( S ( NP-SBJ ( NP ( NN Import ) ( NN competition ) ) ( PP ( IN for ) ( NP ( NNP U.S. ) ( NNS furs ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN risen ) ( ADVP-MNR ( RB sharply ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( NNS furriers ) ) ( VP ( VBD started ) ( S ( VP ( ADVP-MNR ( RB aggressively ) ) ( VBG marketing ) ( NP ( NP ( NN working-girl ) ( NN mink ) ) ( CC and ) ( NP ( JJ similar ) ( JJ lower-priced ) ( VBN imported ) ( NNS furs ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) )

Import competition for U.S. furs has risen sharply since furriers started aggressively marketing working-girl mink and similar lower-priced imported furs in recent years


( S ( NP-SBJ ( NNS Merchants ) ) ( VP ( VBD discovered ) ( NP ( NP ( NP ( DT a ) ( NN consumer ) ) ( VP ( ADVP-MNR ( RB largely ) ) ( VBN ignored ) ( PP ( IN by ) ( NP-LGS ( JJ higher-priced ) ( NNS furriers ) ) ) ) ) ( NP ( NP ( DT the ) ( JJR younger ) ( NN woman ) ) ( PP-TMP ( ADVP ( RB even ) ) ( IN in ) ( NP ( PRP$ her ) ( JJ late ) ( NNS 20s ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB never ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( MD could ) ( VP ( VB buy ) ( NP ( DT a ) ( NN mink ) ) ) ) ) ) ) ) ) ) ) ) )

Merchants discovered a consumer largely ignored by higher-priced furriers the younger woman even in her late 20s who never thought she could buy a mink


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN market ) ) ( VP ( VBD helped ) ( VP ( VB boost ) ( NP ( NNP U.S. ) ( NN fur ) ( NNS sales ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( QP ( RB about ) ( CD 1.8 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ( ADVP-TMP ( RB now ) ) ) ( NP ( NP ( JJ triple ) ( DT the ) ( NN level ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ late ) ( NNS 1970s ) ) ) ) ) ) ) ) )

The new market helped boost U.S. fur sales to about 1.8 billion a year now triple the level in the late 1970s


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD opened ) ( NP ( NP ( DT the ) ( NN door ) ) ( PP ( TO to ) ( NP ( NP ( NNS furs ) ) ( VP ( VBN made ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP South ) ( NNP Korea ) ) ( NP ( NNP China ) ) ( NP ( NNP Hong ) ( NNP Kong ) ) ( CC and ) ( NP ( JJ other ) ( NNS countries ) ) ) ) ) ) ) ) ) )

It also opened the door to furs made in South Korea China Hong Kong and other countries


( S ( NP-SBJ ( NP ( NNP Jindo ) ( NNP Furs ) ) ( NP ( DT a ) ( JJ large ) ( ADJP ( JJ South ) ( JJ Korean ) ) ( NN maker ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBZ operates ) ( NP ( CD 35 ) ( JJ retail ) ( NNS outlets ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( CC and ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB open ) ( NP ( CD 15 ) ( JJR more ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

Jindo Furs a large South Korean maker says it operates 35 retail outlets in the U.S. and plans to open 15 more by the end of next year


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Purnick ) ) ( CC and ) ( NP ( JJ other ) ( JJ old-line ) ( NNS furriers ) ) ) ( VP ( VBP call ) ( S ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT the ) ( DT the ) ( NNS imports ) ) ) ) ( ADJP-PRD ( ADJP ( JJ unstylish ) ) ( CC and ) ( ADJP ( RB poorly ) ( VBN made ) ) ) ) ) )

Mr. Purnick and other old-line furriers call many of the the imports unstylish and poorly made


( S ( NP-SBJ ( JJ High-end ) ( NNP U.S. ) ( NNS furriers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS imports ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN squeezed ) ( NP ( PRP them ) ) ) ) ) ) ) )

High-end U.S. furriers say these imports have n't squeezed them


( S ( CC But ) ( NP-SBJ ( NP ( ADJP ( JJ low-priced ) ( CC and ) ( JJ middle-priced ) ) ( NNS furriers ) ) ( PP ( IN like ) ( NP ( NP ( NNP Mr. ) ( NNP Purnick ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB once ) ) ( VP ( VBD saturated ) ( NP ( DT the ) ( JJ five-block ) ( NNP Seventh ) ( NNP Avenue ) ( NN fur ) ( NN district ) ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS imports ) ) ( VP ( VBP have ) ( VP ( VBN cut ) ( NP ( PRP$ their ) ( NNS sales ) ) ) ) ) ) ) )

But low-priced and middle-priced furriers like Mr. Purnick who once saturated the five-block Seventh Avenue fur district say imports have cut their sales


( S ( NP-SBJ ( NP ( DT A ) ( NN woman ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB once ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN saved ) ( PP-TMP ( IN for ) ( NP ( QP ( CD two ) ( CC or ) ( CD three ) ) ( NNS seasons ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT a ) ( JJ U.S.-made ) ( NN mink ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD can ) ( ADVP-TMP ( RB now ) ) ( VP ( VB get ) ( NP ( DT an ) ( VBN imported ) ( NN mink ) ) ( ADVP-TMP ( RB right ) ( RB away ) ) ( PP-CLR ( IN for ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 2,000 ) ) ) ) ) ) )

A woman who once would have saved for two or three seasons to buy a U.S.-made mink can now get an imported mink right away for less than 2,000


( S ( CC Yet ) ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( NP ( DT the ) ( NN import ) ( NN phenomenon ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ his ) ( NN advantage ) ) ) ) ) )

Yet Mr. Rosen has turned the import phenomenon to his advantage


( S ( ADVP-TMP ( RB Early ) ( PP ( IN in ) ( NP ( DT the ) ( NN decade ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD saw ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NN fur ) ( NNS workers ) ) ( PP-LOC ( IN in ) ( NP ( JJ many ) ( JJ foreign ) ( NNS countries ) ) ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB work ) ( NP ( JJR longer ) ( NNS hours ) ) ( PP ( IN at ) ( NP ( NP ( JJR lower ) ( NNS wages ) ) ( PP ( IN than ) ( NP ( PRP$ their ) ( JJ American ) ( NNS counterparts ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD were ) ( ADJP-PRD ( RBR more ) ( JJ open ) ( PP ( TO to ) ( NP ( NN innovation ) ) ) ) ) ) ) ) ) )

Early in the decade he saw that fur workers in many foreign countries were willing to work longer hours at lower wages than their American counterparts and were more open to innovation


( S ( PP-TMP ( IN In ) ( NP ( CD 1982 ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD started ) ( NP ( DT a ) ( NN factory ) ) ( PP-LOC ( IN in ) ( NP ( NNP Greece ) ) ) ) )

In 1982 he started a factory in Greece


( S ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RBR later ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD opened ) ( NP ( CD one ) ) ( PP-LOC ( IN in ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) )

Two years later he opened one in West Germany


( S ( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD noticed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ foreign ) ( NNS makers ) ) ( VP ( VBD were ) ( VP ( VBG introducing ) ( NP ( NP ( JJ many ) ( NNS variations ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ traditional ) ( NN fur ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB follow ) ( NP ( NN suit ) ) ) ) ) ) ) )

He also noticed that foreign makers were introducing many variations on the traditional fur and he decided to follow suit


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG combining ) ( NP ( NP ( PRP$ his ) ( NNS strengths ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN innovation ) ) ( CC and ) ( NP ( NN quality ) ( NN control ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJR lower ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN production ) ( RB abroad ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( JJ high-quality ) ( NNS goods ) ) ( PP ( IN at ) ( NP ( JJ low ) ( NN cost ) ) ) ) ) ) ) ) ) ) ) ) )

By combining his strengths in innovation and quality control with the lower costs of production abroad he says he has been able to produce high-quality goods at low cost


( S ( S-PRP ( VP ( TO To ) ( VP ( VP ( VB maintain ) ( NP ( NP ( NN control ) ) ( PP ( IN over ) ( NP ( NN production ) ) ) ) ) ( CC and ) ( VP ( VB avoid ) ( NP ( NP ( NN overdependence ) ) ( PP ( IN on ) ( NP ( JJ foreign ) ( NNS sources ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ makes ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS furs ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) )

To maintain control over production and avoid overdependence on foreign sources he says he still makes most of his furs in the U.S.


( S ( CC But ) ( ADVP-TMP ( NP ( CD six ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ-1 ( PRP he ) ) ( ADVP ( RB also ) ) ( VP ( VBD began ) ( S ( VP ( VBG importing ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNP Far ) ( NNP East ) ) ) ) ) ) )

But six years ago he also began importing from the Far East


( S ( S-ADV ( VP ( VBN Inspired ) ( PP ( IN by ) ( NP-LGS ( NNS imports ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Rosen ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ makes ) ( NP ( NN fur ) ( NNS muffs ) ( NNS hats ) ( CC and ) ( NNS flings ) ) ) )

Inspired by imports Mr. Rosen now makes fur muffs hats and flings


( S ( NP-TMP ( DT This ) ( NN year ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD produced ) ( NP ( NP ( DT a ) ( NNS men ) ( POS 's ) ) ( NN line ) ) ) ( CC and ) ( VP ( VBZ offers ) ( NP ( NP ( VBN dyed ) ( NNS furs ) ) ( PP ( IN in ) ( NP ( NP ( NN red ) ) ( NP ( NN cherry ) ( JJ red ) ) ( NP ( NN violet ) ) ( NP ( NN royal ) ( NN blue ) ) ( CC and ) ( NP ( NN forest ) ( NN green ) ) ) ) ) ) ) )

This year he produced a men 's line and offers dyed furs in red cherry red violet royal blue and forest green


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ has ) ( NP ( NP ( NN leather ) ( NNS jackets ) ) ( PP ( IN from ) ( NP ( NNP Turkey ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VP ( VBN lined ) ( PP-CLR ( IN with ) ( NP ( NN eel ) ( NN skin ) ) ) ) ( CC and ) ( VP ( VBD topped ) ( PRT ( RP off ) ) ( PP-CLR ( IN with ) ( NP ( JJ raccoon-skin ) ( NNS collars ) ) ) ) ) ) ) ) ) ) )

He has leather jackets from Turkey that are lined with eel skin and topped off with raccoon-skin collars


( S ( PP ( IN From ) ( NP ( NNP Asia ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( NP ( NP ( NN mink ) ( NNS jackets ) ) ( PP ( IN with ) ( NP ( JJ floral ) ( NNS patterns ) ) ) ( VP ( VBN made ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG using ) ( NP ( JJ different ) ( VBN colored ) ( NNS furs ) ) ) ) ) ) ) ) )

From Asia he has mink jackets with floral patterns made by using different colored furs


