( S ( PP ( IN On ) ( NP ( NN abortion ) ) ) ( NP-SBJ ( PRP$ their ) ( JJ own ) ( NN day ) ) ( VP ( MD will ) ( VP ( VB come ) ) ) )

On abortion their own day will come


( S ( ADVP-TMP ( RB Eventually ) ) ( NP-SBJ ( RB even ) ( NNS Republicans ) ) ( VP ( MD will ) ( VP ( VB find ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB frame ) ( NP ( DT the ) ( NN issue ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS ways ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP expose ) ( NP ( JJ pro-choice ) ( NN absolutism ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Eventually even Republicans will find a way to frame the issue in ways that expose pro-choice absolutism


( SQ ( VBZ Does ) ( NP-SBJ ( DT the ) ( NN candidate ) ) ( VP ( VB favor ) ( NP ( NP ( JJ parental ) ( NN consent ) ) ( PP ( IN for ) ( NP ( JJ teen-age ) ( NNS abortions ) ) ) ) ) )

Does the candidate favor parental consent for teen-age abortions


( S ( NP-SBJ ( DT The ) ( JJ pro-choice ) ( NN lobby ) ) ( VP ( VBZ does ) ( RB n't ) ) )

The pro-choice lobby does n't


( FRAG ( WP What ) ( IN about ) ( S-NOM ( VP ( VBG banning ) ( NP ( NP ( NNS abortions ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( CC and ) ( JJ third ) ( NNS trimesters ) ) ) ) ) ) )

What about banning abortions in the second and third trimesters


( S ( NP-SBJ ( DT The ) ( NN lobby ) ) ( VP ( VBZ says ) ( INTJ ( RB no ) ) ( ADVP ( RB again ) ) ) )

The lobby says no again


( S ( NP-SBJ ( NN Democracy ) ) ( VP ( VBZ is ) ( VP ( VBG forcing ) ( NP ( DT the ) ( NN abortion ) ( NN debate ) ) ( PP-DIR ( PP ( IN toward ) ( NP ( JJ healthy ) ( NN compromise ) ) ) ( PP ( IN toward ) ( NP ( DT the ) ( VBG unpolarizing ) ( NN middle ) ) ) ) ) ) )

Democracy is forcing the abortion debate toward healthy compromise toward the unpolarizing middle


( S ( S ( NP-SBJ ( NP ( NNP Roe ) ) ( PP ( IN v. ) ( NP ( NNP Wade ) ) ) ) ( VP ( VBD pre-empted ) ( NP ( JJ political ) ( NN debate ) ) ) ) ( IN so ) ( S ( NP-SBJ ( DT the ) ( NNS extremes ) ) ( VP ( VBD blossomed ) ) ) )

Roe v. Wade pre-empted political debate so the extremes blossomed


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NP ( DT the ) ( JJ ambivalent ) ( NN middle ) ) ( NP ( NP ( DT a ) ( JJ moral ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NNS sorts ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG reasserting ) ( NP ( PRP itself ) ) ) ) )

Now the ambivalent middle a moral majority of sorts is reasserting itself


( S ( PP-TMP ( IN Within ) ( NP ( DT a ) ( JJ few ) ( NNS years ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN outcome ) ) ( PP-LOC ( IN in ) ( NP ( JJS most ) ( NNS states ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ ( NN abortion ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RBR more ) ( VBN restricted ) ) ( CC but ) ( RB not ) ( ADJP ( RB completely ) ( VBN banned ) ) ) ) ) ) ) ) ) ) ) ) )

Within a few years the outcome in most states is likely to be that abortion will be more restricted but not completely banned


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( SBAR-LOC-PRD ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NNS voters ) ) ( VP ( VBP are ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( SBAR-LOC-PRD ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ ( NNS politicians ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBP end ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) )

This is where the voters are which is where politicians usually end up


( S ( S-TPC-3 ( NP-SBJ-1 ( NN Consumer ) ( NNS prices ) ) ( VP ( VBD rose ) ( NP-EXT ( DT a ) ( ADJP ( RB surprisingly ) ( JJ moderate ) ) ( CD 0.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( S-ADV ( VP ( VBD pushed ) ( ADVP-DIR ( RB up ) ) ( ADVP ( RB mostly ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN jump ) ) ( PP-LOC ( IN in ) ( NP ( NN clothing ) ( NNS costs ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Labor ) ( NNP Department ) ) ( VP ( VBD reported ) ) )

Consumer prices rose a surprisingly moderate 0.2 % in September pushed up mostly by a jump in clothing costs the Labor Department reported


( S ( NP-SBJ-2 ( NP ( NN Energy ) ( NNS costs ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD drove ) ( NP ( JJ wholesale ) ( NNS prices ) ) ( ADVP-DIR ( RB up ) ) ( ADVP-MNR ( RB sharply ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN month ) ) ) ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB decline ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ retail ) ( NN level ) ) ) ) ) ) ( S-ADV ( VP ( VP ( VBG pulling ) ( ADVP-DIR ( RB down ) ) ( NP ( NN transportation ) ) ) ( CC and ) ( VP ( VBG helping ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NN housing ) ( NNS costs ) ) ) ) ) ) ) ) ) )

Energy costs which drove wholesale prices up sharply during the month continued to decline at the retail level pulling down transportation and helping to ease housing costs


( S ( NP-SBJ ( DT The ) ( NN report ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJS brightest ) ( NN news ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ financial ) ( NNS markets ) ) ( VP ( VBD had ) ( VP ( VBN seen ) ) ) ) ) ) ( PP-TMP ( IN since ) ( SBAR ( RB before ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD plunged ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 190 ) ) ( NNS points ) ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ) ) ) ) ) )

The report was the brightest news the financial markets had seen since before the stock market plunged more than 190 points last Friday


( S ( NP-SBJ-1 ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD rallied ) ( PP ( IN on ) ( NP ( DT the ) ( NN news ) ) ) ( S-ADV ( VP ( VBG closing ) ( ADVP-CLR ( NP ( CD 39.55 ) ( NNS points ) ) ( RBR higher ) ) ( PP-CLR ( IN at ) ( NP ( CD 2683.20 ) ) ) ) ) ) )

The Dow Jones Industrial Average rallied on the news closing 39.55 points higher at 2683.20


( S ( NP-SBJ ( NN Bond ) ( NNS prices ) ) ( ADVP ( RB also ) ) ( VP ( VBD jumped ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNS traders ) ) ( VP ( VBD appeared ) ( S ( VP ( TO to ) ( VP ( VB read ) ( NP ( DT the ) ( NNS data ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN sign ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( MD may ) ( VP ( VB fall ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bond prices also jumped as traders appeared to read the data as a sign that interest rates may fall


( S ( CC But ) ( NP-SBJ ( JJ many ) ( NNS economists ) ) ( VP ( VBD were ) ( RB not ) ( ADVP ( RB nearly ) ) ( ADJP-PRD ( IN as ) ( JJ jubilant ) ) ) )

But many economists were not nearly as jubilant


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT The ) ( NN climb ) ) ( PP-LOC ( IN in ) ( NP ( JJ wholesale ) ( NN energy ) ( NNS prices ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB push ) ( ADVP-DIR ( RB up ) ) ( NP ( JJ retail ) ( NN energy ) ( NNS prices ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS months ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD warned ) ) )

The climb in wholesale energy prices is certain to push up retail energy prices in the next few months they warned


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ is ) ( VP ( VBG leveling ) ( PRT ( RP off ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN rise ) ) ( NP-TMP ( DT this ) ( NN summer ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD helped ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( VBN imported ) ( NNS goods ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They also said the dollar is leveling off after a rise this summer that helped to reduce the prices of imported goods


( SINV ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ-2 ( NN inflation ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NN fall ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joel ) ( NNP Popkin ) ) ( NP ( NP ( DT a ) ( NN specialist ) ) ( PP ( IN on ) ( NP ( NN inflation ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( DT an ) ( JJ economic ) ( NN consulting ) ( NN firm ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) )

I think inflation is going to pick up through the fall said Joel Popkin a specialist on inflation who runs an economic consulting firm here


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB describe ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN lull ) ) ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS months ) ) ) ) ) )

It has been in what I would describe as a lull for the past several months


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBD had ) ( NP ( NP ( JJ whopping ) ( NNS declines ) ) ( PP ( IN in ) ( NP ( NN consumer ) ( NN energy ) ( NNS prices ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS months ) ) ) ) ) ) ) ) ( CC and ) ( S ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ wholesale ) ( NN level ) ) ) ( NP-SBJ ( DT those ) ) ( VP ( VBP are ) ( ADVP ( RB fully ) ) ( PP-LOC-PRD ( IN behind ) ( NP ( PRP us ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jay ) ( NNP Woodworth ) ) ( NP ( NP ( JJ chief ) ( JJ domestic ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Bankers ) ( NNP Trust ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

We 've had whopping declines in consumer energy prices in each of the past three months and at the wholesale level those are fully behind us now said Jay Woodworth chief domestic economist at Bankers Trust Co. in New York


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( JJ wholesale ) ( NN energy ) ( NNS prices ) ) ( VP ( VBD shot ) ( ADVP-DIR ( RB up ) ) ( PP-EXT ( IN by ) ( NP ( DT a ) ( JJ steep ) ( CD 6.5 ) ( NN % ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS analysts ) ) ( VP ( VBD expected ) ( S ( NP-SBJ ( NN energy ) ( NNS prices ) ) ( VP ( TO to ) ( VP ( VB rise ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN consumer ) ( NN level ) ) ) ( ADVP ( RB too ) ) ) ) ) ) )

Because wholesale energy prices shot up by a steep 6.5 % last month many analysts expected energy prices to rise at the consumer level too


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( JJ many ) ( NNS economists ) ) ( VP ( VBD were ) ( VP ( VBG expecting ) ( S ( NP-SBJ ( DT the ) ( NN consumer ) ( NN price ) ( NN index ) ) ( VP ( TO to ) ( VP ( VB increase ) ( ADVP-EXT ( ADVP ( RB significantly ) ( RBR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ) ) ) ) ) ) ) ) ) )

As a result many economists were expecting the consumer price index to increase significantly more than it did


( S ( CC But ) ( NP-SBJ ( JJ retail ) ( NN energy ) ( NNS prices ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 0.9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) )

But retail energy prices declined 0.9 % in September


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NN competition ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB hold ) ( PRT ( RP down ) ) ( NP ( NP ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( JJ retail ) ( NN energy ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ) ( VP ( VBP expect ) ( S ( NP-SBJ-1 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ wholesale ) ( NN rise ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN passed ) ( PRT ( RP along ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN consumer ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Though analysts say competition will probably hold down increases in retail energy prices many expect some of the wholesale rise to be passed along to the consumer before the end of the year


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD insisted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJS worst ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN inflation ) ) ) ) ( VP ( VBZ is ) ( ADVP-LOC-PRD ( RB behind ) ) ) ) ) ) )

