recommendation within a few weeks on whether MiniScribe should file its own lawsuits against former company officers and directors


( S ( NP-SBJ ( NNP Fujitsu ) ( NNP Ltd. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB withdraw ) ( NP ( PRP$ its ) ( JJ controversial ) ( JJ one-yen ) ( NN bid ) ( S ( VP ( TO to ) ( VP ( VB design ) ( NP ( DT a ) ( NN waterworks ) ( NN computer ) ( NN system ) ) ( PP-BNF ( IN for ) ( NP ( NP ( DT the ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Hiroshima ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fujitsu Ltd. said it wants to withdraw its controversial one-yen bid to design a waterworks computer system for the city of Hiroshima


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Fair ) ( NNP Trade ) ( NNP Commission ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG considering ) ( S ( VP ( VBG launching ) ( NP ( NP ( DT an ) ( NN investigation ) ) ( PP ( IN into ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NN bid ) ) ( NP ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN penny ) ) ) ) ) ) ) ( VP ( VBZ violates ) ( NP ( JJ anti-monopoly ) ( NNS laws ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile Japan 's Fair Trade Commission said it was considering launching an investigation into whether the bid the equivalent of less than a penny violates anti-monopoly laws


( S ( NP-SBJ-1 ( NNP Hiroshima ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD held ) ( NP ( DT an ) ( NN auction ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pick ) ( NP ( DT the ) ( NN contractor ) ) ) ) ) ( S-ADV ( VP ( VBG expecting ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( QP ( RB about ) ( CD 11 ) ( CD million ) ) ( NNS yen ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) )

Hiroshima last week held an auction to pick the contractor expecting to pay about 11 million yen for the project


( S ( S ( NP-SBJ ( CD Eight ) ( NNS companies ) ) ( VP ( VBD submitted ) ( NP ( NNS bids ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NNP Fujitsu ) ) ( VP ( VBD won ) ( NP ( DT the ) ( NN contract ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP ( RB essentially ) ) ( VBG saying ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB do ) ( NP ( DT the ) ( NN job ) ) ( PP-CLR ( IN for ) ( NP ( JJ free ) ) ) ) ) ) ) ) ) ) ) ) )

Eight companies submitted bids but Fujitsu won the contract by essentially saying it would do the job for free


( S ( NP-SBJ ( NP ( NNP News ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bid ) ) ) ) ( VP ( VBD drew ) ( NP ( JJ sharp ) ( NN criticism ) ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ other ) ( NN computer ) ( NNS companies ) ) ( CC and ) ( NP ( NN industry ) ( NNS observers ) ) ) ) ) )

News of the bid drew sharp criticism from other computer companies and industry observers


( S ( NP-SBJ ( NP ( NNP Fujitsu ) ) ( NP ( PRP itself ) ) ( SBAR ( WHNP-163 ( WDT which ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN bid ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN approved ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( NNS headquarters ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB clearly ) ) ( ADJP-PRD ( JJ embarrassed ) ) ) )

Fujitsu itself which said the bid had n't been approved by its headquarters was clearly embarrassed


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN bid ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( RB socially ) ( JJ acceptable ) ) ) ) ( NP-SBJ ( DT a ) ( NN company ) ( NN spokeswoman ) ) ( VP ( VBD said ) ) )

The bid was n't socially acceptable a company spokeswoman said


( S ( NP-SBJ ( NNP Hiroshima ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VP ( VBP consider ) ( S ( NP-SBJ ( DT the ) ( NN contract ) ) ( PP-PRD ( IN in ) ( NP ( NN effect ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( DT no ) ( JJ immediate ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB cancel ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

Hiroshima officials said they still consider the contract in effect and had no immediate plans to cancel it


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB wait ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN outcome ) ) ( PP ( IN of ) ( NP ( DT any ) ( NN government ) ( NN investigation ) ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG deciding ) ( SBAR ( WHNP-164 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They said they wanted to wait for the outcome of any government investigation before deciding what to do


( S ( S-ADV ( VP ( VBN Shaken ) ( PP ( IN by ) ( NP-LGS ( NP ( VBG tumbling ) ( NN stock ) ( NNS prices ) ) ( CC and ) ( NP ( NP ( JJ pessimistic ) ( NNS projections ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( JJ economic ) ( NN growth ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NN currency ) ( NNS analysts ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ( VP ( VBP have ) ( VP ( VBN toned ) ( PRT ( RP down ) ) ( NP ( NP ( PRP$ their ) ( NNS assessments ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( JJ near-term ) ( NN performance ) ) ) ) ) ) )

Shaken by tumbling stock prices and pessimistic projections of U.S. economic growth currency analysts around the world have toned down their assessments of the dollar 's near-term performance


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 10 ) ( NNS analysts ) ) ( VP ( VBN polled ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Dow ) ( NNP Jones ) ( NNP International ) ( NNP News ) ( NNP Service ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Frankfurt ) ) ( NP ( NNP Tokyo ) ) ( NP ( NNP London ) ) ( CC and ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN dollar ) ) ( VP ( TO to ) ( VP ( VB ease ) ( ADVP-MNR ( RB only ) ( RB mildly ) ) ( PP-TMP ( IN in ) ( NP ( NNP November ) ) ) ) ) ) ) )

Most of the 10 analysts polled last week by Dow Jones International News Service in Frankfurt Tokyo London and New York expect the U.S. dollar to ease only mildly in November


( S ( NP-SBJ ( NN Opinion ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ mixed ) ) ( PP-CLR ( IN over ) ( NP ( PRP$ its ) ( JJ three-month ) ( NNS prospects ) ) ) ) )

Opinion is mixed over its three-month prospects


( S ( NP-SBJ ( NP ( NN Half ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( VP ( VBN polled ) ) ) ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( DT the ) ( NN currency ) ) ( VP ( VBG trending ) ( ADVP-CLR ( ADJP ( JJR lower ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD three ) ( NNS months ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNS others ) ) ( VP ( VBP forecast ) ( NP ( NP ( DT a ) ( JJ modest ) ( NN rebound ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNP New ) ( NN Year ) ) ) ) ) ) ) ) )

Half of those polled see the currency trending lower over the next three months while the others forecast a modest rebound after the New Year


( S ( PP-LOC ( IN In ) ( NP ( JJ late ) ( NN afternoon ) ( NNP New ) ( NNP York ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VP ( VBD stood ) ( PP-CLR-1 ( IN at ) ( NP ( CD 1.8415 ) ( ADJP ( JJ West ) ( JJ German ) ) ( NNS marks ) ) ) ( ADVP-2 ( RB up ) ( PP ( IN from ) ( NP ( CD 1.8340 ) ( NNS marks ) ) ( NP-TMP ( RB late ) ( NNP Monday ) ) ) ) ) ( CC and ) ( VP ( PP-CLR=1 ( IN at ) ( NP ( CD 142.85 ) ( NNS yen ) ) ) ( ADVP=2 ( RB up ) ( PP ( IN from ) ( NP ( CD 141.90 ) ( NNS yen ) ) ( NP-TMP ( RB late ) ( NNP Monday ) ) ) ) ) ) )

In late afternoon New York trading yesterday the dollar stood at 1.8415 West German marks up from 1.8340 marks late Monday and at 142.85 yen up from 141.90 yen late Monday


( S ( NP-TMP ( DT A ) ( NN month ) ( RB ago ) ) ( NP-SBJ ( DT a ) ( JJ similar ) ( NN survey ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.8690 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 139.75 ) ( NNS yen ) ) ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP October ) ) ) ) ) ) ) ) )

A month ago a similar survey predicted the dollar would be trading at 1.8690 marks and 139.75 yen by the end of October


( S ( NP-SBJ ( NN Sterling ) ) ( VP ( VBD was ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( CD 1.5805 ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 1.5820 ) ) ( NP-TMP ( JJ late ) ( NNP Monday ) ) ) ) ) ) )

Sterling was trading at 1.5805 down from 1.5820 late Monday


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Wednesday ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBD was ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( RB about ) ( CD 142.95 ) ( NNS yen ) ) ) ( PP-TMP ( IN at ) ( NP ( NN midmorning ) ) ) ( ADVP ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 142.80 ) ( NNS yen ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN opening ) ) ) ) ) ( CC and ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNP Tokyo ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 142.15 ) ( NNS yen ) ) ) ) ) ) ) ) ) )

In Tokyo Wednesday the U.S. currency was trading at about 142.95 yen at midmorning up from 142.80 yen at the opening and up from Tuesday 's Tokyo close of 142.15 yen


( S ( NP-SBJ ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 10 ) ( NNS economists ) ) ( VP ( VBN polled ) ) ) ) ) ) ) ( VP ( VBZ puts ) ( NP ( DT the ) ( NN dollar ) ) ( PP-PUT ( PP ( IN around ) ( NP ( CD 1.8200 ) ( NNS marks ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP November ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( CD 141.33 ) ( NNS yen ) ) ) ) ) )

The average of estimates of the 10 economists polled puts the dollar around 1.8200 marks at the end of November and at 141.33 yen