( S ( ADVP-TMP ( JJ Next ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG testing ) ( NP ( NP ( VBN pictured ) ( NN embroidery ) ) ( PRN ( VP ( VBN called ) ( S ( NP-PRD ( NN kalega ) ) ) ) ) ( VP ( VBN made ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP Far ) ( NNP East ) ) ) ) ) ) ) ) )

Next he will be testing pictured embroidery called kalega made in the Far East


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB attach ) ( NP ( DT the ) ( NN embroidery ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS backs ) ) ( PP ( IN of ) ( NP ( NN mink ) ( NNS coats ) ( CC and ) ( NNS jackets ) ) ) ) ) ) ) ) ) )

He plans to attach the embroidery to the backs of mink coats and jackets


( S ( S-TPC-3 ( PP ( IN Besides ) ( S-NOM ( VP ( VBG adding ) ( PP-CLR ( TO to ) ( NP ( NNS sales ) ) ) ) ) ) ( NP-SBJ-2 ( NNS leathers ) ) ( ADVP ( RB also ) ) ( VP ( VBP attract ) ( NP ( NP ( NNS retailers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD may ) ( VP ( VB buy ) ( NP ( NNS furs ) ) ( ADVP-TMP ( RBR later ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

Besides adding to sales leathers also attract retailers who may buy furs later he adds


( S ( NP-SBJ ( JJ Other ) ( NNS furriers ) ) ( VP ( VBP have ) ( ADVP ( RB also ) ) ( VP ( VBN benefited ) ( PP-CLR ( IN from ) ( NP ( NNS leathers ) ) ) ) ) )

Other furriers have also benefited from leathers


( S ( NP-SBJ-1 ( NP ( NNP Seymour ) ( NNP Schreibman ) ) ( NP ( NP ( DT the ) ( JJ 65-year-old ) ( NN owner ) ) ( PP ( IN of ) ( NP ( NNP Schreibman ) ( NNP Raphael ) ( NNP Furs ) ( NNP Inc. ) ) ) ) ) ( VP ( VBZ treats ) ( NP ( NP ( DT the ) ( JJ reverse ) ( NN side ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ Persian ) ( NN lambskin ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB produce ) ( NP ( DT a ) ( JJ reversible ) ( JJ fur-and-leather ) ( NN garment ) ) ) ) ) ) )

Seymour Schreibman the 65-year-old owner of Schreibman Raphael Furs Inc. treats the reverse side of a Persian lambskin to produce a reversible fur-and-leather garment


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 25 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NNS sales ) ) ) ) ) ) ) ) ) )

He says it accounts for 25 % of total sales


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG pushing ) ( NP ( JJ retail ) ( NNS sales ) ) ) ) )

Mr. Rosen is also pushing retail sales


( S ( NP-TMP ( DT This ) ( NN year ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( NP ( NP ( CD two ) ( NNS stores ) ) ( NP ( NP ( NP ( CD one ) ) ( PP-LOC ( IN in ) ( NP ( NNP Brooklyn ) ) ) ) ( CC and ) ( NP ( NP ( CD one ) ) ( PP-LOC ( IN in ) ( NP ( NNP Queens ) ) ) ) ) ) ) )

This year he bought two stores one in Brooklyn and one in Queens


( S ( NP-SBJ ( JJ Other ) ( NNS furriers ) ) ( VP ( VBP have ) ( ADVP ( RB also ) ) ( VP ( VBN placed ) ( NP ( JJR more ) ( NN weight ) ) ( PP-CLR ( IN on ) ( NP ( NN retailing ) ) ) ) ) )

Other furriers have also placed more weight on retailing


( S ( S ( NP-SBJ-1 ( NNP Golden ) ( NNP Feldman ) ( NNP Furs ) ( NNP Inc. ) ) ( VP ( VBD began ) ( S ( VP ( VBG retailing ) ( ADVP-MNR ( RB aggressively ) ) ) ) ( ADVP-TMP ( NP ( CD eight ) ( NNS years ) ) ( RB ago ) ) ) ) ( CC and ) ( ADVP-TMP ( RB now ) ) ( S ( NP-SBJ ( JJ retail ) ( NNS sales ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB about ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ gross ) ( NN income ) ) ) ) ) ) ) )

Golden Feldman Furs Inc. began retailing aggressively eight years ago and now retail sales account for about 20 % of gross income


( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( NNS moves ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD bought ) ( NP ( DT a ) ( NN truck ) ) ( ADVP-TMP ( NP ( CD three ) ( NNS years ) ) ( RB ago ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reach ) ( NP ( JJR more ) ( NNS retailers ) ) ) ) ) ) ) ) ) )

In other moves Mr. Rosen says he bought a truck three years ago to reach more retailers


( S ( PP-TMP ( IN Since ) ( NP ( RB then ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN expanded ) ( NP ( PRP$ his ) ( NN fleet ) ) ) ) ( CC and ) ( VP ( MD can ) ( ADVP-TMP ( RB now ) ) ( VP ( VB bring ) ( NP ( PRP$ his ) ( NNS furs ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( JJ front ) ( NN door ) ) ( PP ( IN of ) ( NP ( NP ( NNS retailers ) ) ( ADVP-LOC ( ADJP ( IN as ) ( RB far ) ( RB away ) ) ( PP ( IN as ) ( NP ( DT the ) ( JJS Midwest ) ) ) ) ) ) ) ) ) ) ) )

Since then he has expanded his fleet and can now bring his furs to the front door of retailers as far away as the Midwest


( S ( NP-SBJ ( NP ( JJ Small ) ( NNS retailers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD ca ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB travel ) ( PP-DIR ( TO to ) ( NP ( PRP$ his ) ( NNP New ) ( NNP York ) ( NN showroom ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( NP-PRD ( JJ fair ) ( NN game ) ) ) ) )

Small retailers who ca n't afford to travel to his New York showroom have become fair game


( S ( NP-SBJ ( JJ Such ) ( NNS moves ) ) ( VP ( VBP have ) ( VP ( VBN helped ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( VP ( VB weather ) ( NP ( NP ( DT the ) ( NN industry ) ( NN slump ) ) ( PP ( IN of ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) )

Such moves have helped Mr. Rosen weather the industry slump of recent years


( S ( S ( NP-SBJ ( DT The ) ( NN industry ) ) ( VP ( VBD enjoyed ) ( NP ( NP ( CD six ) ( JJ prosperous ) ( NNS years ) ) ( PP-TMP ( VBG beginning ) ( PP ( IN in ) ( NP ( CD 1980 ) ) ) ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN since ) ( NP ( CD 1986 ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( VBP have ) ( VP ( VBN languished ) ( PP-LOC ( IN at ) ( NP ( PRP$ their ) ( ADJP ( QP ( CD 1.8 ) ( CD billion ) ) ) ( NN peak ) ) ) ) ) ) )

The industry enjoyed six prosperous years beginning in 1980 but since 1986 sales have languished at their 1.8 billion peak


( S ( NP-SBJ ( NP ( JJ Large ) ( NNS furriers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Antonovich ) ( NNP Inc. ) ) ( NP ( NNP Fur ) ( NNP Vault ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Evans ) ( NNP Inc. ) ) ) ) ) ( DT all ) ( VP ( VBD reported ) ( NP ( NNS losses ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ their ) ( JJS latest ) ( JJ fiscal ) ( NNS years ) ) ) ) )

Large furriers such as Antonovich Inc. Fur Vault Inc. and Evans Inc. all reported losses in their latest fiscal years


( S ( NP-SBJ ( NP ( NNS Aftereffects ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1987 ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) ( VP ( VBP head ) ( NP ( NP ( DT the ) ( NN list ) ) ( PP ( IN of ) ( NP ( NNS reasons ) ) ) ) ) )

Aftereffects of the 1987 stock market crash head the list of reasons


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NN competition ) ) ( VP ( VBZ has ) ( VP ( VBN glutted ) ( NP ( DT the ) ( NN market ) ) ( PP ( IN with ) ( NP ( DT both ) ( NNS skins ) ( CC and ) ( NNS coats ) ) ) ( S-ADV ( VP ( VBG driving ) ( S ( NP-SBJ ( NNS prices ) ) ( ADVP-PRD ( RB down ) ) ) ) ) ) ) )

In addition competition has glutted the market with both skins and coats driving prices down


( S ( NP-SBJ ( DT The ) ( JJ animal-rights ) ( NN movement ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD helped ) ( NP ( NNS sales ) ) ) ) )

The animal-rights movement has n't helped sales


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Warm ) ( NNS winters ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) ( VP ( VBP have ) ( VP ( VBN trimmed ) ( NP ( NN demand ) ) ( ADVP ( RB too ) ) ) ) ) ( NP-SBJ ( NNS furriers ) ) ( VP ( VBP complain ) ) )

Warm winters over the past two years have trimmed demand too furriers complain


( S ( CC And ) ( NP-SBJ ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( VB move ) ( NP ( DT some ) ( NN production ) ) ( ADVP-DIR ( RB overseas ) ) ) ) ) ) ) ( VP ( VBP suffer ) ( NP ( NN labor ) ( NNS shortages ) ) ) )

And those who did n't move some production overseas suffer labor shortages


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( JJ intensive ) ( NN labor ) ) ( VP ( VBN needed ) ( S-PRP ( VP ( TO to ) ( VP ( VB manufacture ) ( NP ( NNS furs ) ) ( PRN ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ available ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Schreibman ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBG starting ) ( NP ( JJ overseas ) ( NN production ) ) ) ) ) ) ) )

The intensive labor needed to manufacture furs in the U.S. is not as available as it was says Mr. Schreibman who is starting overseas production


( S ( CC But ) ( NP-SBJ ( NP ( RB even ) ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN found ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cope ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NNS imports ) ) ( CC and ) ( NP ( DT the ) ( NN slump ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS furs ) ) ( VP ( VBP are ) ( VP ( VBG losing ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN allure ) ) ) ) ) ) ) ) ) )

But even those who have found a way to cope with the imports and the slump fear that furs are losing part of their allure


( SINV ( S-TPC ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( VP ( VP ( VBG promoting ) ( NP ( NNS furs ) ) ( PP-MNR ( IN in ) ( NP ( JJ various ) ( NNS ways ) ) ) ) ( CC and ) ( VP ( VBG taking ) ( NP ( DT the ) ( NN glamour ) ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN fur ) ( NN business ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Sanders ) ) ( NP ( NP ( JJ divisional ) ( NN merchandise ) ( NN manager ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP Marshall ) ( NNP Field ) ( POS 's ) ) ( NN department ) ( NN store ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )

People are promoting furs in various ways and taking the glamour out of the fur business says Stephen Sanders divisional merchandise manager for Marshall Field 's department store in Chicago


( SINV ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB make ) ( NP ( DT a ) ( NN commodity ) ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT a ) ( NN luxury ) ) ) ) ) ) ) ( VP ( VBZ insists ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Purnick ) ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN furrier ) ) ) )

You ca n't make a commodity out of a luxury insists Mr. Purnick the New York furrier