Still some analysts insisted that the worst of the inflation is behind


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( ADVP ( RB increasingly ) ) ( VP ( VBZ appears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 1987-88 ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ temporary ) ( NN inflation ) ( NN blip ) ) ( CC and ) ( RB not ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ cyclical ) ( NN inflation ) ( NN problem ) ) ) ) ) ) ) ) ) ) ( VP ( VBD argued ) ) ( NP-SBJ ( NP ( NNP Edward ) ( NNP Yardeni ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Prudential-Bache ) ( NNP Securities ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

It increasingly appears that 1987-88 was a temporary inflation blip and not the beginning of a cyclical inflation problem argued Edward Yardeni chief economist at Prudential-Bache Securities Inc. in New York


( S ( PP-TMP ( IN In ) ( NP ( DT both ) ( CD 1987 ) ( CC and ) ( CD 1988 ) ) ) ( NP-SBJ ( NN consumer ) ( NNS prices ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4.4 ) ( NN % ) ) ) )

In both 1987 and 1988 consumer prices rose 4.4 %


( S ( S ( NP-SBJ ( NP ( DT A ) ( NN run-up ) ) ( PP-LOC ( IN in ) ( NP ( NN world ) ( NN oil ) ( NNS prices ) ) ) ( NP-TMP ( JJ last ) ( NN winter ) ) ) ( VP ( VBD sent ) ( S ( NP-SBJ ( NN consumer ) ( NNS prices ) ) ( VP ( VBG soaring ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( ADJP ( CD 6.7 ) ( NN % ) ) ( JJ annual ) ( NN rate ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD five ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ subsequent ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NN energy ) ( NNS prices ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN pulled ) ( NP ( DT the ) ( JJ annual ) ( NN rate ) ) ( ADVP-DIR ( RB back ) ( RB down ) ( PP ( TO to ) ( NP ( CD 4.4 ) ( NN % ) ) ) ) ) ) ) )

A run-up in world oil prices last winter sent consumer prices soaring at a 6.7 % annual rate in the first five months of this year but the subsequent decline in energy prices has pulled the annual rate back down to 4.4 %


( S ( NP-SBJ ( NNP Mr. ) ( NNP Yardeni ) ) ( VP ( VBD predicted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN world ) ( NN business ) ( NN competition ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB restrain ) ( NP ( NNS prices ) ) ) ) ) ) ) ) ) ) )

Mr. Yardeni predicted that world business competition will continue to restrain prices


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ bottom ) ( NN line ) ) ( VP ( VBZ is ) ( SBAR-PRD ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ seems ) ( PP-CLR ( TO to ) ( NP ( PRP me ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ economic ) ( NN environment ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( ADJP-PRD ( RB very ) ( RB very ) ( JJ competitve ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The bottom line is it seems to me that the economic environment has become very very competitve for a lot of businesses he said


( S ( S ( ADVP-TMP ( RB Back ) ( PP ( IN in ) ( NP ( CD 1987-88 ) ) ) ) ( NP-SBJ ( NN business ) ) ( VP ( VBD was ) ( VP ( VBG operating ) ( PP-MNR ( IN at ) ( NP ( ADJP ( RB fairly ) ( JJ tight ) ) ( NN capacity ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( NNS businesses ) ) ( VP ( VBD felt ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB raise ) ( NP ( NNS prices ) ) ) ) ) ) ) ) )

Back in 1987-88 business was operating at fairly tight capacity so businesses felt they could raise prices


( S-1 ( ADVP-TMP ( RB Now ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( JJ economic ) ( NN activity ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN slackened ) ( NP ( NN demand ) ) ) ) )

Now he said a slowdown in economic activity has slackened demand


( S ( NP-SBJ ( DT The ) ( JJ mild ) ( NN inflation ) ( NNS figures ) ) ( VP ( VBD renewed ) ( NP ( NP ( NNS investors ) ( POS ' ) ) ( NNS hopes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( MD will ) ( VP ( VB ease ) ( NP ( PRP$ its ) ( NN interest-rate ) ( NN stance ) ) ) ) ) ) ) ) )

The mild inflation figures renewed investors ' hopes that the Federal Reserve will ease its interest-rate stance


( S ( NP-SBJ ( NP ( DT The ) ( JJ steep ) ( NN climb ) ) ( PP-LOC ( IN in ) ( NP ( NN producer ) ( NNS prices ) ) ) ( VP ( VBN reported ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ) ) ( VP ( VP ( VBD fostered ) ( NP ( NP ( NN pessimism ) ) ( PP ( IN about ) ( NP ( JJR lower ) ( NN interest ) ( NNS rates ) ) ) ) ) ( CC and ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( ADJP ( CD 6.9 ) ( NN % ) ) ( NN plunge ) ) ( NP-TMP ( DT that ) ( NN day ) ) ) ) ) ) )

The steep climb in producer prices reported last Friday fostered pessimism about lower interest rates and contributed to the stock market 's 6.9 % plunge that day


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS days ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NNP U.S. ) ( POS 's ) ) ( JJ central ) ( NN bank ) ) ( VP ( VBZ has ) ( VP ( VBN allowed ) ( S ( NP-SBJ ( DT a ) ( JJ key ) ( NN interest ) ( NN rate ) ) ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-EXT ( RB slightly ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB stabilize ) ( NP ( DT the ) ( NNS markets ) ) ) ) ) ) ) ) ) ) )

In the past several days however the U.S. 's central bank has allowed a key interest rate to fall slightly to try to stabilize the markets


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( NNP Fed ) ( NN policy ) ( NNS makers ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ wary ) ( PP ( IN of ) ( S-NOM ( VP ( VBG relaxing ) ( NP ( NN credit ) ) ( ADVP-EXT ( RB too ) ( RB much ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB still ) ( JJ uncertain ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts say Fed policy makers have been wary of relaxing credit too much because they were still uncertain about the level of inflation in the economy


( S ( PP ( VBG Excluding ) ( NP ( NP ( DT the ) ( JJ volatile ) ( NNS categories ) ) ( PP ( IN of ) ( NP ( NN energy ) ( CC and ) ( NN food ) ) ) ) ) ( PRN ( S-ADV ( VP ( VBG leaving ) ( SBAR ( WHNP ( WP what ) ) ( S ( NP-SBJ ( DT some ) ( NNS economists ) ) ( VP ( VBP call ) ( NP ( DT the ) ( NN core ) ( NN inflation ) ( NN rate ) ) ) ) ) ) ) ) ( NP-SBJ ( NN consumer ) ( NNS prices ) ) ( ADVP ( RB still ) ) ( VP ( VBD rose ) ( NP-EXT ( RB only ) ( CD 0.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) )

Excluding the volatile categories of energy and food leaving what some economists call the core inflation rate consumer prices still rose only 0.2 % in September


( S ( S ( NP-SBJ ( NN Transportation ) ( NNS costs ) ) ( ADVP ( RB actually ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.5 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN housing ) ( NNS costs ) ) ( VP ( VBD gained ) ( NP ( RB only ) ( CD 0.1 ) ( NN % ) ) ) ) )

Transportation costs actually fell 0.5 % and housing costs gained only 0.1 %


( S ( S ( NP-SBJ ( NN Apparel ) ( NNS prices ) ) ( VP ( VBD rocketed ) ( ADVP-DIR ( RB up ) ( NP ( CD 1.7 ) ( NN % ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN after ) ( NP ( NP ( CD three ) ( NNS months ) ) ( PP ( IN of ) ( NP ( NNS declines ) ) ) ) ) ) ) )

Apparel prices rocketed up 1.7 % but that was after three months of declines


( S ( NP-SBJ-1 ( JJ Medical ) ( NNS costs ) ) ( VP ( VBD continued ) ( NP ( PRP$ their ) ( NN steep ) ( NN ascent ) ) ( S-ADV ( VP ( VBG rising ) ( NP-EXT ( CD 0.8 ) ( NN % ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD four ) ( JJ consecutive ) ( NNS months ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 0.7 ) ( NN % ) ) ( NNS increases ) ) ) ) ) ) ) ) )

Medical costs continued their steep ascent rising 0.8 % after four consecutive months of 0.7 % increases


( S ( NP-SBJ ( NP ( NN Car ) ( NNS prices ) ) ( NP ( NP ( DT another ) ( NN area ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ steep ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ wholesale ) ( NN index ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) ) ( ADVP ( RB still ) ) ( VP ( VBD showed ) ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN consumer ) ( NN level ) ) ) ) ) )

Car prices another area that contributed to the steep rise in the wholesale index last month still showed declines at the consumer level


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 0.4 ) ( NN % ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( NNS dealers ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NP ( NNS rebates ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They dropped 0.4 % as dealers continued to offer rebates to attract customers


( S ( NP-SBJ ( NN Food ) ( NNS prices ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.2 ) ( NN % ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ second ) ( NN month ) ) ( PP ( IN in ) ( NP ( DT a ) ( NN row ) ) ) ) ) ( ADVP-MNR ( ADVP ( RB far ) ( RBR slower ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN monthly ) ( NNS rises ) ) ( ADVP-TMP ( RBR earlier ) ( PP ( IN in ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) )

Food prices rose 0.2 % for the second month in a row far slower than the monthly rises earlier in the year


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( DT the ) ( NNP Labor ) ( NNP Department ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ average ) ( JJ weekly ) ( NNS earnings ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP ( IN after ) ( S-NOM ( VP ( VBG adjusting ) ( PP-CLR ( IN for ) ( NP ( NN inflation ) ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT a ) ( ADJP ( CD 0.7 ) ( NN % ) ) ( NN decline ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ) ) )

Separately the Labor Department reported that average weekly earnings rose 0.3 % in September after adjusting for inflation following a 0.7 % decline in August


( S ( NP-SBJ-1 ( DT All ) ( DT the ) ( NNS numbers ) ) ( VP ( VBP are ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( JJ seasonal ) ( NNS fluctuations ) ) ) ) ) )

All the numbers are adjusted for seasonal fluctuations


( SINV ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( DT the ) ( ADJP ( RB seasonally ) ( VBN adjusted ) ) ( NNS changes ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNS components ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Labor ) ( NNP Department ) ( POS 's ) ) ( NN consumer ) ( NN price ) ( NN index ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ) ) ) ) ) )

Here are the seasonally adjusted changes in the components of the Labor Department 's consumer price index for September


( S ( NP-SBJ ( NNP Missouri ) ( NN farmer ) ( NNP Blake ) ( NNP Hurst ) ) ( VP ( VBG writing ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN fall ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Heritage ) ( NNP Foundation ) ( POS 's ) ) ( NNP Policy ) ( NNP Review ) ) ) ) ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( VBN proposed ) ( NN location ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ hazardous-waste ) ( NN incinerator ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ his ) ( NN county ) ) ) ) ) ) ) ) )

Missouri farmer Blake Hurst writing in the fall issue of the Heritage Foundation 's Policy Review about the proposed location of a hazardous-waste incinerator in his county


