( S ( S-TPC-1 ( CC And ) ( NP-SBJ ( NNS shippers ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( NP ( DT the ) ( NN feeling ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN played ) ( NP ( CD one ) ( NN trucker ) ) ( ADVP-CLR ( RP off ) ( PP ( IN against ) ( NP ( DT another ) ) ) ) ( NP ( NP ( RB as ) ( RB much ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

And shippers are getting the feeling that they have played one trucker off against another as much as they can he said


( S ( NP-SBJ ( NN Air-freight ) ( NNS carriers ) ) ( VP ( VBD raised ) ( NP ( NP ( PRP$ their ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( NP ( NNP U.S. ) ( NNS products ) ) ( VP ( VBG going ) ( PP-DIR ( IN across ) ( NP ( DT the ) ( NNP Pacific ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP Asia ) ) ) ) ) ) ) ( PP-EXT ( IN by ) ( NP ( QP ( RB about ) ( CD 20 ) ) ( NN % ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) )

Air-freight carriers raised their rates for U.S. products going across the Pacific to Asia by about 20 % earlier this month


( S ( CC And ) ( NP-SBJ ( NNP Japan ) ( NNP Air ) ( NNP Lines ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( PRP$ its ) ( NNS rates ) ) ( NP-EXT ( DT a ) ( JJR further ) ( CD 25 ) ( NN % ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD two ) ( NNS years ) ) ) ) ) ) ) ) ) ) )

And Japan Air Lines said it plans to boost its rates a further 25 % over the next two years


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Such ) ( NN rate ) ( NNS increases ) ) ( VP ( MD will ) ( VP ( VP ( VB increase ) ( NP ( NP ( DT the ) ( JJ total ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS products ) ) ) ) ) ( CC and ) ( VP ( VB slow ) ( PRT ( RP down ) ) ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN increase ) ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS exports ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Connors ) ) ( NP ( NP ( DT a ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Yusen ) ( NNP Air ) ( CC & ) ( NNP Sea ) ( NNP Service ) ( NNP U.S.A. ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( JJ air-freight-forwarding ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Nippon ) ( NNP Yusen ) ( NNP Kaisha ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ) )

Such rate increases will increase the total cost of U.S. products and slow down the rate of increase of U.S. exports said Richard Connors a senior vice president of Yusen Air & Sea Service U.S.A. Inc. the U.S. air-freight-forwarding subsidiary of Nippon Yusen Kaisha of Japan


( S ( NP-SBJ-1 ( NP ( NN Ship ) ( NNS companies ) ) ( VP ( VBG carrying ) ( NP ( NP ( JJ bulk ) ( NNS commodities ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NN oil ) ) ( NP ( NN grain ) ) ( NP ( NN coal ) ) ( CC and ) ( NP ( NN iron ) ( NN ore ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( PRP$ their ) ( NNS rates ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ last ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

Ship companies carrying bulk commodities such as oil grain coal and iron ore have been able to increase their rates in the last couple of years


( SINV ( S-TPC-1 ( NP-SBJ ( DT Some ) ( NN bulk ) ( NN shipping ) ( NNS rates ) ) ( VP ( VBP have ) ( VP ( VBN increased ) ( NP-EXT ( QP ( CD 3 ) ( NN % ) ( TO to ) ( CD 4 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS months ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Salomon ) ( POS 's ) ) ( NNP Mr. ) ( NNP Lloyd ) ) )

Some bulk shipping rates have increased 3 % to 4 % in the past few months said Salomon 's Mr. Lloyd


( S ( CC And ) ( NP-SBJ-1 ( NP ( NN ship ) ( NNS lines ) ) ( VP ( VBG carrying ) ( NP ( NNS containers ) ) ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( PRP$ their ) ( NNS rates ) ) ) ) ) ) ) )

And ship lines carrying containers are also trying to raise their rates


( S ( NP-SBJ-2 ( NNS Carriers ) ) ( VP ( VBD boosted ) ( NP ( NP ( NNS rates ) ) ) ( NP-EXT ( QP ( JJR more ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ( PP-LOC-1 ( IN in ) ( NP ( NP ( DT the ) ( NNP North ) ( NNP Atlantic ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( NNP Europe ) ) ) ) ) ) ( NP-TMP ( JJ last ) ( NNP September ) ) ( S-ADV ( VP ( VBG hoping ) ( S ( VP ( TO to ) ( VP ( ADVP-EXT ( RB partly ) ) ( VB restore ) ( NP ( NNS rates ) ) ( PP-CLR ( TO to ) ( NP ( JJR earlier ) ( NNS levels ) ) ) ) ) ) ) ) ) )

Carriers boosted rates more than 10 % in the North Atlantic between the U.S. and Europe last September hoping to partly restore rates to earlier levels


( S ( NP-SBJ-1 ( NP ( NN Ship ) ( NNS lines ) ) ( VP ( VBG operating ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Pacific ) ) ) ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( NNS rates ) ) ( PP ( IN on ) ( NP ( NP ( NNS containers ) ) ( VP ( VBG carrying ) ( NP ( NNP U.S. ) ( NNS exports ) ) ( PP-DIR ( TO to ) ( NP ( NNP Asia ) ) ) ) ) ) ) ( NP-EXT ( RB about ) ( CD 10 ) ( NN % ) ) ( S-ADV ( ADJP-PRD ( JJ effective ) ( NP-TMP ( JJ next ) ( NNP April ) ) ) ) ) ) ) ) )

Ship lines operating in the Pacific plan to raise rates on containers carrying U.S. exports to Asia about 10 % effective next April


( S ( PP-TMP ( IN During ) ( NP ( PRP$ its ) ( JJ centennial ) ( NN year ) ) ) ( NP-SBJ ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( NNS events ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( NN century ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP stand ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS milestones ) ) ( PP ( IN of ) ( NP ( JJ American ) ( NN business ) ( NN history ) ) ) ) ) ) ) ) ) ) ) )

During its centennial year The Wall Street Journal will report events of the past century that stand as milestones of American business history


( S ( S ( NP-SBJ ( JJ MUTUAL ) ( NNS FUNDS ) ) ( VP ( VBD ARRIVED ) ( PP-LOC-CLR ( IN IN ) ( NP ( DT THE ) ( NNP U.S. ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP Roaring ) ( NNP Twenties ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP Britain ) ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN century ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB boom ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( DT the ) ( NN money ) ( NN market ) ( NN fund ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1970s ) ) ) ) ) ) ) ) ) ) )

MUTUAL FUNDS ARRIVED IN THE U.S. during the Roaring Twenties they had been in Britain for a century but they did n't boom until the money market fund was created in the 1970s


( S ( PP-TMP ( IN By ) ( NP ( CD 1980 ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 100 ) ) ( JJ such ) ( NNS funds ) ) ) )

By 1980 there were more than 100 such funds


( S ( PP ( IN Besides ) ( S-NOM ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( NN vehicle ) ) ( PP ( IN for ) ( NP ( NNS investors ) ) ) ) ) ) ) ( NP-SBJ-1 ( NN money ) ( NN market ) ( NNS funds ) ) ( ADVP ( RB also ) ) ( VP ( VBD helped ) ( VP ( VB rewrite ) ( NP ( NN banking ) ( NNS regulations ) ) ) ) )

Besides creating a vehicle for investors money market funds also helped rewrite banking regulations


( S ( NP-SBJ ( DT The ) ( NN idea ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB let ) ( S ( NP-SBJ ( NP ( JJ small ) ( NNS investors ) ) ( NP ( NP ( DT the ) ( NN backbone ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN fund ) ( NN business ) ) ) ) ) ( VP ( VB deal ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN money ) ( NN market ) ( POS 's ) ) ( JJ high ) ( JJ short-term ) ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) )

The idea was to let small investors the backbone of the fund business deal in the money market 's high short-term interest rates


( S ( NP-SBJ ( DT This ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( JJ exclusive ) ( NN province ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( ADJP ( JJ rich ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( JJ six-figure ) ( NNS sums ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NN income ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN figured ) ( PP-CLR ( IN beyond ) ( NP ( DT the ) ( JJ third ) ( CC or ) ( JJ fourth ) ( NN decimal ) ( NN place ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This had been the exclusive province of those rich enough to use six-figure sums to get income that was figured beyond the third or fourth decimal place


( S ( NP-SBJ ( NP ( DT The ) ( JJ now-standard ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( CD 1 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( VP ( VBD came ) ( PRT ( RP about ) ) ( PP-MNR ( IN by ) ( NP ( NN accident ) ) ) ) )

The now-standard price of 1 a share came about by accident


( S ( NP-SBJ ( DT An ) ( JJ early ) ( NN fund ) ) ( VP ( VBD had ) ( VP ( VBN filed ) ( NP ( NP ( DT a ) ( NN registration ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( SBAR-1 ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD included ) ( NP ( DT a ) ( VBN fixed ) ( ADJP ( CD 1 ) ) ( NN price ) ) ) ) ) ) ) )

An early fund had filed a registration with the Securities and Exchange Commission that included a fixed 1 price


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD arrived ) ( SBAR-TMP ( ADVP ( RB just ) ) ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN regulator ) ) ( VP ( VBG handling ) ( NP ( JJ such ) ( NNS operations ) ) ) ) ( VP ( VBD was ) ( VP ( VBG retiring ) ) ) ) ) ) )

It arrived just as the regulator handling such operations was retiring


( S ( NP-SBJ-1 ( PRP$ His ) ( NN successor ) ) ( VP ( VBD approved ) ( NP ( DT the ) ( ADJP ( CD 1 ) ) ( NN price ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN process ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG clearing ) ( NP ( NP ( DT the ) ( JJ backed-up ) ( NNS papers ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ his ) ( NN desk ) ) ) ) ) ) ) ) ) ) )

His successor approved the 1 price in the process of clearing the backed-up papers on his desk


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NNP Dreyfus ) ) ( VP ( VBD started ) ( NP ( DT the ) ( JJ first ) ( JJ advertising-backed ) ( JJ retail ) ( NN fund ) ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ( CD 1974 ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 10 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PRN ( CC and ) ( VP ( VBD reached ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD one ) ( NN year ) ) ) ) ) ) )

When Dreyfus started the first advertising-backed retail fund in February 1974 it was priced at 10 a share and reached 1 billion in assets in one year


( S ( NP-SBJ ( NNP Dreyfus ) ) ( VP ( VBD moved ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( CD 1 ) ( NN price ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNP SEC ) ) ( VP ( NN set ) ( NP ( NP ( NNS standards ) ) ( PRN ( NP ( NP ( DT an ) ( JJ average ) ( JJ 120-day ) ( NN maturity ) ) ( PP ( IN of ) ( NP ( JJ high-grade ) ( NN paper ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( DT the ) ( NN rule ) ) ) ) ) ) ) ) ) ) )

Dreyfus moved to the 1 price after the SEC set standards an average 120-day maturity of high-grade paper that are still the rule


( S ( S-NOM-SBJ ( VP ( VBG Keeping ) ( NP ( DT the ) ( VBN listed ) ( NN price ) ) ( PP-LOC-CLR ( IN at ) ( NP ( DT a ) ( NN dollar ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB primarily ) ) ( NP-PRD ( DT a ) ( NN convenience ) ) ) )

Keeping the listed price at a dollar is primarily a convenience


( S ( ADVP ( RB Actually ) ) ( NP-SBJ ( DT the ) ( NNS funds ) ) ( VP ( VBP do ) ( VP ( VP ( VB fluctuate ) ) ( CC but ) ( VP ( PP-LOC=1 ( IN beyond ) ( NP ( DT the ) ( JJ third ) ( NN decimal ) ( NN place ) ) ) ) ) ) )