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ contends ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ-1 ( VP ( VBG chasing ) ( NP ( NNS consumers ) ) ( PP ( IN with ) ( NP ( JJ low-priced ) ( NNS imports ) ) ) ) ) ( VP ( MD will ) ( VP ( VB harm ) ( NP ( DT the ) ( NN industry ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ long ) ( NN run ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NP ( DT the ) ( NN prestige ) ) ( PP ( IN of ) ( NP ( NNS furs ) ) ) ) ) ) ) ) ) ) ) ) )

He contends that chasing consumers with low-priced imports will harm the industry in the long run by reducing the prestige of furs


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Rosen ) ) ( VP ( VBZ responds ) ( S ( SBAR-NOM-TPC-3 ( WHNP-2 ( WDT Whatever ) ) ( S ( NP-SBJ-1 ( NNS people ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'll ) ( VP ( VB sell ) ) ) ) ) )

But Mr. Rosen responds Whatever people want to buy I 'll sell


( S ( NP-SBJ ( NP ( DT The ) ( NN name ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN game ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB move ) ( NP ( NNS goods ) ) ) ) ) ) )

The name of the game is to move goods


( S ( NP-SBJ ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( VP ( VBD unveiled ) ( NP ( NP ( NP ( DT a ) ( VBN sweetened ) ( NN pension ) ) ( CC and ) ( NP ( JJ early-retirement ) ( NN program ) ) ) ( PP ( IN for ) ( NP ( NN management ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ hopes ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB enable ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB save ) ( NP ( QP ( CD 450 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

American Telephone & Telegraph Co. unveiled a sweetened pension and early-retirement program for management that it hopes will enable it to save 450 million in the next year


( S ( NP-SBJ ( NNP AT&T ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 19 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) )

AT&T also said net income rose 19 % in the third quarter


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( VBN amended ) ( NN pension ) ( NN program ) ) ( VP ( MD will ) ( ADVP ( RB nearly ) ) ( VP ( VB double ) ( PP-DIR ( TO to ) ( NP ( CD 34,000 ) ) ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS managers ) ) ( ADJP ( NN eligible ) ( S ( VP ( TO to ) ( VP ( VB retire ) ( PP ( IN with ) ( NP ( JJ immediate ) ( NN pension ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

AT&T said its amended pension program will nearly double to 34,000 the number of managers eligible to retire with immediate pension payments


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NNS studies ) ) ( PP ( IN of ) ( NP ( NP ( JJ other ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN offered ) ( NP ( NN retirement ) ( NNS plans ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( RB about ) ( JJ one-third ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN eligible ) ( NNS managers ) ) ) ) ( VP ( TO to ) ( VP ( VB retire ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ new ) ( NN program ) ) ) ) ) ) ) ) ) ) )

AT&T said that based on studies of other companies that have offered retirement plans it expects about one-third of its eligible managers to retire under the new program


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD grew ) ( PP ( NP ( IN despite ) ) ( NP ( NP ( JJ stiff ) ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) )

AT&T said third-quarter net income grew despite stiff competition in all of the company 's markets


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 699 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 65 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ year-earlier ) ( QP ( CD 587 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 55 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Net income rose to 699 million or 65 cents a share from the year-earlier 587 million or 55 cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD edged ) ( PRT ( RP up ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8.9 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 8.81 ) ( CD billion ) ) ) ) ) )

Revenue edged up to 8.9 billion from 8.81 billion


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJS latest ) ( NN period ) ( POS 's ) ) ( NN net ) ) ( VP ( VBD was ) ( VP ( VBN reduced ) ( NP-EXT ( NP ( QP ( CD 102 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD nine ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NP ( DT a ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NN depreciation ) ( NN method ) ) ) ) ( CC and ) ( NP ( NP ( JJ concurrent ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( JJ depreciable ) ( NNS lives ) ) ( CC and ) ( NP ( NP ( JJ net ) ( NN salvage ) ) ( PP ( IN for ) ( NP ( JJ certain ) ( NNS telecommunications ) ( NN equipment ) ) ) ) ) ) ) ) ) ) ) ) ) )

The latest period 's net was reduced 102 million or nine cents a share for a change in depreciation method and concurrent changes in estimates of depreciable lives and net salvage for certain telecommunications equipment


( S ( NP-SBJ ( DT The ) ( NNS results ) ) ( VP ( ADVP-MNR ( RB roughly ) ) ( VBD matched ) ( NP ( NP ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( NNS securities ) ( NNS analysts ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD were ) ( VP ( VBN encouraged ) ( PP ( IN by ) ( S-NOM-LGS ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBG increasing ) ( NP ( PRP$ its ) ( NN operating ) ( NN margin ) ) ( PP-DIR ( TO to ) ( NP ( CD 13 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 11 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( VBN continued ) ( JJ cost-cutting ) ( NNS efforts ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The results roughly matched estimates of securities analysts who were encouraged by AT&T increasing its operating margin to 13 % from 11 % a year ago because of continued cost-cutting efforts


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( NP ( JJ long-distance ) ( NNS services ) ) ( NP ( DT an ) ( ADJP ( RB extremely ) ( JJ competitive ) ) ( NN market ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6.4 ) ( NN % ) ) ) )

Sales of long-distance services an extremely competitive market rose 6.4 %


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NN growth ) ) ( VP ( VBD was ) ( ADVP ( RB partly ) ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR lower ) ( NN equipment ) ( NNS sales ) ( CC and ) ( NNS rentals ) ) ( CC and ) ( NP ( NP ( NN price ) ( NNS cuts ) ) ( PP-LOC ( IN on ) ( NP ( DT some ) ( NNS products ) ) ) ) ) ) ) ) )

But the growth was partly offset by lower equipment sales and rentals and price cuts on some products


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( VBN amended ) ( NN pension ) ( NN program ) ) ) ( NP-SBJ ( NP ( NNP AT&T ) ( NNS managers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD five ) ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN service ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( NP-SBJ-2 ( CD five ) ( NNS years ) ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ their ) ( NN age ) ( CC and ) ( NN length ) ) ( PP ( IN of ) ( NP ( NN service ) ) ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NN pension ) ( NNS purposes ) ) ) ) ) )

Under the amended pension program AT&T managers who have at least five years of service will have five years added to their age and length of service for pension purposes


( S ( NP-SBJ ( NP ( NNS Managers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP retire ) ( NP-TMP ( NNP Dec. ) ( CD 30 ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( NP-SBJ-3 ( DT an ) ( JJ additional ) ( CD 15 ) ( NN % ) ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( JJ monthly ) ( NN pension ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( NP ( QP ( RB as ) ( JJ long ) ( IN as ) ( CD five ) ) ( NNS years ) ) ( CC or ) ( NP ( NN age ) ( CD 65 ) ) ) ( SBAR ( WHNP-2 ( WDT whichever ) ) ( S ( VP ( VBZ comes ) ( ADVP-TMP ( RBR earlier ) ) ) ) ) ) ) ) ) ) ) )

Managers who retire Dec. 30 will have an additional 15 % added to their monthly pension for as long as five years or age 65 whichever comes earlier


( S ( NP-SBJ ( DT An ) ( NNP AT&T ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD would ) ( ADVP ( RB likely ) ) ( VP ( VB replace ) ( NP ( NP ( RB about ) ( JJ one-third ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNS managers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP choose ) ( S ( VP ( TO to ) ( VP ( VB retire ) ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( JJ new ) ( NNS employees ) ) ) ) ) ) ) ) )

An AT&T spokeswoman said the company would likely replace about one-third of its managers who choose to retire with new employees


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD hailed ) ( NP ( NP ( DT the ) ( VBN sweetened ) ( NN pension ) ( NN package ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( NNS rumors ) ) ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts hailed the sweetened pension package which they said had been the subject of rumors for several months


( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ tells ) ( NP ( PRP you ) ) ( SBAR ( S ( NP-SBJ-2 ( NNP AT&T ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( S-NOM ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB manage ) ( NP ( PRP$ their ) ( NN cost ) ( NN structure ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN committed ) ( PP-CLR ( TO to ) ( NP ( JJ 20%-a-year ) ( NNS earnings ) ( NN growth ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Grubman ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP PaineWebber ) ( NNP Inc ) ) ) ) ) )

This tells you AT&T is serious about continuing to manage their cost structure and is committed to 20%-a-year earnings growth said Jack Grubman an analyst with PaineWebber Inc


( S ( CC But ) ( NP-SBJ ( JJ other ) ( NNS analysts ) ) ( VP ( VBD expressed ) ( NP ( NN disappointment ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ cost-cutting ) ( NN move ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( ADJP ( RB even ) ( JJR greater ) ) ( NNS earnings ) ( NN growth ) ) ) ) ) ) ) ) ) )

But other analysts expressed disappointment that the cost-cutting move wo n't result in even greater earnings growth


( SINV ( S-TPC ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ good ) ( NN move ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB only ) ) ( VP ( VBZ gets ) ( NP ( PRP you ) ) ( PP-DIR ( TO to ) ( SBAR-NOM ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NP ( NNS people ) ( POS 's ) ) ( NNS expectations ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP are ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ( NN growth ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joel ) ( NNP D. ) ( NNP Gross ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ) ) ) ) )

This is a good move but it only gets you to where people 's expectations already are in terms of earnings growth said Joel D. Gross an analyst with Donaldson Lufkin & Jenrette


( S ( NP-SBJ ( NNP Mr. ) ( NNP Gross ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN hoped ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN cost ) ( NNS savings ) ) ( PP ( IN of ) ( NP ( QP ( CD 450 ) ( CD million ) ) ) ) ) ( VP ( MD would ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( ADJP ( RB even ) ( JJR greater ) ) ( NN growth ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( CD 20 ) ( NN % ) ) ( JJ annual ) ( NNS earnings ) ( NN increase ) ) ( SBAR ( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBZ has ) ( VP ( VBN told ) ( NP ( NNS analysts ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Gross said he had hoped that a cost savings of 450 million would result in even greater growth than the 20 % annual earnings increase AT&T has told analysts it expects in the future


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ special ) ( NN retirement ) ( NN option ) ) ( VP ( MD will ) ( VP ( VB increase ) ( NP ( JJ fourth-quarter ) ( NNS expenses ) ) ) ) ) ) ) )

AT&T said the special retirement option will increase fourth-quarter expenses


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN amount ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN determined ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ knows ) ( SBAR-NOM ( WHNP-2 ( WHADJP ( WRB how ) ( JJ many ) ) ( NNS managers ) ) ( S ( VP ( VBP opt ) ( S ( VP ( TO to ) ( VP ( VB retire ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the company said the amount ca n't be determined until it knows how many managers opt to retire