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( ADVP ( ADVP ( RB rather ) ) ) ( VP ( VB have ) ( NP ( DT a ) ( NN computer ) ( NN software ) ( NN firm ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ my ) ( NN backyard ) ) ) ( PP-1 ( IN than ) ( NP ( DT a ) ( JJ hazardous ) ( NN waste ) ( NN incinerator ) ) ) ) ) )

Of course I 'd rather have a computer software firm in my backyard than a hazardous waste incinerator


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( ADVP ( RB also ) ) ( ADVP ( ADVP ( RB rather ) ) ) ( VP ( VB live ) ( NP-LOC ( NP ( JJ next ) ( NN door ) ) ( PP ( PP ( TO to ) ( NP ( DT an ) ( NN incinerator ) ) ) ( PP-1 ( IN than ) ( PP ( TO to ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN hog ) ( NNS farms ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ( CC and ) ( VBN smelt ) ( PP-LOC ( IN in ) ( NP ( DT these ) ( NNS parts ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But I 'd also rather live next door to an incinerator than to some of the hog farms I 've seen and smelt in these parts


( S ( S ( NP-SBJ ( DT An ) ( NN incinerator ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( ADVP ( RB probably ) ) ( ADJP-PRD ( ADJP ( RBR better ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG having ) ( NP ( NP ( NN nobody ) ) ( NP-LOC ( JJ next ) ( NN door ) ) ) ) ) ) ) ) ) ( S ( PP-LOC ( IN on ) ( NP ( PRP$ our ) ( NN farm ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( CD four ) ( JJ unoccupied ) ( NNS houses ) ) ) ) )

An incinerator is also probably better than having nobody next door on our farm there are four unoccupied houses


( S ( PP-LOC ( IN On ) ( NP ( NP ( PRP$ my ) ( JJ four-mile ) ( NN drive ) ) ( PP ( TO to ) ( NP ( NN farm ) ( NNS headquarters ) ) ) ) ) ( NP-TMP ( DT each ) ( NN morning ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP drive ) ( PP-DIR ( IN by ) ( NP ( DT another ) ( CD four ) ( JJ empty ) ( NNS houses ) ) ) ) )

On my four-mile drive to farm headquarters each morning I drive by another four empty houses


( S ( NP-SBJ ( NP ( DT A ) ( NN community ) ) ( PP ( IN of ) ( NP ( NP ( VBN abandoned ) ( NNS farmsteads ) ) ( NP ( VBG failing ) ( NNS businesses ) ) ( CC and ) ( NP ( VBG crumbling ) ( NNS roads ) ( CC and ) ( NNS bridges ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB hardly ) ) ( NP-PRD ( DT a ) ( JJ desirable ) ( CD one ) ) ) )

A community of abandoned farmsteads failing businesses and crumbling roads and bridges is hardly a desirable one


( S ( NP-SBJ ( NP ( DT The ) ( NN loss ) ) ( PP ( IN of ) ( NP ( CD 40 ) ( NNS jobs ) ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( VBN depressed ) ( NN county ) ) ( PP-LOC ( IN in ) ( NP ( JJ rural ) ( NNP Missouri ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB hardly ) ) ( PP-PRD ( IN of ) ( NP ( JJ national ) ( NN importance ) ) ) ( PP ( IN except ) ( PP ( IN for ) ( NP ( NP ( DT this ) ) ( SBARQ ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( ADJP ( RBS most ) ( RB environmentally ) ( JJ safe ) ) ( NN way ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ national ) ( NN problem ) ) ) ) ) ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN built ) ( PP-LOC ( IN in ) ( NP ( NNP Atchinson ) ( NNP County ) ) ) ) ) ) ) ) ( WHNP-3 ( WP what ) ( NN hope ) ) ( SQ ( VP ( VBP have ) ) ( NP-SBJ ( PRP we ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NNS wastes ) ) ( SBAR ( S ( NP-SBJ ( PRP$ our ) ( NN economy ) ) ( VP ( VBZ produces ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The loss of 40 jobs by a depressed county in rural Missouri is hardly of national importance except for this If the most environmentally safe way of dealing with a national problem can not be built in Atchinson County what hope have we for dealing with the wastes our economy produces


( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( NP-SBJ ( NP ( NNS farmers ) ) ( ADVP-LOC ( RB here ) ) ) ( VP ( VBP work ) ( PP-CLR ( IN with ) ( NP ( JJ hazardous ) ( NNS chemicals ) ) ) ( NP-TMP ( DT every ) ( NN day ) ) ( S-ADV ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( NP-PRD ( NP ( DT the ) ( JJ same ) ( NNS chemicals ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN destroyed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN incinerator ) ) ) ) ) ) ) ) ) ) ) ) )

After all farmers here work with hazardous chemicals every day many of them the same chemicals that would have been destroyed in the incinerator


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP know ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ dangerous ) ) ) ) ) ) ) ( CC but ) ( S ( SBAR-ADV ( IN if ) ( S ( VP ( VBN handled ) ( PP-MNR ( IN with ) ( NP ( NN care ) ) ) ) ) ) ( NP-SBJ ( PRP$ their ) ( NNS benefits ) ) ( ADVP ( RB far ) ) ( VP ( VBP outweigh ) ( NP ( NP ( DT any ) ( NN risk ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) )

We know they are dangerous but if handled with care their benefits far outweigh any risk to the environment


( S ( NP-SBJ ( NP ( DT The ) ( JJ seismic ) ( NN activity ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ financial ) ( NN market ) ) ) ) ( VP ( VBZ bears ) ( NP ( NP ( DT a ) ( NN resemblance ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ seismic ) ( NN activity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN earth ) ) ) ) ) ) ) )

The seismic activity of a financial market bears a resemblance to the seismic activity of the earth


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( NP ( VBP are ) ( ADJP-PRD ( JJ quiet ) ) ) ( PRN ( NP ( JJ low ) ( NN volatility ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS structures ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS markets ) ) ( VP ( VBP stand ) ) ) ) ) ( VP ( MD can ) ( VP ( VP ( VB be ) ( ADJP-PRD ( RB relatively ) ( JJ inefficient ) ) ) ( CC and ) ( VP ( ADVP ( RB still ) ) ( VB perform ) ( NP ( PRP$ their ) ( NNS functions ) ) ( ADVP-MNR ( RB adequately ) ) ) ) ) )

When things are quiet low volatility the structures on which markets stand can be relatively inefficient and still perform their functions adequately


( X ( ADVP ( RB However ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( JJ powerful ) ( NNS forces ) ) ( VP ( VBP start ) ( S ( VP ( VBG shaking ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN structure ) ) ) ) ) ) ) ( SBAR-ADV ( X ( DT the ) ( ADJP ( RBR more ) ( JJ earthquake-resistant ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ) ) ) ( X ( DT the ) ( JJR better ) ) ( NP ( NP ( PRP$ its ) ( NN chance ) ) ( PP ( IN for ) ( NP ( NN survival ) ) ) ) )

However when powerful forces start shaking the market 's structure the more earthquake-resistant it is the better its chance for survival


( S ( NP-SBJ ( NP ( NNP America ) ( POS 's ) ) ( JJ financial ) ( NNS markets ) ) ( VP ( VBP do ) ( RB not ) ( ADVP ( RB yet ) ) ( VP ( VB have ) ( NP ( NP ( DT all ) ( DT the ) ( VBN required ) ( NN modern ) ( NNS features ) ) ( VP ( VBN required ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RB fully ) ( JJ aftershock-resistant ) ) ) ) ) ) ) ) ) ) )

America 's financial markets do not yet have all the required modern features required to make them fully aftershock-resistant


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBP lack ) ( NP ( NP ( JJ equal ) ( NN access ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NNS markets ) ( POS ' ) ) ( NN trading ) ( NN arena ) ) ( CC and ) ( NP ( PRP$ its ) ( NN information ) ) ) ) ) ) )

Investors lack equal access to the markets ' trading arena and its information


( S ( NP-SBJ ( DT That ) ( JJ structural ) ( NN lack ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ crucial ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN source ) ) ( PP ( IN of ) ( NP ( NN market ) ( NN liquidity ) ) ) ) ) ) ) ) )

That structural lack is crucial because investors are the only source of market liquidity


( S ( CC And ) ( NP-SBJ ( NN liquidity ) ) ( VP ( VBZ is ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ-2 ( NNS markets ) ) ( VP ( VBP need ) ( S-PRP ( VP ( TO to ) ( VP ( VB damp ) ( NP ( NNS quakes ) ( CC and ) ( NNS aftershocks ) ) ) ) ) ) ) ) ) )

And liquidity is what markets need to damp quakes and aftershocks


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NNS markets ) ) ) ( NP-SBJ ( NP ( NP ( NNS specialists ) ) ( PRN ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( CC and ) ( NP ( NP ( NN upstairs ) ( NN market ) ( NNS makers ) ) ( PRN ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN market ) ( NNS participants ) ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB play ) ( NP ( DT a ) ( JJ direct ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ price-determination ) ( NN process ) ) ) ) ) ) ) ) ) )

In today 's markets specialists on the New York Stock Exchange and upstairs market makers in the over-the-counter market are the only market participants allowed to play a direct role in the price-determination process


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP halt ) ( NP ( NN trading ) ) ) ) ) ( NP-SBJ ( DT all ) ( NN market ) ( NN liquidity ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBN gone ) ) ) )

When they halt trading all market liquidity is gone


( S ( CC And ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( NP ( DT any ) ( NN component ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( NP ( NN cash ) ( NNS futures ) ( CC or ) ( NNS options ) ) ) ( VP ( VBZ loses ) ( NP ( NN liquidity ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN price ) ( NN discovery ) ( NN system ) ) ( PRN ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ-2 ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBN determined ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ becomes ) ( ADJP-PRD ( JJ flawed ) ) ) ( CC or ) ( VP ( VBZ is ) ( VP ( VBN lost ) ( ADVP ( RB entirely ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN time ) ) ) ) ) ) )

And when any component of the market cash futures or options loses liquidity the price discovery system the way prices are determined becomes flawed or is lost entirely for a time


( S ( NP-TMP ( JJ Last ) ( NNP Friday ) ( DT the ) ( JJ 13th ) ) ( PRN ( PP ( RB as ) ( RB well ) ( IN as ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ( NP ( DT this ) ( NN week ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS markets ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ unlinked ) ) ) )

Last Friday the 13th as well as two years ago this week the markets became unlinked


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBD happened ) ) ) ) ( NP-SBJ ( NP ( JJ seismic ) ( NNS tremors ) ) ( PP ( IN of ) ( NP ( NN fear ) ) ) ) ( PRN ( PP ( ADVP ( RB much ) ) ( IN like ) ( NP ( NP ( DT the ) ( NN shock ) ( NNS waves ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( DT an ) ( NN earthquake ) ) ) ) ) ) ) ( VP ( VP ( VBN coursed ) ( PP-DIR ( IN through ) ( NP ( DT the ) ( NN market ) ) ) ) ( CC and ) ( VP ( VBD increased ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN volatility ) ) ) ) )