Actually the funds do fluctuate but beyond the third decimal place


( S ( NP-SBJ ( NN Rounding-off ) ) ( VP ( VBZ keeps ) ( NP ( PRP them ) ) ( PP-LOC-CLR ( IN at ) ( NP ( CD 1 ) ) ) ) )

Rounding-off keeps them at 1


( S ( ADVP-TMP ( RB Eventually ) ) ( NP-SBJ ( NP ( DT the ) ( NN money ) ( NNS funds ) ( POS ' ) ) ( NN success ) ) ( VP ( VBD forced ) ( NP ( NP ( NN relaxation ) ) ( PP ( IN of ) ( NP ( NP ( NNS curbs ) ) ( PP ( IN on ) ( NP ( NN bank ) ( NN interest ) ( NNS rates ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( TO to ) ( VP ( VB offer ) ( NP ( VBG competing ) ( NNS yields ) ) ) ) ) ) ) ) ) ) ) )

Eventually the money funds ' success forced relaxation of curbs on bank interest rates to allow banks to offer competing yields


( S ( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN instrument ) ) ( ADVP ( RB also ) ) ( VP ( VBD introduced ) ( NP ( JJ many ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ( S ( NP-SBJ ( NP ( CD 30 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN fund ) ( NNS owners ) ) ) ) ( PRN ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 54 ) ( CD million ) ) ( NNS accounts ) ) ) ) ) ( VP ( VBN started ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN money ) ( NN fund ) ) ) ) ) )

The new instrument also introduced many to the industry 30 % of fund owners there are more than 54 million accounts started with a money fund


( S ( NP-TMP ( NN Today ) ) ( NP-SBJ ( NP ( QP ( JJR more ) ( IN than ) ( CD 470 ) ) ( NN money ) ( NN market ) ( NNS funds ) ) ) ( VP ( VBP have ) ( NP ( NP ( JJ total ) ( NNS assets ) ) ( VP ( VBG exceeding ) ( NP ( QP ( CD 350 ) ( CD billion ) ) ) ) ) ) )

Today more than 470 money market funds have total assets exceeding 350 billion


( S ( NP-SBJ ( DT The ) ( NN companion ) ( JJ tax-exempt ) ( NNS funds ) ) ( VP ( VBP add ) ( NP ( QP ( CD 71 ) ( CD billion ) ) ) ) )

The companion tax-exempt funds add 71 billion


( S ( NP-SBJ ( NP ( NNP Dreyfus ) ) ( ADVP ( RB alone ) ) ) ( VP ( VBZ has ) ( VP ( VBN seen ) ( S ( NP-SBJ ( PRP$ its ) ( NN money ) ( NN market ) ( NNS funds ) ) ( VP ( VBP grow ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1975 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( NNS closes ) ( TO to ) ( CD 15 ) ( CD billion ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) )

Dreyfus alone has seen its money market funds grow from 1 billion in 1975 to closes to 15 billion today


( S ( NP-SBJ-1 ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( NP ( NNS seats ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG recovering ) ( NP-EXT ( DT a ) ( NN bit ) ) ( PP-TMP ( RB after ) ( S-NOM ( VP ( VBG hitting ) ( NP ( DT a ) ( JJ four-year ) ( JJ low ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ) ) ) ) )

Prices for seats on the New York Stock Exchange are recovering a bit after hitting a four-year low earlier this month


( S ( NP-SBJ-1 ( NP ( CD Two ) ( NNS seats ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBD were ) ( VP ( VBN sold ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 455,000 ) ) ( CC and ) ( RB then ) ( NP ( CD 500,000 ) ) ) ) ) ) )

Two seats on the Big Board were sold yesterday for 455,000 and then 500,000


( S ( S ( NP-SBJ ( DT The ) ( JJ previous ) ( NN sale ) ) ( VP ( VBD was ) ( NP-PRD ( CD 436,000 ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 17 ) ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ last ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB that ) ( JJ low ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NNP November ) ( CD 1985 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( NN seat ) ) ( VP ( VBD sold ) ( PP-CLR ( IN for ) ( NP ( CD 425,000 ) ) ) ) ) ) ) ) ) )

The previous sale was 436,000 on Oct. 17 the last time prices were that low was November 1985 when a seat sold for 425,000


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBD peaked ) ( PP-LOC-CLR ( IN at ) ( NP ( CD 1,150,000 ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1987 ) ) ) ) )

Prices peaked at 1,150,000 in September 1987


( S ( NP-SBJ-1 ( NNS Seats ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 430,000 ) ) ( VP ( VBN bid ) ) ) ( CC and ) ( NP ( NP ( CD 525,000 ) ) ( VP ( VBN asked ) ) ) ) ) ) ) )

Seats are currently quoted at 430,000 bid and 525,000 asked


( S ( NP-SBJ ( JJ Health-care ) ( NNS companies ) ) ( VP ( MD should ) ( VP ( VB get ) ( ADJP-PRD ( RBR healthier ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) )

Health-care companies should get healthier in the third quarter


( S ( S-TPC-2 ( NP-SBJ-1 ( JJ Medical-supply ) ( NNS houses ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( NNS earnings ) ( NNS increases ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB about ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN on ) ( NP ( NN average ) ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( NNS sales ) ( NNS increases ) ) ( PP ( IN of ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )

Medical-supply houses are expected to report earnings increases of about 15 % on average for the third quarter despite sales increases of less than 10 % analysts say


( S ( S-PRP ( VP ( TO To ) ( VP ( VB offset ) ( NP ( JJ sluggish ) ( NNS sales ) ( NN growth ) ) ) ) ) ( NP-SBJ-1 ( NNS companies ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VP ( VBG cutting ) ( NP ( NN staff ) ) ( PP ( ADVP ( RB mostly ) ) ( IN through ) ( NP ( NN attrition ) ) ) ) ( CC and ) ( VP ( VBG slowing ) ( NP ( NP ( DT the ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NN research ) ( CC and ) ( NN development ) ( NN spending ) ) ) ) ) ) ) ) )

To offset sluggish sales growth companies have been cutting staff mostly through attrition and slowing the growth in research and development spending


( S ( NP-SBJ-3 ( NP ( NNS Sales ) ( NN growth ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD was ) ( VP ( VBN slowed ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ mounting ) ( NN pressure ) ) ( PP ( IN from ) ( NP ( NP ( NNS groups ) ) ( PP ( IN of ) ( NP ( NNS buyers ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS hospitals ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB hold ) ( PRT ( RP down ) ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) )

Sales growth in the quarter was slowed by mounting pressure from groups of buyers such as hospitals to hold down prices


( S ( NP-SBJ-2 ( NNS Suppliers ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJR stronger ) ( NNP U.S. ) ( NN dollar ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( ADVP-LOC ( RB abroad ) ) ) ( ADJP-PRD ( RBR more ) ( JJ difficult ) ) ) ) ) ) ) ) ) ) )

Suppliers were also hurt by the stronger U.S. dollar which makes sales abroad more difficult


( S ( PP-LOC ( IN In ) ( NP ( DT some ) ( NNS cases ) ) ) ( NP-SBJ ( NN competition ) ) ( VP ( VBZ has ) ( VP ( VBN squeezed ) ( NP ( NNS margins ) ) ) ) )

In some cases competition has squeezed margins


( S ( NP-SBJ ( NNP Becton ) ( NNP Dickinson ) ( CC & ) ( NNP Co. ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ faces ) ( NP ( NP ( JJ stiff ) ( NN competition ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ Japanese ) ( NN supplier ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ important ) ( NN syringe ) ( NN market ) ) ) ) ) )

Becton Dickinson & Co. for example faces stiff competition from a Japanese supplier in the important syringe market


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NAC-LOC ( NNP Franklin ) ( NNP Lakes ) ( NNP N.J. ) ) ( NN company ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( JJ sales ) ( NN growth ) ) ( PP ( IN of ) ( NP ( QP ( JJ only ) ( CD 5 ) ( NN % ) ( TO to ) ( CD 6 ) ( NN % ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( MD should ) ( ADVP-TMP ( RB still ) ) ( VP ( VB maintain ) ( NP ( NP ( NNS earnings ) ( NN growth ) ) ( PP ( IN of ) ( NP ( CD 10 ) ( NN % ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jerry ) ( NNP E. ) ( NNP Fuller ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Duff ) ( CC & ) ( NNP Phelps ) ( NNP Inc ) ) ) ) ) )

The Franklin Lakes N.J. company is expected to report sales growth of only 5 % to 6 % but should still maintain earnings growth of 10 % says Jerry E. Fuller an analyst with Duff & Phelps Inc


( S ( S-ADV ( PP-LOC-PRD ( IN Among ) ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN group ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( NNS results ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Abbott ) ( NNP Laboratories ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 14 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 196 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 88 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 172 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 76 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Among the first of the group to post results Abbott Laboratories said third-quarter net income jumped 14 % to 196 million or 88 cents a share from 172 million or 76 cents a share a year earlier


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN company ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Abbott ) ( NNP Park ) ) ( NP ( NNP Ill. ) ) ) ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.31 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.21 ) ( CD billion ) ) ) ) ) )

Sales for the company based in Abbott Park Ill. rose 8.3 % to 1.31 billion from 1.21 billion


( S ( NP-SBJ ( NNP Baxter ) ( NNP International ) ( NNP Inc. ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( JJ net ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 20 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN period ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 102 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 34 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 85 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 28 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Baxter International Inc. yesterday reported net climbed 20 % in the third period to 102 million or 34 cents a share from 85 million or 28 cents a share a year earlier


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( DT the ) ( NAC-LOC ( NNP Deerfield ) ( NNP Ill. ) ) ( NN company ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5.8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.81 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.71 ) ( CD billion ) ) ) ) ) )

Sales for the Deerfield Ill. company rose 5.8 % to 1.81 billion from 1.71 billion


( S ( CC But ) ( NP-SBJ-1 ( ADJP ( RB not ) ( DT every ) ) ( NN company ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( VBN increased ) ( NNS earnings ) ) ) ) ) ) )

But not every company expects to report increased earnings


( S ( NP-SBJ ( NNP C.R. ) ( NNP Bard ) ( NNP Inc. ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 51 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 9.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 18 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 20 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 35 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

C.R. Bard Inc. yesterday said third-quarter net plunged 51 % to 9.9 million or 18 cents a share from 20 million or 35 cents a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 190.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 192.5 ) ( CD million ) ) ) ) ) )

Sales fell 1.2 % to 190.1 million from 192.5 million


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Murray ) ( NNP Hill ) ( NNP N.J. ) ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ full-year ) ( NNS earnings ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADVP-PRD ( JJ off ) ( NP ( NP ( CD 33 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD removed ) ( NP ( DT a ) ( NN catheter ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

The Murray Hill N.J. company said full-year earnings may be off 33 cents a share because the company removed a catheter from the market


( S ( PP-TMP ( IN In ) ( NP ( CD 1988 ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD earned ) ( NP ( NP ( CD 1.38 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

In 1988 the company earned 1.38 a share


( S ( NP-SBJ ( DT The ) ( NNP Food ) ( CC and ) ( NNP Drug ) ( NNP Administration ) ) ( VP ( VBD had ) ( VP ( VBN raised ) ( NP ( NP ( NNS questions ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN device ) ( POS 's ) ) ( NN design ) ) ) ) ) ) )

The Food and Drug Administration had raised questions about the device 's design


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP add ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ third-party ) ( NNS pressures ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NN health ) ( NNS costs ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB bedevil ) ( NP ( NP ( NNS companies ) ( POS ' ) ) ( JJ bottom ) ( NNS lines ) ) ) ) ) ) ) ) ) ) )