( S ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN expense ) ( NN increase ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP ( RB largely ) ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN gain ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB swap ) ( NP ( NP ( PRP$ its ) ( NNS holdings ) ) ( PP-LOC ( IN in ) ( NP ( NNP Ing ) ( NNP C. ) ( NNP Olivetti ) ( CC & ) ( NNP Co. ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS shares ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Cie ) ( NNP Industriali ) ( NNP Riunite ) ) ( NP ( DT an ) ( JJ Italian ) ( VBG holding ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

AT&T said the expense increase will be largely offset by a gain from its previously announced plan to swap its holdings in Ing C. Olivetti & Co. for shares in Cie Industriali Riunite an Italian holding company


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP AT&T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 1.99 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 1.85 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 19 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 1.67 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 1.56 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) )

For the nine months AT&T said net income was 1.99 billion or 1.85 a share up 19 % from 1.67 billion or 1.56 a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD gained ) ( NP ( CD 3.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 26.81 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 26 ) ( CD billion ) ) ) ) ) )

Revenue gained 3.1 % to 26.81 billion from 26 billion


( S ( PP-LOC ( IN In ) ( NP ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NNP AT&T ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 43.375 ) ) ) ( ADVP ( RB up ) ( NP ( CD 87.5 ) ( NNS cents ) ) ) ) )

In composite trading yesterday on the New York Stock Exchange AT&T shares closed at 43.375 up 87.5 cents


( S ( NP-SBJ-1 ( NNP Digital ) ( NNP Equipment ) ( NNP Corp. ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 32 ) ( NN % ) ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( JJ net ) ( NN income ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( JJ modest ) ( NN revenue ) ( NN gain ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJ fiscal ) ( JJ first ) ( NN quarter ) ) ) ) ) ( S-ADV ( VP ( VBG causing ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( TO to ) ( VP ( VB predict ) ( NP ( NP ( JJR weaker ) ( NNS results ) ) ( ADVP-TMP ( RB ahead ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ) ) ) ) ) ) ) ) ) ) ) )

Digital Equipment Corp. reported a 32 % decline in net income on a modest revenue gain in its fiscal first quarter causing some analysts to predict weaker results ahead than they had expected


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( JJ second-largest ) ( NN computer ) ( NN maker ) ) ( VP ( VBD had ) ( VP ( VBN prepared ) ( NP ( NNP Wall ) ( NNP Street ) ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ poor ) ( NN quarter ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN troubled ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( NP ( JJ flat ) ( NNP U.S. ) ( NNS orders ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN gain ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ foreign ) ( NNS orders ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although the second-largest computer maker had prepared Wall Street for a poor quarter analysts said they were troubled by signs of flat U.S. orders and a slowdown in the rate of gain in foreign orders


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Maynard ) ( NNP Mass. ) ) ( NN company ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT a ) ( NN transition ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VP ( VB reduce ) ( NP ( NP ( PRP$ its ) ( NN reliance ) ) ( PP ( IN on ) ( NP ( JJ mid-range ) ( NNS machines ) ) ) ) ) ( CC and ) ( VP ( VB establish ) ( NP ( NP ( DT a ) ( NN presence ) ) ( PP-LOC ( IN in ) ( NP ( NNS workstations ) ( CC and ) ( NNS mainframes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Maynard Mass. company is in a transition in which it is trying to reduce its reliance on mid-range machines and establish a presence in workstations and mainframes


( S ( NP-SBJ ( NP ( NN Net ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 150.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.20 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 223 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.71 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

Net for the quarter ended Sept. 30 fell to 150.8 million or 1.20 a share from 223 million or 1.71 a share a year ago


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.13 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.94 ) ( CD billion ) ) ) ) ) )

Revenue rose 6.4 % to 3.13 billion from 2.94 billion


( S ( NP-SBJ ( NN Digital ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT a ) ( NN shift ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN product ) ( NN mix ) ) ) ( PP ( IN toward ) ( NP ( JJ low-end ) ( NNS products ) ) ) ) ( CC and ) ( NP ( NP ( JJ strong ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NN workstation ) ( NNS sales ) ) ) ) ) ( VP ( VBD yielded ) ( NP ( JJR lower ) ( JJ gross ) ( NNS margins ) ) ) ) ) ) )

Digital said a shift in its product mix toward low-end products and strong growth in workstation sales yielded lower gross margins


( S ( NP-SBJ ( DT A ) ( NN spokesman ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS margins ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN service ) ( NN business ) ) ) ) ( VP ( VBD narrowed ) ( ADVP-CLR ( RB somewhat ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ heavy ) ( NNS investments ) ) ( VP ( VBN made ) ( PP-LOC-CLR ( IN in ) ( NP ( DT that ) ( NN sector ) ) ) ) ) ) ) ) ) ) )

A spokesman also said margins for the company 's service business narrowed somewhat because of heavy investments made in that sector


( S ( NP-SBJ ( NP ( DT The ) ( NN lack ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ strong ) ( NN product ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( JJ high ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( NNP Digital ) ( POS 's ) ) ( NN line ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ significant ) ( NN drag ) ) ( PP ( IN on ) ( NP ( NNS sales ) ) ) ) ) )

The lack of a strong product at the high end of Digital 's line was a significant drag on sales


( S ( NP-SBJ-1 ( NNP Digital ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB address ) ( NP ( DT that ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN debut ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ first ) ( JJ mainframe-class ) ( NNS computers ) ) ) ( NP-TMP ( IN next ) ( NNP Tuesday ) ) ) ) ) ) ) ) )

Digital hopes to address that with the debut of its first mainframe-class computers next Tuesday


( S ( NP-SBJ-1 ( DT The ) ( JJ new ) ( NN line ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( IN at ) ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ( NNP Corp ) ) ) ) ) )

The new line is aimed directly at International Business Machines Corp


( SINV ( S-TPC-1 ( S ( SBAR-TMP ( IN Until ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN mainframe ) ( NNS products ) ) ( VP ( VBP kick ) ( PRT ( RP in ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN revenue ) ( NN contribution ) ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ high ) ( NN end ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( VP ( VB hurt ) ( NP ( PRP us ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Steinkrauss ) ) ( NP ( NP ( NP ( NNP Digital ) ( POS 's ) ) ( NN director ) ) ( PP ( IN of ) ( NP ( NN investor ) ( NNS relations ) ) ) ) ) )

Until the new mainframe products kick in there wo n't be a lot of revenue contribution at the high end and that 's hurt us said Mark Steinkrauss Digital 's director of investor relations


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ unfavorable ) ( NN currency ) ( NNS translations ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( NP-PRD ( DT a ) ( NN factor ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) )

He said unfavorable currency translations were also a factor in the quarter


( S ( NP-SBJ ( NNP DEC ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.375 ) ) ( PP-DIR ( TO to ) ( NP ( CD 89.75 ) ( RB apiece ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ consolidated ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

DEC shares rose 1.375 to 89.75 apiece in consolidated New York Stock Exchange trading yesterday


( S ( CC But ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN against ) ( NP ( NP ( DT the ) ( NN backdrop ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( RB nearly ) ( JJ 40-point ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ) ) ) ( NP-SBJ-1 ( WDT that ) ) ( VP ( MD should ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB be ) ( VP ( VBN taken ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN sign ) ) ( PP ( IN of ) ( NP ( JJ great ) ( NN strength ) ) ) ) ) ) ) ) ) ) ) )

But analysts said that against the backdrop of a nearly 40-point rise in the Dow Jones Industrial Average that should n't necessarily be taken as a sign of great strength


( S ( NP-SBJ ( DT Some ) ) ( VP ( VP ( VBD cut ) ( NP ( NP ( PRP$ their ) ( NNS earnings ) ( NNS estimates ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN stock ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ( CC and ) ( VP ( VBD predicted ) ( NP ( NP ( JJR more ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB control ) ( NP ( NNS costs ) ) ) ) ) ) ( ADVP-TMP ( RB ahead ) ) ) ) ) )

Some cut their earnings estimates for the stock this year and predicted more efforts to control costs ahead


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ next ) ( JJ few ) ( NNS quarters ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Steven ) ( NNP Milunovich ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Boston ) ) ) ) )

I think the next few quarters will be difficult said Steven Milunovich of First Boston


( S ( S ( NP-SBJ ( NNS Margins ) ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-PRD ( IN under ) ( NP ( NN pressure ) ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN mainframe ) ) ( VP ( VBZ does ) ( VP ( VB ship ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( ADJP-PRD ( JJ sure ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ big ) ( NN winner ) ) ) ) ) ) ) ) ) )

Margins will remain under pressure and when the new mainframe does ship I 'm not sure it will be a big winner


( S ( NP-SBJ ( NNP Mr. ) ( NNP Milunovich ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG revising ) ( NP ( NP ( PRP$ his ) ( NN estimate ) ) ( PP ( IN for ) ( NP ( NP ( NNP DEC ) ( POS 's ) ) ( JJ current ) ( NN year ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 8.20 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( TO to ) ( PP-LOC ( ADVP ( RB well ) ) ( IN below ) ( NP ( CD 8 ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN settled ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ final ) ( NN number ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Milunovich said he was revising his estimate for DEC 's current year from 8.20 a share to well below 8 although he has n't settled on a final number


( S-1 ( NP-SBJ ( NP ( CD One ) ( VBG troubling ) ( NN aspect ) ) ( PP ( IN of ) ( NP ( NP ( NNP DEC ) ( POS 's ) ) ( NNS results ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( PRP$ its ) ( NN performance ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) )

One troubling aspect of DEC 's results analysts said was its performance in Europe


( S ( NP-SBJ ( NNP DEC ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ overseas ) ( NN business ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB now ) ) ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ( VP ( VBD improved ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) )

DEC said its overseas business which now accounts for more than half of sales improved in the quarter


( S ( NP-SBJ-1 ( PRP It ) ) ( ADVP ( RB even ) ) ( VP ( VBD took ) ( NP ( NP ( DT the ) ( ADJP ( RB unusually ) ( JJ frank ) ) ( NN step ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG telling ) ( NP ( NNS analysts ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN morning ) ( NN conference ) ( NN call ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS orders ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( PP ( IN in ) ( NP ( JJ double ) ( NNS digits ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ foreign-currency ) ( NNS terms ) ) ) ) ) ) ) ) ) ) ) )

It even took the unusually frank step of telling analysts in a morning conference call that orders in Europe were up in double digits in foreign-currency terms


( SINV ( S-TPC-1 ( NP-SBJ ( DT That ) ( NN gain ) ) ( ADVP ( RB probably ) ) ( VP ( VBN translated ) ( PP-CLR ( IN into ) ( NP ( NP ( QP ( RB about ) ( CD 5 ) ( NN % ) ( TO to ) ( CD 7 ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( NN dollar ) ( NNS terms ) ) ) ( PP-LOC ( ADVP ( RB well ) ) ( IN below ) ( NP ( NP ( NP ( JJ recent ) ( NNS quarters ) ( POS ' ) ) ( NNS gains ) ) ( PP ( IN of ) ( NP ( QP ( IN above ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) ) ) ) ( VP ( VBZ reckons ) ) ( NP-SBJ ( NP ( NNP Jay ) ( NNP Stevens ) ) ( PP ( IN of ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ) ) ) )