When that happened seismic tremors of fear much like the shock waves created by an earthquake coursed through the market and increased the market 's volatility


( S ( NP-SBJ ( NP ( NN Lack ) ) ( PP ( IN of ) ( NP ( JJ important ) ( VBN needed ) ( NN information ) ) ) ) ( VP ( MD can ) ( VP ( VB cause ) ( NP ( NN fear ) ) ) ) )

Lack of important needed information can cause fear


( S ( NP-SBJ ( NN Fear ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN father ) ) ( PP ( IN of ) ( NP ( NN panic ) ) ) ) ) )

Fear is the father of panic


( S ( NP-SBJ ( NN Panic ) ) ( ADVP-TMP ( RB frequently ) ) ( VP ( VBZ results ) ( PP-CLR ( IN in ) ( NP ( JJ irrational ) ( NN behavior ) ) ) ) )

Panic frequently results in irrational behavior


( S ( CC And ) ( PP-LOC ( IN in ) ( NP ( JJ financial ) ( NNS markets ) ) ) ( NP-SBJ-1 ( JJ irrational ) ( NN behavior ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBN translated ) ( PP-CLR ( IN into ) ( NP ( NN catastrophe ) ) ) ) ) )

And in financial markets irrational behavior is sometimes translated into catastrophe


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NN market ) ( NNS tremors ) ) ( VP ( VBP start ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ crucial ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-1 ( NP ( IN as ) ( JJ much ) ( NN information ) ) ( PP ( IN about ) ( NP ( NP ( NN transaction ) ( NNS prices ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ supply-demand ) ( NN curve ) ) ( PRN ( NP ( NP ( VB buy ) ( CC and ) ( VB sell ) ( NNS orders ) ) ( PP ( IN at ) ( NP ( JJ various ) ( NNS prices ) ) ) ) ) ) ) ) ) ( VP ( VB be ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ available ) ( PP ( PP ( TO to ) ( NP ( DT all ) ) ) ( CONJP ( RB not ) ( RB just ) ) ( PP ( TO to ) ( NP ( NN market ) ( NNS makers ) ) ) ) ) ) ) ) ) ) ) )

When market tremors start it is crucial that as much information about transaction prices and the supply-demand curve buy and sell orders at various prices be made available to all not just to market makers


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT a ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NN information ) ( CC and ) ( NN access ) ) ) ) ) ( NP-SBJ-3 ( NP ( JJ many ) ( NNS investors ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( JJ very ) ( NNS ones ) ) ( SBAR ( WHNP-2 ( WP$ whose ) ( NN buying ) ( NN power ) ) ( S ( VP ( MD could ) ( VP ( VP ( VB restore ) ( NP ( NN stability ) ) ) ( CC and ) ( VP ( VB damp ) ( NP ( NN volatility ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB stand ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( ADVP ( RBS most ) ) ( VP ( VBN needed ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ their ) ( NN ignorance ) ) ( PP ( IN of ) ( NP ( JJ important ) ( NN market ) ( NN information ) ) ) ) ) ) ) ) ) ) )

Because of a lack of information and access many investors including the very ones whose buying power could restore stability and damp volatility are forced to stand on the sidelines when they are most needed because of their ignorance of important market information


( S ( S-PRP ( VP ( TO To ) ( VP ( VB add ) ( NP ( JJ aftershock-damping ) ( NN power ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP America ) ( POS 's ) ) ( NNS markets ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT a ) ( JJ modern ) ( JJ electronic ) ( NN trading ) ( NN system ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN implemented ) ( SBAR-1 ( WHNP-4 ( DT that ) ) ( S ( VP ( VBZ permits ) ( NP ( NP ( JJ equal ) ( NN access ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN trading ) ( NN arena ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN information ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD would ) ( ADVP ( RB automatically ) ) ( VP ( VB accompany ) ( NP ( JJ such ) ( NN access ) ) ) ) ) ) ) ) ) ( PP ( IN by ) ( NP ( NP ( NNS investors ) ) ( ADVP ( RB particularly ) ) ( NP ( JJ institutional ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) )

To add aftershock-damping power to America 's markets a modern electronic trading system should be implemented that permits equal access to the trading arena and the information that would automatically accompany such access by investors particularly institutional investors


( S ( ADVP ( JJ Contrary ) ( PP ( TO to ) ( NP ( DT some ) ( NNS opinions ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN trading ) ( NNS activities ) ) ( PP ( IN of ) ( NP ( NP ( NNS specialists ) ) ( CC and ) ( NP ( JJ other ) ( NN market ) ( NNS makers ) ) ) ) ) ( VP ( VBP do ) ( RB not ) ( VP ( VB provide ) ( NP ( NN liquidity ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ) ) )

Contrary to some opinions the trading activities of specialists and other market makers do not provide liquidity to the market as a whole


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( NN market ) ( NNS makers ) ) ( VP ( VBP provide ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN immediacy ) ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ valuable ) ) ( NN service ) ) ) ) )

What market makers provide is immediacy a very valuable service


( S ( NP-SBJ ( NN Liquidity ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( NN service ) ) ) )

Liquidity is not a service


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN market ) ( NN attribute ) ) ( NP ( DT the ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( NN selling ) ( NNS orders ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG causing ) ( NP ( JJ significant ) ( NN price ) ( NNS changes ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( NN news ) ) ) ) ) ) ) ) ) ) ) )

It is a market attribute the ability to absorb selling orders without causing significant price changes in the absence of news


( S ( S ( NP-SBJ ( NN Market ) ( NNS makers ) ) ( VP ( VBP buy ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ-2 ( NNS investors ) ) ( VP ( VBP wish ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP$ their ) ( NN business ) ) ( VP ( VBZ is ) ( VP ( VBG reselling ) ( NP ( DT these ) ( JJ unwanted ) ( NNS positions ) ) ( ADVP-MNR ( ADVP ( RB as ) ( RB quickly ) ) ( PP ( IN as ) ( ADJP ( JJ possible ) ) ) ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNS investors ) ) ) ( PRN ( CC and ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( NN profit ) ) ) ) ) ) ) )

Market makers buy what investors wish to sell their business is reselling these unwanted positions as quickly as possible to other investors and at a profit


( S ( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( DT any ) ( CD one ) ( NN customer ) ) ( VP ( MD may ) ( VP ( VB purchase ) ( NP ( NN immediacy ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG selling ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN market ) ( NN maker ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NN micro-liquidity ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN investor ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN market ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ( VP ( VBZ remains ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ same ) ( NNS circumstances ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ( S ( S ( NP-SBJ ( DT The ) ( JJ unwanted ) ( NN position ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( NP-PRD ( DT an ) ( JJ unwanted ) ( NN position ) ) ) ) ( S ( NP-SBJ ( NP ( RB only ) ( DT the ) ( NN identity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN seller ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN changed ) ) ) ) ) )

As a result while any one customer may purchase immediacy by selling to a market maker which is micro-liquidity for the investor the market as a whole remains in the same circumstances it was before the transaction The unwanted position is still an unwanted position only the identity of the seller has changed


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ-1988 ( PRP it ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN argued ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VP ( VBG increasing ) ( NP ( NP ( NN capital ) ( NNS commitments ) ) ( PP ( IN by ) ( NP ( NN market ) ( NNS makers ) ) ) ) ) ( PRN ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT some ) ( ADJP ( JJ post-1987 ) ( JJ crash ) ) ( NNS studies ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ increases ) ( NP ( NN market ) ( NN volatility ) ) ) ) ) ( SBAR-PRP ( IN since ) ( S ( SBAR-ADV ( X ( DT the ) ( JJR more ) ) ( S ( NP-SBJ-1 ( NNS securities ) ) ( VP ( VBP are ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NN market ) ( NNS makers ) ) ) ( PP-TMP ( IN at ) ( NP ( DT any ) ( VBN given ) ( NN time ) ) ) ) ) ) ) ( X ( DT the ) ( JJR more ) ) ( NP-SBJ ( NN selling ) ( NN pressure ) ) ( VP ( VBZ is ) ( VP ( VBG overhanging ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) )

In fact it can be argued that increasing capital commitments by market makers a result of some post-1987 crash studies also increases market volatility since the more securities are held by market makers at any given time the more selling pressure is overhanging the market


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( JJ open ) ( JJ electronic ) ( NN system ) ) ) ( NP-SBJ-1 ( NP ( DT any ) ( NN investor ) ) ( VP ( VBG wishing ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ real-time ) ( NN access ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN trading ) ( NN arena ) ) ) ( PP ( IN through ) ( NP ( DT a ) ( VBN registered ) ( NN broker-dealer ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( DT the ) ( JJ entire ) ( JJ supply-demand ) ( NN curve ) ) ( PRN ( NP ( NP ( VB buy ) ( CC and ) ( VB sell ) ( NNS orders ) ) ( PP ( IN at ) ( NP ( DT each ) ( NN price ) ) ) ) ) ( VP ( VBN entered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS dealers ) ( CC and ) ( NNS investors ) ) ( ADVP ( RB alike ) ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB enter ) ( CC and ) ( VB execute ) ( NP ( NNS orders ) ) ) ) ) ) ) ) ) )

In an open electronic system any investor wishing to pay for real-time access to the trading arena through a registered broker-dealer would be able to see the entire supply-demand curve buy and sell orders at each price entered by dealers and investors alike and to enter and execute orders


( S ( NP-SBJ ( JJ Current ) ( NNS quotations ) ) ( VP ( MD would ) ( VP ( VB reflect ) ( NP ( NP ( NP ( DT the ) ( VBN combined ) ( JJ financial ) ( NN judgment ) ) ( PP ( IN of ) ( NP ( DT all ) ( NN market ) ( NNS participants ) ) ) ) ( CONJP ( RB not ) ( RB just ) ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( NP ( NNS intermediaries ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP become ) ( ADJP-PRD ( RB extremely ) ( JJ risk-averse ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNS times ) ) ( PP ( IN of ) ( NP ( NN crisis ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Current quotations would reflect the combined financial judgment of all market participants not just those of intermediaries who become extremely risk-averse during times of crisis


( S ( NP-SBJ ( NP ( NNS Investors ) ( CC and ) ( NNS professionals ) ) ( ADVP ( RB alike ) ) ) ( VP ( MD would ) ( VP ( VB compete ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN level ) ( NN playing ) ( NN field ) ) ( SBAR ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VP ( VBD sought ) ) ( CC and ) ( VP ( VBD called ) ( S ( NP-PRD ( NP ( DT a ) ( JJ national ) ( NN market ) ( NN system ) ) ( VP ( ADVP ( RB not ) ( RB yet ) ) ( VBN achieved ) ) ) ) ) ( ADVP-TMP ( NP ( QP ( RB almost ) ( CD 15 ) ) ( NNS years ) ) ( RB ago ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD passed ) ( NP ( NP ( DT the ) ( NNP Securities ) ( NNP Reform ) ( NNP Act ) ) ( PP ( IN of ) ( NP ( CD 1975 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors and professionals alike would compete on the level playing field Congress sought and called a national market system not yet achieved almost 15 years ago when it passed the Securities Reform Act of 1975