Some analysts add that third-party pressures to reduce health costs will continue to bedevil companies ' bottom lines


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( NN Takeover ) ( NN speculation ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG buoying ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NN supply ) ( NNS houses ) ) ) ) ) ) ) ) ) ) ( VP ( MD may ) ( ADVP ( RB also ) ) ( VP ( VB ease ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP Sidoti ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc ) ) ) ) ) )

Takeover speculation which has been buoying stocks of supply houses may also ease says Peter Sidoti an analyst with Drexel Burnham Lambert Inc


( S ( S-TPC-2 ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ wanes ) ) ) ) ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( DT the ) ( NNS stocks ) ) ( ADVP ( RB probably ) ) ( VP ( VBP wane ) ( ADVP ( IN as ) ( RB well ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

As that wanes you 're going to see the stocks probably wane as well he says


( S ( NP-SBJ ( NNS Hospitals ) ( NNS companies ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VBP are ) ( VP ( VBG reporting ) ( NP ( VBN improved ) ( NNS earnings ) ) ) ) )

Hospitals companies meanwhile are reporting improved earnings


( S ( S-ADV ( VP ( VBN Bolstered ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ strong ) ( NNS performances ) ) ( PP ( IN by ) ( NP ( PRP$ its ) ( JJ psychiatric ) ( NNS hospitals ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( NNP National ) ( NNP Medical ) ( NNP Enterprises ) ( NNP Inc. ) ) ( NP-LOC ( NNP Los ) ( NNP Angeles ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 65 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Aug. ) ( CD 31 ) ) ) ) ) ( ADVP-3 ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 41 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 56 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

Bolstered by strong performances by its psychiatric hospitals National Medical Enterprises Inc. Los Angeles reported net income of 50 million or 65 cents a share for the first quarter ended Aug. 31 up from 41 million or 56 cents a share a year earlier


( S ( NP-SBJ ( NP ( NNP Humana ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Louisville ) ) ( NP ( NNP Ky. ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ favorable ) ( NNS results ) ) ( PP ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 66.7 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 66 ) ( NNS cents ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Aug. ) ( CD 31 ) ) ) ) ) ( ADVP-1 ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 58.2 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 59 ) ( NNS cents ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

Humana Inc. Louisville Ky. also reported favorable results with net income of 66.7 million or 66 cents in the fourth quarter ended Aug. 31 up from 58.2 million or 59 cents a year earlier


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN handful ) ) ( PP ( IN of ) ( NP ( NN hospital ) ( NNS companies ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( ADVP-MNR ( RB publicly ) ) ( VBN traded ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG benefiting ) ( PP-CLR ( IN from ) ( NP ( JJ several ) ( NNS trends ) ) ) ) ) ) ) ) )

Analysts say the handful of hospital companies that are still publicly traded are benefiting from several trends


( S ( S-ADV ( ADJP-PRD ( RBS Most ) ( JJ important ) ) ) ( NP-SBJ ( NN hospital ) ( NN admission ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBG stabilizing ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ several ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN decline ) ) ) ) ) ) ) )

Most important hospital admission rates are stabilizing after several years of decline


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NNS companies ) ) ( VP ( VP ( VBP have ) ( VP ( VBN sold ) ( PRT ( RP off ) ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJR smaller ) ( JJ less-profitable ) ( NNS hospitals ) ) ) ) ) ) ( CC and ) ( VP ( VBP have ) ( VP ( VBN completed ) ( NP ( JJ painful ) ( NNS restructurings ) ) ) ) ) )

Moreover companies have sold off many of their smaller less-profitable hospitals and have completed painful restructurings


( S ( NP-SBJ-1 ( NP ( NNP Humana ) ( POS 's ) ) ( NNS revenues ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN boosted ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ large ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS enrollments ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN health ) ( NN maintenance ) ( NNS organizations ) ) ) ) ) ) ) ) ) ) )

Humana 's revenues for example are being boosted by large increases in enrollments in the company 's health maintenance organizations


( SINV ( VP ( VBZ Says ) ) ( NP-SBJ ( NP ( NNP Todd ) ( NNP Richter ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ) ) ) ) ( S-1 ( NP-SBJ ( NP ( DT The ) ( NN shakeout ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( RB publicly ) ( VBN traded ) ) ( NNS companies ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB over ) ) ) ) )

Says Todd Richter an analyst with Dean Witter Reynolds The shakeout in the publicly traded companies is over


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT A ) ( VBN REVISED ) ( NNP BID ) ) ( PP ( IN FOR ) ( NP ( NNP UAL ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN prepared ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ labor-management ) ( NN group ) ) ) ) ) ) ) ( NP-SBJ ( NNS sources ) ) ( VP ( VBD said ) ) )

A REVISED BID FOR UAL is being prepared by a labor-management group sources said


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ new ) ( NN proposal ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VP ( VB transfer ) ( NP ( NP ( NN majority ) ( NN ownership ) ) ( PP ( IN of ) ( NP ( NP ( NNP United ) ( NNP Air ) ( POS 's ) ) ( NN parent ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NNS employees ) ) ) ) ( CC and ) ( VP ( VB leave ) ( NP ( DT some ) ( NN stock ) ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ public ) ( NNS hands ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( QP ( CD 225 ) ( TO to ) ( CD 240 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 5.42 ) ( CD billion ) ) ) ) ) ) ) ) )

The new proposal which would transfer majority ownership of United Air 's parent to employees and leave some stock in public hands would be valued at 225 to 240 a share or as much as 5.42 billion


( S ( CC But ) ( NP-SBJ-2 ( NP ( NNP UAL ) ( POS 's ) ) ( NN board ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( JJ quick ) ( NN approval ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT any ) ( NN offer ) ) ( PP-LOC ( ADVP ( RB substantially ) ) ( IN below ) ( NP ( NP ( DT the ) ( ADJP ( JJ 300-a-share ) ) ( NN bid ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD collapsed ) ( ADVP-TMP ( RB recently ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But UAL 's board is n't expected to give quick approval to any offer substantially below the 300-a-share bid that collapsed recently


( S ( NP-SBJ ( NN Takeover ) ( NN stock ) ( NNS speculators ) ) ( VP ( VBP have ) ( VP ( VBN incurred ) ( NP ( NP ( NN paper ) ( NNS losses ) ) ( PP ( IN of ) ( NP ( QP ( IN over ) ( CD 700 ) ( CD million ) ) ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( VBN failed ) ( NNP UAL ) ( NN offer ) ) ) ( NP-ADV ( NP ( PRP$ their ) ( JJS worst ) ( NN loss ) ) ( ADVP-TMP ( RB ever ) ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( JJ single ) ( NN deal ) ) ) ) ) ) )

Takeover stock speculators have incurred paper losses of over 700 million from the failed UAL offer their worst loss ever on a single deal


( S ( NP-SBJ ( NNP Ford ) ( CC and ) ( NNP Saab ) ) ( VP ( VBD ended ) ( NP ( NP ( NNS talks ) ) ( PP ( IN about ) ( NP ( DT a ) ( JJ possible ) ( NN alliance ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Ford ) ) ( VP ( VBD concluded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN cost ) ( S ( VP ( TO to ) ( VP ( VB modernize ) ( NP ( NP ( NNP Saab ) ( POS 's ) ) ( NN car ) ( NNS operations ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB outweigh ) ( NP ( DT the ) ( JJ likely ) ( NN return ) ) ) ) ) ) ) ) ) ) )

Ford and Saab ended talks about a possible alliance after Ford concluded that the cost to modernize Saab 's car operations would outweigh the likely return


( S ( NP-SBJ ( DT The ) ( NN collapse ) ) ( NP-TMP ( NNP Friday ) ) ( VP ( VBD prompted ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Ford ) ) ( VP ( MD would ) ( VP ( VB intensify ) ( NP ( NP ( PRP$ its ) ( NN pursuit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Jaguar ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG negotiating ) ( NP ( DT a ) ( JJ defensive ) ( NN alliance ) ) ( PP ( IN with ) ( NP ( NNP GM ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The collapse Friday prompted speculation that Ford would intensify its pursuit of Jaguar which is negotiating a defensive alliance with GM


( S ( NP-SBJ ( NN Stock ) ( NNS prices ) ) ( VP ( VBD edged ) ( ADVP-CLR ( RB up ) ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ) )

Stock prices edged up in quiet trading Friday


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5.94 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2689.14 ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( DT the ) ( NN gain ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN week ) ) ) ) ( NP-PRD ( NP ( DT a ) ( NN record ) ( CD 119.88 ) ( NNS points ) ) ( CC or ) ( NP ( CD 4.7 ) ( NN % ) ) ) ) ) ) ) )

The Dow Jones industrials rose 5.94 to 2689.14 making the gain for the week a record 119.88 points or 4.7 %


( S ( S ( NP-SBJ ( JJS Most ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD fell ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NN junk ) ( NNS bonds ) ) ( CC and ) ( NP ( DT the ) ( NN dollar ) ) ) ( VP ( VBD rose ) ) ) )

Most bond prices fell but junk bonds and the dollar rose


( S ( NP-SBJ-1 ( NNP New ) ( NNP York ) ( NNP City ) ( NNS bonds ) ) ( VP ( VBD were ) ( VP ( VBN sold ) ( PRT ( RP off ) ) ( PP ( IN by ) ( NP-LGS ( JJ many ) ( NNS investors ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-LOC ( IN amid ) ( NP ( ADJP ( JJ political ) ( CC and ) ( JJ economic ) ) ( NN uncertainty ) ) ) ) ) )

New York City bonds were sold off by many investors last week amid political and economic uncertainty


( S ( NP-SBJ-1 ( JJR More ) ( NNS banks ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( NN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Arizona ) ( POS 's ) ) ( VBG worsening ) ( NN real-estate ) ( NN slump ) ) ) ) ) ) )

More banks are being hurt by Arizona 's worsening real-estate slump


( S ( NP-SBJ ( NP ( NNP First ) ( NNP Interstate ) ( NNP Bancorp ) ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( DT a ) ( ADJP ( QP ( CD 16 ) ( CD million ) ) ) ( JJ quarterly ) ( NN loss ) ) ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( JJ property-loan ) ( NNS losses ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP Arizona ) ( NN unit ) ) ) ) ) ) ) )

First Interstate Bancorp of Los Angeles said Friday it expects a 16 million quarterly loss citing property-loan losses at its Arizona unit


( S ( NP-SBJ-1 ( NP ( NNP OPEC ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( JJR more ) ( NN oil ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( VP ( VB sell ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB cast ) ( NP ( DT a ) ( NN shadow ) ) ( PP-DIR ( IN over ) ( NP ( NN world ) ( NN oil ) ( NNS markets ) ) ) ) ) ) ) ) )

OPEC 's ability to produce more oil than it can sell is starting to cast a shadow over world oil markets


( S ( NP-SBJ ( NNP OPEC ) ( NNS officials ) ) ( VP ( VBP worry ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( MD could ) ( VP ( VB collapse ) ( NP-TMP ( NP ( DT a ) ( JJ few ) ( NNS months ) ) ( PP ( IN from ) ( NP ( RB now ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB adopt ) ( NP ( JJ new ) ( NNS quotas ) ) ) ) ) ) ) ) ) ) ) )

OPEC officials worry that prices could collapse a few months from now if the group does n't adopt new quotas