That gain probably translated into about 5 % to 7 % in dollar terms well below recent quarters ' gains of above 20 % reckons Jay Stevens of Dean Witter Reynolds


( S ( S-TPC-1 ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN disappointment ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN sign ) ) ( PP ( IN of ) ( NP ( NP ( JJ overall ) ( JJ computer-market ) ( NN softness ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Stevens ) ) ( VP ( VBD said ) ) )

That was a disappointment and a sign of overall computer-market softness in Europe Mr. Stevens said


( S ( NP-SBJ ( NP ( NNP Marc ) ( NNP Schulman ) ) ( PP ( IN with ) ( NP ( NP ( NNP UBS ) ( NNP Securities ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ( VP ( VBD dropped ) ( NP ( NP ( PRP$ his ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( NP ( NNP DEC ) ( POS 's ) ) ( JJ full-year ) ( NN net ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 6.80 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 8 ) ) ) ) )

Marc Schulman with UBS Securities in New York dropped his estimate of DEC 's full-year net to 6.80 a share from 8


( S-1 ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( JJ overall ) ( NNS revenues ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR stronger ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Schulman ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NNP DEC ) ) ( VP ( VP ( VBD drew ) ( ADVP-CLR ( RB down ) ) ( NP ( PRP$ its ) ( JJ European ) ( NN backlog ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( JJ flat ) ( JJ world-wide ) ( NNS orders ) ) ( ADVP ( JJ overall ) ) ) ) )

Although overall revenues were stronger Mr. Schulman said DEC drew down its European backlog and had flat world-wide orders overall


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ bottom ) ( NN line ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( JJR more ) ( NN hand ) ( TO to ) ( NN mouth ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The bottom line is that it 's more hand to mouth than it has been before he said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Schulman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN roll-out ) ) ( PP ( IN of ) ( NP ( NP ( NNP DEC ) ( POS 's ) ) ( JJ new ) ( NN mainframe ) ) ) ) ( VP ( MD will ) ( VP ( VB occur ) ( ADVP-MNR ( ADVP ( RB somewhat ) ( RBR more ) ( JJ leisurely ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN investment ) ( NNS colleagues ) ) ) ) ( VP ( VBP expect ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Schulman said he believes that the roll-out of DEC 's new mainframe will occur somewhat more leisurely than many of his investment colleagues expect


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ current ) ( NNS expectations ) ) ( VP ( VBP are ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ-2 ( DT an ) ( NN entry ) ( NN level ) ( NN machine ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN shipped ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( RBR more ) ( JJ sophisticated ) ( NNS versions ) ) ) ) ( ADVP-LOC-PRD ( RB out ) ) ( PP-TMP ( IN by ) ( NP ( NNP June ) ) ) ) ) ) ) ) ) )

He said current expectations are for an entry level machine to be shipped in December with all of the more sophisticated versions out by June


( S ( PP-PRP ( IN For ) ( NP ( NP ( NNS reasons ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB elaborate ) ( PP-CLR ( IN on ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ sure ) ( SBAR ( S ( NP-SBJ-1 ( DT that ) ( NN schedule ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN met ) ( S-ADV ( VP ( VBG meaning ) ( NP ( NP ( JJR less ) ( NN profit ) ( NN impact ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN product ) ) ) ( PP ( IN for ) ( NP ( NNP DEC ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS quarters ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For reasons he would n't elaborate on he said he 's sure that schedule wo n't be met meaning less profit impact from the product for DEC in the next few quarters


( S ( NP-SBJ ( NNP John ) ( NNP R. ) ( NNP Wilke ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

John R. Wilke contributed to this article


( S ( NP-SBJ ( NNP Chambers ) ( NNP Development ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNP Security ) ( NNP Bureau ) ( NNP Inc. ) ( NN unit ) ) ( VP ( VBN purchased ) ( NP ( NP ( CD two ) ( NN security ) ( NNS concerns ) ) ( PP-LOC ( IN in ) ( NP ( NNP Florida ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB add ) ( NP ( NP ( QP ( CD 2.1 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ annual ) ( NN revenue ) ) ) ) ) ) ) ) ) ) ) ) ) )

Chambers Development Co. said its Security Bureau Inc. unit purchased two security concerns in Florida that will add 2.1 million of annual revenue


( S ( NP-SBJ ( NP ( NN Purchase ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS businesses ) ) ( VP ( VBG serving ) ( NP ( NP ( NP ( NNP Miami ) ) ( NP ( NNP Fort ) ( NNP Lauderdale ) ) ( CC and ) ( NP ( NNP West ) ( NNP Palm ) ( NNP Beach ) ) ) ( NP-LOC ( NNP Fla. ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN plan ) ) ( PP ( IN by ) ( NP ( NNS Chambers ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB expand ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ growing ) ( NN security ) ( NN industry ) ) ) ) ) ) ) ) ) ) )

Purchase of the businesses serving Miami Fort Lauderdale and West Palm Beach Fla. is part of a plan by Chambers to expand in the growing security industry


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( NP-SBJ ( NNP CalMat ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 32.8 ) ( CD million ) ) ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NNS assets ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( NNP Los ) ( NNP Angeles ) ( NN area ) ( JJ real ) ( NN estate ) ( NN portfolio ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( QP ( CD 12 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

CalMat Co. said it completed a 32.8 million sale of assets from its Los Angeles area real estate portfolio for net income of 12 million


( S ( NP-SBJ ( NN CalMat ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN sale ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ real ) ( NN estate ) ( NNS holdings ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ its ) ( NN core ) ( NN business ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG mining ) ( CC and ) ( VBG producing ) ( NP ( NN asphalt ) ( NN concrete ) ( NN rock ) ( CC and ) ( NN sand ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

CalMat said the sale is part of its previously announced plan to sell much of its real estate holdings to focus on its core business of mining and producing asphalt concrete rock and sand


( S ( NP-SBJ ( NP ( NNP SciMed ) ( NNP Life ) ( NNP Systems ) ( NNP Inc. ) ) ( NP-LOC ( NNP Minneapolis ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ federal ) ( NNS appeals ) ( NN court ) ) ( VP ( VBD vacated ) ( NP ( NP ( DT an ) ( JJR earlier ) ( NN summary ) ( NN judgment ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NN favor ) ) ) ) ) ) ) ) )

SciMed Life Systems Inc. Minneapolis said a federal appeals court vacated an earlier summary judgment in its favor


( S ( NP-SBJ ( NP ( DT A ) ( JJR lower ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP St. ) ( NNP Paul ) ) ) ) ( VP ( VBD had ) ( VP ( VBN ruled ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1988 ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN heart ) ( NN catheter ) ) ( SBAR ( S ( NP-SBJ ( VBD SciMed ) ) ( VP ( VBZ manufactures ) ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB infringe ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN patent ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Advanced ) ( NNP Cardiovascular ) ( NNP Systems ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Eli ) ( NNP Lilly ) ( CC & ) ( NNP Co ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A lower court in St. Paul had ruled in September 1988 that a heart catheter SciMed manufactures does n't infringe on a patent owned by Advanced Cardiovascular Systems a unit of Eli Lilly & Co


( S ( NP-SBJ ( NNP SciMed ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS appeals ) ( NN court ) ) ( VP ( VBD remanded ) ( NP ( DT the ) ( NN case ) ) ( ADVP-CLR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN district ) ( NN court ) ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ further ) ( NNS proceedings ) ) ) ) ) ) ) )

SciMed said the appeals court remanded the case back to the district court for further proceedings


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP SciMed ) ( NNS shares ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 2.75 ) ) ( PP-DIR ( TO to ) ( NP ( CD 43 ) ) ) ) )

In national over-the-counter trading Friday SciMed shares tumbled 2.75 to 43


( S ( NP-SBJ ( VBN SciMed ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ committed ) ( PP ( DT both ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ vigorous ) ( NN defense ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN position ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN catheter ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB infringe ) ( NP ( NP ( DT the ) ( NNP Lilly ) ( NN unit ) ( POS 's ) ) ( NN patent ) ) ) ) ) ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN pursuit ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( NNS counterclaims ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP allege ) ( SBAR ( S ( NP-SBJ ( NNP Lilly ) ) ( VP ( VBD engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ antitrust ) ( NNS violations ) ) ( CC and ) ( NP ( JJ other ) ( JJ wrongful ) ( NNS acts ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

SciMed said it remains committed both to the vigorous defense of its position that the catheter does n't infringe the Lilly unit 's patent and to the pursuit of its own counterclaims which allege Lilly engaged in antitrust violations and other wrongful acts


( S ( NP-SBJ ( NNP Manhattan ) ( NNP National ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Michael ) ( NNP A. ) ( NNP Conway ) ) ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( JJ chief ) ( NN executive ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBG holding ) ( NN company ) ( POS 's ) ) ( CD two ) ( JJ principal ) ( NN insurance ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) )

Manhattan National Corp. said Michael A. Conway president and chief executive officer was elected chief executive of the holding company 's two principal insurance subsidiaries


( S ( S-TPC-3 ( NP-SBJ ( PRP He ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Paul ) ( NNP P. ) ( NNP Aniskovich ) ( NNP Jr. ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD resigned ) ( S-PRP ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( JJ other ) ( NN business ) ( NNS interests ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

He succeeds Paul P. Aniskovich Jr. who resigned to pursue other business interests the company said


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Conway ) ) ( ADJP ( NP ( CD 42 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( NP ( NP ( NN chairman ) ) ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ( PP ( IN of ) ( NP ( NNP Manhattan ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ( PP ( IN of ) ( NP ( NNP Manhattan ) ( NNP National ) ( NNP Life ) ( NNP Insurance ) ( NNP Co ) ) ) ) ) ) ) ) )

Mr. Conway 42 years old was elected chairman president and chief executive of Manhattan Life Insurance Co. and president and chief executive of Manhattan National Life Insurance Co


( S ( NP-SBJ ( NP ( NNP Harry ) ( NNP Rossi ) ) ( NP ( CD 69 ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG holding ) ( NN company ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ remains ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Manhattan ) ( NNP National ) ( NNP Life ) ( NNP Insurance ) ( NNP Co ) ) ) ) ) )

Harry Rossi 69 chairman of the holding company also remains chairman of Manhattan National Life Insurance Co


( S ( NP-SBJ ( NNP Mr. ) ( NNP Conway ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN investment ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Union ) ( NNP Central ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP Cincinnati ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1987 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Union ) ( NNP Central ) ) ( VP ( VBD bought ) ( NP ( NP ( DT a ) ( ADJP ( CD 54 ) ( NN % ) ) ( NN interest ) ) ( PP-TMP ( IN in ) ( NP ( NNP Manhattan ) ( NNP National ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