( S ( NP-SBJ ( NP ( JJ Last ) ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NNS gyrations ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( JJ severe ) ( NNS aftershocks ) ) ) ) ) )

Last Friday 's market gyrations did not result in severe aftershocks


( SQ ( VBD Were ) ( NP-SBJ ( PRP we ) ) ( ADJP-PRD ( JJ smart ) ( CC or ) ( RB just ) ( JJ lucky ) ) )

Were we smart or just lucky


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( ADJP-PRD ( JJ certain ) ) ) )

I 'm not certain


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( ADJP-PRD ( JJ sure ) ( SBAR ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB maximize ) ( NP ( PRP$ our ) ( NN earthquake ) ( NN protection ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG making ) ( ADJP-CLR ( JJ certain ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ our ) ( NN market ) ( NNS structures ) ) ( VP ( VBP let ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VB add ) ( NP ( PRP$ their ) ( JJ mighty ) ( JJ shock-damping ) ( NN power ) ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ our ) ( NN nation ) ( POS 's ) ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But I am sure we need to maximize our earthquake protection by making certain that our market structures let investors add their mighty shock-damping power to our nation 's markets


( S ( NP-SBJ ( NNP Mr. ) ( NNP Peake ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( JJ own ) ( NN consulting ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Englewood ) ) ( NP ( NNP N.J ) ) ) ) ) ) ) ) )

Mr. Peake is chairman of his own consulting company in Englewood N.J


( S ( NP-SBJ ( NNP Gillette ) ( NNP Co. ) ) ( VP ( VBD elected ) ( NP ( NP ( NNP Warren ) ( NNP E. ) ( NNP Buffett ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Berkshire ) ( NNP Hathaway ) ( NNP Inc. ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( NN board ) ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS directors ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 12 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 11 ) ) ) ) ) ) )

Gillette Co. elected Warren E. Buffett chairman of Berkshire Hathaway Inc. to its board increasing the number of directors to 12 from 11


( S ( S ( NP-SBJ ( NNP Berkshire ) ( NNP Hathaway ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ( VP ( VBD bought ) ( NP ( NP ( QP ( CD 600 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ preferred ) ( NN stock ) ) ( PP ( IN in ) ( NP ( NNP Gillette ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ convertible ) ( PP ( IN into ) ( NP ( DT an ) ( ADJP ( CD 11 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Gillette ) ) ( VP ( VBD said ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Buffett ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ) ) ) ) )

Berkshire Hathaway earlier this year bought 600 million of preferred stock in Gillette that is convertible into an 11 % stake and Gillette said at the time that Mr. Buffett would be added to the board


( S ( S ( ADVP ( NNP Separately ) ) ( NP-SBJ ( NNP Gillette ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 65.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 57 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 63.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 57 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( JJ per-share ) ( NNS earnings ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ flat ) ) ( PP ( IN despite ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NN income ) ) ) ) ) ( SBAR-PRP ( PP ( IN in ) ( NP ( NN part ) ) ) ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD paid ) ( NP ( DT a ) ( ADJP ( QP ( CD 10.4 ) ( CD million ) ) ) ( NN dividend ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ new ) ( VBN preferred ) ( NN stock ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ) ) ) ) ) )

Separately Gillette said its third-quarter earnings rose 2 % to 65.2 million or 57 cents a share from 63.9 million or 57 cents a share in the year-earlier period per-share earnings remained flat despite an increase in net income in part because the company paid a 10.4 million dividend on the new preferred stock in the period


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 921.6 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 845.7 ) ( CD million ) ) ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ international\/diversified ) ( NNS operations ) ) ) ) ( PP-LOC-PRD ( RB well ) ( JJ above ) ( NP-TMP ( DT the ) ( NN year ) ( NN earlier-period ) ) ) ) ) ) )

Sales rose 9 % to 921.6 million from 845.7 million with sales of the company 's international\/diversified operations well above the year earlier-period


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NP ( NNP Gillette ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 205.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.02 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 207 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.82 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1988 ) ( NN period ) ) ) ) ) )

For the nine months Gillette 's net income declined 1 % to 205.3 million or 2.02 a share from 207 million or 1.82 a share in the 1988 period


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.77 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.61 ) ( CD billion ) ) ) ) ) )

Sales rose 6 % to 2.77 billion from 2.61 billion


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 45.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange the company closed yesterday at 45.50 a share up 25 cents


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Italy ) ( POS 's ) ) ( JJ industrial ) ( JJ wholesale ) ( NNS sales ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 13.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN state ) ( JJ statistical ) ( NN institute ) ( NNP Istat ) ) ( VP ( VBD said ) ) )

Italy 's industrial wholesale sales index rose 13.2 % in June from a year earlier the state statistical institute Istat said


( S ( NP-SBJ ( DT The ) ( NNP June ) ( NN increase ) ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN rise ) ) ( PP ( IN of ) ( NP ( CD 10.5 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

The June increase compared with a rise of 10.5 % in May from a year earlier


( S ( S-TPC-1 ( NP-SBJ ( JJ Domestic ) ( JJ wholesale ) ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 11.9 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ foreign ) ( NNS sales ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 17.3 ) ( NN % ) ) ) ) ) ) ) ( NP-SBJ ( NNP Istat ) ) ( VP ( VBD said ) ) )

Domestic wholesale sales rose 11.9 % from a year earlier while foreign sales jumped 17.3 % Istat said


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ) ( NP-SBJ ( JJ wholesale ) ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 12.3 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT the ) ( NN year ) ) ( RP before ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( PP ( TO to ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 11.5 ) ( NN % ) ) ( NN jump ) ) ( PP-LOC ( IN in ) ( NP ( JJ domestic ) ( NNS sales ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 14.6 ) ( NN % ) ) ( NN boost ) ) ( PP-LOC ( IN in ) ( NP ( JJ foreign ) ( NNS sales ) ) ) ) ) ) ) ) ) )

For the first six months wholesale sales rose 12.3 % from the year before reflecting to a 11.5 % jump in domestic sales and a 14.6 % boost in foreign sales


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( NN capital ) ( NNS goods ) ) ) ( PP ( TO to ) ( NP ( JJ foreign ) ( CC and ) ( JJ domestic ) ( NNS destinations ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 16.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ January-June ) ( NN period ) ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Sales of capital goods to foreign and domestic destinations increased 16.6 % in the January-June period from a year earlier


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( NN consumer ) ( NNS goods ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6.9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ same ) ( NN period ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ intermediate ) ( NNS goods ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( CD 13.8 ) ( NN % ) ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) )

Sales of consumer goods rose 6.9 % in the same period while sales of intermediate goods were up 13.8 % from a year ago


( S ( NP-SBJ ( NP ( NNP British ) ( NNP Airways ) ( NNP PLC ) ) ( NP ( NP ( DT a ) ( JJ crucial ) ( NN participant ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( VBN proposed ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ( NNP Corp. ) ) ) ) ) ) ) ( VP ( VBD washed ) ( NP-CLR ( PRP$ its ) ( NNS hands ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( JJ current ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ) ) ) ) ) ) ) ) ) )

British Airways PLC a crucial participant in the proposed buy-out of UAL Corp. washed its hands of the current efforts to revive a bid for the parent of United Airlines


( S ( ADVP ( RB Specifically ) ) ( NP-SBJ ( DT the ) ( JJ British ) ( NN carrier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( NP ( DT any ) ( JJ new ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) ) ) )

Specifically the British carrier said it currently has no plans to participate in any new offer for UAL


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP British ) ( NNP Air ) ) ( ADVP-MNR ( RB officially ) ) ( VP ( VBD withdrew ) ( NP ( NP ( PRP$ its ) ( NN support ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ previous ) ( ADJP ( JJ 300-a-share ) ( NN bid ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ terse ) ( NN statement ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD said ) ( S ( NP-SBJ-2 ( DT the ) ( JJ original ) ( NN deal ) ) ( VP ( VBZ is ) ( VP ( VBN closed ) ) ) ) ) ) ) ) ) ) )

In addition British Air officially withdrew its support for the previous 300-a-share bid in a terse statement that said the original deal is closed


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBD said ) ( ADVP-TMP ( RBR later ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP British ) ( NNP Airways ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN involvement ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP UAL ) ( NN buy-out ) ) ) ) ( VP ( VBD ended ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-3 ( NP ( DT the ) ( NN buy-out ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ includes ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NN management ) ( CC and ) ( NN pilot ) ( NN union ) ) ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( QP ( CD 6.79 ) ( CD billion ) ) ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Company officials said later that British Airways believes its involvement in the UAL buy-out ended last Friday when the buy-out group which also includes UAL 's management and pilot union failed to obtain financing for the 6.79 billion transaction


( S ( NP-SBJ-1 ( DT The ) ( NN carrier ) ) ( VP ( VBD stopped ) ( ADVP-LOC-CLR ( RB short ) ( PP ( IN of ) ( S-NOM ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( PP-TMP ( IN at ) ( NP ( DT some ) ( NN point ) ) ) ( VP ( VB reconsider ) ( S ( VP ( VBG participating ) ( PP-CLR ( IN in ) ( NP ( NP ( DT any ) ( JJ new ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The carrier stopped short of saying it would n't at some point reconsider participating in any new bid for UAL


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NN company ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT no ) ( NNS initiatives ) ( S ( VP ( TO to ) ( VP ( VB resurrect ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( VBN restructured ) ( NN bid ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN making ) ) ) ) ) ) ) ) ) ) ) )

However company officials said they plan to take no initiatives to resurrect the transaction and are n't aware of any restructured bid in the making


( S ( ADVP ( RB Collectively ) ) ( NP-SBJ ( DT the ) ( NNS statements ) ) ( VP ( VBD raised ) ( NP ( NP ( NNS questions ) ) ( PP ( IN about ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP UAL ) ) ) ) ( VP ( MD will ) ( ADVP-TMP ( RB ever ) ) ( VP ( VB get ) ( PP-DIR ( IN off ) ( NP ( DT the ) ( NN ground ) ) ) ) ) ) ) ) ) ) )

Collectively the statements raised questions about whether a new bid for UAL will ever get off the ground


( S ( NP-SBJ ( DT The ) ( NN transaction ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNS setbacks ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( VBG financing ) ( NNS problems ) ) ( VP ( VBD became ) ( ADJP-PRD ( VBN known ) ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT no ) ( NNS signs ) ( CC or ) ( NNS statements ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ buy-out ) ( NN group ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB indicate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT any ) ( NN progress ) ) ( VP ( VBZ has ) ( VP ( VBN taken ) ( NP-CLR ( NN place ) ) ) ) ) ) ) ) ) ) ) ) )