( S ( S-TPC-1 ( NP-SBJ ( NNP Saatchi ) ( CC & ) ( NNP Saatchi ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN attracted ) ( NP ( NP ( NNS offers ) ) ( PP ( IN for ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN advertising ) ( NNS units ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN rejected ) ( NP ( PRP them ) ) ) ) ) ) ( NP-SBJ ( NNS sources ) ) ( VP ( VBD said ) ) )

Saatchi & Saatchi has attracted offers for some of its advertising units but has rejected them sources said


( S ( NP-SBJ ( NP ( DT The ) ( NNS proposals ) ) ( PP ( IN from ) ( NP ( NP ( NNS suitors ) ) ( PP ( VBG including ) ( NP ( NNP Interpublic ) ( NNP Group ) ) ) ) ) ) ( VP ( VBP come ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( JJ London-based ) ( NN ad ) ( JJ giant ) ) ( VP ( NNS struggles ) ( PP-CLR ( IN through ) ( NP ( NP ( PRP$ its ) ( ADJP ( RBS most ) ( JJ difficult ) ) ( NN period ) ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) ) ) )

The proposals from suitors including Interpublic Group come as the London-based ad giant struggles through its most difficult period ever


( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBD suffered ) ( NP ( DT another ) ( NN setback ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP$ its ) ( NNP Los ) ( JJ Angeles-based ) ( NN affiliate ) ) ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NNP Chapter ) ( CD 11 ) ( NN protection ) ) ) ) ) ) ) )

Qintex Australia suffered another setback Friday when its Los Angeles-based affiliate filed for Chapter 11 protection


( S ( NP-SBJ ( NP ( NNP Qintex ) ( POS 's ) ) ( ADJP ( QP ( CD 1.5 ) ( CD billion ) ) ) ( NN pact ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP MGM\/UA ) ) ) ) ) ) ( VP ( VBD collapsed ) ( ADVP-TMP ( RB recently ) ) ) )

Qintex 's 1.5 billion pact to buy MGM\/UA collapsed recently


( S ( NP-SBJ-2 ( NNP Kodak ) ) ( VP ( VBD entered ) ( NP ( DT the ) ( JJ high-definition ) ( NN television ) ( NN market ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( NN unveiling ) ( NP ( NP ( DT a ) ( NN device ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB convert ) ( NP ( JJ conventional ) ( NN film ) ) ( PP-CLR ( IN into ) ( NP ( JJ high-definition ) ( NN video ) ) ) ) ) ) ) ) ) ) ) ) )

Kodak entered the high-definition television market by unveiling a device that can convert conventional film into high-definition video


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN handful ) ) ( PP ( IN of ) ( NP ( JJ small ) ( NNP U.S. ) ( NNS firms ) ) ) ) ( VP ( VBP are ) ( VP ( VBG refusing ) ( S ( VP ( TO to ) ( VP ( VB cede ) ( NP ( DT the ) ( JJ HDTV-screen ) ( NN market ) ) ( PP-CLR ( TO to ) ( NP ( JJ Japanese ) ( NNS manufacturers ) ) ) ) ) ) ) ) )

A handful of small U.S. firms are refusing to cede the HDTV-screen market to Japanese manufacturers


( S ( NP-SBJ-1 ( NN Freight ) ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VP ( VBG bottoming ) ( PRT ( RP out ) ) ) ( CC and ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB rebound ) ) ) ) ) ) ) )

Freight rates are bottoming out and starting to rebound


( S ( NP-SBJ ( NN Trucking ) ( NN shipping ) ( CC and ) ( NN air-freight ) ( NNS firms ) ) ( VP ( VBP are ) ( DT all ) ( VP ( VBG planning ) ( NP ( NN rate ) ( NNS increases ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( JJR higher ) ( NNS costs ) ) ( CC and ) ( NP ( VBN tightened ) ( NN demand ) ) ) ) ) ) ) )

Trucking shipping and air-freight firms are all planning rate increases reflecting higher costs and tightened demand


( S ( NP-SBJ ( NNP Texaco ) ) ( VP ( VBZ has ) ( VP ( VBN purchased ) ( NP ( NP ( DT an ) ( JJ oil-producing ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 476.5 ) ( CD million ) ) ) ) ) ) )

Texaco has purchased an oil-producing company in Texas for 476.5 million


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NNP Texaco ) ( POS 's ) ) ( JJ first ) ( JJ major ) ( NN acquisition ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ legal ) ( NN battle ) ) ( PP ( IN with ) ( NP ( NNP Pennzoil ) ) ) ) ( VP ( VBD began ) ( ADVP-TMP ( NP ( RB over ) ( CD four ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) )

It is Texaco 's first major acquisition since the legal battle with Pennzoil began over four years ago


( S ( NP-SBJ ( NNP Winnebago ) ) ( VP ( VP ( VBD posted ) ( NP ( DT a ) ( VBN widened ) ( JJ quarterly ) ( NN loss ) ) ) ( CC and ) ( VP ( VBD slashed ) ( NP ( PRP$ its ) ( NN dividend ) ) ( PP-CLR ( IN in ) ( NP ( NN half ) ) ) ) ( S ( VP ( VBG reflecting ) ( NP ( NP ( DT the ) ( VBG deepening ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( JJ recreational ) ( NN vehicle ) ( NNS sales ) ) ) ) ) ) ) )

Winnebago posted a widened quarterly loss and slashed its dividend in half reflecting the deepening slowdown in recreational vehicle sales


Markets


Stocks


( NP ( NP ( NN Volume ) ) ( NP ( CD 164,830,000 ) ( NNS shares ) ) )

Volume 164,830,000 shares


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( VBZ industrials ) ) ( NP ( CD 2689.14 ) ) ( ADVP ( RB up ) ( NP ( CD 5.94 ) ) ) ) ( NP ( NP ( NN transportation ) ) ( NP ( CD 1230.80 ) ) ( ADVP ( RB off ) ( NP ( CD 32.71 ) ) ) ) ( NP ( NP ( NNS utilities ) ) ( NP ( CD 215.48 ) ) ( ADVP ( RB up ) ( NP ( CD 0.06 ) ) ) ) )

Dow Jones industrials 2689.14 up 5.94 transportation 1230.80 off 32.71 utilities 215.48 up 0.06


Bonds


( NP ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Treasury ) ( NN index ) ) ( NP ( CD 3392.49 ) ) ( ADVP ( RB off ) ) ) )

Shearson Lehman Hutton Treasury index 3392.49 off


Commodities


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS futures ) ( NN index ) ) ( NP ( CD 129.62 ) ) ( ADVP ( RB off ) ( NP ( CD 0.51 ) ) ) ) ( NP ( NP ( NN spot ) ( NN index ) ) ( NP ( CD 131.34 ) ) ( ADVP ( RB up ) ( NP ( CD 0.88 ) ) ) ) )

Dow Jones futures index 129.62 off 0.51 spot index 131.34 up 0.88


Dollar


142.43 yen up 0.73 1.8578 marks up 0.0108


( S ( NP-SBJ ( NNP Lynch ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNP Lynch ) ( NNP Telephone ) ( NNP Corp. ) ( NN subsidiary ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Western ) ( NNP New ) ( NNP Mexico ) ( NNP Telephone ) ( NNP Co. ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 20 ) ( CD million ) ) ) ( IN plus ) ( NP ( NP ( NN assumption ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 24 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) )

Lynch Corp. said its Lynch Telephone Corp. subsidiary completed the acquisition of Western New Mexico Telephone Co. for 20 million plus assumption of 24 million of debt


( S ( NP-SBJ ( NP ( NNP Western ) ( NNP New ) ( NNP Mexico ) ( NNP Telephone ) ) ( NP-LOC ( NNP Silver ) ( NNP City ) ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.9 ) ( CD million ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 10 ) ( CD million ) ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) )

Western New Mexico Telephone Silver City had net income of 1.9 million on revenue of about 10 million last year


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ independent ) ( NN phone ) ( NN company ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN service ) ( NN area ) ) ( PP ( IN of ) ( NP ( CD 15,000 ) ( JJ square ) ( NNS miles ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ southwest ) ( NNP New ) ( NNP Mexico ) ) ) ) ) ) ) )

It is an independent phone company with a service area of 15,000 square miles in southwest New Mexico


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ wireline ) ( JJ cellular ) ( NN franchise ) ) ( VP ( VBG covering ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( JJ western ) ( NNP New ) ( NNP Mexico ) ) ) ) ) ) ) ) ) )

It is also a partner in the wireline cellular franchise covering most of western New Mexico


( S ( NP-SBJ ( DT The ) ( NN transaction ) ) ( VP ( VBZ represents ) ( NP ( NP ( NP ( NNP Lynch ) ( POS 's ) ) ( NN entry ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN telephone ) ( NN business ) ) ) ) ) )

The transaction represents Lynch 's entry into the telephone business


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN television ) ) ( NP ( NN trucking ) ( NNS services ) ) ( CC and ) ( NP ( ADJP ( NN glass-making ) ( CC and ) ( NN food-processing ) ) ( NN equipment ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ other ) ( NNS acquisitions ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN telephone ) ( NN industry ) ) ) ) ) ) ) ) ) ) )

The company which has interests in television trucking services and glass-making and food-processing equipment said it plans to make other acquisitions in the telephone industry


( S ( PP-LOC ( IN At ) ( NP ( DT the ) ( JJ ritzy ) ( NNP Fashion ) ( NNP Island ) ( NNP Shopping ) ( NNP Center ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( ADJP ( VBN tanned ) ( CC and ) ( JJ elegant ) ) ( NNS ladies ) ) ( PP ( IN of ) ( NP ( DT this ) ( JJ wealthy ) ( NNP Southern ) ( NNP California ) ( NN beach ) ( NN community ) ) ) ) ( VP ( VBP disembark ) ( PP-DIR ( IN from ) ( NP ( PRP$ their ) ( NNS Mercedes-Benzes ) ( CC and ) ( NNS BMWs ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT another ) ( NN day ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG exercising ) ( NP ( PRP$ their ) ( NN credit ) ( NNS cards ) ) ) ) ) ) ) ) )

At the ritzy Fashion Island Shopping Center the tanned and elegant ladies of this wealthy Southern California beach community disembark from their Mercedes-Benzes and BMWs for another day of exercising their credit cards


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP root ) ( PP-LOC-CLR ( IN among ) ( NP ( NP ( DT the ) ( NN designer ) ( NNS offerings ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Neiman-Marcus ) ) ( CC and ) ( NP ( NNP Bullocks ) ( NNP Wilshire ) ) ) ) ) ) ) )

They root among the designer offerings at Neiman-Marcus and Bullocks Wilshire


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP stroll ) ( PP-DIR ( IN through ) ( NP ( NP ( DT the ) ( JJ marble-encased ) ( NNS corridors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Atrium ) ( NNP Court ) ) ) ) ) ) )

They stroll through the marble-encased corridors of the Atrium Court


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP graze ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Farmers ) ( NNP Market ) ) ( NP ( DT a ) ( NN combination ) ( NN gourmet ) ( NN food ) ( NN court ) ( CC and ) ( NN grocery ) ( NN store ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT a ) ( NN pianist ) ) ( VP ( VBZ accompanies ) ( NP ( DT the ) ( NN noon ) ( NN fashion ) ( NN show ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN selection ) ) ( PP ( IN of ) ( NP ( JJ dreamy ) ( NNS melodies ) ) ) ) ) ) ) ) ) )

They graze at the Farmers Market a combination gourmet food court and grocery store while a pianist accompanies the noon fashion show with a selection of dreamy melodies


