( S ( NP-SBJ ( NP ( NNP Viktor ) ( NNP Sidorenko ) ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP State ) ( NNP Committee ) ) ( PP ( IN on ) ( NP ( NNP Nuclear ) ( NNP Safety ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS reactors ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN at ) ( NP ( NNP Kursk ) ( CC and ) ( NNP Smolensk ) ) ) ) ) ) ) )

Viktor Sidorenko vice chairman of the State Committee on Nuclear Safety said the two reactors were at Kursk and Smolensk


( S ( NP-SBJ ( NP ( NNS News ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN halt ) ) ) ) ( VP ( VBZ comes ) ( PP ( IN amid ) ( NP ( NP ( VBG growing ) ( NN anger ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Ukraine ) ) ( CC and ) ( NP ( NNP Byelorussia ) ) ) ) ( PP ( IN over ) ( NP ( NP ( VBG continuing ) ( JJ high ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( NN radiation ) ) ) ( PP ( IN from ) ( NP ( NNP Chernobyl ) ) ) ) ) ) ) ) )

News of the halt comes amid growing anger in the Ukraine and Byelorussia over continuing high levels of radiation from Chernobyl


( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ former ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Singapore ) ( NN branch ) ) ( PP ( IN of ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Group ) ( NNP Inc. ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN charged ) ( PP-LOC ( IN in ) ( NP ( NN court ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN on ) ( NP ( NP ( CD 19 ) ( NNS counts ) ) ( PP ( IN of ) ( NP ( NN cheating ) ) ) ) ) ) ) )

A former vice president of the Singapore branch of Drexel Burnham Lambert Group Inc. was charged in court yesterday on 19 counts of cheating


( S ( NP-SBJ-1 ( NP ( NNP Francis ) ( NNP Dang ) ) ( NP ( CD 41 ) ) ) ( VP ( VBZ is ) ( VP ( VBN alleged ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG cheating ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ( PP-CLR ( IN of ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 2.1 ) ( CD million ) ) ( NNP Singapore ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 1.1 ) ( CD million ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG carrying ) ( PRT ( RP out ) ) ( NP ( JJ unauthorized ) ( NNS transactions ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP London ) ( NNPS Commodities ) ( NNP Exchange ) ) ( CC and ) ( NP ( DT the ) ( NNP International ) ( NNP Petroleum ) ( NNP Exchange ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Francis Dang 41 is alleged to have been involved in cheating Drexel Burnham Lambert of up to 2.1 million Singapore dollars 1.1 million by carrying out unauthorized transactions on the London Commodities Exchange and the International Petroleum Exchange


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Dang ) ) ( VP ( VBZ is ) ( VP ( VBN alleged ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN used ) ( NP ( NP ( DT the ) ( NN account ) ) ( PP ( IN of ) ( NP ( NNP Singapore ) ( NN hotel ) ( CC and ) ( NN property ) ( NN magnate ) ( NNP Ong ) ( NNP Beng ) ( NNP Seng ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB effect ) ( NP ( DT the ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) )

Mr. Dang is alleged to have used the account of Singapore hotel and property magnate Ong Beng Seng to effect the transactions


( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ economic ) ( NN growth ) ) ( VP ( MD will ) ( VP ( VB fall ) ( ADVP-MNR ( RB sharply ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ cuts ) ( ADVP ( RB back ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NN oil ) ( NN coal ) ( CC and ) ( NN gas ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cap ) ( NP ( NP ( NNS emissions ) ) ( PP ( IN of ) ( NP ( NN carbon ) ( NN dioxide ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Japan says its economic growth will fall sharply if it cuts back on the use of oil coal and gas to cap emissions of carbon dioxide


( S ( NP-SBJ ( DT A ) ( NAC ( NNP Ministry ) ( PP ( IN of ) ( NP ( NNP International ) ( NNP Trade ) ( CC and ) ( NNP Industry ) ) ) ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN study ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( JJ annual ) ( JJ economic ) ( NN growth ) ( NN rate ) ) ( VP ( MD would ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB be ) ( NP-PRD ( QP ( RB only ) ( CD 0.8 ) ) ( NN % ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN carbon-dioxide ) ( NNS emissions ) ) ( VP ( VBD remained ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN level ) ) ( PP ( IN of ) ( NP ( QP ( CD 300 ) ( CD million ) ) ( NNS tons ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A Ministry of International Trade and Industry official said that a study found that Japan 's annual economic growth rate would eventually be only 0.8 % if carbon-dioxide emissions remained at this year 's level of 300 million tons