The transaction has had a series of setbacks since the financing problems became known last Friday with no signs or statements from the buy-out group to indicate that any progress has taken place


( S ( ADVP ( RB However ) ) ( PP ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP British ) ( NNP Air ) ( NN decision ) ) ) ) ) ( NP-SBJ-1 ( NP ( VBN United ) ( POS 's ) ) ( NN pilot ) ( NN union ) ) ( VP ( VBD vowed ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( DT the ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) )

However in response to the British Air decision United 's pilot union vowed to continue efforts to revive the buy-out


( S ( NP-SBJ ( NN Pilot ) ( NN union ) ( NNP Chairman ) ( NNP Frederick ) ( NNP C. ) ( NNP Dubinsky ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS advisers ) ) ( PP ( TO to ) ( NP ( NP ( NNP UAL ) ( NN management ) ) ( CC and ) ( NP ( DT the ) ( NN union ) ) ) ) ) ( VP ( VP ( MD will ) ( VP ( VB begin ) ( S ( VP ( VBG meeting ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB work ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NN weekend ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB devise ) ( NP ( NP ( DT a ) ( JJ new ) ( NN proposal ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB present ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NN board ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJS earliest ) ( NN time ) ( JJ possible ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Pilot union Chairman Frederick C. Dubinsky said advisers to UAL management and the union will begin meeting in New York today and will work through the weekend to devise a new proposal to present to UAL 's board at the earliest time possible


( S ( NP-SBJ ( NN Pilot ) ( NN union ) ( NNS advisers ) ) ( VP ( VBD appeared ) ( ADJP-PRD ( JJ confident ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ new ) ( NN bid ) ) ( VP ( MD could ) ( VP ( VB go ) ( ADVP-DIR ( RB forward ) ) ( PP ( ADVP ( RB even ) ) ( IN without ) ( NP ( NP ( NNP British ) ( NNP Air ) ( POS 's ) ) ( NN participation ) ) ) ) ) ) ) ) ) )

Pilot union advisers appeared confident that a new bid could go forward even without British Air 's participation


( S ( NP-SBJ-1 ( NNP UAL ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP British ) ( NNP Air ) ( POS 's ) ) ( NN statement ) ) ) ) ) ) ) )

UAL declined to comment on British Air 's statement


( S ( NP-SBJ ( NP ( NNP UAL ) ( NNP Chairman ) ( NNP Stephen ) ( NNP M. ) ( NNP Wolf ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG leading ) ( NP ( NP ( DT the ) ( NN management ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN buy-out ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN provided ) ( NP ( NNS investors ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT any ) ( NNS assurances ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN prospect ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ new ) ( NN deal ) ) ) ) ) ) ) ) ) )

UAL Chairman Stephen M. Wolf who is leading the management end of the buy-out has n't provided investors with any assurances about the prospect of a new deal


( S ( PP-LOC ( IN In ) ( NP ( DT another ) ( NN setback ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NP ( VBN United ) ( POS 's ) ) ( NN machinist ) ( NN union ) ) ( VP ( VBD asked ) ( NP-1 ( DT the ) ( NNP Treasury ) ( NNP Department ) ) ( S ( VP ( TO to ) ( VP ( VB investigate ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( JJ certain ) ( NNS aspects ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ original ) ( NN buy-out ) ( NN proposal ) ) ) ) ( VP ( VBD violated ) ( NP ( NN tax ) ( NNS laws ) ) ) ) ) ) ) ) ) )

In another setback yesterday United 's machinist union asked the Treasury Department to investigate whether certain aspects of the original buy-out proposal violated tax laws


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB derail ) ( NP ( DT the ) ( NN buy-out ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN union ) ) ( VP ( VBZ has ) ( ADVP ( RB already ) ) ( VP ( VBN called ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS investigations ) ) ( PP ( IN by ) ( NP ( DT the ) ( NX ( NX ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ( NX ( NNP Transportation ) ( NNP Department ) ) ( CC and ) ( NX ( NNP Labor ) ( NNP Department ) ) ) ) ) ) ) ) ) )

In an effort to derail the buy-out the union has already called for investigations by the Securities and Exchange Commission Transportation Department and Labor Department


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( CD one ) ( JJ bright ) ( NN spot ) ) ( NP-TMP ( NN yesterday ) ) ) )

But there was one bright spot yesterday


( S ( NP-SBJ ( DT The ) ( NNP United ) ( NNS flight-attendants ) ( NN union ) ) ( VP ( VBD agreed ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS negotiations ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB lead ) ( PP-CLR ( TO to ) ( S-NOM ( NP-SBJ ( DT the ) ( NN flight ) ( NNS attendants ) ) ( VP ( VBG contributing ) ( NP ( NNS concessions ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( VBN revived ) ( NN bid ) ) ) ( PP ( IN in ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( DT an ) ( NN ownership ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The United flight-attendants union agreed to negotiations that could lead to the flight attendants contributing concessions to a revived bid in exchange for an ownership stake


( S ( NP-SBJ ( NP ( DT The ) ( NN pilot ) ( NN union ) ) ( NP ( NP ( DT the ) ( JJ only ) ( CD one ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( DT the ) ( NN buy-out ) ) ( ADVP-TMP ( RB thus ) ( RB far ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN flight ) ( NNS attendants ) ( POS ' ) ) ( NN decision ) ) ( VP ( VBZ enforces ) ( NP ( PRP$ our ) ( NN belief ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT an ) ( ADJP ( JJ all-employee ) ( VBN owned ) ) ( NN airline ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ practical ) ( CC and ) ( JJ achievable ) ) ) ) ) ) ) ) ) ) )

The pilot union the only one to support the buy-out thus far said the flight attendants ' decision enforces our belief that an all-employee owned airline is practical and achievable


( S ( ADVP ( RB Still ) ) ( PP ( IN without ) ( NP ( NP ( DT the ) ( NN assurance ) ) ( PP ( IN of ) ( NP ( NP ( NNP British ) ( NNP Airways ) ( POS ' ) ) ( JJ financial ) ( NN backing ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJR tougher ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN buy-out ) ( NN group ) ) ( VP ( TO to ) ( VP ( VB convince ) ( S ( NP-SBJ ( JJ already-reluctant ) ( NNS banks ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( NN loan ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( DT a ) ( VBN revised ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( ADVP ( RB especially ) ) ( IN since ) ( S ( NP-SBJ ( NP ( NNP British ) ( NNP Air ) ( POS 's ) ) ( JJ original ) ( NN investment ) ) ( VP ( VBN represented ) ( NP ( NP ( CD 78 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN cash ) ( NN equity ) ( NN contribution ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) )

Still without the assurance of British Airways ' financial backing it will be tougher for the buy-out group to convince already-reluctant banks to make loan commitments for a revised bid especially since British Air 's original investment represented 78 % of the cash equity contribution for the bid


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ previous ) ( NN plan ) ) ) ( NP-SBJ ( NNP British ) ( NNP Air ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN received ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP UAL ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN exchange ) ) ( PP ( IN for ) ( NP ( DT a ) ( ADJP ( QP ( CD 750 ) ( CD million ) ) ) ( NN equity ) ( NN investment ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ-1 ( DT a ) ( ADJP ( CD 75 ) ( NN % ) ) ( NN stake ) ) ( VP ( VBG going ) ( PP-DIR-2 ( TO to ) ( NP ( NNP UAL ) ( NNS employees ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( CD 10 ) ( NN % ) ) ( PP-DTV=2 ( TO to ) ( NP ( NNP UAL ) ( NN management ) ) ) ) ) ) ) ) ) )

Under the previous plan British Air would have received a 15 % stake in UAL in exchange for a 750 million equity investment with a 75 % stake going to UAL employees and 10 % to UAL management


( S ( NP-SBJ ( NNP British ) ( NNP Air ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN airline ) ( POS 's ) ) ( NN chairman ) ) ( NP ( NNP Lord ) ( NNP King ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBN concerned ) ( PP ( IN about ) ( NP ( NP ( NN news ) ( NNS reports ) ) ( VP ( VBG indicating ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP British ) ( NNP Air ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN bid ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD included ) ( NP ( NP ( DT a ) ( JJR lower ) ( NN purchase ) ( NN price ) ) ( CC and ) ( NP ( NP ( JJR better ) ( NN investment ) ( NNS terms ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ British ) ( NN carrier ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

British Air officials said the airline 's chairman Lord King was concerned about news reports indicating that British Air might be willing to participate in a bid that included a lower purchase price and better investment terms for the British carrier


( S ( NP-SBJ-1 ( DT The ) ( JJ previous ) ( NNS reports ) ) ( VP ( VBD were ) ( VP ( VBN based ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS remarks ) ) ( PP ( IN by ) ( NP ( NP ( NP ( NNP British ) ( NNP Air ) ( POS 's ) ) ( JJ chief ) ( JJ financial ) ( NN officer ) ) ( NP ( NNP Derek ) ( NNP Stevens ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( DT any ) ( VBN revised ) ( NN bid ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( DT a ) ( JJR lower ) ( NN purchase ) ( NN price ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reflect ) ( NP ( NP ( DT the ) ( JJ sharp ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NN stock ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The previous reports were based on remarks by British Air 's chief financial officer Derek Stevens who said any revised bid would have to include a lower purchase price to reflect the sharp drop in UAL 's stock in the past week


( S ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 1.625 ) ) ( NP-TMP ( NN yesterday ) ) ( PP-DIR ( TO to ) ( NP ( CD 190.125 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 923,500 ) ( NNS shares ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) )

UAL stock dropped 1.625 yesterday to 190.125 on volume of 923,500 shares in composite trading on the New York Stock Exchange


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( NN interview ) ) ( NP-TMP ( NNP Wednesday ) ) ( PP ( IN with ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Professional ) ( NNP Investor ) ( NNP Report ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Stevens ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( PP ( IN in ) ( NP ( DT no ) ( NN way ) ) ) ( ADJP-PRD ( VBN committed ) ( PP ( TO to ) ( S-NOM ( NP-SBJ ( DT a ) ( NN deal ) ) ( VP ( VBG going ) ( PRT ( RP through ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ) ) ) ) )

In an interview Wednesday with Dow Jones Professional Investor Report Mr. Stevens said We 're in no way committed to a deal going through at all


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBG rushing ) ( PP-DIR ( IN into ) ( NP ( NN anything ) ) ) ) ) )

We 're not rushing into anything


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NN party ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ second ) ( NN rejection ) ) ) ) ) ) ) ) ) )

We do n't want to be party to a second rejection


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ-1 ( NNP British ) ( NNP Air ) ) ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG distancing ) ( NP ( PRP itself ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( VBN troubled ) ( NN transaction ) ) ) ( ADVP-TMP ( RB early ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( DT any ) ( JJ further ) ( NN embarrassment ) ) ) ) ) ) ) ) )