( FRAG ( NP ( NP ( DT The ) ( JJ beautiful ) ( NN look ) ) ( PP ( IN of ) ( NP ( NN wool ) ) ) ( PRN ( SINV ( VP ( VBZ croons ) ) ( NP-SBJ ( NP ( DT the ) ( NN show ) ( POS 's ) ) ( NN narrator ) ) ) ) ( ADJP ( RB slightly ) ( JJ Victorian ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NN influence ) ) ) ) ) )

The beautiful look of wool croons the show 's narrator slightly Victorian in its influence


( S ( ADVP-TMP ( RB Meanwhile ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ squat ) ( NN office ) ( NNS buildings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP ring ) ( NP ( NNP Fashion ) ( NNP Island ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS odds ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ good ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-2 ( NN someone ) ) ( VP ( VBZ is ) ( VP ( VBG getting ) ( VP ( VBN fleeced ) ) ) ) ) ) ) )

Meanwhile in the squat office buildings that ring Fashion Island the odds are good that someone is getting fleeced


( S ( NP-SBJ ( JJ Law-enforcement ) ( NNS authorities ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN at ) ( NP ( DT any ) ( VBN given ) ( NN time ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( JJ fraudulent ) ( NN telemarketing ) ( NNS operations ) ) ) ) ( VP ( VBP mingle ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ many ) ( JJ legitimate ) ( NNS businesses ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) )

Law-enforcement authorities say that at any given time a host of fraudulent telemarketing operations mingle with the many legitimate businesses here


( SINV ( S-TPC-2 ( NP-SBJ-3 ( PRP They ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB like ) ( NP ( DT these ) ( JJ industrial ) ( NNS parks ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kacy ) ( NNP McClelland ) ) ( NP ( NP ( DT a ) ( JJ postal ) ( NN inspector ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ specializes ) ( PP-CLR ( IN in ) ( NP ( NN mail ) ( NN fraud ) ) ) ) ) ) ) ) )

They seem to like these industrial parks says Kacy McClelland a postal inspector who specializes in mail fraud


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP call ) ( S ( NP-SBJ ( PRP them ) ) ( NP-PRD ( NN fraud ) ( NNS farms ) ) ) ) )

We call them fraud farms


( INTJ ( UH Welcome ) ( PP ( TO to ) ( NP ( NP ( DT that ) ( NN welter ) ) ( PP ( IN of ) ( NP ( NNS contradictions ) ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP Newport ) ( NNP Beach ) ) ) ) ) ) )

Welcome to that welter of contradictions known as Newport Beach


( S ( NP-SBJ-1 ( NP ( DT This ) ( NN city ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 70,000 ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN known ) ( PP-PRP ( IN for ) ( NP ( NP ( NN sunshine ) ) ( NP ( NNS yachts ) ) ( CC and ) ( NP ( JJ rich ) ( NNS residents ) ) ) ) ) ) )

This city of more than 70,000 is known for sunshine yachts and rich residents


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN fraud ) ( NN capital ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ( S-ADV ( VP ( VBN dubbed ) ( PP-LGS ( IN by ) ( NP ( NP ( NNS investigators ) ) ( CC and ) ( NP ( DT the ) ( NNS media ) ) ) ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( NNP Cote ) ( IN de ) ( NNP Fraud ) ) ) ) ) ) ) )

It is also known as the fraud capital of the U.S. dubbed by investigators and the media as the Cote de Fraud


( SBARQ ( WHADVP-1 ( WRB How ) ) ( SQ ( VBZ does ) ( NP-SBJ ( NP ( DT a ) ( NN community ) ) ( ADJP ( JJ famous ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ high ) ( NN living ) ) ) ) ) ( VP ( VB end ) ( PRT ( RP up ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN haven ) ) ( PP ( IN for ) ( NP ( NNS low-lifes ) ) ) ) ) ) ) )

How does a community famous for its high living end up as a haven for low-lifes


( S ( ADVP ( RB Clearly ) ) ( NP-SBJ ( NP ( DT the ) ( NN existence ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ former ) ) ) ) ( VP ( NNS lures ) ( NP ( DT the ) ( JJ latter ) ) ) )

Clearly the existence of the former lures the latter


( S ( NP-SBJ ( NP ( DT The ) ( NNS places ) ) ( VP ( VBN renowned ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG breeding ) ( NP ( NN bunco ) ) ) ) ) ) ( PP ( IN like ) ( NP ( NP ( NP ( DT the ) ( NNP Miami ) ( NN neighborhood ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( NNP Maggot ) ( NNP Mile ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP Las ) ( NNP Vegas ) ( POS 's ) ) ( JJ flashy ) ( NN strip ) ) ( PP ( IN of ) ( NP ( NNS casinos ) ) ) ) ) ) ) ( ADVP ( RB invariably ) ) ( VP ( VBP offer ) ( NP ( NP ( JJ fast ) ( NNS cars ) ) ( NP ( JJ high ) ( NNS rollers ) ) ( NP ( JJ glamorous ) ( NNS women ) ) ( CC and ) ( NP ( NP ( NNS lots ) ) ( PP ( IN of ) ( NP ( NN sunshine ) ) ) ) ) ) )

The places renowned for breeding bunco like the Miami neighborhood known as the Maggot Mile and Las Vegas 's flashy strip of casinos invariably offer fast cars high rollers glamorous women and lots of sunshine


( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB hear ) ( NP ( NP ( JJ much ) ) ( PP ( IN about ) ( NP ( NP ( JJ unusual ) ( NNS concentrations ) ) ( PP ( IN of ) ( NP ( NN fraud ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Green ) ( NNP Bay ) ) ( CC or ) ( NP ( NNP Buffalo ) ) ) ) ) ) ) ) ) )

You do n't hear much about unusual concentrations of fraud in Green Bay or Buffalo


( S ( NP-SBJ ( NN Con ) ( NNS men ) ) ( VP ( VBP hate ) ( NP ( NN snow ) ) ) )

Con men hate snow


( S ( NP-SBJ ( NNP Newport ) ( NNP Beach ) ) ( VP ( VBZ fits ) ( NP ( NP ( DT the ) ( NN scam ) ( NNS artists ) ( POS ' ) ) ( NNS specifications ) ) ( ADVP-MNR ( RB perfectly ) ) ) )

Newport Beach fits the scam artists ' specifications perfectly


( SBARQ ( WHNP-1 ( WP What ) ( JJR more ) ) ( SQ ( MD could ) ( NP-SBJ ( NP ( DT a ) ( JJ con ) ( NN man ) ) ( PP ( IN in ) ( NP ( NP ( NN search ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ easy ) ( NN life ) ) ) ) ) ) ( VP ( VB ask ) ( PP-CLR ( IN for ) ) ) ) )

What more could a con man in search of the easy life ask for


( S ( NP-SBJ ( NN Nothing ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( RB hard ) ) ( ADVP-LOC ( RB here ) ) ) )

Nothing seems hard here


( S ( S ( NP-SBJ ( DT The ) ( NNS breezes ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ soft ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNS waves ) ) ( VP ( VBP lap ) ( ADVP-MNR ( RB gently ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN palm ) ( NNS trees ) ) ( VP ( VBP sway ) ( ADVP-MNR ( RB lazily ) ) ) ) )

The breezes are soft the waves lap gently and the palm trees sway lazily


( S ( NP-SBJ ( NN Nightlife ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ plentiful ) ) ) )

Nightlife is plentiful


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-1 ( NN ostentation ) ) ( VP ( VBZ is ) ( VP ( VBN appreciated ) ) ) )

Moreover ostentation is appreciated


( S ( S ( NP-SBJ ( NP ( DT The ) ( JJ median ) ( NN price ) ) ( PP ( IN of ) ( NP ( NNS homes ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 547,000 ) ) ) ) ( S ( NP-SBJ ( QP ( JJR more ) ( IN than ) ( CD 9,000 ) ) ( NNS vessels ) ) ( VP ( VBP fill ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN chamber ) ) ( PP ( IN of ) ( NP ( NN commerce ) ) ) ) ( VP ( VBZ calls ) ( S ( NP-PRD ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN pleasure-boat ) ( NN harbor ) ) ) ) ) ) ) ) )

The median price of homes is 547,000 more than 9,000 vessels fill what the chamber of commerce calls the nation 's largest pleasure-boat harbor


( SINV ( FRAG-TPC-1 ( NP ( NNS Blondes ) ( NN cocaine ) ( CC and ) ( NNS Corvettes ) ) ) ( VP ( NNS mutters ) ) ( NP-SBJ ( NNP Mr. ) ( NNP McClelland ) ) )

Blondes cocaine and Corvettes mutters Mr. McClelland


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( PP-PRD ( IN after ) ) ) ) ) ) )

That 's what they 're after


( S ( NP-SBJ ( NP ( DT The ) ( JJ rich ) ( NN image ) ) ( PP ( IN of ) ( NP ( NNP Newport ) ( NNP Beach ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ helps ) ( VP ( VB lend ) ( NP ( NP ( DT the ) ( NN con ) ( NNS artists ) ( POS ' ) ) ( NN operation ) ) ( NP ( NP ( DT an ) ( NN air ) ) ( PP ( IN of ) ( NP ( NN respectability ) ) ) ) ) ) )

The rich image of Newport Beach also helps lend the con artists ' operation an air of respectability


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( CD One ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP use ) ( NP ( NNP Newport ) ( NNP Beach ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ sounds ) ( ADJP-PRD ( ADJP ( JJR swankier ) ) ( PP ( IN than ) ( NP ( JJS most ) ( NNS addresses ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Katz ) ) ( NP ( NP ( DT a ) ( NNP U.S. ) ( NN attorney ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( ADVP-TMP ( IN until ) ( RB recently ) ) ( VP ( VBD headed ) ( NP ( DT a ) ( JJ multi-agency ) ( NNP Southern ) ( NNP California ) ( NN fraud ) ( NN task ) ( NN force ) ) ) ) ) ) ) )

One reason they use Newport Beach is that it sounds swankier than most addresses says David Katz a U.S. attorney who until recently headed a multi-agency Southern California fraud task force


( S ( NP-SBJ-1 ( NNP Newport ) ( NNP Beach ) ) ( VP ( VBZ is ) ( VP ( VBN known ) ( PP-LOC ( IN in ) ( NP ( NNP Rhode ) ( NNP Island ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG having ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ rich ) ( NNS people ) ) ) ) ) ) ) ) ) )

Newport Beach is known in Rhode Island for having a lot of rich people


( FRAG ( NP ( DT No ) ( NN wonder ) ( SBAR ( S ( NP-SBJ ( NP ( DT all ) ( NNS kinds ) ) ( PP ( IN of ) ( NP ( JJ big-time ) ( NNS scams ) ) ) ) ( VP ( VBP have ) ( VP ( VBN flourished ) ( ADVP-LOC ( RB here ) ) ( PP-1 ( PP ( IN from ) ( NP ( JJ phony ) ( JJ tax-sheltered ) ( NNP Bible ) ( NNS sales ) ) ) ( PP ( TO to ) ( NP ( JJ crooked ) ( NN car ) ( NNS dealers ) ) ) ( PP ( TO to ) ( NP ( JJ bogus ) ( JJ penny-stock ) ( NNS traders ) ) ) ) ) ) ) ) ) )

No wonder all kinds of big-time scams have flourished here from phony tax-sheltered Bible sales to crooked car dealers to bogus penny-stock traders


( S ( CC But ) ( PP ( IN above ) ( NP ( DT all ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ national ) ( NN headquarters ) ) ( PP ( IN for ) ( NP ( NP ( NN boiler-room ) ( NNS operators ) ) ( NP ( NP ( DT those ) ( JJ slick-talking ) ( JJ snake-oil ) ( NNS salesmen ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBP use ) ( NP ( DT the ) ( NN telephone ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB extract ) ( NP ( NN money ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ gullible ) ) ( CC and ) ( NP ( DT the ) ( JJ greedy ) ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB then ) ) ( VP ( VBP vanish ) ) ) ) ) ) ) ) ) ) )