( S ( PP-TMP ( IN By ) ( NP ( JJ late ) ( NNP January ) ) ) ( NP-SBJ ( DT the ) ( NN consensus ) ) ( VP ( VBZ calls ) ( SBAR-CLR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG trading ) ( PP-CLR ( PP ( IN around ) ( NP ( CD 1.8200 ) ( NNS marks ) ) ) ( CC and ) ( PP ( IN near ) ( NP ( CD 142 ) ( NNS yen ) ) ) ) ) ) ) ) ) ) )

By late January the consensus calls for the dollar to be trading around 1.8200 marks and near 142 yen


( S ( NP-SBJ ( NP ( DT Those ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ bullish ) ( NN view ) ) ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBG trading ) ( ADVP-CLR ( RB up ) ( PP ( IN near ) ( NP ( NP ( CD 1.9000 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 145 ) ( NNS yen ) ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ( NNS bears ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBG trading ) ( PP-CLR ( IN around ) ( NP ( NP ( CD 1.7600 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 138 ) ( NNS yen ) ) ) ) ) ) ) ) ) ) )

Those with a bullish view see the dollar trading up near 1.9000 marks and 145 yen while the dollar bears see the U.S. currency trading around 1.7600 marks and 138 yen


( S ( NP-SBJ ( NP ( DT A ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( VP ( VBN polled ) ) ) ) ) ( VP ( VBP predict ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( MD will ) ( VP ( VB slip ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBZ eases ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) )

A number of those polled predict the dollar will slip as the Federal Reserve eases interest rates


( S ( NP-SBJ ( NP ( NNP David ) ( NNP Owen ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Kleinwort ) ( NNP Benson ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( NP ( NP ( JJ further ) ( NNS cuts ) ) ( PP-LOC ( IN in ) ( NP ( JJ short-term ) ( NNP U.S. ) ( NNS rates ) ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( VP ( TO to ) ( VP ( VB encourage ) ( NP ( NP ( DT a ) ( NN narrowing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN trade ) ( NN gap ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB ensure ) ( NP ( NP ( DT a ) ( JJ soft ) ( NN landing ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

David Owen an economist at Kleinwort Benson & Co. in London said he expects further cuts in short-term U.S. rates in an effort to encourage a narrowing of the trade gap and to ensure a soft landing in the U.S. economy


( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP White ) ) ( NP ( NP ( DT a ) ( NX ( NX ( NN vice ) ( NN president ) ) ( CC and ) ( NX ( NN manager ) ) ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NN trade ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP First ) ( NNP Interstate ) ) ( PP ( IN of ) ( NP ( NNP California ) ) ) ) ) ) ) ( VP ( VP ( VBD agreed ) ( PP-CLR ( IN with ) ( NP ( DT that ) ( NN view ) ) ) ) ( CC and ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( VP ( MD will ) ( VP ( VB drop ) ( PP-DIR ( TO to ) ( NP ( QP ( IN between ) ( CD 7 ) ( CD 3\/4 ) ( NN % ) ( CC and ) ( CD 8 ) ( NN % ) ) ) ) ( PP-TMP ( IN within ) ( NP ( CD 60 ) ( NNS days ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( PRP$ its ) ( JJ current ) ( NN level ) ) ( PP ( IN at ) ( NP ( CD 8 ) ( CD 13\/16 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

Robert White a vice president and manager of corporate trade at First Interstate of California agreed with that view and predicted the U.S. federal funds rate will drop to between 7 3\/4 % and 8 % within 60 days from its current level at 8 13\/16 %


( S ( S ( NP-SBJ ( NNP Fed ) ( NNS funds ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN rate ) ) ( SBAR ( S ( NP-SBJ ( NNS banks ) ) ( VP ( VBP charge ) ( NP ( DT each ) ( JJ other ) ) ( PP ( IN on ) ( NP ( JJ overnight ) ( NNS loans ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Fed ) ) ( VP ( VBZ influences ) ( NP ( DT the ) ( NN rate ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG adding ) ( CC or ) ( VBG draining ) ( NP ( NNS reserves ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN banking ) ( NN system ) ) ) ) ) ) ) ) )

Fed funds is the rate banks charge each other on overnight loans the Fed influences the rate by adding or draining reserves from the banking system


( S ( NP-SBJ ( NNP Mr. ) ( NNP White ) ) ( ADVP ( RB also ) ) ( VP ( VBD predicted ) ( NP ( NP ( DT a ) ( JJ half-point ) ( NN cut ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN discount ) ( NN rate ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ) ) )

Mr. White also predicted a half-point cut in the U.S. discount rate in the near future


( S ( NP-SBJ ( NP ( DT The ) ( NN discount ) ( NN rate ) ) ( NP ( ADVP ( RB currently ) ) ( CD 7 ) ( NN % ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN rate ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ charges ) ( NP ( NN member ) ( NNS banks ) ) ( PP ( IN for ) ( NP ( NNS loans ) ) ) ( S-ADV ( VP ( VBG using ) ( NP ( NN government ) ( NNS securities ) ) ( PP-CLR ( IN as ) ( NP ( NN collateral ) ) ) ) ) ) ) ) ) ) )

The discount rate currently 7 % is the rate the Fed charges member banks for loans using government securities as collateral


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ expects ) ( NP ( PDT such ) ( DT a ) ( NN cut ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( JJ several ) ( NNS sectors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ( NP ( ADVP ( RB particularly ) ) ( NP ( JJ real ) ( NN estate ) ) ( CC and ) ( NP ( NNS automobiles ) ) ) ) ) ) ) ) )

He expects such a cut because of problems in several sectors of the economy particularly real estate and automobiles


( S ( S-ADV ( VP ( VBG Bolstering ) ( NP ( PRP$ his ) ( NN argument ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Commerce ) ( NNP Department ) ) ( VP ( VBD reported ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ new ) ( NN home ) ( NNS sales ) ) ( PP-TMP ( IN for ) ( NP ( NNP September ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( CD 14 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( NNP August ) ( POS 's ) ) ( JJ revised ) ( CD 3.1 ) ( NN % ) ( NN fall ) ) ) ) ) ) ) ) )

Bolstering his argument the Commerce Department reported yesterday that new home sales for September were down 14 % from August 's revised 3.1 % fall


( S ( NP-SBJ ( DT The ) ( NN drop ) ) ( VP ( VBD marked ) ( NP ( NP ( DT the ) ( JJS largest ) ( JJ monthly ) ( NN tumble ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT a ) ( ADJP ( CD 19 ) ( NN % ) ) ( NN slide ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ( CD 1982 ) ) ) ) ) ) ) )

The drop marked the largest monthly tumble since a 19 % slide in January 1982


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ last ) ( NN month ) ( POS 's ) ) ( NN survey ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NN currency ) ( NNS analysts ) ) ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN pressured ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN narrowing ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ( NN rate ) ( NNS differentials ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In last month 's survey a number of currency analysts predicted the dollar would be pressured by a narrowing of interest rate differentials between the U.S. and West Germany


( S ( ADVP ( RB Indeed ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( NNP October ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( JJ West ) ( JJ German ) ) ( JJ central ) ( NN bank ) ) ( VP ( VBD raised ) ( NP ( PRP$ its ) ( NN discount ) ( CC and ) ( NNP Lombard ) ( NNS rates ) ) ( PP-EXT ( IN by ) ( NP ( DT a ) ( JJ full ) ( NN percentage ) ( NN point ) ) ) ) )

Indeed in early October the West German central bank raised its discount and Lombard rates by a full percentage point


( S ( NP-SBJ-1 ( NP ( JJ Several ) ( JJ other ) ( JJ European ) ( JJ central ) ( NNS banks ) ) ( PP-LOC ( ADVP ( RB notably ) ) ( IN in ) ( NP ( NNP Britain ) ) ) ) ( VP ( VBD followed ) ( NP ( NP ( DT the ) ( ADJP ( JJ West ) ( JJ German ) ) ( NNP Bundesbank ) ( POS 's ) ) ( NN lead ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG raising ) ( NP ( PRP$ their ) ( JJ own ) ( NN key ) ( NNS rates ) ) ) ) ) ) )

Several other European central banks notably in Britain followed the West German Bundesbank 's lead by raising their own key rates


( S ( CC And ) ( NP-TMP ( DT a ) ( NN week ) ( RB later ) ) ( NP-SBJ ( NNP Japan ) ) ( VP ( VBD raised ) ( NP ( PRP$ its ) ( JJ official ) ( NN discount ) ( NN rate ) ) ( PP-EXT ( IN by ) ( NP ( DT a ) ( JJ half ) ( NN point ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 3.75 ) ( NN % ) ) ) ) )

And a week later Japan raised its official discount rate by a half point to 3.75 %


( S ( NP-SBJ ( DT The ) ( JJ Japanese ) ( NN discount ) ( NN rate ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( JJ central ) ( NN bank ) ( POS 's ) ) ( JJ base ) ( NN rate ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ) ) ) ) )

The Japanese discount rate is the central bank 's base rate on loans to commercial banks