Mr. Conway was executive vice president and chief investment officer of Union Central Life Insurance Co. of Cincinnati in 1987 when Union Central bought a 54 % interest in Manhattan National Corp


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD resigned ) ( PP ( IN as ) ( NP ( NP ( DT an ) ( NN officer ) ) ( PP ( IN of ) ( NP ( NNP Central ) ( NNP Life ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB accept ) ( NP ( DT the ) ( NNP Manhattan ) ( NNP National ) ( NN presidency ) ) ) ) ) ) )

He resigned as an officer of Central Life to accept the Manhattan National presidency


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Social ) ( NNP Security ) ( NNS benefits ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( CD 4.7 ) ( NN % ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB keep ) ( NP ( NN pace ) ) ( PP-CLR ( IN with ) ( NP ( NN inflation ) ) ) ) ) ) ( S-ADV ( VP ( VBG boosting ) ( NP ( DT the ) ( JJ average ) ( JJ monthly ) ( NN benefit ) ) ( PP-DIR ( TO to ) ( NP ( CD 566 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 541 ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NP ( NNP Health ) ) ( CC and ) ( NP ( NNP Human ) ( NNP Services ) ) ) ) ) ( VP ( VBD announced ) ) )

Social Security benefits will rise 4.7 % next year to keep pace with inflation boosting the average monthly benefit to 566 from 541 the Department of Health and Human Services announced


( S ( NP-SBJ ( DT The ) ( JJR higher ) ( NNS payments ) ) ( VP ( MD will ) ( VP ( VB start ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Social ) ( NNP Security ) ( NNS checks ) ) ( VP ( VBN received ) ( PP-TMP ( IN on ) ( NP ( NNP Jan. ) ( CD 3 ) ( CD 1990 ) ) ) ) ) ) ) ) )

The higher payments will start with Social Security checks received on Jan. 3 1990


( S ( NP-SBJ ( NP ( NNP Supplemental ) ( NNP Security ) ( NNP Income ) ( NNS payments ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ disabled ) ) ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( CD 4.7 ) ( NN % ) ) ( PP-TMP ( VBG starting ) ( PP ( IN with ) ( NP ( NP ( NNS checks ) ) ( VP ( VBN received ) ( PP-TMP ( IN on ) ( NP ( NNP Dec. ) ( CD 29 ) ( CD 1988 ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( DT the ) ( NN maximum ) ( NNP SSI ) ( NN payment ) ) ( PP-DIR ( TO to ) ( NP ( CD 386 ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 368 ) ) ( NP-ADV ( DT a ) ( NN month ) ) ) ) ) ) ) ) )

Supplemental Security Income payments to the disabled also will rise 4.7 % starting with checks received on Dec. 29 1988 increasing the maximum SSI payment to 386 from 368 a month


( S ( NP-SBJ ( DT The ) ( NN inflation ) ( NN adjustment ) ) ( ADVP ( RB also ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN maximum ) ( JJ annual ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NNS earnings ) ) ( ADJP ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN wage ) ( NN tax ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ generates ) ( NP ( NN revenue ) ) ( PP-PRP ( IN for ) ( NP ( DT the ) ( NNP Social ) ( NNP Security ) ( NN trust ) ( NN fund ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( CD 50,400 ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 48,000 ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

The inflation adjustment also means that the maximum annual level of earnings subject to the wage tax that generates revenue for the Social Security trust fund will rise to 50,400 in 1990 from 48,000 this year


( S ( SBAR-ADV ( IN As ) ( S ( VP ( VBN mandated ) ( PP ( IN by ) ( NP-LGS ( NN law ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN tax ) ( NN rate ) ) ( VP ( VP ( MD will ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( CD 7.65 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.51 ) ( NN % ) ) ) ) ) ( CC and ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB rise ) ( ADVP-CLR ( DT any ) ( RBR further ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) )

As mandated by law the tax rate will rise to 7.65 % in 1990 from 7.51 % and wo n't rise any further in the future


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN maximum ) ( JJ yearly ) ( NNP Social ) ( NNP Security ) ( NN tax ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( NNS workers ) ( CC and ) ( NNS employers ) ( DT each ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( CD 250.80 ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ( PP-DIR ( TO to ) ( NP ( CD 3,855.60 ) ) ) ) ) ) ) ) )

This means that the maximum yearly Social Security tax paid by workers and employers each will rise 250.80 next year to 3,855.60


( S ( NP-SBJ-1 ( NP ( NNS Beneficiaries ) ) ( ADJP ( VBN aged ) ( NP ( QP ( CD 65 ) ( IN through ) ( CD 69 ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB earn ) ( NP ( NP ( CD 9,360 ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG losing ) ( NP ( DT any ) ( NNP Social ) ( NNP Security ) ( NNS benefits ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( ADVP-3 ( IN up ) ( PP ( IN from ) ( NP ( CD 8,880 ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Beneficiaries aged 65 through 69 will be able to earn 9,360 without losing any Social Security benefits in 1990 up from 8,880 this year


( S ( NP-SBJ ( NP ( DT The ) ( JJ exempt ) ( NN amount ) ) ( PP ( IN for ) ( NP ( NP ( NNS beneficiaries ) ) ( PP ( IN under ) ( NP ( CD 65 ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( CD 6,840 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 6,480 ) ) ) ) ) )

The exempt amount for beneficiaries under 65 will rise to 6,840 from 6,480


( S ( NP-SBJ ( DT The ) ( NNS adjustments ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT the ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN consumer ) ( NN price ) ( NN index ) ) ) ( PP ( IN for ) ( NP ( NP ( JJ urban ) ( NN wage ) ( NNS earners ) ) ( CC and ) ( NP ( JJ clerical ) ( NNS workers ) ) ) ) ( PP-TMP ( IN from ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ( PP-TMP ( TO to ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) )

The adjustments reflect the increase in the consumer price index for urban wage earners and clerical workers from the third quarter of last year to the third quarter of this year


( S ( SBAR-TMP ( RB ONCE ) ( S ( NP-SBJ ( PRP YOU ) ) ( VP ( VB MAKE ) ( PRT ( RP UP ) ) ( NP ( PRP$ your ) ( NN mind ) ) ( PP ( IN about ) ( NP ( DT an ) ( NN investment ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN rest ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ easy ) ) ( INTJ ( JJ right ) ) ) )

ONCE YOU MAKE UP your mind about an investment the rest is easy right


( S ( NP-SBJ ( PRP You ) ) ( ADVP ( RB just ) ) ( VP ( VP ( VB call ) ( NP ( PRP$ your ) ( NN broker ) ) ) ( CC and ) ( VP ( VB say ) ( S ( VP ( VB buy ) ( CC or ) ( VB sell ) ) ) ) ) )

You just call your broker and say buy or sell


( S ( VP ( VB Dream ) ( PRT ( IN on ) ) ) )

Dream on


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( DT all ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( VB buy ) ( CC and ) ( VB sell ) ( NNS instructions ) ) ( PP-DTV ( TO to ) ( NP ( DT a ) ( NN broker ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( ADJP ( RB just ) ( IN as ) ( JJ many ) ) ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( VP ( VBN burned ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-4 ( WP what ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG doing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

There are all sorts of ways to give buy and sell instructions to a broker and just as many ways to get burned if you do n't know what you 're doing


( SINV ( RB So ) ( ADVP-LOC-PRD-TPC-1 ( RB here ) ) ( VP ( VBZ 's ) ) ( NP-SBJ ( NP ( DT a ) ( NN rundown ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ common ) ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NN market ) ( NNS orders ) ) ) ( VP ( VBN permitted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN stock ) ( CC and ) ( NN commodity ) ( NNS exchanges ) ) ) ) ) ) ) )

So here 's a rundown of the most common types of market orders permitted by the stock and commodity exchanges


( NP ( NP ( NP ( CD Two ) ( NNS things ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB keep ) ( PP-CLR ( IN in ) ( NP ( NN mind ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( RB Not ) ( DT all ) ( NNS exchanges ) ) ( VP ( VB accept ) ( NP ( NP ( DT every ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN order ) ) ) ) ) ) )

Two things to keep in mind Not all exchanges accept every type of order


( S ( CC And ) ( SBAR ( WHADVP-1 ( ADVP ( RB even ) ) ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( NN specific ) ( NN order ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ acceptable ) ( PP ( TO to ) ( NP ( DT an ) ( NN exchange ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT a ) ( NN brokerage ) ( NN firm ) ) ( VP ( MD can ) ( VP ( VB refuse ) ( S ( VP ( TO to ) ( VP ( VB enter ) ( NP ( PRP it ) ) ( PP-PRP ( IN for ) ( NP ( DT a ) ( NN customer ) ) ) ) ) ) ) ) )

And even when a specific order is acceptable to an exchange a brokerage firm can refuse to enter it for a customer


( NP ( NP ( NNP Market ) ( NNP Order ) ) ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADVP ( RB probably ) ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( RB widely ) ( VBN used ) ) ( NN order ) ) ( CC and ) ( NP ( NP ( DT the ) ( CD one ) ) ( ADJP ( RBS most ) ( JJ open ) ( PP ( TO to ) ( NP ( NP ( VB abuse ) ) ( PP ( IN by ) ( NP ( JJ unscrupulous ) ( NN floor ) ( NNS brokers ) ) ) ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ imposes ) ( NP ( DT no ) ( NN price ) ( NNS restrictions ) ) ) ) ) ) ) ) ) ) )

Market Order This is probably the most widely used order and the one most open to abuse by unscrupulous floor brokers since it imposes no price restrictions


( S ( PP ( IN With ) ( NP ( DT a ) ( NN market ) ( NN order ) ) ) ( NP-SBJ ( DT an ) ( NN investor ) ) ( VP ( VBZ tells ) ( NP-1 ( DT a ) ( NN broker ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) )

With a market order an investor tells a broker to buy or sell at the market


( S ( NP-SBJ ( PRP It ) ) ( VP ( POS 's ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG saying ) ( S ( VP ( VP ( VB get ) ( NP ( PRP me ) ) ( ADVP-LOC-CLR ( IN in ) ) ( ADVP-TMP ( RB now ) ) ) ( CC or ) ( VP ( VB get ) ( NP ( PRP me ) ) ( ADVP-LOC-CLR ( IN out ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ) )

It 's like saying get me in now or get me out now


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( NN wheat ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VP ( VBN offered ) ( PP-CLR ( IN at ) ( NP ( CD 4.065 ) ) ) ) ( CC and ) ( VP ( VBD bid ) ( PP-CLR ( IN at ) ( NP ( CD 4.060 ) ) ) ) ) ) ) ) ) ( S ( S ( NP-SBJ-1 ( DT a ) ( NN market ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN filled ) ( PP-CLR-3 ( IN at ) ( NP ( DT the ) ( JJR higher ) ( NN price ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( DT a ) ( NN market ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ( PP-CLR=3 ( IN at ) ( NP ( DT the ) ( JJR lower ) ( NN price ) ) ) ) ) )