But above all this is the national headquarters for boiler-room operators those slick-talking snake-oil salesmen who use the telephone to extract money from the gullible and the greedy and then vanish


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ-1 ( NP ( QP ( RB only ) ( DT a ) ) ( NN fraction ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN prosecuted ) ) ) ) ) ( NP-SBJ ( NN nobody ) ) ( ADVP ( RB really ) ) ( VP ( VBZ knows ) ( SBAR ( WHNP-2 ( WHADJP ( WRB how ) ( JJ much ) ) ( NN money ) ) ( S ( NP-SBJ ( JJ bogus ) ( NN telemarketing ) ( NNS operators ) ) ( ADVP ( RB really ) ) ( VP ( VBP harvest ) ) ) ) ) )

Because only a fraction of them are ever prosecuted nobody really knows how much money bogus telemarketing operators really harvest


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN heard ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( CD 40 ) ( CD billion ) ) ) ( VP ( VBN taken ) ( PRT ( RP in ) ) ( ADVP-LOC ( JJ nationwide ) ) ( PP ( IN by ) ( NP-LGS ( NN boiler ) ( NNS rooms ) ) ) ( NP-TMP ( DT every ) ( NN year ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP McClelland ) ) ( VP ( VBZ says ) ) )

I 've heard that there is 40 billion taken in nationwide by boiler rooms every year Mr. McClelland says


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ true ) ) ) ) ) ( NP-SBJ-1 ( NNP Orange ) ( NNP County ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( QP ( IN at ) ( JJS least ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ) ) ) ) )

If that 's true Orange County has to be at least 10 % of that


( S ( CC And ) ( NP-SBJ-3 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( RB truly ) ( JJ big ) ( NNS scams ) ) ( PP-LOC ( IN in ) ( NP ( NNP Orange ) ( NNP County ) ) ) ) ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB originate ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Newport ) ( NNP Beach ) ) ( CC or ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ other ) ( JJ well-heeled ) ( NNS communities ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP surround ) ( NP ( NP ( DT this ) ( JJ sliver-like ) ( NN city ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ hooks ) ( PP-CLR ( IN around ) ( NP ( NP ( DT a ) ( NN point ) ) ( PP ( IN of ) ( NP ( NN land ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP California ) ( NN coast ) ) ( ADVP ( RB south ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) )

And most of the truly big scams in Orange County seem to originate in Newport Beach or one of the other well-heeled communities that surround this sliver-like city that hooks around a point of land on the California coast south of Los Angeles


( S ( PP-LOC ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ-1 ( JJ sophisticated ) ( JJ big-bucks ) ( NN boiler-room ) ( NNS scams ) ) ( VP ( VBP are ) ( VP ( VBN known ) ( ADVP ( RB generically ) ) ( PP-LOC ( IN among ) ( NP ( JJ law-enforcement ) ( NNS types ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NNP Newport ) ( NNP Beach ) ) ( NNS operations ) ) ) ) ) )

In fact sophisticated big-bucks boiler-room scams are known generically among law-enforcement types as Newport Beach operations


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ contrasts ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ penny-ante ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( NNS things ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ pen-and-pencil ) ( NNS sets ) ) ( CC and ) ( NP ( NN office ) ( NNS supplies ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NP ( NNP Hollywood ) ) ( NNS scams ) ) ) ) ) ) ) ) ) ) ) ) )

That contrasts with the penny-ante sales of things such as pen-and-pencil sets and office supplies that are known as Hollywood scams


( S ( NP-SBJ ( NNP Newport ) ( NNP Beach ) ( NNS telemarketers ) ) ( VP ( VBP concentrate ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( JJ precious ) ( NNS metals ) ) ( CC and ) ( NP ( NN oil-leasing ) ( NNS deals ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB typically ) ) ( VP ( VBP cost ) ( NP ( NP ( NNS thousands ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ( NP-ADV ( DT a ) ( NN shot ) ) ) ) ) ) ) ) ) )

Newport Beach telemarketers concentrate on precious metals and oil-leasing deals that typically cost thousands of dollars a shot


( S ( NP-SBJ ( DT The ) ( NNS investors ) ) ( VP ( VBP range ) ( PP-DIR ( PP ( IN from ) ( NP ( JJ elderly ) ( NNS widows ) ) ) ( PP ( TO to ) ( NP ( JJ affluent ) ( NNS professionals ) ) ) ) ) )

The investors range from elderly widows to affluent professionals


( S ( PP-LOC ( IN In ) ( NP ( NP ( CD one ) ( JJ ingenious ) ( JJ recent ) ( NN example ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP Newport ) ( NNP Beach ) ( NN boiler ) ( NN room ) ) ) ) ) ( NP-SBJ-2 ( NP ( JJ prospective ) ( NNS investors ) ) ( PP-LOC ( IN in ) ( NP ( NNP Capital ) ( NNP Trust ) ( NNP Inc. ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB allegedly ) ) ( VP ( VBN told ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( PRP$ their ) ( NN investment ) ) ( PP ( IN in ) ( NP ( JJ precious ) ( NNS metals ) ) ) ) ( VP ( VBD was ) ( VP ( VBN insured ) ( PP-CLR ( IN against ) ( NP ( NP ( NNS losses ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NNS employees ) ) ) ) ( ADJP ( JJ due ) ( PP ( TO to ) ( NP ( NN dishonesty ) ( NN destruction ) ( CC or ) ( NN disappearance ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NN indictment ) ) ( VP ( VBD handed ) ( PRT ( RP up ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ federal ) ( JJ grand ) ( NN jury ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) )

In one ingenious recent example of a Newport Beach boiler room prospective investors in Capital Trust Inc. were allegedly told that their investment in precious metals was insured against losses caused by employees due to dishonesty destruction or disappearance according to an indictment handed up by a federal grand jury in Los Angeles last month


( S ( S-TPC-6 ( S-ADV ( ADVP ( RB Thus ) ) ( VP ( ADVP-MNR ( RB falsely ) ) ( VBN reassured ) ) ) ( NP-SBJ-4 ( NNS investors ) ) ( VP ( VBD sent ) ( NP ( NP ( QP ( CD 11.4 ) ( CD million ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNP Newport ) ( NNP Beach ) ( NN company ) ) ) ( SBAR-1 ( WHNP-5 ( JJS most ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD was ) ( VP ( VBN diverted ) ( PP-DIR ( TO to ) ( NP ( JJ unauthorized ) ( NNS uses ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN indictment ) ) ( VP ( NNS charges ) ) )

Thus falsely reassured investors sent 11.4 million to the Newport Beach company most of which was diverted to unauthorized uses the indictment charges


( S ( NP-SBJ ( NP ( NNP Douglas ) ( NNP Jones ) ) ( NP ( NP ( DT an ) ( NN attorney ) ) ( VP ( VBG representing ) ( NP ( NP ( NNP Richard ) ( NNP O. ) ( NNP Kelly ) ( NNP Sr. ) ) ( NP ( NP ( DT the ) ( NN chairman ) ( CC and ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Capital ) ( NNP Trust ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN client ) ) ( VP ( VBZ denies ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT any ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB defraud ) ( NP ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) ) )

Douglas Jones an attorney representing Richard O. Kelly Sr. the chairman and president of Capital Trust says his client denies that there was any attempt to defraud investors


( S-2 ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NP ( DT some ) ( NN business ) ( NNS deals ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD went ) ( ADJP-PRD ( JJ bad ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Jones ) ) ( VP ( VBZ says ) ) ) ) ( CC but ) ( NP ( DT no ) ( NN intent ) ( S ( VP ( TO to ) ( VP ( VB defraud ) ) ) ) ) ) ) )

There were some business deals that went bad Mr. Jones says but no intent to defraud


( S ( NP-SBJ ( NNP Newport ) ( NNP Beach ) ( NNS operations ) ) ( VP ( VBP differ ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP Hollywood ) ( NN boiler ) ( NNS rooms ) ) ) ( PP ( PP ( IN in ) ( NP ( NN style ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN in ) ( NP ( NNS dollars ) ) ) ) ) )

Newport Beach operations differ from the Hollywood boiler rooms in style as well as in dollars


( S ( ADVP ( RB Traditionally ) ) ( NP-SBJ ( NN boiler ) ( NNS rooms ) ) ( VP ( VBP operate ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ cheap ) ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ ( JJ few ) ( PRN ( SBAR-ADV ( IN if ) ( FRAG ( ADJP ( DT any ) ) ) ) ) ( NNS customers ) ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBP visit ) ( NP ( PRP$ their ) ( NNS offices ) ) ) ) ) ) )

Traditionally boiler rooms operate on the cheap since few if any customers ever visit their offices


( S ( INTJ ( UH Indeed ) ) ( NP-SBJ ( DT the ) ( NN name ) ) ( VP ( VBZ derives ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN tendency ) ) ( PP-LOC ( IN among ) ( NP ( NN telemarketing ) ( NNS scammers ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB rent ) ( NP ( NP ( JJ cheap ) ( NN basement ) ( NN space ) ) ( PP-LOC ( IN near ) ( NP ( DT the ) ( NN boiler ) ( NN room ) ) ) ) ) ) ) ) ) ) )

Indeed the name derives from the tendency among telemarketing scammers to rent cheap basement space near the boiler room


( S-1 ( CC But ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Katz ) ) ( NP ( DT the ) ( NNP U.S. ) ( NN attorney ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ interesting ) ( NN thing ) ) ( PP ( IN about ) ( NP ( NNP Newport ) ( NNP Beach ) ( NNS operations ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP give ) ( NP ( PRP themselves ) ) ( NP ( NP ( DT the ) ( NN indulgence ) ) ( PP ( IN of ) ( NP ( NP ( JJ beautiful ) ( NNS offices ) ) ( PP ( IN with ) ( NP ( JJ plush ) ( NNS furnishings ) ) ) ) ) ) ) ) ) ) )

But says Mr. Katz the U.S. attorney the interesting thing about Newport Beach operations is that they give themselves the indulgence of beautiful offices with plush furnishings


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP go ) ( ADVP-DIR ( RB there ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB quite ) ( JJ different ) ( PP ( IN from ) ( NP ( NP ( DT these ) ( NNP Hollywood ) ( NNS places ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( S ( NP-SBJ ( DT the ) ( NNS sandwiches ) ) ( VP ( VBP are ) ( VP ( VBN spread ) ( PRT ( RP out ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG picking ) ( NP ( PRP$ their ) ( NNS noses ) ) ) ) ) ) ) ) ) ) ) )

When we go there it 's quite different from these Hollywood places where the sandwiches are spread out on the table and the people are picking their noses


( S ( NP-SBJ-1 ( DT The ) ( NNP Newport ) ( NNP Beach ) ( NNS operators ) ) ( ADVP ( RB also ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB indulge ) ( NP ( PRP themselves ) ) ( ADVP ( RB privately ) ) ) ) ) ) )