( S ( PP-TMP ( IN After ) ( NP ( NP ( NP ( DT a ) ( RB surprisingly ) ( JJ sharp ) ( NN widening ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NNP August ) ( NN merchandise ) ( NN trade ) ( NN deficit ) ) ) ( PRN ( UCP ( NP ( NP ( QP ( CD 10.77 ) ( CD billion ) ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( JJ revised ) ( QP ( CD 8.24 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ( CC and ) ( PP ( ADVP ( RB well ) ) ( IN above ) ( NP ( NNS expectations ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( JJ startling ) ( JJ 190-point ) ) ( NN drop ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBD relaxed ) ( NP ( JJ short-term ) ( NN interest ) ( NNS rates ) ) ( S-ADV ( VP ( VBG knocking ) ( NP ( VBN fed ) ( NNS funds ) ) ( PP-DIR ( IN from ) ( NP ( QP ( IN around ) ( CD 9 ) ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ) ) ) ) )

After a surprisingly sharp widening in the U.S. August merchandise trade deficit 10.77 billion from a revised 8.24 billion in July and well above expectations and a startling 190-point drop in stock prices on Oct. 13 the Federal Reserve relaxed short-term interest rates knocking fed funds from around 9 % to 8 3\/4 %


( S ( CC But ) ( NP-SBJ ( NNS predictions ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ central ) ( NNS banks ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC ( NAC ( NAC ( NNP Group ) ) ( PP ( IN of ) ( NP ( NNP Seven ) ) ) ) ( PRN ( NAC ( NNP G-7 ) ) ) ) ( JJ major ) ( JJ industrial ) ( NNS nations ) ) ) ) ( VP ( MD would ) ( VP ( VB continue ) ( NP ( PRP$ their ) ( JJ massive ) ( NN dollar ) ( NNS sales ) ) ) ) ) ) ) ( VP ( VBD went ) ( ADVP ( RB astray ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBD drove ) ( NP ( DT the ) ( NN dollar ) ) ( ADVP-DIR ( RB downward ) ) ( PP-MNR ( IN on ) ( NP ( PRP$ its ) ( JJ own ) ) ) ( S-ADV ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NX ( NX ( NN plunge ) ) ( CC and ) ( NX ( JJ subsequent ) ( NN price ) ( NN volatility ) ) ) ) ( NP ( JJR lower ) ( NNP U.S. ) ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( NP ( DT a ) ( VBG slowing ) ( NNP U.S. ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) )

But predictions that central banks of the Group of Seven G-7 major industrial nations would continue their massive dollar sales went astray as the market drove the dollar downward on its own reacting to Wall Street 's plunge and subsequent price volatility lower U.S. interest rates and signs of a slowing U.S. economy


( S ( NP-SBJ ( NNP G-7 ) ) ( VP ( VBZ consists ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( NP ( NNP Japan ) ) ( NP ( NNP Britain ) ) ( NP ( NNP West ) ( NNP Germany ) ) ( NP ( NNP Canada ) ) ( NP ( NNP France ) ) ( CC and ) ( NP ( NNP Italy ) ) ) ) ) )

G-7 consists of the U.S. Japan Britain West Germany Canada France and Italy


( S ( NP-SBJ ( NP ( NNP Tomoshige ) ( NNP Kakita ) ) ( NP ( NP ( JJ senior ) ( NN deputy ) ( NN manager ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN treasury ) ( NN department ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mitsui ) ( NNP Bank ) ( NNP Ltd. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ) ) ) ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NN uncertainty ) ) ( PP ( IN about ) ( NP ( NNP U.S. ) ( NNS stocks ) ( CC and ) ( NNS bonds ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS investors ) ) ( ADJP-PRD ( JJ leery ) ( PP ( IN of ) ( S-NOM ( VP ( VBG holding ) ( NP ( DT those ) ( NNS securities ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN term ) ) ) ) ) ) ) ) ( S-ADV ( ADVP ( RB thus ) ) ( VP ( VBG damping ) ( NP ( NN dollar ) ( NN demand ) ) ) ) ) ) ) ) ) )

Tomoshige Kakita senior deputy manager in the treasury department of Mitsui Bank Ltd. in Tokyo suggested that uncertainty about U.S. stocks and bonds has made Japanese investors leery of holding those securities in the near term thus damping dollar demand


( S-2 ( CC But ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Kakita ) ) ( VP ( VBD added ) ) ) ) ( SBAR-TMP ( RB once ) ( S ( NP-SBJ ( NNP U.S. ) ( NNS equities ) ) ( VP ( VBP regain ) ( NP ( DT some ) ( NN stability ) ) ) ) ) ( NP-SBJ ( NNS players ) ) ( VP ( MD will ) ( VP ( VB move ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( IN into ) ( NP ( NP ( JJ dollar-denominated ) ( NNS investments ) ) ( NP ( NP ( ADVP ( RB especially ) ) ( NNP Treasury ) ( NNS bonds ) ) ( SBAR ( WHNP-6 ( WP$ whose ) ( NN value ) ) ( S ( VP ( VBZ rises ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP decline ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Kakita added once U.S. equities regain some stability players will move back into dollar-denominated investments especially Treasury bonds whose value rises when interest rates decline


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kakita ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ key ) ( JJ dollar-yen ) ( NN exchange ) ( NN rate ) ) ( VP ( VBZ is ) ( PP-PRD ( IN at ) ( NP ( CD 135 ) ( NNS yen ) ) ) ) ) ) ) )

Mr. Kakita said the key dollar-yen exchange rate is at 135 yen


( S ( S-TPC-3 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( CD 135 ) ) ( VP ( VBZ is ) ( VP ( VBN broken ) ) ) ) ) ( NP-SBJ-2 ( DT some ) ( NN panic ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN seen ) ) ) ) ) ( NP-SBJ-4 ( PRP he ) ) ( VP ( VBD predicted ) ( S-ADV ( VP ( VBG explaining ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS institutions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ comfortable ) ( SBAR ( IN with ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( PP-LOC-PRD ( ADVP ( RB anywhere ) ) ( IN between ) ( NP ( NP ( JJ current ) ( NNS levels ) ) ( CC and ) ( NP ( CD 135 ) ( NNS yen ) ) ) ) ) ) ) ) ) ) ) ) ) )

If 135 is broken some panic will be seen he predicted explaining that Japanese institutions are comfortable with the dollar anywhere between current levels and 135 yen


( S ( NP-SBJ ( NP ( NNP Jens-Uwe ) ( NNP Fischer ) ) ( NP ( NP ( DT a ) ( JJ senior ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Manufacturers ) ( NNP Hanover ) ( NNP Trust ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( TO to ) ( VP ( VB recover ) ( PP-TMP ( IN within ) ( NP ( DT the ) ( JJ next ) ( CD three ) ( NNS months ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( IN around ) ( CD 1.88 ) ) ( NNS marks ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNP U.S. ) ( JJ economic ) ( NNS data ) ) ( NP ( ADVP ( RB particularly ) ) ( NNP U.S. ) ( NN trade ) ( NNS figures ) ) ) ( VP ( VBP level ) ( PRT ( RP off ) ) ) ) ) ) ) ) ) ) ) ) )

Jens-Uwe Fischer a senior trader at Manufacturers Hanover Trust Co. in Frankfurt said he expects the dollar to recover within the next three months to around 1.88 marks as U.S. economic data particularly U.S. trade figures level off


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD contended ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB ease ) ( NP ( NNS rates ) ) ( ADVP ( RB further ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( NNP Bundesbank ) ( NNS officials ) ) ( VP ( MD will ) ( VP ( VB relax ) ( NP ( JJ key ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ) ) ) ) )

He contended that the Fed wo n't ease rates further but predicted Bundesbank officials will relax key rates in West Germany


( S ( NP-SBJ ( NP ( NNP Alfred ) ( NNP Zapfel ) ) ( NP ( NP ( JJ chief ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Boston ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ) ) ) ( VP ( VBD took ) ( NP ( DT an ) ( JJ opposite ) ( NN stance ) ) ) )

Alfred Zapfel chief trader at Bank of Boston in Frankfurt took an opposite stance


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNP U.S. ) ( NN interest ) ( NNS rates ) ) ( VP ( TO to ) ( VP ( VB decline ) ( S-ADV ( VP ( VBG dragging ) ( NP ( DT the ) ( NN dollar ) ) ( ADVP-DIR ( RB down ) ) ( PP-DIR ( TO to ) ( NP ( QP ( IN around ) ( CD 1.80 ) ) ( NNS marks ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP January ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( JJ short-lived ) ( NN dash ) ) ( PP-CLR ( TO to ) ( NP ( CD 1.87 ) ( NNS marks ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said he expects U.S. interest rates to decline dragging the dollar down to around 1.80 marks by the end of January after a short-lived dash to 1.87 marks by the end of November


( S-1 ( NP-SBJ ( ADJP ( JJ West ) ( JJ German ) ) ( NN interest ) ( NNS rates ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( JJ unchanged ) ) ) ) )

West German interest rates he said will remain unchanged


( S ( S-2 ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT these ) ( JJ great ) ( NN dollar ) ( NNS bears ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP see ) ( ADJP ( JJR more ) ( PP ( IN of ) ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Zapfel ) ) ( VP ( VBD said ) ) )

But I 'm not one of these great dollar bears you see more of these days Mr. Zapfel said


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD ca ) ( RB n't ) ( ADVP ( RB really ) ) ( VP ( VB see ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBG dropping ) ( PP-EXT ( ADVP ( RB far ) ) ( IN below ) ( NP ( CD 1.80 ) ( NNS marks ) ) ) ) ) ) ) )