For example if wheat is being offered at 4.065 and bid at 4.060 a market order to buy would be filled at the higher price and a market order to sell at the lower price


( S ( NP-SBJ ( DT A ) ( JJ recent ) ( NN indictment ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT some ) ( NN floor ) ( NNS brokers ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( CD two ) ( JJS largest ) ( NNP Chicago ) ( NN commodity ) ( NNS exchanges ) ) ) ) ( VP ( VBD used ) ( NP ( NN market ) ( NNS orders ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB fill ) ( NP ( NP ( NNS customers ) ( POS ' ) ) ( NNS orders ) ) ( PP-CLR ( IN at ) ( NP ( JJ unfavorable ) ( NNS prices ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG arranging ) ( NP ( NP ( NNS trades ) ) ( PP ( IN with ) ( NP ( NN fellow ) ( NNS brokers ) ) ) ) ) ) ) ) ) ) ) )

A recent indictment alleges that some floor brokers at the two largest Chicago commodity exchanges used market orders to fill customers ' orders at unfavorable prices by arranging trades with fellow brokers


( S ( NP-SBJ-1 ( NP ( NNS Profits ) ) ( VP ( VBD realized ) ( PP-CLR ( IN from ) ( NP ( DT these ) ( NNS trades ) ) ) ) ) ( VP ( MD would ) ( ADVP-TMP ( RB then ) ) ( VP ( VB be ) ( VP ( VBN shared ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( VBG conspiring ) ( NNS brokers ) ) ) ) ) ) )

Profits realized from these trades would then be shared by the conspiring brokers


( NP ( NP ( NNP Limit ) ( NNP Order ) ) ( S ( NP-SBJ-1 ( NN Limit ) ( NNS orders ) ) ( VP ( VBP are ) ( VP ( VBN used ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-3 ( NNS investors ) ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB restrict ) ( NP ( NP ( DT the ) ( NN amount ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB receive ) ( CC or ) ( VB pay ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( NN investment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Limit Order Limit orders are used when investors want to restrict the amount they will receive or pay for an investment


( S ( NP-SBJ-4 ( NNS Investors ) ) ( VP ( VB do ) ( NP ( DT this ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG specifying ) ( NP ( NP ( NP ( DT a ) ( NN minimum ) ( NN price ) ) ( SBAR ( WHPP-5 ( IN at ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN investment ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN sold ) ) ) ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN maximum ) ( NN price ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN paid ) ( PP-CLR ( IN for ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors do this by specifying a minimum price at which the investment may be sold or the maximum price that may be paid for it


( S ( VP ( VB Suppose ) ( SBAR ( S ( NP-SBJ-1 ( DT an ) ( NN investor ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT a ) ( NN stock ) ) ( FRAG ( CC but ) ( RB not ) ( PP ( IN for ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 55 ) ) ) ) ) ) ) ) ) ) ) ) )

Suppose an investor wants to sell a stock but not for less than 55


( S ( NP-SBJ-1 ( DT A ) ( NN limit ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN entered ) ( PP-CLR ( IN at ) ( NP ( DT that ) ( NN price ) ) ) ) ) ) )

A limit order to sell could be entered at that price


( NP ( NP ( CD One ) ( NN risk ) ) ( S ( NP-SBJ ( NNS Investors ) ) ( VP ( MD may ) ( VP ( VB regret ) ( NP ( DT the ) ( NN restriction ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VP ( VBZ reaches ) ( NP ( CD 54 ) ) ) ( CC and ) ( RB then ) ( VP ( VBZ falls ) ) ) ) ) ) ) ) )

One risk Investors may regret the restriction if the stock reaches 54 and then falls


( S ( SBAR-ADV ( IN Unless ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ goes ) ( PP-DIR ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( NN tick ) ) ( PRN ( NP ( NP ( DT the ) ( JJS smallest ) ( NN price ) ( NN increment ) ) ( VP ( VBN permitted ) ) ) ) ) ( IN beyond ) ( NP ( DT the ) ( NN limit ) ( NN price ) ) ) ) ) ) ( NP-SBJ-1 ( NNS investors ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN assured ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG having ) ( S ( NP-SBJ-2 ( PRP$ their ) ( NNS orders ) ) ( VP ( VBD filled ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ sufficient ) ( VBG trading ) ( NN volume ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB permit ) ( S ( VP ( VBG filling ) ( NP ( PRP it ) ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( VBN specified ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Unless the market goes at least one tick the smallest price increment permitted beyond the limit price investors are n't assured of having their orders filled because there may not be sufficient trading volume to permit filling it at the specified price


( NP ( NP ( NNP Stop ) ( NNP Order ) ) ( S ( NP-SBJ ( VB Stop ) ( NNS orders ) ) ( VP ( VB tell ) ( NP-1 ( DT a ) ( NN floor ) ( NN broker ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( DT an ) ( NN investment ) ) ( SBAR-TMP ( IN once ) ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( VBZ reaches ) ( NP ( DT a ) ( JJ certain ) ( NN level ) ) ) ) ) ) ) ) ) ) )

Stop Order Stop orders tell a floor broker to buy or sell an investment once the price reaches a certain level


( S ( SBAR-TMP ( RB Once ) ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( VBZ reaches ) ( NP ( DT that ) ( NN level ) ) ) ) ) ( S ( NP-SBJ ( DT a ) ( NN stop ) ( NN order ) ) ( VP ( VBZ turns ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( NN market ) ( NN order ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN order ) ) ( VP ( VBZ is ) ( VP ( VBN filled ) ( PP-CLR ( IN at ) ( SBAR-NOM ( WHNP-2 ( WDT whatever ) ( NN price ) ) ( S ( NP-SBJ ( DT the ) ( NN broker ) ) ( VP ( MD can ) ( VP ( VB get ) ) ) ) ) ) ) ) ) )

Once the price reaches that level a stop order turns into a market order and the order is filled at whatever price the broker can get


( S ( NP-SBJ-1 ( NN Stop ) ( NNS orders ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NN stop-loss ) ( NNS orders ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB frequently ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VP ( VB protect ) ( NP ( NNS profits ) ) ) ( CC or ) ( VP ( NN limit ) ( NP ( NNS losses ) ) ) ) ) ) ) ) ) ) ) ) )

Stop orders are sometimes called stop-loss orders because they are frequently used to protect profits or limit losses


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NN stop ) ( NNS orders ) ) ( VP ( VB sound ) ( ADJP-PRD ( JJ similar ) ( PP ( TO to ) ( NP ( NN limit ) ( NNS orders ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN difference ) ) ( S ( S ( NP-SBJ-1 ( VB Sell ) ( NNS stops ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN entered ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP-LOC-2 ( IN below ) ( NP ( DT the ) ( JJ current ) ( NN market ) ( NN price ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( VB buy ) ( NNS stops ) ) ( PP-LOC=2 ( IN above ) ) ) ) ) ) )

While stop orders sound similar to limit orders there is a difference Sell stops must be entered at a price below the current market price and buy stops above


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( S ( NP-SBJ-1 ( VB sell ) ( NN limit ) ( NNS orders ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN placed ) ( PP-CLR ( IN above ) ( NP ( DT the ) ( NN market ) ( NN price ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( VB buy ) ( NN limit ) ( NNS orders ) ) ( VP ( VBP are ) ( VP ( VBN placed ) ( PP-CLR ( IN below ) ) ) ) ) )

In contrast sell limit orders must be placed above the market price and buy limit orders are placed below


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN crash ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ( CD 1987 ) ) ) ) ( CC and ) ( NP ( NP ( JJ last ) ( NNP Friday ) ( POS 's ) ) ( NN sell-off ) ) ) ( VP ( ADVP-MNR ( RB painfully ) ) ( VBD taught ) ( NP ( DT some ) ( NNS investors ) ) ( SBAR ( WHNP-1 ( ADVP ( RB exactly ) ) ( WP what ) ) ( S ( NP-SBJ ( VB stop ) ( NNS orders ) ) ( VP ( MD will ) ( CC and ) ( MD wo ) ( RB n't ) ( VP ( VB do ) ) ) ) ) ) )

The crash in October 1987 and last Friday 's sell-off painfully taught some investors exactly what stop orders will and wo n't do


( S ( NP-SBJ-4 ( NP ( DT An ) ( NN investor ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN placed ) ( NP ( DT a ) ( NN stop-loss ) ( NN order ) ) ( PP-CLR ( IN at ) ( NP ( CD 90 ) ) ) ( PP ( IN under ) ( NP ( NP ( DT a ) ( NN stock ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 100 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( NNP Friday ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN stunned ) ( S ( VP ( TO to ) ( VP ( VB discover ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN order ) ) ( VP ( VBD was ) ( VP ( VBN filled ) ( PP-CLR ( IN at ) ( NP ( CD 75 ) ) ) ( SBAR-TMP ( WHADVP-5 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ) ( VP ( VBD opened ) ( PP-CLR ( IN at ) ( NP ( DT that ) ( NN price ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An investor who may have placed a stop-loss order at 90 under a stock that was trading at 100 a share on the Friday before the crash was stunned to discover that the order was filled at 75 when the stock opened at that price on Monday


( NP ( NP ( NNP Stop-Limit ) ( NNP Order ) ) ( S ( NP-SBJ ( JJ Stop-limit ) ( NNS orders ) ) ( VP ( VB turn ) ( PP-CLR ( IN into ) ( NP ( NN limit ) ( NNS orders ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT an ) ( NN investment ) ) ( VP ( VBZ trades ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN price ) ) ( VP ( VBN specified ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN order ) ) ) ) ) ) ) ) ) ) ) )

Stop-Limit Order Stop-limit orders turn into limit orders when an investment trades at the price specified in the order


( S ( PP ( IN Unlike ) ( NP ( NP ( NN stop ) ( NNS orders ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN filled ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN market ) ( NN price ) ) ) ( SBAR-TMP ( WHADVP-5 ( WRB when ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN stop ) ( NN price ) ) ( VP ( VBZ is ) ( VP ( VBN hit ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ stop-limit ) ( NNS orders ) ) ( VP ( VB demand ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NNS trades ) ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-CLR ( ADVP ( RB only ) ) ( IN at ) ( NP ( DT the ) ( VBN specified ) ( NN price ) ) ) ) ) ) ) ) )

Unlike stop orders which are filled at the market price when the stop price is hit stop-limit orders demand that the trades be made only at the specified price


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-CLR ( IN at ) ( NP ( DT that ) ( NN price ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB get ) ( VP ( VBN filled ) ) ) ) )