The Newport Beach operators also tend to indulge themselves privately


( S ( NP-SBJ ( NNS Investigators ) ) ( VP ( VBP cite ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( NP ( NNP Matthew ) ( NNP Valentine ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBG serving ) ( NP ( DT a ) ( JJ six-year ) ( NN sentence ) ) ( PP-LOC ( IN at ) ( NP ( NNP Lompoc ) ( NNP Federal ) ( NNP Prison ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( PRP$ his ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Intech ) ( NNP Investment ) ( NNP Corp. ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD promised ) ( NP ( NNS investors ) ) ( NP ( NP ( NNS returns ) ) ( PP ( IN of ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 625 ) ) ( NN % ) ) ) ( PP ( IN on ) ( NP ( JJ precious ) ( NNS metals ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investigators cite the case of Matthew Valentine who is currently serving a six-year sentence at Lompoc Federal Prison for his role in Intech Investment Corp. which promised investors returns of as much as 625 % on precious metals


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Valentine ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD pleaded ) ( ADJP-PRD ( JJ guilty ) ( PP ( TO to ) ( NP ( NP ( CD five ) ( NNS counts ) ) ( PP ( IN of ) ( NP ( NN fraud ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ federal ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBD drove ) ( NP ( DT a ) ( VBN leased ) ( NNS Mercedes ) ) ) ( CC and ) ( VP ( VBD lived ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT an ) ( JJ expensive ) ( NN home ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Lido ) ( NNP Isle ) ) ( NP ( NP ( DT an ) ( NN island ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Newport ) ( POS 's ) ) ( NN harbor ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNS investigators ) ) ) ) ) )

Mr. Valentine who pleaded guilty to five counts of fraud in federal court in Los Angeles drove a leased Mercedes and lived in an expensive home on Lido Isle an island in Newport 's harbor according to investigators


( S ( PP ( IN With ) ( NP ( NP ( DT the ) ( QP ( CD 3 ) ( CD million ) ) ) ( VP ( VBN received ) ( PP-CLR ( IN from ) ( NP ( NNS investors ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD took ) ( NP ( NP ( JJ frequent ) ( NNS junkets ) ) ( PP ( IN with ) ( NP ( NNS friends ) ) ) ( PP ( TO to ) ( NP ( JJ exotic ) ( NNS locales ) ) ) ) ) ( CC and ) ( VP ( VBD leased ) ( NP ( DT an ) ( JJ expensive ) ( NNP BMW ) ) ( PP-PRP ( IN for ) ( NP ( NP ( PRP$ his ) ( NN girlfriend ) ) ( SBAR ( WHNP-1 ( WP whom ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD met ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN shop ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD got ) ( NP ( PRP$ his ) ( JJ custom-tailored ) ( NNS suits ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

With the 3 million received from investors he took frequent junkets with friends to exotic locales and leased an expensive BMW for his girlfriend whom he met at the shop where he got his custom-tailored suits


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ amazing ) ) ( NP-3 ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ goes ) ( PP-DIR ( PP ( IN up ) ( NP ( PRP$ their ) ( NN nose ) ) ) ( PP ( IN out ) ( PP ( TO to ) ( NP ( DT the ) ( NN dog ) ( NN track ) ) ) ) ( CC or ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS tables ) ) ( PP-LOC ( IN in ) ( NP ( NNP Las ) ( NNP Vegas ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Katz ) ) ( VP ( VBZ says ) ) )

It 's amazing the amount of money that goes up their nose out to the dog track or to the tables in Las Vegas Mr. Katz says


( S ( NP-SBJ ( NP ( DT All ) ( DT this ) ( NN talk ) ) ( PP ( IN of ) ( NP ( NP ( NN boiler ) ( NNS rooms ) ) ( CC and ) ( NP ( NN fraud ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBG unnerving ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ legitimate ) ( NN business ) ( NN element ) ) ) ) )

All this talk of boiler rooms and fraud is unnerving to the city 's legitimate business element


( S ( NP-SBJ ( NP ( NNP Vincent ) ( NNP M ) ( NNP Ciavarella ) ) ( NP ( NP ( JJ regional ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NNP Property ) ( NNP Management ) ( NNP Systems ) ) ) ) ) ( VP ( VBZ insists ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB know ) ( PP-CLR ( IN of ) ( NP ( NP ( DT any ) ( JJ bogus ) ( NNS telemarketers ) ) ( VP ( VBG operating ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( QP ( CD 1.6 ) ( CD million ) ) ( JJ square ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NN office ) ( NN space ) ) ) ( PP-LOC ( IN around ) ( NP ( NNP Fashion ) ( NNP Island ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP$ his ) ( NN company ) ) ( VP ( VBZ leases ) ( PP-PRP ( IN for ) ( NP ( NP ( NNP Irvine ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NN owner ) ( CC and ) ( NN developer ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Vincent M Ciavarella regional manager of Property Management Systems insists he does n't know of any bogus telemarketers operating in the 1.6 million square feet of office space around Fashion Island that his company leases for Irvine Co. the owner and developer of the project


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ciavarella ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN rejected ) ( NP ( NP ( DT a ) ( JJ few ) ( JJ prospective ) ( NNS tenants ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD provided ) ( NP ( JJ incomplete ) ( JJ financial ) ( NN information ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ acknowledges ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ illegitimate ) ( NNS operators ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( RB easily ) ( JJ detectable ) ) ) ) ) ) ) )

Mr. Ciavarella has rejected a few prospective tenants who provided incomplete financial information and acknowledges that illegitimate operators are not easily detectable


( S ( NP-SBJ ( NNS Investigators ) ) ( VP ( VBP stress ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN building ) ( NNS owners ) ) ( VP ( VBP are ) ( NP-PRD ( NNS victims ) ) ( ADVP ( RB too ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ-1 ( NN boiler ) ( NNS rooms ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP leave ) ( PP ( IN without ) ( S-NOM ( VP ( VBG paying ) ( NP ( NN rent ) ) ) ) ) ) ) ) ) ) ) ) )

Investigators stress that building owners are victims too since boiler rooms often leave without paying rent


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Luehrs ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Newport ) ( NNP Harbor ) ( NNP Area ) ( NNP Chamber ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ) ) ) ) ) ) ( VP ( VBZ calls ) ( S ( NP-SBJ ( NN boiler ) ( NNS rooms ) ) ( NP-PRD ( NP ( DT a ) ( JJ negative ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP wish ) ( SBAR ( S ( NP-SBJ-2 ( PRP we ) ) ( VP ( MD could ) ( VP ( VB get ) ( VP ( VB rid ) ( PP-CLR ( IN of ) ) ) ) ) ) ) ) ) ) ) ) ) )

Richard Luehrs president of the Newport Harbor Area Chamber of Commerce calls boiler rooms a negative we wish we could get rid of


( S-2 ( ADVP ( RB Actually ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB get ) ( NP ( NP ( JJ much ) ( JJ negative ) ( NN publicity ) ) ( PP ( IN about ) ( NP ( DT this ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ insists ) ) ) ) ( PP ( IN except ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN press ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP write ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

Actually we do n't get much negative publicity about this he insists except for the press who write about it


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lancaster ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ deputy ) ( NN chief ) ) ( PP ( IN of ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( POS 's ) ) ( NNP Dallas ) ( NN bureau ) ) ) ) ) )

Mr. Lancaster is deputy chief of The Wall Street Journal 's Dallas bureau


( S ( NP-SBJ ( NP ( NNS Shareholders ) ) ( PP ( IN of ) ( NP ( NNP Messerschmitt-Boelkow-Blohm ) ( NNP G.m.b ) ( NNP H. ) ) ) ) ( VP ( VBD postponed ) ( NP ( NP ( PRP$ their ) ( JJ formal ) ( NN endorsement ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN merger ) ) ( PP ( IN with ) ( NP ( NNP Daimler-Benz ) ( NNP AG ) ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NP ( DT another ) ( NN meeting ) ) ( PP-TMP ( IN on ) ( NP ( NNP Nov. ) ( CD 17 ) ) ) ) ) ) )

Shareholders of Messerschmitt-Boelkow-Blohm G.m.b H. postponed their formal endorsement of a merger with Daimler-Benz AG until another meeting on Nov. 17


( S ( NP-SBJ-2 ( NP ( DT The ) ( NNS owners ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN defense ) ( CC and ) ( NN aerospace ) ( NN concern ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP include ) ( NP ( NP ( CD three ) ( JJ regional ) ( NNS states ) ) ( NP ( JJ several ) ( JJ industrial ) ( NNS companies ) ) ( CC and ) ( NP ( NNS banks ) ) ) ) ) ) ) ( VP ( VBD met ) ( NP-TMP ( NNP Friday ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( NP ( DT the ) ( JJ final ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN transaction ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Daimler-Benz ) ) ( VP ( MD will ) ( VP ( VB acquire ) ( NP ( NP ( CD 50.01 ) ( NN % ) ) ( FRAG ( PP ( IN of ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The owners of the defense and aerospace concern which include three regional states several industrial companies and banks met Friday to discuss the final terms of the transaction in which Daimler-Benz will acquire 50.01 % of


( S ( CC But ) ( NP-SBJ-1 ( NN agreement ) ) ( ADVP ( RB aparently ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( NN opposition ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNS states ) ) ( PP ( IN of ) ( NP ( NNP Hamburg ) ( CC and ) ( NNP Bremen ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBG demanding ) ( NP ( NP ( NP ( JJR more ) ( NN influence ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNP German ) ( NNP Airbus ) ( NNS operations ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJR better ) ( NN guarantee ) ) ( PP ( IN against ) ( NP ( NP ( NN job ) ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ troubled ) ( JJ Northern ) ( JJ German ) ( NN region ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But agreement aparently could n't be reached because of opposition from the states of Hamburg and Bremen which are demanding more influence over the German Airbus operations and a better guarantee against job losses in the troubled Northern German region


( S ( NP-SBJ ( NP ( DT The ) ( CD two ) ( NNS states ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP Bavaria ) ) ) ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP hold ) ( NP ( DT a ) ( NN majority ) ) ( PP-LOC ( IN in ) ( NP ( NNP MBB ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP$ their ) ( NN stake ) ) ( VP ( MD will ) ( VP ( VB fall ) ( PP-DIR ( TO to ) ( NP ( QP ( RB around ) ( CD 30 ) ) ( NN % ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Daimler-Benz ) ) ( VP ( VBZ acquires ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN concern ) ) ) ) ) ) ) ) ) ) )

The two states and the state of Bavaria still hold a majority in MBB but their stake will fall to around 30 % after Daimler-Benz acquires its stake in the concern


( S ( S-ADV ( VP ( VBG Reflecting ) ( NP ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( NP ( JJR lower ) ( NN semiconductor ) ( NNS prices ) ) ( CC and ) ( NP ( NP ( NNS cuts ) ) ( PP-LOC ( IN in ) ( NP ( NN defense ) ( NN spending ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Texas ) ( NNP Instruments ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 31 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS sales ) ) ( VP ( VBD dropped ) ( ADVP-MNR ( RB slightly ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

Reflecting the impact of lower semiconductor prices and cuts in defense spending Texas Instruments Inc. said third-quarter net income fell 31 % and sales dropped slightly from a year earlier


( S ( NP-SBJ ( JJ Net ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 65 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 67 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( JJ common ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 93.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.03 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

Net fell to 65 million or 67 cents a common share from 93.7 million or 1.03 a share a year ago


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 2.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.54 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.58 ) ( CD billion ) ) ) ) ) )

Sales fell 2.5 % to 1.54 billion from 1.58 billion


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( NNS electronics ) ( CC and ) ( NN defense ) ( NN concern ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( JJ net ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 255.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.70 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 5.6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( NP ( QP ( CD 271 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.01 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) ) ) )

For the nine months the electronics and defense concern had net of 255.8 million or 2.70 a share down 5.6 % from 271 million or 3.01 a share in the year-ago period


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( QP ( CD 4.66 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 1.3 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 4.6 ) ( CD billion ) ) ) ) ) ) ) )