( S ( NP-SBJ ( DT The ) ( NN study ) ) ( VP ( MD will ) ( VP ( VB support ) ( NP ( NP ( NNS arguments ) ) ( PP ( IN against ) ( S-NOM ( VP ( VBG capping ) ( NP ( NN carbon-dioxide ) ( NNS emissions ) ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( MD will ) ( VP ( VB make ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( JJ U.N.-backed ) ( NN conference ) ) ( PP ( IN on ) ( NP ( JJ atmospheric ) ( NN pollution ) ) ) ) ) ( NP-TMP ( IN next ) ( NN month ) ) ) ) ) ) ) ) ) )

The study will support arguments against capping carbon-dioxide emissions that Japan will make at a U.N.-backed conference on atmospheric pollution next month


( S ( NP-SBJ ( DT The ) ( NN study ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NN carbon-dioxide ) ( NNS emissions ) ) ( VP ( MD would ) ( VP ( ADVP ( RB slightly ) ( RBR more ) ( IN than ) ) ( JJ double ) ( PP-TMP ( IN by ) ( NP ( CD 2010 ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( DT the ) ( NN nation ) ) ( VP ( VBD reduced ) ( NP ( NP ( PRP$ its ) ( NN dependence ) ) ( PP ( IN on ) ( NP ( JJ fossil ) ( NNS fuels ) ) ) ) ) ) ) ) ) ) ) ) )

The study said Japan 's carbon-dioxide emissions would slightly more than double by 2010 unless the nation reduced its dependence on fossil fuels


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG expanding ) ( NP ( JJ nuclear-power ) ( NN capability ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS quickest ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB lessen ) ( NP ( DT that ) ( NN dependence ) ) ) ) ) ) ) ) ) ) ) )

It said that expanding nuclear-power capability is the quickest way to lessen that dependence


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( NP ( VBN increased ) ( NN reliance ) ) ( PP ( IN on ) ( NP ( JJ nuclear ) ( NN power ) ) ) ) ( VP ( MD would ) ( VP ( VB meet ) ( NP ( NP ( JJ stiff ) ( NN opposition ) ) ( PP ( IN from ) ( NP ( NNS environmentalists ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( JJ second ) ( NN ministry ) ( NN official ) ) ( VP ( VBD said ) ) )

But increased reliance on nuclear power would meet stiff opposition from environmentalists a second ministry official said


( S ( PP ( RB Just ) ( IN in ) ( NP ( NP ( NN time ) ) ( PP ( IN for ) ( NP ( NNP Halloween ) ) ) ) ) ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( NNP Oxford ) ( NNP University ) ( NNP Press ) ) ( VP ( VBZ is ) ( VP ( VBG publishing ) ( NP ( NP ( DT a ) ( NNP Dictionary ) ) ( PP ( IN of ) ( NP ( NNPS Superstitions ) ) ) ) ) ) )

Just in time for Halloween Britain 's Oxford University Press is publishing a Dictionary of Superstitions


( S ( NP-SBJ ( NP ( DT The ) ( NN books ) ) ( CD 1,500 ) ( NNS entries ) ) ( VP ( VBP include ) ( S ( VP ( VP ( VBG stepping ) ( PP-CLR ( IN on ) ( NP ( NNS cracks ) ) ) ) ( CC and ) ( VP ( VBG knocking ) ( PP-CLR ( IN on ) ( NP ( NN wood ) ) ) ) ) ) ) )