Indeed British Air seemed to be distancing itself from the troubled transaction early in an effort to avoid any further embarrassment


( S ( NP-SBJ ( DT The ) ( JJ original ) ( NN transaction ) ) ( VP ( VBD fell ) ( PRT ( RP through ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( JJ same ) ( NN day ) ) ( SBAR ( S ( NP-SBJ ( NNP British ) ( NNP Air ) ( NNS shareholders ) ) ( VP ( VBD approved ) ( NP ( DT the ) ( NN plan ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ special ) ( NN meeting ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-2 ( DT the ) ( NNP British ) ) ( VP ( VBD succeeded ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG arranging ) ( NP ( NP ( DT the ) ( NN financing ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN equity ) ( NN contribution ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The original transaction fell through on the same day British Air shareholders approved the plan at a special meeting after the British succeeded in arranging the financing for its equity contribution


( S ( NP-SBJ-1 ( DT The ) ( NN carrier ) ) ( ADVP ( RB also ) ) ( VP ( VBD seemed ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB place ) ( NP ( NN blame ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( JJ American ) ( NNS counterparts ) ) ) ) ) ) ) ) )

The carrier also seemed eager to place blame on its American counterparts


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN buy-out ) ( NN consortium ) ) ( VP ( VBD ceased ) ( S ( VP ( TO to ) ( VP ( VB exist ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP$ our ) ( JJ American ) ( NNS partners ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB not ) ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG organizing ) ( NP ( DT the ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP British ) ( NNP Air ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The buy-out consortium ceased to exist because our American partners were not capable of organizing the financing a British Air spokesman said


( S ( NP-SBJ-1 ( NNP British ) ( NNP Airways ) ) ( VP ( MD may ) ( VP ( VBP have ) ( VP ( VBN begun ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( JJ second ) ( NNS thoughts ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNP Transportation ) ( NNP Department ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( NP ( NNP Northwest ) ( POS 's ) ) ( NP ( NNP Airlines ) ( POS ' ) ) ( JJ new ) ( NNS owners ) ) ( VP ( TO to ) ( VP ( NN restructure ) ( NP ( NP ( DT the ) ( NN equity ) ( NN contribution ) ) ( PP ( IN of ) ( NP ( NNP KLM ) ( NNP Royal ) ( NNP Dutch ) ( NNP Airlines ) ) ) ( PP ( IN in ) ( NP ( DT that ) ( NN carrier ) ) ) ) ) ) ) ) ) ) ) ) ) )

British Airways may have begun to have second thoughts about the transaction after the Transportation Department forced Northwest 's Airlines ' new owners to restructure the equity contribution of KLM Royal Dutch Airlines in that carrier


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN department ) ( POS 's ) ) ( NNS statements ) ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NNP Northwest ) ( NN transaction ) ) ) ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB curtail ) ( NP ( NP ( JJ foreign ) ( NN ownership ) ( NNS stakes ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NNS carriers ) ) ) ) ) ) ) ) ) ) ) )

Most of the department 's statements since the Northwest transaction indicated it planned to curtail foreign ownership stakes in U.S. carriers


( S ( PP-TMP ( ADVP ( RB Even ) ) ( IN before ) ( NP ( NP ( NNP British ) ( NNP Air ) ( POS 's ) ) ( NN announcement ) ) ) ( NP-SBJ-1 ( NN pilot ) ( NN union ) ( NNS leaders ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG meeting ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ( NP-TMP ( NN yesterday ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB consider ) ( NP ( PRP$ their ) ( NNS options ) ) ) ) ) ) ) ) )

Even before British Air 's announcement pilot union leaders had been meeting in Chicago yesterday to consider their options


( S ( NP-SBJ ( DT The ) ( NNS leaders ) ) ( VP ( VBD expressed ) ( NP ( NP ( NN support ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT a ) ( NN briefing ) ) ( NP-TMP ( NNP Wednesday ) ) ( PP ( IN by ) ( NP ( NP ( NP ( DT the ) ( NN union ) ( POS 's ) ) ( NNS advisers ) ) ( NP ( NP ( NNP Lazard ) ( NNP Freres ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Paul ) ( NNP Weiss ) ( NNP Rifkind ) ( NNP Wharton ) ( CC & ) ( NNP Garrison ) ) ) ) ) ) ) ) )

The leaders expressed support for trying to revive the bid following a briefing Wednesday by the union 's advisers Lazard Freres & Co. and Paul Weiss Rifkind Wharton & Garrison


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB also ) ) ( ADVP-MNR ( RB unanimously ) ) ( VP ( VBD re-elected ) ( NP ( NP ( NNP Mr. ) ( NNP Dubinsky ) ) ( NP ( NP ( DT the ) ( NN union ) ( NN chairman ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN led ) ( NP ( NP ( DT the ) ( NNS pilots ) ( POS ' ) ) ( ADJP ( CD 2 ) ( CD 1\/2-year ) ) ( NN fight ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They also unanimously re-elected Mr. Dubinsky the union chairman who has led the pilots ' 2 1\/2-year fight to take control of the airline


( S ( NP-SBJ ( NP ( NNP UAL ) ( POS 's ) ) ( NNS advisers ) ) ( VP ( VBP have ) ( VP ( VBN indicated ) ( ADVP-TMP ( RB previously ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD may ) ( VP ( VB take ) ( NP ( DT a ) ( NN while ) ) ( S-1 ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP forward ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( VBN revised ) ( NN plan ) ) ) ) ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( JJ firm ) ( NN bank ) ( NNS commitments ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG launching ) ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

UAL 's advisers have indicated previously that it may take a while to come forward with a revised plan since they want to have firm bank commitments before launching a new bid


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP have ) ( VP ( VBN maintained ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS banks ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( NN financing ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) ) ) ) ) )

They have maintained that banks remain interested in financing the transaction


( S ( NP-SBJ ( DT The ) ( NN buy-out ) ) ( VP ( VBD fell ) ( PRT ( RP through ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( NP ( NP ( NNP Citicorp ) ) ( CC and ) ( NP ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) ) ) ( NP ( NP ( DT the ) ( JJ lead ) ( NNS banks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NP ( QP ( CD 7.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( NN financing ) ) ( VP ( VBN needed ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN plan ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The buy-out fell through after Citicorp and Chase Manhattan Corp. the lead banks in the transaction failed to obtain 7.2 billion in financing needed for the plan


( SQ ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ arrives ) ( ADVP-DIR ( RB here ) ) ( NP-TMP ( JJ next ) ( NN week ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT a ) ( JJ hemispheric ) ( NN summit ) ) ( VP ( VBN organized ) ( S-PRP ( VP ( TO to ) ( VP ( VB commemorate ) ( NP ( NP ( DT a ) ( NN century ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NN democracy ) ) ) ) ) ) ) ) ) ) ) ) ) ( MD will ) ( NP-SBJ-2 ( PRP he ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ( NP ( DT a ) ( JJ credible ) ( NN message ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Panamanian ) ( NN fiasco ) ) ) ) ) ) )

When President Bush arrives here next week for a hemispheric summit organized to commemorate a century of Costa Rican democracy will he be able to deliver a credible message in the wake of the Panamanian fiasco


( S ( ADVP ( NNP Undoubtedly ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Bush ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN praised ) ( PP ( IN by ) ( NP-LGS ( NP ( DT some ) ( JJ Latin ) ( NNS leaders ) ) ( ADJP ( JJ prone ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( JJ lip ) ( NN service ) ) ( PP-CLR ( TO to ) ( NP ( NN nonintervention ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-MNR ( RB privately ) ) ( VP ( VBP encourage ) ( NP ( NP ( ADJP ( RBR more ) ( JJ assertive ) ) ( NNP U.S. ) ( NN action ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB remove ) ( NP ( NNP Gen. ) ( NNP Manuel ) ( NNP Noriega ) ) ) ( CC and ) ( VP ( VB safeguard ) ( NP ( PRP$ their ) ( NNS countries ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NNP Sandinista ) ( NN onslaught ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Undoubtedly Mr. Bush will be praised by some Latin leaders prone to pay lip service to nonintervention while they privately encourage more assertive U.S. action to remove Gen. Manuel Noriega and safeguard their countries from a Sandinista onslaught


( S ( NP-SBJ ( DT The ) ( JJ Panamanian ) ( NN affair ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB only ) ( DT the ) ( NN tip ) ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ alarming ) ) ( NN iceberg ) ) ) ) ) )

The Panamanian affair is only the tip of a more alarming iceberg


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ originates ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( NNP Bush ) ( NN administration ) ( NN decision ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VP ( VB antagonize ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Congress ) ) ) ( CC and ) ( VP ( VB avoid ) ( PP ( IN at ) ( NP ( DT all ) ( NNS costs ) ) ) ( S ( VP ( VBG being ) ( VP ( VBN accused ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG meddling ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It originates in a Bush administration decision not to antagonize the U.S. Congress and avoid at all costs being accused of meddling in the region


( S ( NP-SBJ ( DT The ) ( NN result ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ dangerous ) ( NN vacuum ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN leadership ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ leaves ) ( S ( NP-SBJ ( NNP Central ) ( NNP America ) ) ( ADJP-PRD ( JJ open ) ( PP ( TO to ) ( NP ( JJ Soviet ) ( NN adventurism ) ) ) ) ) ) ) ) ) ) ) )

The result has been a dangerous vacuum of U.S. leadership which leaves Central America open to Soviet adventurism


( SINV ( S-TPC-3 ( S ( NP-SBJ-2 ( NP ( DT The ) ( NN influence ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBG being ) ( VP ( VBD felt ) ( PP-LOC ( IN in ) ( NP ( NNP Central ) ( NNP America ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( NNP Washington ) ( POS 's ) ) ( NNS decisions ) ) ( VP ( VP ( VBP do ) ( RB not ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN policy ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBN divorced ) ( PP-CLR ( IN from ) ( NP ( NN reality ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Fernando ) ( NNP Volio ) ) ( NP ( NP ( DT a ) ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NN congressman ) ) ( CC and ) ( NP ( JJ former ) ( JJ foreign ) ( NN minister ) ) ) ) )

The influence of the U.S. is not being felt in Central America Washington 's decisions do not respond to a policy and are divorced from reality says Fernando Volio a Costa Rican congressman and former foreign minister


( S ( NP-SBJ ( NP ( DT The ) ( NN disarray ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ( POS 's ) ) ( NNP Latin ) ( NN diplomacy ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ evident ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Organization ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNP States ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB condemn ) ( ADVP-MNR ( RB categorically ) ) ( NP ( NNP Gen. ) ( NNP Noriega ) ) ) ) ) ) ) ) )

The disarray of the Bush administration 's Latin diplomacy was evident in the failure of the Organization of American States to condemn categorically Gen. Noriega