Sales were 4.66 billion up 1.3 % from 4.6 billion


( S ( NP-SBJ ( NP ( NNP Jerry ) ( NNP Junkins ) ) ( NP ( NP ( NN chairman ) ) ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ sluggish ) ( JJ consumer-electronics ) ( NNS sales ) ) ( VP ( VBD reduced ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NNS semiconductors ) ) ) ) ) ) ) ) )

Jerry Junkins chairman president and chief executive officer said sluggish consumer-electronics sales reduced demand for semiconductors


( S ( NP-SBJ ( IN That ) ) ( PP ( VBN coupled ) ( PP ( IN with ) ( NP ( NP ( JJR lower ) ( NN semiconductor ) ( NNS prices ) ) ( CC and ) ( NP ( JJR higher ) ( JJ semiconductor-depreciation ) ( NN expense ) ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNS sales ) ( CC and ) ( NN profit ) ) ) ) ) ) )

That coupled with lower semiconductor prices and higher semiconductor-depreciation expense contributed to the decline in sales and profit


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( NN cost ) ( NNS increases ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( JJ fixed-price ) ( NN defense ) ( NNS contracts ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 10 ) ( CD million ) ) ) ( NN charge ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN work ) ( NN force ) ) ( PP ( IN of ) ( NP ( NP ( NNP Texas ) ( NNP Instruments ) ( POS ' ) ) ( JJ defense-electronics ) ( NN division ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD reduced ) ( NP ( JJ net ) ) ) )

In addition cost increases related to fixed-price defense contracts and a 10 million charge to reduce the work force of Texas Instruments ' defense-electronics division also reduced net


( S ( ADVP ( RB However ) ) ( NP-SBJ ( DT the ) ( NN quarter ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( QP ( CD 28 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN royalty ) ( NN income ) ) ( PP ( IN from ) ( NP ( NN patent ) ( NNS licenses ) ) ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 21 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) )

However the quarter results included 28 million in royalty income from patent licenses up from 21 million in the year-earlier period


( S ( NP-SBJ ( DT The ) ( CD nine ) ( NNS months ) ) ( VP ( VBP include ) ( NP ( NP ( QP ( CD 125 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN royalty ) ( NN income ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 98 ) ( CD million ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) )

The nine months include 125 million of royalty income up from 98 million last year


( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Junkins ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ optimistic ) ( PP ( IN about ) ( NP ( DT the ) ( JJ short-term ) ( NN outlook ) ) ) ) ( S-ADV ( VP ( VBG hinting ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ further ) ( NN workforce ) ( NNS reductions ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN needed ) ) ) ) ) ) ) ) ) )

Mr. Junkins was n't optimistic about the short-term outlook hinting that further workforce reductions may be needed


( S-3 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP expect ) ( NP ( NP ( JJ near-term ) ( NN sluggishness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS electronics ) ( NN market ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( JJ ongoing ) ( JJ cost-reduction ) ( NNS actions ) ) ( SBAR-ADV ( RB as ) ( FRAG ( ADJP ( JJ necessary ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ-2 ( NNS operations ) ) ( VP ( VBN aligned ) ( PP-CLR ( IN with ) ( NP ( NN demand ) ) ) ) ) ) ) ) ) ) ) )

We expect near-term sluggishness in the electronics market he said and we will take ongoing cost-reduction actions as necessary to keep operations aligned with demand


( S-1 ( ADVP ( RB Further ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-3 ( NP ( DT an ) ( JJ internal ) ( NN reorganization ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB combine ) ( NP ( JJ several ) ( NNS divisions ) ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NNP Information ) ( NNP Technology ) ( NNP Group ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB affect ) ( NP ( JJ fourth-quarter ) ( NNS results ) ) ( PP-EXT ( IN by ) ( NP ( DT an ) ( JJ undisclosed ) ( NN amount ) ) ) ) ) ) ) ) )

Further he said an internal reorganization to combine several divisions into the Information Technology Group is expected to affect fourth-quarter results by an undisclosed amount


( S ( NP-SBJ ( NP ( NNP Vickers ) ( NNP PLC ) ) ( NP ( DT a ) ( NNP United ) ( NNP Kingdom ) ( NN defense ) ( CC and ) ( NN engineering ) ( NN company ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT an ) ( NN investment ) ( NN unit ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP New ) ( NNP Zealand ) ( NN financier ) ( NNP Ron ) ( NNP Brierley ) ) ) ) ) ( VP ( VBD raised ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( PP-DIR ( TO to ) ( NP ( CD 15.02 ) ( NN % ) ) ) ( PP-DIR ( PP ( IN from ) ( NP ( QP ( RB about ) ( CD 14.6 ) ) ( NN % ) ) ( NP-TMP ( NNP Thursday ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( CD 13.7 ) ( NN % ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN week ) ) ) ) ) ) ) ) )

Vickers PLC a United Kingdom defense and engineering company said an investment unit controlled by New Zealand financier Ron Brierley raised its stake in the company Friday to 15.02 % from about 14.6 % Thursday and from 13.7 % the previous week


( S ( NP-SBJ ( NP ( NNP I.E.P. ) ( NNP Securities ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Brierley ) ( POS 's ) ) ( ADVP ( NNP Hong ) ( JJ Kong-based ) ) ( NNP Industrial ) ( NNP Equity ) ( PRN ( NNP Pacific ) ) ( NNP Ltd. ) ) ) ) ) ( VP ( VBD boosted ) ( NP ( NP ( PRP$ its ) ( NNS holdings ) ) ( PP-LOC ( IN in ) ( NP ( NNP Vickers ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 38.8 ) ( CD million ) ) ( NNS shares ) ) ) ) )

I.E.P. Securities Ltd. a unit of Mr. Brierley 's Hong Kong-based Industrial Equity Pacific Ltd. boosted its holdings in Vickers to 38.8 million shares


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN purchase ) ) ( VP ( VBZ follows ) ( NP ( NP ( JJ small ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NNS holdings ) ) ) ( VP ( VBN made ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD five ) ( NNS months ) ) ) ) ) ) )

The latest purchase follows small increases in his holdings made over the past five months


( S ( PP-TMP ( IN In ) ( NP ( NNP May ) ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Brierley ) ( POS 's ) ) ( NN stake ) ) ( VP ( VBD shrank ) ( PP-DIR ( TO to ) ( NP ( CD 8.7 ) ( NN % ) ) ) ( SBAR-TMP ( IN after ) ( S-NOM ( VP ( VBG ranging ) ( PP-LOC-CLR ( IN between ) ( NP ( NP ( CD 9 ) ( NN % ) ) ( CC and ) ( NP ( CD 11 ) ( NN % ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) ) ) ) ) )

In May Mr. Brierley 's stake shrank to 8.7 % after ranging between 9 % and 11 % for much of the previous year


( S ( S-TPC-1 ( NP-SBJ ( NNP Ron ) ( NNP Brierley ) ) ( ADVP ( RB clearly ) ) ( VP ( VBZ views ) ( NP ( PRP$ our ) ( NN company ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ good ) ( NN investment ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Vickers ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

Ron Brierley clearly views our company as a good investment a Vickers spokesman said


( S ( NP-SBJ-1 ( DT The ) ( NN spokesman ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Industrial ) ( NNP Equity ) ) ( VP ( MD might ) ( VP ( VB use ) ( NP ( PRP$ its ) ( NN interest ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN platform ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB launch ) ( NP ( NP ( DT a ) ( JJ hostile ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The spokesman refused to comment on speculation that Industrial Equity might use its interest as a platform to launch a hostile bid for the company


( S ( NP-SBJ ( NNP Vickers ) ) ( VP ( VP ( VBZ makes ) ( NP ( NP ( NP ( NNS tanks ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP U.K. ) ( NN army ) ) ) ) ( NP ( NNP Rolls ) ( NNP Royce ) ( NNS cars ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( NP ( ADJP ( JJ marine ) ( CC and ) ( JJ medical ) ) ( NNS businesses ) ) ) ) )

Vickers makes tanks for the U.K. army Rolls Royce cars and has marine and medical businesses


( S ( NP-SBJ ( NP ( NNP Daniel ) ( NNP J. ) ( NNP Terra ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Illinois ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD reduced ) ( NP ( NP ( PRP$ his ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP First ) ( NNP Illinois ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 26.48 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) )

Daniel J. Terra a director of First Illinois Corp. said that in August he reduced his stake in First Illinois to 26.48 % of the common shares outstanding


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Terra ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD sold ) ( NP ( CD 263,684 ) ( NNP First ) ( NNP Illinois ) ( JJ common ) ( NNS shares ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Aug. ) ( CD 9 ) ) ) ( PP ( TO to ) ( NP ( NNP Aug. ) ( CD 28 ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 9.9375 ) ( TO to ) ( CD 10.5625 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

In a filing with the Securities and Exchange Commission Mr. Terra said he sold 263,684 First Illinois common shares from Aug. 9 to Aug. 28 for 9.9375 to 10.5625 a share


( S ( PP-PRP ( IN As ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS sales ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ holds ) ( NP ( CD 6,727,042 ) ( NNS shares ) ) ) )

As a result of the sales he holds 6,727,042 shares


( S ( NP-SBJ ( NNP Mr. ) ( NNP Terra ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN filing ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD sold ) ( NP ( DT the ) ( NN stock ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB decrease ) ( NP ( NP ( PRP$ his ) ( NN position ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NAC-LOC ( NNP Evanston ) ( NNP Ill. ) ) ( NN banking ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) )

Mr. Terra said in the filing that he sold the stock to decrease his position in the Evanston Ill. banking concern


( S ( S-TPC-1 ( NP-SBJ-2 ( PRP He ) ) ( VP ( VP ( MD may ) ( VP ( VB sell ) ( NP ( JJR more ) ( NNS shares ) ) ( PP-LOC ( PP ( IN in ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ( CC or ) ( PP ( IN in ) ( NP ( JJ private ) ( NNS transactions ) ) ) ) ) ) ( CC but ) ( VP ( MD would ) ( RB n't ) ( VP ( VB rule ) ( PRT ( RP out ) ) ( S ( VP ( VP ( VBG changing ) ( NP ( PRP$ his ) ( NNS intentions ) ) ) ( CC and ) ( VP ( VBG buying ) ( NP ( NNS shares ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN filing ) ) ( VP ( VBD said ) ) )

He may sell more shares in the open market or in private transactions but would n't rule out changing his intentions and buying shares the filing said


( S ( NP-SBJ-1 ( NP ( NN Confidence ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN pound ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB widely ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT another ) ( JJ sharp ) ( NN dive ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( NP ( NP ( NN trade ) ( NNS figures ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ) ( ADJP ( JJ due ) ( PP ( IN for ) ( NP ( NN release ) ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ( VP ( VBP fail ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( DT a ) ( JJ substantial ) ( NN improvement ) ) ( PP ( IN from ) ( NP ( NP ( NNP July ) ( CC and ) ( NNP August ) ( POS 's ) ) ( JJ near-record ) ( NNS deficits ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Confidence in the pound is widely expected to take another sharp dive if trade figures for September due for release tomorrow fail to show a substantial improvement from July and August 's near-record deficits


( S ( NP-SBJ-1 ( NP ( NP ( NAC ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ( POS 's ) ) ( VBN restated ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ firm ) ( JJ monetary ) ( NN policy ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN helped ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( DT a ) ( NN freefall ) ) ( PP-LOC ( IN in ) ( NP ( NN sterling ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( NN week ) ) ) ) ) ) ) ) )

Chancellor of the Exchequer Nigel Lawson 's restated commitment to a firm monetary policy has helped to prevent a freefall in sterling over the past week