The books 1,500 entries include stepping on cracks and knocking on wood


( S ( PP-LOC ( IN In ) ( NP ( NP ( NP ( NNP New ) ( NNP Zealand ) ( POS 's ) ) ( JJ tiny ) ( NN township ) ) ( PP ( IN of ) ( NP ( NP ( NNP Kaitaia ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( JJ direct ) ( NN dialing ) ) ( PP-TMP ( IN for ) ( NP ( QP ( JJR less ) ( IN than ) ( DT a ) ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( QP ( IN about ) ( CD 30 ) ) ( JJ angry ) ( NN phone-company ) ( NNS customers ) ) ( VP ( VBD questioned ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS bills ) ) ) ) ) )

In New Zealand 's tiny township of Kaitaia which has had direct dialing for less than a year about 30 angry phone-company customers questioned the size of their bills


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD turned ) ( PRT ( RP out ) ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS children ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG dialing ) ( NP ( NP ( DT a ) ( NN sex ) ( NN fantasy ) ( NN service ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) )

It turned out their children had been dialing a sex fantasy service in the U.S.


( S ( NP-SBJ ( NNP Tokyo ) ( NNS stocks ) ) ( VP ( VBD closed ) ( ADVP-CLR ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( ADJP ( RB moderately ) ( JJ active ) ) ( CC but ) ( ADJP ( JJ directionless ) ) ) ( NN trading ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ recent ) ( NN anxiety ) ) ( PP-LOC ( IN in ) ( NP ( NN world ) ( NN stock ) ( NNS markets ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB fade ) ) ) ) ) ) ) ) )

Tokyo stocks closed higher in moderately active but directionless trading as the recent anxiety in world stock markets continued to fade


( S ( NP-SBJ-1 ( NNP London ) ( NNS shares ) ) ( ADVP ( RB also ) ) ( VP ( VBN closed ) ( S-CLR ( ADJP-PRD ( JJR firmer ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ thin ) ( NN trading ) ) ( VP ( VBN driven ) ( ADVP ( RB largely ) ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ technical ) ( NNS factors ) ) ( CC and ) ( NP ( NP ( NN support ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ new ) ( NNP Wall ) ( NNP Street ) ( NN rally ) ) ) ) ) ) ) ) ) ) )

London shares also closed firmer in thin trading driven largely by technical factors and support from a new Wall Street rally


( S ( NP-SBJ ( NNS Prices ) ) ( ADVP ( RB also ) ) ( VP ( VBD rose ) ( PP-LOC ( IN on ) ( NP ( NP ( ADJP ( RB almost ) ( DT every ) ) ( JJ other ) ( JJ major ) ( NN exchange ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Europe ) ) ( NP ( NNP Asia ) ) ( CC and ) ( NP ( DT the ) ( NNP Pacific ) ) ) ) ) ) ) )

Prices also rose on almost every other major exchange in Europe Asia and the Pacific


( S ( NP-SBJ ( NP ( NP ( NNP Tokyo ) ( POS 's ) ) ( NNP Nikkei ) ( NN index ) ) ( PP ( IN of ) ( NP ( CD 225 ) ( NNS issues ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP ( CD 111.48 ) ( NNS points ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ) ( VP ( VBD climbed ) ( NP-EXT ( NP ( CD 266.66 ) ) ( CC or ) ( NP ( CD 0.76 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 35374.22 ) ) ) ) )

Tokyo 's Nikkei index of 225 issues which gained 111.48 points Wednesday climbed 266.66 or 0.76 % to 35374.22


( S ( NP-SBJ-1 ( NP ( NN Volume ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ first ) ( NN section ) ) ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 800 ) ( CD million ) ) ( NNS shares ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( QP ( CD 841 ) ( CD million ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ) )

Volume on the first section was estimated at 800 million shares compared with 841 million Wednesday


( S ( NP-SBJ ( NNS Winners ) ) ( VP ( VBD outnumbered ) ( NP ( NNS losers ) ) ( ADVP ( CD 645-293 ) ) ( SBAR ( IN with ) ( S ( NP-SBJ ( CD 186 ) ( NNS issues ) ) ( ADJP-PRD ( JJ unchanged ) ) ) ) ) )

Winners outnumbered losers 645-293 with 186 issues unchanged


( S ( PP-LOC ( IN In ) ( NP ( RB early ) ( NN trading ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 170.65 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35544.87 ) ) ) ) )