If it ca n't be made at that price it does n't get filled


( S ( NP-SBJ-5 ( NP ( NNS Investors ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VB wish ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN out ) ( PP ( IN of ) ( NP ( DT a ) ( NN position ) ) ) ) ( PP ( IN without ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG receiving ) ( NP ( DT a ) ( JJ worse-than-expected ) ( NN price ) ) ( PP-DIR ( IN from ) ( NP ( DT a ) ( NN market ) ( NN order ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB use ) ( NP ( NP ( DT this ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN order ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB specify ) ( NP ( NP ( DT the ) ( NN price ) ) ( SBAR ( WHPP-6 ( IN at ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN order ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN filled ) ) ) ) ) ) ) ) ) ) ) ) )

Investors who wish to be out of a position without the risk of receiving a worse-than-expected price from a market order may use this type of order to specify the price at which the order must be filled


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ moves ) ( ADVP-MNR ( RB quickly ) ( RB enough ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ impossible ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN broker ) ) ( VP ( TO to ) ( VP ( VB carry ) ( PRT ( RP out ) ) ( NP ( DT the ) ( NN order ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN investment ) ) ( VP ( VBZ has ) ( VP ( VBN passed ) ( NP ( DT the ) ( VBN specified ) ( NN price ) ) ) ) ) ) ) ) )

But if the market moves quickly enough it may be impossible for the broker to carry out the order because the investment has passed the specified price


( NP ( NP ( NNP Market-If-Touched ) ( NNP Order ) ) ( S ( NP-SBJ ( JJ Market-if-touched ) ( NNS orders ) ) ( VP ( VBP are ) ( PP-PRD ( IN like ) ( NP ( NN stop ) ( NNS orders ) ) ) ( SBAR-ADV ( IN in ) ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VB become ) ( NP-PRD ( NN market ) ( NNS orders ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT a ) ( VBN specified ) ( NN price ) ) ( VP ( VBZ is ) ( VP ( VBN reached ) ) ) ) ) ) ) ) ) ) )

Market-If-Touched Order Market-if-touched orders are like stop orders in that they become market orders if a specified price is reached


( S ( ADVP ( RB However ) ) ( PP ( IN unlike ) ( NP ( DT a ) ( JJ buy-stop ) ( NN order ) ) ) ( NP-SBJ-1 ( DT a ) ( NN buy ) ( NN market-if-touched ) ( NN order ) ) ( VP ( VBZ is ) ( VP ( VBN entered ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP-LOC ( IN below ) ( NP ( DT the ) ( JJ current ) ( NN price ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( DT a ) ( NN sell ) ( NN market-if-touched ) ( NN order ) ) ( VP ( VBZ is ) ( VP ( VBN entered ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP-LOC ( IN above ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

However unlike a buy-stop order a buy market-if-touched order is entered at a price below the current price while a sell market-if-touched order is entered at a price above it


( S ( ADVP-TMP ( RB As ) ( RB soon ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ trades ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( VBN specified ) ( NN price ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN floor ) ( NN broker ) ) ( VP ( MD will ) ( VP ( VB fill ) ( NP ( PRP it ) ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJS best ) ( JJ possible ) ( NN price ) ) ) ) ) )

As soon as the market trades at the specified price the floor broker will fill it at the best possible price


( NP ( NP ( NNP Fill-Or-Kill ) ( NNP Order ) ) ( S ( NP-SBJ ( DT The ) ( JJ fill-or-kill ) ( NN order ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( JJ several ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN timing ) ) ( PP ( IN of ) ( NP ( NNS trades ) ) ) ) ) ) ) ) ) ) ) )

Fill-Or-Kill Order The fill-or-kill order is one of several associated with the timing of trades


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ instructs ) ( NP-1 ( DT a ) ( NN broker ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( DT an ) ( NN investment ) ) ( PP-CLR ( IN at ) ( UCP ( NP ( DT the ) ( VBN specified ) ( NN price ) ) ( CC or ) ( ADJP ( JJR better ) ) ) ) ) ) ) ) )

It instructs a broker to buy or sell an investment at the specified price or better


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NN investment ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN bought ) ( CC or ) ( VBN sold ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN order ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB automatically ) ) ( VBN canceled ) ) ) )

But if the investment ca n't be bought or sold immediately the order is automatically canceled


( S ( NP-SBJ ( NP ( NNP Gregory ) ( NNP Bessemer ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD came ) ( PP-CLR ( IN in ) ) ( NP-PRD ( JJ second ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN stock ) ( NN division ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RB recently ) ( VBN completed ) ) ( NNP U.S. ) ( NNP Trading ) ( NNP Championship ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ uses ) ( NP ( JJ fill-or-kill ) ( NNS orders ) ) ( ADVP-MNR ( RB almost ) ( RB exclusively ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( VP ( VBG trading ) ( NP ( NNS options ) ) ) ) ) ) ) ) ) )

Gregory Bessemer who came in second in the stock division of the recently completed U.S. Trading Championship says he uses fill-or-kill orders almost exclusively when trading options


( S ( S-TPC-1 ( NP-SBJ-2 ( PRP I ) ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( PRP them ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB feel ) ( PRT ( RP out ) ) ( NP-PRD ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I like to use them to feel out the market he says


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB fill ) ( NP ( PRP it ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VP ( VB start ) ( ADVP-CLR ( RB over ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ new ) ( NN price ) ) ) ) ( CC or ) ( VP ( VB try ) ( ADVP-TMP ( RB again ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ same ) ( NN price ) ) ) ) ) ) )

If they do n't fill it immediately then I can start over at a new price or try again with the same price


( NP ( NP ( NNP Not-Held ) ( NNP Order ) ) ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT another ) ( VBG timing ) ( NN order ) ) ) ) )

Not-Held Order This is another timing order


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN market ) ( NN order ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ allows ) ( S ( NP-SBJ ( NN floor ) ( NNS brokers ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( JJR more ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( DT an ) ( NN investment ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( MD can ) ( VP ( VB get ) ( NP ( DT a ) ( JJR better ) ( NN price ) ) ( PP-MNR ( IN by ) ( NP ( VBG waiting ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is a market order that allows floor brokers to take more time to buy or sell an investment if they think they can get a better price by waiting


( S ( NP-SBJ-2 ( NP ( JJ Not-held ) ( NNS orders ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADVP ( RB also ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( S-TTL ( VP ( VB disregard ) ( NP ( DT the ) ( NN tape ) ) ) ) ( NNS orders ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB always ) ) ( VP ( VBN done ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN customer ) ( POS 's ) ) ( NN risk ) ) ) ) ) )

Not-held orders which are also known as disregard the tape orders are always done at the customer 's risk


( NP ( NP ( NNP One-Cancels-The-Other ) ( NNP Order ) ) ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADVP ( RB really ) ) ( NP-PRD ( NP ( CD two ) ( NNS orders ) ) ( PP-LOC ( IN in ) ( NP ( CD one ) ) ) ( PP ( ADVP ( RB generally ) ) ( IN for ) ( NP ( DT the ) ( JJ same ) ( NN security ) ( CC or ) ( NN commodity ) ) ) ( VP ( VBG instructing ) ( NP-2 ( NN floor ) ( NNS brokers ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB fill ) ( SBAR ( WHNP-1 ( WDT whichever ) ( NN order ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ) ) ) ( ADVP-TMP ( RB first ) ) ) ( CC and ) ( RB then ) ( VP ( VB cancel ) ( NP ( DT the ) ( JJ other ) ( NN order ) ) ) ) ) ) ) ) ) ) )

One-Cancels-The-Other Order This is really two orders in one generally for the same security or commodity instructing floor brokers to fill whichever order they can first and then cancel the other order


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ fast-moving ) ( NN market ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ prevents ) ( NP-1 ( DT an ) ( NN investor ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG getting ) ( VP ( VBN stuck ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG having ) ( VP ( VBN made ) ( NP ( NP ( CD two ) ( NNS trades ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ same ) ( NN security ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a fast-moving market it prevents an investor from getting stuck with having made two trades on the same security


( NP ( NP ( NNP Specific-Time ) ( NNP Order ) ) ( S ( NP-SBJ ( NP ( DT This ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN order ) ) ) ) ( VP ( NNS couples ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS orders ) ) ( VP ( VBD described ) ( ADVP-LOC ( IN above ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NNS instructions ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN order ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN carried ) ( PRT ( RP out ) ) ( PP-TMP ( IN at ) ( CC or ) ( IN by ) ( NP ( DT a ) ( JJ certain ) ( NN time ) ) ) ) ) ) ) ) ) ) ) ) )

Specific-Time Order This type of order couples many of the orders described above with instructions that the order must be carried out at or by a certain time


( S ( NP-TTL-SBJ-2 ( IN On ) ( DT the ) ( NN close ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ many ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NNS orders ) ) ) ) ) ) ) ) )

On the close can be added to many types of orders


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( JJ market-on-close ) ( NNS orders ) ) ( VP ( MD must ) ) ( VP ( VB be ) ( VP ( VBN filled ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ last ) ( JJ few ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NP ( VBG trading ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( PP-LOC-PRD ( IN within ) ( NP ( NP ( DT the ) ( JJ official ) ( NN closing ) ( NN range ) ) ( PP ( IN of ) ( NP ( NNS prices ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN determined ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN exchange ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For example market-on-close orders must be filled during the last few minutes of trading for the day at a price that is within the official closing range of prices as determined by the exchange


( S ( NP-SBJ ( JJ Stop-close-only ) ( NNS orders ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NN stop ) ( NNS orders ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB only ) ) ( VP ( VB become ) ( ADJP-PRD ( JJ active ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( VBG closing ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( VBG trading ) ) ) ) ) ) ) ) ) ) )

Stop-close-only orders are stop orders that only become active during the closing minutes of trading


( S ( S ( NP-SBJ ( NN Day ) ( NNS orders ) ) ( VP ( VB expire ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN day ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN entered ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( JJ good-till-canceled ) ( NNS orders ) ) ( VP ( VB have ) ( NP ( DT no ) ( NN expiration ) ( NN date ) ) ) ) )

Day orders expire at the end of the day on which they are entered good-till-canceled orders have no expiration date


( S ( NP-SBJ ( JJS Most ) ( NNS brokers ) ) ( VP ( VB assume ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT all ) ( NNS orders ) ) ( VP ( VBP are ) ( NP-PRD ( NN day ) ( NNS orders ) ) ( SBAR-ADV ( IN unless ) ( S ( VP ( VBN specified ) ( ADVP-MNR ( RB otherwise ) ) ) ) ) ) ) ) ) )

Most brokers assume that all orders are day orders unless specified otherwise


( S ( PP-TMP ( IN On ) ( NP ( NNP Oct. ) ( CD 19 ) ( CD 1987 ) ) ) ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VBD learned ) ( NP ( NP ( DT the ) ( NNS consequences ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG entering ) ( NP ( JJ good-til-canceled ) ( NN limit ) ( NNS orders ) ) ) ( CC and ) ( RB then ) ( VP ( VBG forgetting ) ( PP-CLR ( IN about ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) )

On Oct. 19 1987 some investors learned the consequences of entering good-til-canceled limit orders and then forgetting about them