I ca n't really see it dropping far below 1.80 marks


( S ( NP-SBJ ( NP ( NNP Scott ) ( NNP Greene ) ) ( NP ( NP ( JJ chief ) ( JJ foreign ) ( NN exchange ) ( NN dealer ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Julius ) ( NNP Baer ) ) ( CC & ) ( NP ( NNP Co. ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBZ fits ) ( NP ( NP ( DT the ) ( NN description ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ great ) ( NN dollar ) ( NN bear ) ) ) ) ) )

Scott Greene chief foreign exchange dealer with Julius Baer & Co. in New York fits the description of a great dollar bear


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( VP ( MD will ) ( VP ( VP ( VB skid ) ( PP-EXT ( IN below ) ( NP ( CD 1.80 ) ( NNS marks ) ) ) ( PP-CLR ( TO to ) ( NP-1 ( QP ( IN around ) ( CD 1.78 ) ) ( NNS marks ) ) ) ( NP-TMP-2 ( DT this ) ( NN month ) ) ) ( CC and ) ( VP ( NP=1 ( CD 1.75 ) ( NNS marks ) ) ( PP-TMP=2 ( IN by ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

He predicted the U.S. unit will skid below 1.80 marks to around 1.78 marks this month and 1.75 marks by the beginning of the new year


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBG seeing ) ( NP ( NP ( DT the ) ( NN culmination ) ) ( PP ( IN of ) ( NP ( NP ( PDT all ) ( DT the ) ( JJ recessionary ) ( NN buildup ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ last ) ( JJ few ) ( NNS months ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT a ) ( VBG continuing ) ( JJ downward ) ( NN trend ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NN interest ) ( NNS rates ) ) ) ) ( NP ( DT a ) ( JJ shaky ) ( NN stock ) ( NN market ) ) ( CC and ) ( NP ( NP ( JJR gloomier ) ( JJ economic ) ( NNS times ) ) ( ADVP-TMP ( RB ahead ) ) ) ) ( NP-ADV ( DT all ) ) ( VP ( VBP signal ) ( NP ( DT a ) ( ADJP ( RB significantly ) ( JJR lower ) ) ( NN dollar ) ) ) ) ) ) ) ) )

We 're finally seeing the culmination of all the recessionary buildup of the last few months he said noting a continuing downward trend in U.S. interest rates a shaky stock market and gloomier economic times ahead all signal a significantly lower dollar


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NAC ( NAC ( NNP British ) ( NNP Chancellor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ( POS 's ) ) ( JJ surprise ) ( NN resignation ) ) ( CC and ) ( NP ( NP ( NN sterling ) ( POS 's ) ) ( JJ subsequent ) ( NN nose-dive ) ) ) ) ) ) ( NP-SBJ ( JJS most ) ( NNS analysts ) ) ( VP ( VBD had ) ( NP ( NP ( JJ little ) ) ( ADJP ( JJ good ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB say ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN pound ) ( POS 's ) ) ( JJ near-term ) ( NNS prospects ) ) ) ) ) ) ) ) ) )

In the wake of British Chancellor of the Exchequer Nigel Lawson 's surprise resignation and sterling 's subsequent nose-dive most analysts had little good to say about the pound 's near-term prospects


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Owen ) ) ( PP ( IN of ) ( NP ( NNP Kleinwort ) ( NNP Benson ) ) ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ new ) ( NN chancellor ) ) ( NP ( NNP John ) ( NNP Major ) ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ tough ) ( NN line ) ) ( PP ( IN in ) ( NP-LOC ( NP ( PRP$ his ) ( NN autumn ) ( NN statement ) ) ( NP-TMP ( ADVP ( RB later ) ) ( DT this ) ( NN month ) ) ) ) ) ( S-ADV ( VP ( VBG helping ) ( S ( VP ( TO to ) ( VP ( VB underpin ) ( NP ( DT the ) ( NN pound ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Owen of Kleinwort Benson suggested that the new chancellor John Major will take a tough line in his autumn statement later this month helping to underpin the pound


( S-1 ( CC But ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD warned ) ) ) ) ( NP-SBJ ( DT the ) ( NN currency ) ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-PRD ( IN at ) ( NP ( NN risk ) ) ) ) ) )

But he warned the currency will remain at risk


( S ( PP ( IN On ) ( NP ( NP ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( NP-SBJ ( NP ( NN gold ) ) ( PP ( IN for ) ( NP ( JJ current ) ( NN delivery ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 3.10 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 374.70 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ( PP ( IN in ) ( NP ( JJ moderate ) ( NN trading ) ) ) )

On the Commodity Exchange in New York gold for current delivery dropped 3.10 to 374.70 an ounce in moderate trading


( S ( NP-SBJ ( JJ Estimated ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 3.5 ) ( CD million ) ) ( NNS ounces ) ) ) )

Estimated volume was 3.5 million ounces


( S ( PP-LOC ( IN In ) ( NP ( NP ( RB early ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ( NP-SBJ-1 ( NN gold ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( S ( PP-PRD ( IN at ) ( NP ( NP ( CD 373.80 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) ) )

In early trading in Hong Kong Wednesday gold was quoted at 373.80 an ounce


( S ( NP-SBJ ( NP ( NP ( NNP Christopher ) ( NNP Hill ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ( NP ( NP ( NNP Nicholas ) ( NNP Hastings ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ( NP ( NP ( NNP Erik ) ( NNP Kirschbaum ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP Caitlin ) ( NNP Randall ) ) ( CC and ) ( NP ( NNP Douglas ) ( NNP Appell ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Christopher Hill in Tokyo Nicholas Hastings in London Erik Kirschbaum in Frankfurt and Caitlin Randall and Douglas Appell in New York contributed to this article


( S ( NP-SBJ ( NNP Stelco ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB shut ) ( PRT ( RP down ) ) ( NP ( CD three ) ( JJ Toronto-area ) ( NNS plants ) ) ( S-ADV ( VP ( VBG moving ) ( NP ( PRP$ their ) ( NN fastener ) ( NNS operations ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( VBN leased ) ( NN facility ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Brantford ) ) ( NP ( NNP Ontario ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Stelco Inc. said it plans to shut down three Toronto-area plants moving their fastener operations to a leased facility in Brantford Ontario


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN fastener ) ( NN business ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN under ) ( NP ( JJ severe ) ( NN cost ) ( NNS pressures ) ) ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NN time ) ) ) ) ) ) ) ) )

The company said the fastener business has been under severe cost pressures for some time


( S ( NP-SBJ-1 ( DT The ) ( NNS fasteners ) ( NNS nuts ) ( CC and ) ( NNS bolts ) ) ( VP ( VBP are ) ( VP ( VBN sold ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( ADJP ( JJ North ) ( JJ American ) ) ( NN auto ) ( NN market ) ) ) ) ) )

The fasteners nuts and bolts are sold to the North American auto market


( S ( NP-SBJ-1 ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB estimate ) ( NP ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS closures ) ) ) ( PP-LOC ( IN on ) ( NP ( NNS earnings ) ) ) ) ) ) ) ) )

A company spokesman declined to estimate the impact of the closures on earnings


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN facility ) ) ( VP ( MD will ) ( VP ( VB employ ) ( NP ( NP ( CD 500 ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG existing ) ( CD 600 ) ( NNS employees ) ) ) ) ) ) ) ) ) )

He said the new facility will employ 500 of the existing 600 employees


( S ( NP-SBJ ( DT The ) ( NN steelmaker ) ) ( VP ( VBZ employs ) ( NP ( QP ( RB about ) ( CD 16,000 ) ) ( NNS people ) ) ) )

The steelmaker employs about 16,000 people


( S ( NP-SBJ ( NN Stelco ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBZ has ) ( NP ( DT an ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB lease ) ( NP ( NP ( DT a ) ( JJ 350,000-square-foot ) ( NN building ) ) ( PP-LOC ( IN in ) ( NP ( NNP Brantford ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ proposes ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( NP ( QP ( CD 24.5 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 20.9 ) ( CD million ) ) ) ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN facility ) ) ) ) ) ) ) ) ) ) ) )

Stelco said it has an option to lease a 350,000-square-foot building in Brantford and proposes to spend 24.5 million Canadian dollars 20.9 million on the facility


( S ( NP-SBJ-1 ( NP ( DT The ) ( CD three ) ( VBG existing ) ( NNS plants ) ) ( CC and ) ( NP ( PRP$ their ) ( NN land ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ) ) ) )

The three existing plants and their land will be sold


( S ( S ( NP-SBJ-1 ( NNP Ocean ) ( NNP Drilling ) ( CC & ) ( NNP Exploration ) ( NNP Co. ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NN contract-drilling ) ( NN business ) ) ) ) ) ( CC and ) ( S ( VP ( VBD took ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 50.9 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN from ) ( NP ( VBN discontinued ) ( NNS operations ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ planned ) ( NN sale ) ) ) ) ) )

Ocean Drilling & Exploration Co. will sell its contract-drilling business and took a 50.9 million loss from discontinued operations in the third quarter because of the planned sale