In early trading in Tokyo Friday the Nikkei index rose 170.65 points to 35544.87


( S ( PP-TMP ( IN On ) ( NP ( NNP Thursday ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Price ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNS issues ) ) ( VP ( VBN listed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN section ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP ( CD 0.24 ) ( NN point ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN up ) ( NP ( NP ( CD 22.78 ) ) ( CC or ) ( NP ( CD 0.86 ) ( NN % ) ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 2665.66 ) ) ) ) )

On Thursday the Tokyo Stock Price Index of all issues listed in the first section which gained 0.24 point Wednesday was up 22.78 or 0.86 % at 2665.66


( S ( S-TPC-4 ( S ( NP-SBJ-1 ( DT The ) ( NN morning ) ( NN session ) ) ( VP ( VBD was ) ( VP ( VBN dominated ) ( PP ( IN by ) ( NP-LGS ( NNS individuals ) ( CC and ) ( NNS dealers ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT some ) ( NNS institutions ) ) ( VP ( VBD participated ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ( S-ADV ( VP ( VBN encouraged ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN firmness ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

The morning session was dominated by individuals and dealers but some institutions participated in the afternoon encouraged by the market 's firmness traders said


( S ( NP-SBJ-1 ( NN Sentiment ) ) ( VP ( VBD was ) ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ small ) ( NN gain ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NNP New ) ( NNP York ) ( NNS stocks ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( NN anxiety ) ) ( PP ( IN over ) ( NP ( NP ( JJ possible ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ major ) ( NN earthquake ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD struck ) ( NP ( JJ northern ) ( NNP California ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sentiment was helped by the small gain made by New York stocks Wednesday despite anxiety over possible effects of the major earthquake that struck northern California Tuesday


( S ( S-ADV ( VP ( VBG Having ) ( VP ( VBN survived ) ( NP ( DT both ) ( NP ( NP ( JJ last ) ( NNP Friday ) ( POS 's ) ) ( ADJP ( CD 6.9 ) ( NN % ) ) ( NNP Wall ) ( NNP Street ) ( NN plunge ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ immediate ) ( NN aftermath ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NNP Bay ) ( NN area ) ( NN earthquake ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Tokyo ) ( NN market ) ( NNS participants ) ) ( VP ( VBD expressed ) ( NP ( NN relief ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN trading ) ) ( VP ( VBD had ) ( VP ( VBN returned ) ( PP-DIR ( TO to ) ( NP ( JJ normal ) ) ) ) ) ) ) ) ) )

Having survived both last Friday 's 6.9 % Wall Street plunge and the immediate aftermath of the San Francisco Bay area earthquake Tokyo market participants expressed relief that trading had returned to normal


( S ( NP-SBJ ( NP ( NNP Hiroyuki ) ( NNP Murai ) ) ( NP ( NP ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ( NN trading ) ( NN division ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Nikko ) ( NNPS Securities ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NNS reasons ) ) ( PP ( IN for ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNP Wall ) ( NNP Street ) ( NN plunge ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS participants ) ) ( VP ( VBD realized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Tokyo ) ( CC and ) ( NNP New ) ( NNP York ) ( NNS markets ) ) ( VP ( VBP have ) ( NP ( JJ different ) ( JJ economic ) ( NNS fundamentals ) ) ) ) ) ) ) ) ) )

Hiroyuki Murai general manager of the stock trading division at Nikko Securities said that after looking at the reasons for Friday 's Wall Street plunge participants realized that the Tokyo and New York markets have different economic fundamentals


( S-1 ( NP-SBJ ( DT This ) ( NN conclusion ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD restored ) ( NP ( NP ( DT the ) ( NN credibility ) ) ( PP ( IN of ) ( NP ( NNP Tokyo ) ( NNS stocks ) ) ) ) ) )