( S ( S-ADV ( VP ( VBN Faced ) ( PP-CLR ( IN with ) ( NP ( DT this ) ( NN embarrassment ) ) ) ) ) ( NP-SBJ-2 ( NNP U.S. ) ( NNS diplomats ) ) ( VP ( VBD expressed ) ( NP ( NN confidence ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ influential ) ( NNP Rio ) ( NNP Group ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ South ) ( JJ American ) ) ( NNS nations ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD gathered ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( NNP Peru ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJR stronger ) ( NN posture ) ) ( PP ( IN toward ) ( NP ( DT the ) ( JJ Panamanian ) ( NN dictator ) ) ) ) ) ) ) ) ) ) )

Faced with this embarrassment U.S. diplomats expressed confidence that the influential Rio Group of South American nations which gathered last week in Peru would take a stronger posture toward the Panamanian dictator


( S ( S ( CC But ) ( ADVP ( JJ other ) ( PP ( IN than ) ( NP ( NP ( DT a ) ( JJ few ) ( NNS slaps ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN wrist ) ) ) ) ) ) ( NP-SBJ ( NNP Gen. ) ( NNP Noriega ) ) ( VP ( VBD went ) ( ADJP-PRD ( JJ unpunished ) ( PP ( IN by ) ( NP ( DT that ) ( NN body ) ) ) ) ( ADVP ( RB too ) ) ) ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD was ) ( RB not ) ( VP ( ADVP ( RB even ) ) ( VBD singled ) ( PRT ( RP out ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( VBG closing ) ( NN statement ) ) ) ) ) ) )

But other than a few slaps on the wrist Gen. Noriega went unpunished by that body too he was not even singled out in the closing statement


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( MD will ) ( VP ( VP ( VB come ) ( PP-DIR ( TO to ) ( NP ( NNP Costa ) ( NNP Rica ) ) ) ) ( CC and ) ( VP ( VB encounter ) ( NP ( NP ( JJ Nicaraguan ) ( NN strongman ) ( NNP Daniel ) ( NNP Ortega ) ) ( ADJP ( JJ eager ) ( PP ( IN for ) ( NP ( NP ( JJ photo ) ( NNS opportunities ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP U.S. ) ( NN president ) ) ) ) ) ) ) ) ) ) )

Now Mr. Bush will come to Costa Rica and encounter Nicaraguan strongman Daniel Ortega eager for photo opportunities with the U.S. president


( S ( NP-SBJ ( NP ( DT The ) ( NN host ) ) ( NP ( JJ Costa ) ( JJ Rican ) ( NNP President ) ( NNP Oscar ) ( NNP Arias ) ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB invite ) ( NP ( NNP Chile ) ( NNP Cuba ) ( NNP Panama ) ( CC or ) ( NNP Haiti ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN summit ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN restricted ) ( PP-CLR ( TO to ) ( NP ( NNS democracies ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The host Costa Rican President Oscar Arias did not invite Chile Cuba Panama or Haiti to the summit which was to be restricted to democracies


( S ( ADVP ( RB However ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Ortega ) ) ( VP ( VBD was ) ( VP ( VBN included ) ) ) )

However Mr. Ortega was included


( S ( S-NOM-SBJ ( ADVP-MNR ( RB Formally ) ) ( VP ( VBG upgrading ) ( NP ( DT the ) ( NNS Sandinistas ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ democratic ) ( NN status ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN initiative ) ) ( VP ( ADVP-MNR ( RB harshly ) ) ( VBN criticized ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NN press ) ) ) ) ) ) )

Formally upgrading the Sandinistas to a democratic status was an initiative harshly criticized in the Costa Rican press


( S ( NP-SBJ ( NP ( RB Even ) ( NNP Carlos ) ( NNP Manuel ) ( NNP Castillo ) ) ( NP ( NP ( DT the ) ( JJ presidential ) ( NN candidate ) ) ( PP ( IN for ) ( NP ( NP ( NNP Mr. ) ( NNP Arias ) ( POS 's ) ) ( NNP National ) ( NNP Liberation ) ( NNP Party ) ) ) ) ) ( VP ( VBD made ) ( S ( ADJP-PRD ( JJ public ) ) ( NP-SBJ ( NP ( PRP$ his ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN presence ) ) ( PP ( IN of ) ( NP ( NNP Nicaragua ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ democratic ) ( NN festivity ) ) ) ) ) ) ) ) )

Even Carlos Manuel Castillo the presidential candidate for Mr. Arias 's National Liberation Party made public his opposition to the presence of Nicaragua in a democratic festivity


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBD agreed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ dubious ) ( NN arrangement ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( SBAR-TMP ( NP-ADV ( DT a ) ( JJ few ) ( NNS weeks ) ) ( IN before ) ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( JJ Central ) ( JJ American ) ) ( NNS presidents ) ) ( VP ( VBD met ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Tela ) ) ( NP ( NNP Honduras ) ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( NP ( DT a ) ( NN timetable ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG disbanding ) ( NP ( DT the ) ( JJ anti-Sandinista ) ( NNS rebels ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nevertheless the Bush administration agreed to the dubious arrangement in July a few weeks before the Central American presidents met in Tela Honduras to discuss a timetable for disbanding the anti-Sandinista rebels


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NNS officials ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP State ) ( NNP Department ) ) ( VP ( VBD hoped ) ( SBAR ( IN that ) ( S ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG pleasing ) ( NP ( NNP President ) ( NNP Arias ) ) ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB gain ) ( NP ( NP ( PRP$ his ) ( NN support ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB postpone ) ( NP ( NP ( DT any ) ( NN decision ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Contras ) ) ) ) ( PP-TMP ( IN until ) ( SBAR ( IN after ) ( S ( NP-SBJ-1 ( NP ( NP ( NNP Mr. ) ( NNP Ortega ) ( POS 's ) ) ( NNS promises ) ) ( PP ( IN of ) ( NP ( JJ democratic ) ( NNS elections ) ) ) ) ( VP ( VBD were ) ( VP ( VBN tested ) ( NP-TMP ( IN next ) ( NNP February ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

According to officials in Washington the State Department hoped that by pleasing President Arias it would gain his support to postpone any decision on the Contras until after Mr. Ortega 's promises of democratic elections were tested next February


( S ( ADVP ( RB However ) ) ( S-NOM-SBJ ( VP ( VBG relying ) ( PP-CLR ( IN on ) ( NP ( NP ( DT an ) ( JJ ardent ) ( NN critic ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Reagan ) ( NN administration ) ) ( CC and ) ( NP ( DT the ) ( NNP Contra ) ( NN movement ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN help ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG delaying ) ( NP ( NP ( DT the ) ( VBG disarming ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS Contras ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( JJ risky ) ( NN business ) ) ) )

However relying on an ardent critic of the Reagan administration and the Contra movement for help in delaying the disarming of the Contras was risky business


( S ( CC And ) ( NP-SBJ-3 ( NP ( RB even ) ( DT some ) ( JJ last-minute ) ( NN phone ) ( NNS calls ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD made ) ( PRN ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN behest ) ) ( PP ( IN of ) ( NP ( DT some ) ( JJ conservative ) ( NNP U.S. ) ( NNS senators ) ) ) ) ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB enlist ) ( NP ( NP ( NN backing ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP U.S. ) ( NN position ) ) ) ) ) ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( NP ( DT the ) ( NN march ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Arias ) ( POS 's ) ) ( NN agenda ) ) ) ) ) ) ) ) )

And even some last-minute phone calls that Mr. Bush made at the behest of some conservative U.S. senators to enlist backing for the U.S. position failed to stop the march of Mr. Arias 's agenda


( S ( ADVP-TMP ( RB Prior ) ( PP ( TO to ) ( NP ( DT this ) ( NN episode ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Sen. ) ( NNP Christopher ) ( NNP Dodd ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Conn. ) ) ) ) ) ( S-ADV ( VP ( VBG sensing ) ( NP ( DT an ) ( JJ open ) ( NN field ) ) ) ) ( VP ( VBD undertook ) ( NP ( NP ( DT a ) ( JJ personal ) ( JJ diplomatic ) ( NN mission ) ) ( PP ( IN through ) ( NP ( NNP Central ) ( NNP America ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB promote ) ( NP ( NP ( DT an ) ( JJ early ) ( NN disbanding ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS rebels ) ) ) ) ) ) ) ) ) ) )

Prior to this episode Sen. Christopher Dodd D. Conn. sensing an open field undertook a personal diplomatic mission through Central America to promote an early disbanding of the rebels


( S ( S-ADV ( VP ( VBG Visiting ) ( NP ( NNP Nicaragua ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VP ( VBD praised ) ( NP ( DT the ) ( NNS Sandinistas ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( JJ electoral ) ( NN system ) ) ) ) ( CC and ) ( VP ( VBD chided ) ( NP-2 ( DT the ) ( NNP Bush ) ( NN administration ) ) ( PP-CLR ( IN for ) ( S-NOM ( RB not ) ( VP ( VBG rewarding ) ( NP ( DT the ) ( NNS Sandinistas ) ) ) ) ) ) ) )

Visiting Nicaragua he praised the Sandinistas for their electoral system and chided the Bush administration for not rewarding the Sandinistas


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Honduras ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NNP Contras ) ) ( VP ( VBP are ) ( NP-PRD ( DT a ) ( JJ hot ) ( JJ political ) ( NN issue ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD promised ) ( S ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB unblock ) ( NP ( NP ( QP ( DT some ) ( CD 70 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN assistance ) ) ( VP ( VBN withheld ) ( PP-PRP ( JJ due ) ( TO to ) ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( JJ local ) ( NNS agencies ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS conditions ) ) ( VP ( VBD agreed ) ( PP ( RP upon ) ) ( PP-CLR ( IN with ) ( NP ( NNP Washington ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In Honduras where the Contras are a hot political issue he promised to help unblock some 70 million in assistance withheld due to the failure of local agencies to comply with conditions agreed upon with Washington


( S ( S ( NP-SBJ ( NN Aid ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT the ) ( NN gist ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS talks ) ) ( SBAR ( S ( NP-SBJ ( NNP Sen. ) ( NNP Dodd ) ) ( VP ( VBD had ) ( PP ( IN with ) ( NP ( JJ Salvadoran ) ( NNP President ) ( NNP Alfredo ) ( NNP Cristiani ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( NP ( NNP Mr. ) ( NNP Cristiani ) ( POS 's ) ) ( NN government ) ) ( VP ( VP ( VBZ is ) ( ADVP ( RB very ) ( RB much ) ) ( PP-PRD ( IN at ) ( NP ( NP ( DT the ) ( NN mercy ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN largess ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB listen ) ( ADVP-MNR ( RB very ) ( RB carefully ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Sen. ) ( NNP Dodd ) ( POS 's ) ) ( NN likes ) ( CC and ) ( NN dislikes ) ) ) ) ) ) ) ) ) ) )

Aid was also the gist of the talks Sen. Dodd had with Salvadoran President Alfredo Cristiani Mr. Cristiani 's government is very much at the mercy of U.S. largess and is forced to listen very carefully to Sen. Dodd 's likes and dislikes