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP Orleans ) ( NN oil ) ( CC and ) ( NN gas ) ( NN exploration ) ( CC and ) ( NN diving ) ( NNS operations ) ( NN company ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT any ) ( JJ further ) ( JJ adverse ) ( JJ financial ) ( NN impact ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ) ) ) ) )

The New Orleans oil and gas exploration and diving operations company added that it does n't expect any further adverse financial impact from the restructuring


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ) ( SBAR ( WHNP-34 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( JJ 61%-owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Murphy ) ( NNP Oil ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Arkansas ) ) ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 46.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 91 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( DT a ) ( JJ restated ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 18 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) )

In the third quarter the company which is 61%-owned by Murphy Oil Corp. of Arkansas had a net loss of 46.9 million or 91 cents a share compared with a restated loss of 9 million or 18 cents a share a year ago


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN period ) ) ( VP ( VBD had ) ( NP ( NP ( NN profit ) ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ continuing ) ( NNS operations ) ) ) ) ( PP ( IN of ) ( NP ( QP ( CD 4 ) ( CD million ) ) ) ) ) ) )

The latest period had profit from continuing operations of 4 million


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD gained ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 77.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 68.5 ) ( CD million ) ) ) ) ) )

Revenue gained 13 % to 77.3 million from 68.5 million


( S ( NP-SBJ ( NNP Ocean ) ( NNP Drilling ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB offer ) ( NP ( NP ( QP ( CD 15 ) ( NN % ) ( TO to ) ( CD 20 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract-drilling ) ( NN business ) ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT an ) ( JJ initial ) ( JJ public ) ( NN offering ) ) ) ) ( PP-TMP-1 ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ) ) ) ) ) )

Ocean Drilling said it will offer 15 % to 20 % of the contract-drilling business through an initial public offering in the near future


( S ( NP-SBJ-2 ( NP ( PRP It ) ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN been ) ( VP ( VBN rumored ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NNP Ocean ) ( NNP Drilling ) ) ( VP ( MD would ) ( VP ( VB sell ) ( NP ( DT the ) ( NN unit ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB concentrate ) ( PP-LOC-CLR ( IN on ) ( NP ( PRP$ its ) ( NN core ) ( NN oil ) ( CC and ) ( NN gas ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) )

It has long been rumored that Ocean Drilling would sell the unit to concentrate on its core oil and gas business


( S ( NP-SBJ ( NNP Ocean ) ( NNP Drilling ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB hold ) ( NP ( NP ( DT any ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( VBG restructuring ) ) ) ) ) ) ) ) )

Ocean Drilling said it wo n't hold any shares of the new company after the restructuring


( S ( NP-SBJ ( NP ( NNP StatesWest ) ( NNP Airlines ) ) ( NP ( NP ( NNP Phoenix ) ) ( NP ( NNP Ariz. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD withdrew ) ( NP ( PRP$ its ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Mesa ) ( NNP Airlines ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNP Farmington ) ( NNP N.M. ) ( NN carrier ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( NN offer ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) ( NP ( NP ( DT a ) ( NN deadline ) ) ( SBAR ( S ( NP-SBJ ( NNP StatesWest ) ) ( VP ( VBD had ) ( VP ( VBN set ) ( PP-PRP ( IN for ) ( NP ( DT a ) ( NN response ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

StatesWest Airlines Phoenix Ariz. said it withdrew its offer to acquire Mesa Airlines because the Farmington N.M. carrier did n't respond to its offer by the close of business yesterday a deadline StatesWest had set for a response


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNP StatesWest ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG abandoning ) ( NP ( NP ( PRP$ its ) ( NN pursuit ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ much-larger ) ( NNP Mesa ) ) ) ) ) ) )

However StatesWest is n't abandoning its pursuit of the much-larger Mesa


( S ( NP-SBJ ( NP ( NNP StatesWest ) ) ( SBAR ( WHNP-52 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( ADJP ( CD 7.25 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mesa ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VP ( VB purchase ) ( NP ( JJR more ) ( NNP Mesa ) ( NN stock ) ) ) ( CC or ) ( VP ( VB make ) ( NP ( DT a ) ( NN tender ) ( NN offer ) ) ( PP-DTV ( ADVP ( RB directly ) ) ( TO to ) ( NP ( NNP Mesa ) ( NNS shareholders ) ) ) ) ) ) ) ) ) )

StatesWest which has a 7.25 % stake in Mesa said it may purchase more Mesa stock or make a tender offer directly to Mesa shareholders


( S ( NP-SBJ-1 ( NNP StatesWest ) ) ( VP ( VBD had ) ( VP ( VBN proposed ) ( S ( VP ( VBG acquiring ) ( NP ( NNP Mesa ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( CD 7 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC and ) ( NP ( NP ( CD one ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ new ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNP StatesWest ) ( ADJP ( CD 6 ) ( NN % ) ) ( JJ convertible ) ( JJ preferred ) ( NN stock ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ values ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 3 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

StatesWest had proposed acquiring Mesa for 7 a share and one share of a new series of StatesWest 6 % convertible preferred stock it values at 3 a share


( S ( ADVP-TMP ( RBR Earlier ) ) ( NP-SBJ ( NNP Mesa ) ) ( VP ( VBD had ) ( VP ( VBN rejected ) ( NP ( NP ( DT a ) ( JJ general ) ( NN proposal ) ) ( PP ( IN from ) ( NP ( NNP StatesWest ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB combine ) ( NP ( DT the ) ( CD two ) ( NNS carriers ) ) ( PP-MNR ( IN in ) ( NP ( DT some ) ( NN way ) ) ) ) ) ) ) ) ) )

Earlier Mesa had rejected a general proposal from StatesWest to combine the two carriers in some way


( S ( NP-SBJ ( NNP StatesWest ) ) ( VP ( VBZ serves ) ( NP ( NP ( CD 10 ) ( NNS cities ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ( NNP Arizona ) ( CC and ) ( NNP Nevada ) ) ) ) ) )

StatesWest serves 10 cities in California Arizona and Nevada


( S ( NP-SBJ ( NNP Mesa ) ) ( VP ( VBZ flies ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 42 ) ( NNS cities ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP New ) ( NNP Mexico ) ) ( NP ( NNP Arizona ) ) ( NP ( NNP Wyoming ) ) ( NP ( NNP Colorado ) ) ( CC and ) ( NP ( NNP Texas ) ) ) ) ) ) ) )

Mesa flies to 42 cities in New Mexico Arizona Wyoming Colorado and Texas


( S ( NP-SBJ-1 ( NP ( NP ( NNP Retired ) ( NNP Adm. ) ( NNP William ) ( NNP J. ) ( NNP Crowe ) ) ( NP ( NP ( JJ former ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Joint ) ( NNP Chiefs ) ) ( PP ( IN of ) ( NP ( NNP Staff ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Robert ) ( NNP P. ) ( NNP Luciano ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Schering-Plough ) ( NNP Corp. ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( NNS directors ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNS securities ) ( NN firm ) ) ) ) ) ) ) )

Retired Adm. William J. Crowe former chairman of the Joint Chiefs of Staff and Robert P. Luciano chairman and chief executive officer of Schering-Plough Corp. were elected directors of this securities firm


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBD expanded ) ( PP-CLR ( TO to ) ( NP ( CD 17 ) ( NNS seats ) ) ) ) )

The board expanded to 17 seats


( S ( NP-SBJ ( NNP Benjamin ) ( NNP Jacobson ) ( CC & ) ( NNP Sons ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ specialist ) ( NN firm ) ) ( PP ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG trading ) ( NP ( NP ( NN stock ) ) ( PP ( IN in ) ( NP ( NP ( NNP UAL ) ( NNP Corp. ) ) ( CC and ) ( NP ( PRP$ its ) ( NNS predecessors ) ) ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( JJ early ) ( CD 1930s ) ) ) ) ) )

Benjamin Jacobson & Sons has been the New York Stock Exchange specialist firm in charge of trading stock in UAL Corp. and its predecessors since the early 1930s


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN day ) ) ( PP ( IN like ) ( NP ( RB yesterday ) ) ) ) ) ) )

But the firm has never had a day like yesterday


( S ( PP-TMP ( IN At ) ( ADVP ( JJ first ) ) ) ( NP-SBJ ( NNP UAL ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB open ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT an ) ( NN order ) ( NN imbalance ) ) ) ) ) )

At first UAL did n't open because of an order imbalance


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( NP-TMP ( NP ( DT a ) ( NN half-hour ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN session ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 150 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP ( RB down ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 28 ) ) ) ( PP ( IN from ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN close ) ) ) ) ) ) ) ) )

When it did a half-hour into the session it was priced at 150 a share down more than 28 from Monday 's close


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD sank ) ( ADVP ( RBR further ) ) ( PP-DIR ( TO to ) ( NP ( QP ( RB as ) ( JJ low ) ( IN as ) ( CD 145 ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT a ) ( JJ big ) ( NN rally ) ) ( VP ( VBD developed ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( JJ half ) ( NN hour ) ) ) ( S-ADV ( VP ( VBG pushing ) ( NP-1 ( DT the ) ( NN stock ) ) ( ADVP-DIR ( RB back ) ) ( ADVP-DIR ( RB up ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 170 ) ) ( ADVP ( RB down ) ( NP ( QP ( RB just ) ( CD 8.375 ) ) ) ( PP ( IN from ) ( NP ( NNP Monday ) ) ) ) ) ) ) ) ) ) ) ) ) )

It sank further to as low as 145 but a big rally developed in the last half hour pushing the stock back up to close at 170 down just 8.375 from Monday


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN process ) ) ) ( NP-SBJ ( QP ( CD 4.9 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN traded ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( NNP UAL ) ) ( NP-PRD ( NP ( DT the ) ( ADJP ( JJ second ) ( RBS most ) ( JJ active ) ) ( NN issue ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) )

In the process 4.9 million shares traded making UAL the second most active issue on the Big Board


( S ( S-ADV ( S ( VP ( VBG Munching ) ( NP ( NN pizza ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ) ) ) ) ) ( CC and ) ( S ( VP ( VBG yelling ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP$ their ) ( NNS voices ) ) ( VP ( VBD gave ) ( PRT ( RP out ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( CD two ) ( NNP Benjamin ) ( NNP Jacobson ) ( NNS specialists ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNP UAL ) ( NN trading ) ( NN post ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD presided ) ( PP ( IN over ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VB be ) ( VP ( VBN described ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ financial ) ( NN free-for-all ) ) ) ) ) ) ) ) ) ) )

Munching pizza when they could and yelling until their voices gave out the two Benjamin Jacobson specialists at the Big Board 's UAL trading post yesterday presided over what can only be described as a financial free-for-all


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ chaotic ) ) ) )

It was chaotic


( SINV ( S-TPC-2 ( CC But ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP like ) ( S ( VP ( TO to ) ( VP ( VB call ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( JJ controlled ) ( NN chaos ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( JJ 47-year-old ) ( NNP Robert ) ( NNP J. ) ( NNP Jacobson ) ( NNP Jr. ) ) ( NP ( NP ( NN grandson ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN founder ) ) ) ) ) )

But we like to call it controlled chaos said 47-year-old Robert J. Jacobson Jr. grandson of the firm 's founder


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD manned ) ( NP ( DT the ) ( NNP UAL ) ( NN post ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN with ) ( NP ( NP ( NNP Christopher ) ( NNP Bates ) ) ( NP ( CD 33 ) ) ( NP ( NP ( DT an ) ( JJ energetic ) ( NNP Long ) ( NNP Islander ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ dead ) ( NN ringer ) ) ( PP ( IN for ) ( NP ( NN actor ) ( NNP Nicolas ) ( NNP Cage ) ) ) ) ) ) ) ) ) ) ) )

He manned the UAL post yesterday with Christopher Bates 33 an energetic Long Islander who 's a dead ringer for actor Nicolas Cage


( SBARQ ( WHNP-1 ( WP Who ) ) ( SQ ( VBD was ) ( VP ( VBG doing ) ( NP ( PDT all ) ( DT the ) ( NN selling ) ) ) ) )

Who was doing all the selling


( SINV ( FRAG-TPC-1 ( NP ( NP ( NNS Options ) ( NNS traders ) ) ( NP ( NN arbitrage ) ( NNS traders ) ) ( NP ( NN everyone ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Bates ) ) ( S-ADV ( VP ( VBG cooling ) ( PRT ( RP down ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN carton ) ) ( PP ( IN of ) ( NP ( NN apple ) ( NN juice ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN close ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) )

Options traders arbitrage traders everyone said Mr. Bates cooling down with a carton of apple juice after the close yesterday


( SINV ( VP ( NNP Added ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jacobson ) ) ( S-1 ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT some ) ( ADJP ( RB pretty ) ( JJ bad ) ) ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ) )

Added Mr. Jacobson There were some pretty bad losses in the stock


( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ 200,000-share ) ( JJ buy ) ( NN order ) ) ( PP ( IN at ) ( NP ( NP ( CD 150 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( VP ( VBN entered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ active ) ) ( PP-LOC ( IN in ) ( NP ( NNP UAL ) ( NN stock ) ) ) ( NP-TMP ( RB all ) ( NN day ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( WHNP-2 ( WP what ) ) ( S ( VP ( VBD set ) ( PRT ( RP off ) ) ( NP ( DT the ) ( NNP UAL ) ( NN crowd ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ late ) ( NN afternoon ) ) ) ) ) ) ) ) ) ) )

Big Board traders said a 200,000-share buy order at 150 a share entered by Bear Stearns & Co. which was active in UAL stock all day is what set off the UAL crowd in the late afternoon


( S ( NP-SBJ ( NP ( DT A ) ( JJ subsequent ) ( NN rally ) ) ( PP-LOC ( IN in ) ( NP ( NNP UAL ) ) ) ) ( VP ( VBD helped ) ( S ( NP-SBJ-1 ( DT the ) ( VBG staggering ) ( NN stock ) ( NN market ) ) ( VP ( NN stage ) ( NP ( NP ( DT an ) ( JJ astonishing ) ( NN recovery ) ) ( PP ( IN from ) ( NP ( DT an ) ( JJ 80-point ) ( NN deficit ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB finish ) ( PP-LOC-CLR ( ADVP ( RB only ) ( RB slightly ) ) ( IN below ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN close ) ) ) ) ) ) ) ) ) )

A subsequent rally in UAL helped the staggering stock market stage an astonishing recovery from an 80-point deficit to finish only slightly below Monday 's close


( S ( NP-SBJ ( NP ( DT Both ) ( NNP Jacobson ) ( NNS traders ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG hoping ) ( SBAR ( S ( NP-SBJ ( NNP UAL ) ( NN trading ) ) ( VP ( MD would ) ( VP ( VB get ) ( ADVP-CLR ( RB back ) ) ( PP-DIR ( TO to ) ( ADJP ( JJ normal ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD read ) ( NP ( NP ( DT the ) ( NN news ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN unraveling ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ( NN takeover ) ( NNS plans ) ) ) ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN train ) ) ( PP ( IN into ) ( NP ( NN work ) ) ) ) ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ) )

Both Jacobson traders who had been hoping UAL trading would get back to normal read the news about the unraveling of UAL takeover plans on the train into work yesterday morning


( S ( NP-SBJ ( DT The ) ( NN news ) ) ( VP ( VBD told ) ( NP ( PRP them ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN while ) ) ( ADVP ( RBR longer ) ) ) ( SBAR ( IN before ) ( S ( NP-SBJ-1 ( NNP UAL ) ) ( VP ( VBD resumed ) ( S ( VP ( VBG trading ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( JJ regular ) ( NN airline ) ( NN stock ) ) ) ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNS months ) ) ( PP ( IN of ) ( NP ( NNS gyrations ) ) ) ) ) ) ) ) ) ) )

The news told them it would be a while longer before UAL resumed trading like a regular airline stock after months of gyrations


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Jacobson ) ) ( VP ( VBD walked ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN office ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 7:30 ) ( RB a.m. ) ( NNP EDT ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD announced ) ( S ( INTJ ( UH OK ) ) ( VP ( VB buckle ) ( PRT ( RP up ) ) ) ) ) )

When Mr. Jacobson walked into the office at 7:30 a.m. EDT he announced OK buckle up


( S ( NP-SBJ ( NNPS Messrs. ) ( NNP Jacobson ) ( CC and ) ( NNP Bates ) ) ( VP ( VP ( VBD walked ) ( PP-DIR ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NN floor ) ) ) ( PP-TMP ( IN at ) ( NP ( RB about ) ( CD 8:45 ) ( NN a.m. ) ) ) ( NP-TMP ( NN yesterday ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB immediately ) ) ( VBD spotted ) ( NP ( NN trouble ) ) ) ) )

Messrs. Jacobson and Bates walked on the Big Board floor at about 8:45 a.m. yesterday and immediately spotted trouble


( SINV ( ADVP-TMP ( RB Already ) ) ( VP-TPC-1 ( VP ( VBN entered ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( NNS computers ) ) ) ) ( CC and ) ( VP ( VBN transmitted ) ( PP-DIR ( TO to ) ( NP ( PRP$ their ) ( NN post ) ) ) ) ) ( VP ( VBD were ) ) ( NP-SBJ-2 ( NP ( JJ sell ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( CD 65,000 ) ( NNP UAL ) ( NNS shares ) ) ) ) )

Already entered in the Big Board 's computers and transmitted to their post were sell orders for 65,000 UAL shares


( S ( NP-SBJ ( DT The ) ( NNP UAL ) ( NN news ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN caused ) ( NP ( DT a ) ( NN selling ) ( NN furor ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ so-called ) ( JJ third ) ( NN market ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS firms ) ) ( VP ( VBP buy ) ( CC and ) ( VBP sell ) ( NP ( NN stock ) ) ( ADVP-LOC ( RB away ) ( PP ( IN from ) ( NP ( DT the ) ( NN exchange ) ( NN floor ) ) ) ) ) ) ) ) ) ) ) )

The UAL news had already caused a selling furor in the so-called third market in which firms buy and sell stock away from the exchange floor


( S ( NP-SBJ ( NP ( NNP UAL ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD closed ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( NP-TMP ( NNP Monday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 178.375 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ( VP ( VBD traded ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN market ) ) ) ( ADVP-TMP ( RB afterward ) ) ( ADVP-LOC ( RB as ) ( JJ low ) ( PP ( IN as ) ( NP ( NP ( CD 158 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

UAL which closed on the Big Board Monday at 178.375 a share traded in the third market afterward as low as 158 a share


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS rumors ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ 148-a-share ) ) ( NNS trades ) ) ) ) ) )

There were rumors of 148-a-share trades


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( CD 45 ) ( NNS minutes ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( CD 9:30 ) ( NN opening ) ( NN bell ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Jacobson ) ( NNS specialists ) ) ( VP ( VBD kept ) ( S ( VP ( VBG getting ) ( NP ( NP ( JJ sell ) ( NNS orders ) ) ( ADJP ( ADJP ( JJR heavier ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD imagined ) ) ) ) ) ) ) ) ) )

In the 45 minutes before the 9:30 opening bell the Jacobson specialists kept getting sell orders heavier than they imagined


( S ( CC And ) ( PP-TMP ( IN at ) ( NP ( CD 9:15 ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 135 ) ( TO to ) ( CD 155 ) ) ) ( JJ first ) ( NN indication ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN price ) ( NN range ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( MD would ) ( ADVP ( RB probably ) ) ( VP ( VB open ) ) ) ) ) ) ) ) )

And at 9:15 they posted a 135 to 155 first indication or the price range in which the stock would probably open


( S ( NP-SBJ-2 ( DT That ) ( NN range ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VBN narrowed ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 145 ) ( TO to ) ( CD 155 ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( NP ( NNS traders ) ) ( VP ( VBG surrounding ) ( NP ( DT the ) ( NN post ) ) ) ) ( VP ( VBD were ) ( VP ( VBN told ) ( SBAR ( IN that ) ( S ( NP-SBJ ( QP ( CD 148 ) ( TO to ) ( CD 150 ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( JJ likely ) ( NN target ) ) ) ) ) ) ) ) ) ) ) ) )

That range was quickly narrowed to 145 to 155 although traders surrounding the post were told that 148 to 150 would be the likely target


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ-2 ( NNP UAL ) ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBD opened ) ( S ( ADVP-PRD ( NP ( DT a ) ( JJ half ) ( NN hour ) ) ( RB late ) ) ) ) ) ) ( NP-SBJ ( QP ( DT some ) ( CD 400,000 ) ) ( NNS shares ) ) ( VP ( VBD traded ) ( PP-LOC-CLR ( IN at ) ( NP ( CD 150 ) ) ) ) )

When UAL finally opened a half hour late some 400,000 shares traded at 150


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NN selling ) ( NN pressure ) ) ( PP ( IN from ) ( NP ( NN everyone ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NN trader ) ) )

There was selling pressure from everyone said one trader


( S ( NP-SBJ ( NP ( NP ( DT This ) ( NN month ) ( POS 's ) ) ( NN Friday-the-13th ) ( NN market ) ( NN plunge ) ) ( VP ( VBN spurred ) ( PP ( IN by ) ( NP-LGS ( NNP UAL ) ( NN news ) ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( ADJP ( IN as ) ( JJ bad ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Jacobson ) ( NNS specialists ) ) ) ( PP-1 ( IN as ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN action ) ) ) ) )

This month 's Friday-the-13th market plunge spurred by UAL news was n't as bad for the Jacobson specialists as yesterday 's action


( S ( PP-TMP ( IN On ) ( NP ( DT that ) ( JJR earlier ) ( NN day ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN stock ) ( POS 's ) ) ( NN trading ) ) ( VP ( VBD was ) ( VP ( VBN halted ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( JJ critical ) ( NN time ) ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( DT the ) ( NNS specialists ) ) ( VP ( MD could ) ( VP ( VB catch ) ( NP ( PRP$ their ) ( NN breath ) ) ) ) ) ) ) ) )

On that earlier day the stock 's trading was halted at a critical time so the specialists could catch their breath


( FRAG ( RB Not ) ( NP-TMP ( NN yesterday ) ) )

Not yesterday


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Jacobson ) ) ( PRN ( S-ADV ( NP-SBJ ( PRP$ his ) ( JJ gray ) ( NN hair ) ) ( VP ( VBG flying ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN wear ) ( PRT ( RP out ) ) ( NP ( PRP$ his ) ( JJ red-white-and-blue ) ( NNS sneakers ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD sweat ) ( NP-EXT ( RB so ) ( RB much ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD considered ) ( S ( VP ( VBG sending ) ( PRT ( RP out ) ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ new ) ( NN shirt ) ) ) ) ) ) ) ) ) ) ) )

Mr. Jacobson his gray hair flying did n't wear out his red-white-and-blue sneakers but he sweat so much he considered sending out for a new shirt


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bates ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBZ handles ) ( NP ( JJ day-to-day ) ( NNP UAL ) ( NN trading ) ) ( PP ( IN on ) ( NP ( PRP$ his ) ( JJ own ) ) ) ) )

Mr. Bates usually handles day-to-day UAL trading on his own


( S ( CC But ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( JJ heavy ) ( NN trading ) ( NN action ) ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD consumed ) ( NP ( CONJP ( RB not ) ( RB only ) ) ( NP ( NNPS Messrs. ) ( NNP Jacobson ) ( CC and ) ( NNP Bates ) ) ( CC but ) ( NP ( NP ( CD four ) ( JJ other ) ( NNP Jacobson ) ( NNS partners ) ) ( VP ( DT all ) ( VBG doing ) ( NP ( NP ( PRP$ their ) ( JJ specialist-firm ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG tugging ) ( NP ( NNS buyers ) ( CC and ) ( NNS sellers ) ) ( ADVP-CLR ( RB together ) ) ) ( CC and ) ( VP ( VBG adjusting ) ( NP ( NNS prices ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB accommodate ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But yesterday the heavy trading action eventually consumed not only Messrs. Jacobson and Bates but four other Jacobson partners all doing their specialist-firm job of tugging buyers and sellers together and adjusting prices to accommodate the market


( S ( S ( NP-SBJ ( QP ( IN About ) ( CD 30 ) ) ( NN floor ) ( NNS traders ) ) ( VP ( VBD crammed ) ( PP-LOC ( IN near ) ( NP ( DT the ) ( NNP UAL ) ( NN post ) ) ) ( NP-TMP ( NP ( RBS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ( CC and ) ( ADVP ( RB probably ) ) ( S ( NP-SBJ ( NNS hundreds ) ( RBR more ) ) ( VP ( VBD came ) ( CC and ) ( VBD went ) ( NP-ADV ( NP ( DT a ) ( JJ seething ) ( NN mass ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( CD one ) ( NN trader ) ) ( VP ( VBD described ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

About 30 floor traders crammed near the UAL post most of the day and probably hundreds more came and went a seething mass as one trader described it


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( CD 4.9 ) ( JJ million-share ) ) ( NN volume ) ) ( VP ( VBG flowing ) ( PP-DIR ( IN through ) ( NP ( DT the ) ( NNP Jacobson ) ( NN specialist ) ( NN operation ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( RB about ) ( CD five ) ( NNS times ) ) ( JJ normal ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN stock ) ) ) ) ) )

The 4.9 million-share volume flowing through the Jacobson specialist operation was about five times normal for the stock


( S ( NP-SBJ ( NP ( DT The ) ( NN heavy ) ( NN buying ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( JJ half ) ( NN hour ) ) ) ) ( VP ( VBD led ) ( S ( NP-SBJ ( DT the ) ( NNS specialists ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( JJ special ) ( NNS steps ) ) ) ) ) ) )

The heavy buying in the last half hour led the specialists to take special steps


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NNP Bear ) ( NNP Stearns ) ( NN order ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD marked ) ( NP ( DT the ) ( JJ late-day ) ( NN turnaround ) ) ) ) ) ) ( VP ( VBD caused ) ( NP ( DT a ) ( JJ massive ) ( NN buying ) ( NN effort ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VBD jumped ) ( NP-EXT ( NP ( CD 20 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 170 ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( JJ half ) ( NN hour ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bates ) ) )

The Bear Stearns order that marked the late-day turnaround caused a massive buying effort as UAL jumped 20 a share to 170 in the last half hour said Mr. Bates


( S ( PP ( IN With ) ( NP ( NP ( CD 15 ) ( NNS seconds ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jacobson ) ) ( PP ( IN with ) ( SBAR-NOM ( WHNP-1 ( WP what ) ( NN voice ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( S ( VP ( VBN left ) ) ) ) ) ) ) ( VP ( VBD announced ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN trading ) ( NN mob ) ) ) ( S ( NP-SBJ-4 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB trade ) ( NP ( CD one ) ( NN price ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN bell ) ) ) ) ) ) ) ) ) ) )

With 15 seconds of trading to go Mr. Jacobson with what voice he had left announced to the trading mob We 're going to trade one price on the bell


( S ( NP-SBJ ( WDT That ) ) ( VP ( VBD meant ) ( SBAR ( S ( NP-SBJ ( DT no ) ( NN trading ) ) ( VP ( MD would ) ( VP ( VB occur ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ final ) ( NNS seconds ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN way ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG making ) ( ADJP ( JJ sure ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ last-second ) ( NNS orders ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN subjected ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ sudden ) ( NN price ) ( NN swing ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB upset ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That meant no trading would occur in the final seconds as a way of making sure that last-second orders are n't subjected to a sudden price swing that would upset customers


( S ( S-TPC-2 ( NP-SBJ-1 ( QP ( RB About ) ( CD 11,000 ) ) ( NNS shares ) ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( CD 170 ) ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN bell ) ) ) ( S-ADV ( VP ( VBG representing ) ( NP ( QP ( RB about ) ( CD eight ) ( TO to ) ( CD 10 ) ) ( JJ late ) ( NNS orders ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS specialists ) ) ( VP ( VBP estimate ) ) )

About 11,000 shares sold at 170 on the bell representing about eight to 10 late orders the specialists estimate


( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NNS traders ) ) ( VP ( VBD praised ) ( NP ( DT the ) ( NNP Jacobson ) ( NNS specialists ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG getting ) ( PP-CLR ( IN through ) ( NP ( NN yesterday ) ) ) ( PP ( IN without ) ( NP ( DT a ) ( NN trading ) ( NN halt ) ) ) ) ) ) ) )

Big Board traders praised the Jacobson specialists for getting through yesterday without a trading halt


( S ( PP-LOC ( IN In ) ( NP ( NNP Chicago ) ) ) ( NP-SBJ-1 ( DT a ) ( NNP UAL ) ( NN spokesman ) ) ( PRN ( PP ( IN by ) ( NP ( NP ( NN way ) ) ( PP ( IN of ) ( NP ( NN policy ) ) ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ( CC or ) ( NP ( NP ( DT the ) ( NNS specialists ) ( POS ' ) ) ( NN performance ) ) ) ) ) ) ) ) )

In Chicago a UAL spokesman by way of policy declined to comment on the company 's stock or the specialists ' performance


( S ( S-ADV ( VP ( VBG Leaving ) ( NP ( DT the ) ( NN exchange ) ) ( PP-TMP ( IN at ) ( NP ( RB about ) ( CD 5 ) ( NN p.m. ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Jacobson ) ( NNS specialists ) ) ( VP ( VBD made ) ( NP ( NP ( DT no ) ( NNS predictions ) ) ( PP ( IN about ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( NN trading ) ) ( VP ( MD might ) ( VP ( VB go ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) )

Leaving the exchange at about 5 p.m. the Jacobson specialists made no predictions about how trading might go today


( SINV ( VP ( VBD Said ) ) ( NP-SBJ ( NP ( NNP Earl ) ( NNP Ellis ) ) ( NP ( NP ( DT a ) ( NNP Jacobson ) ( NN partner ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD got ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NNP UAL ) ( NN action ) ) ) ) ) ) ) ) ) ( S-2 ( NP-SBJ ( PRP It ) ( DT all ) ) ( VP ( VBZ starts ) ( ADVP ( RB all ) ( RB over ) ) ( ADVP-TMP ( RB again ) ) ( NP-TMP ( NN today ) ) ) ) )

Said Earl Ellis a Jacobson partner who got involved in the UAL action It all starts all over again today


( S ( NP-SBJ ( NP ( NNP Italy ) ( POS 's ) ) ( NN unemployment ) ( NN rate ) ) ( VP ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 12 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN labor ) ( NN force ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP ( IN from ) ( NP ( CD 11.9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( PP ( IN from ) ( NP ( CD 11.7 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( JJ quarterly ) ( NNS figures ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN state ) ( JJ statistical ) ( NN institute ) ) ) ) ) ) ) )

Italy 's unemployment rate rose to 12 % of the labor force in July from 11.9 % in April and was up from 11.7 % a year earlier according to quarterly figures from the state statistical institute


( S ( NP-SBJ ( NNP Istat ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ national ) ( NN survey ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( NN week ) ) ( PP ( IN of ) ( NP ( NNP July ) ) ) ) ) ) ( VP ( VBD showed ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NN job ) ( NNS seekers ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 2,888,000 ) ) ( ADVP ( RB up ) ( PP ( PP ( IN from ) ( NP ( CD 2,822,000 ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( CD 2,853,000 ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ) ) ) )

Istat said a national survey during the first week of July showed the number of job seekers was 2,888,000 up from 2,822,000 in April and from 2,853,000 a year ago


( S ( NP-SBJ ( DT The ) ( NN unemployment ) ( NN rate ) ) ( VP ( VBD was ) ( PP ( IN by ) ( ADVP ( RB far ) ) ) ( NP-PRD ( NP ( DT the ) ( JJS highest ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ southern ) ( JJ so-called ) ( NNP Mezzogiorno ) ( NN region ) ) ) ) ) )

The unemployment rate was by far the highest in the southern so-called Mezzogiorno region


( S ( NP-SBJ ( DT The ) ( JJ southern ) ( NN unemployment ) ( NN rate ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 21.3 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP ( PP ( IN from ) ( NP ( CD 21.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( CD 20.6 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) )

The southern unemployment rate rose to 21.3 % in July from 21.2 % in April and from 20.6 % a year earlier


( S ( NP-SBJ ( NNP Istat ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( QP ( CD 369,000 ) ( JJR more ) ) ( NNS people ) ) ) ( VP ( VBD were ) ( VP ( VBN employed ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP-2 ( IN than ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ) ) ) ) ) )

Istat said 369,000 more people were employed in July than in April


( S ( NP-SBJ ( NNP OPPENHEIMER ) ( NNP CAPITAL ) ( NNP LIMITED ) ( NNP PARTNERSHIP ) ) ( VP ( VBD increased ) ( NP ( DT the ) ( JJ quarterly ) ( NN distribution ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 40 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( JJ limited ) ( NN partnership ) ( NN unit ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 36.25 ) ( NNS cents ) ) ) ) )

OPPENHEIMER CAPITAL LIMITED PARTNERSHIP increased the quarterly distribution to 40 cents a limited partnership unit from 36.25 cents


( S ( NP-SBJ ( DT The ) ( NN distribution ) ) ( VP ( VBZ represents ) ( NP ( NP ( JJ available ) ( NN cash ) ( NN flow ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN partnership ) ) ) ( PP-TMP ( IN between ) ( NP ( NP ( NNP Aug. ) ( CD 1 ) ) ( CC and ) ( NP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) )

The distribution represents available cash flow from the partnership between Aug. 1 and Oct. 31


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ payable ) ( NP-TMP ( NNP Nov. ) ( CD 30 ) ) ( PP ( TO to ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) )

It is payable Nov. 30 to units of record Oct. 31


( S ( NP-SBJ-1 ( DT The ) ( NN money ) ( NN manager ) ) ( VP ( VBZ is ) ( VP ( VBN controlled ) ( NP-EXT ( CD 67.7 ) ( NN % ) ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ its ) ( JJ top ) ( NNS officers ) ) ( CC and ) ( NP ( NP ( JJ top ) ( NNS officers ) ) ( PP ( IN of ) ( NP ( NP ( NNP Oppenheimer ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNS securities ) ( NN firm ) ) ) ) ) ) ) ) ) )

The money manager is controlled 67.7 % by its top officers and top officers of Oppenheimer & Co. a securities firm


( S ( NP-SBJ ( DT Both ) ( NNS firms ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) )

Both firms are in New York


( S ( NP-SBJ ( NNP Oppenheimer ) ( NNP Capital ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD 7.9 ) ( CD million ) ) ( JJ limited ) ( NN partnership ) ( NNS units ) ) ( ADJP ( JJ outstanding ) ) ) ) )

Oppenheimer Capital has about 7.9 million limited partnership units outstanding


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( NNS units ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 15.125 ) ) ) ( ADVP-CLR ( RB up ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading yesterday the units closed at 15.125 up 12.5 cents


( S ( NP-SBJ-1 ( NP ( NNP Richard ) ( NNP W. ) ( NNP Lock ) ) ( NP ( NP ( JJ retired ) ( NN vice ) ( NN president ) ( CC and ) ( NN treasurer ) ) ( PP ( IN of ) ( NP ( NNP Owens-Illinois ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN transportation ) ( NN industry ) ( NN supplier ) ) ) ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( PRP$ its ) ( NN board ) ) ( PP-CLR ( TO to ) ( NP ( CD six ) ( NNS members ) ) ) ) ) ) ) )

Richard W. Lock retired vice president and treasurer of Owens-Illinois Inc. was named a director of this transportation industry supplier increasing its board to six members


( S ( NP-SBJ ( DT The ) ( JJ following ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NNS offerings ) ( CC and ) ( NNS pricings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( CC and ) ( JJ non-U.S. ) ( NN capital ) ( NNS markets ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS terms ) ) ( CC and ) ( NP ( NN syndicate ) ( NN manager ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN compiled ) ( PP ( IN by ) ( NP-LGS ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNP Markets ) ( NNP Report ) ) ) ) ) ) ) )

The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets with terms and syndicate manager as compiled by Dow Jones Capital Markets Report


( NP ( NP ( NNP Exxon ) ( NNP Capital ) ( NNP Corp. ) ) ( NP ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 8 ) ( CD 1\/4 ) ( NN % ) ) ( NNS notes ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1999 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.60 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.31 ) ( NN % ) ) ) ) ) ) ) )

Exxon Capital Corp. 200 million of 8 1\/4 % notes due Nov. 1 1999 priced at 99.60 to yield 8.31 %