This conclusion he said restored the credibility of Tokyo stocks


( S ( NP-SBJ ( NP ( NNP Yoshiaki ) ( NNP Mitsuoka ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN investment ) ( NN information ) ( NN department ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Daiwa ) ( NNP Investment ) ( NNP Trust ) ( CC & ) ( NNP Management ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP New ) ( NNP York ) ( NNS stocks ) ) ( ADVP ( RB just ) ) ( VP ( VBP fluctuate ) ( PP-LOC ( IN in ) ( CC or ) ( IN near ) ( NP ( PRP$ their ) ( JJ current ) ( NN range ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Tokyo ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( NN firm ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( RB moderately ) ( JJ upward ) ) ( NN trend ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Yoshiaki Mitsuoka head of the investment information department at Daiwa Investment Trust & Management said that if New York stocks just fluctuate in or near their current range the Tokyo market will remain firm with a moderately upward trend for the rest of the year


( S ( CC But ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ lacks ) ( NP ( NP ( DT a ) ( NN base ) ) ( SBAR ( WHPP-1 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( VP ( TO to ) ( VP ( VB set ) ( NP ( JJ long-term ) ( NN buying ) ( NN strategy ) ) ) ) ) ) ) ( SBAR-PRP ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ future ) ( NN direction ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN interest ) ( NNS rates ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ unclear ) ) ) ) ) ) ) ) ) )

But traders said the market lacks a base on which to set long-term buying strategy as the future direction of U.S. interest rates remains unclear


( S ( S-TPC-2 ( NP-SBJ ( NN Investor ) ( NN interest ) ) ( VP ( VBZ switches ) ( ADVP ( RB back ) ( CC and ) ( RB forth ) ) ( ADVP-MNR ( RB ceaselessly ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB shift ) ( NP ( PRP$ their ) ( NN weight ) ) ( PP-DIR ( TO to ) ( NP ( CD one ) ( NN side ) ) ) ( PP ( IN for ) ( ADVP ( JJ sure ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mitsuoka ) ) ( PP ( IN of ) ( NP ( NNP Daiwa ) ( NNP Investment ) ( NNP Trust ) ) ) ) ( VP ( VBD said ) ) )

Investor interest switches back and forth ceaselessly as they are unable to shift their weight to one side for sure Mr. Mitsuoka of Daiwa Investment Trust said


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wednesday ) ( POS 's ) ) ( NNS winners ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NNS losers ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( ADVP-MNR ( RB quickly ) ) ( VP ( VBD took ) ( NP ( NNS profits ) ) ) ( CC and ) ( VP ( VBD rotated ) ( NP ( PRP$ their ) ( NN buying ) ) ( PP-DIR ( TO to ) ( NP ( JJ other ) ( NNS issues ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Many of Wednesday 's winners were losers yesterday as investors quickly took profits and rotated their buying to other issues traders said


( S ( NP-SBJ ( NNS Pharmaceuticals ) ) ( VP ( VBD made ) ( NP ( JJ across-the-board ) ( NNS advances ) ) ) )

Pharmaceuticals made across-the-board advances


( S ( S ( NP-SBJ ( NNP Fujisawa ) ( NNP Pharmaceutical ) ) ( VP ( VBD gained ) ( NP ( CD 130 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( CD 1,930 ) ( NN yen ) ) ( PRN ( NP ( CD 13.64 ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Mochida ) ( NNP Pharmaceutical ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN up ) ( NP ( CD 150 ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 4,170 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Eisai ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 60 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,360 ) ) ) ) ) )

Fujisawa Pharmaceutical gained 130 to 1,930 yen 13.64 a share Mochida Pharmaceutical was up 150 at 4,170 and Eisai advanced 60 to 2,360


( S ( S-TPC-3 ( NP-SBJ-1 ( NN Housing ) ( NNS issues ) ) ( VP ( VBD were ) ( VP ( VBN boosted ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN report ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Daiwa ) ( NNP House ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( ADJP ( ADVP ( CD 43 ) ( NN % ) ) ( JJR higher ) ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJS latest ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Housing issues were boosted by a report that Daiwa House expects to post 43 % higher earnings for its latest fiscal year traders said


( S ( S ( NP-SBJ ( NNP Daiwa ) ( NNP House ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 100 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,610 ) ) ) ) ) ( S ( NP-SBJ ( NNP Misawa ) ( NNPS Homes ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN up ) ( NP ( CD 60 ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 2,940 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Sekisui ) ( NNP House ) ) ( VP ( VBD gained ) ( NP ( CD 100 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,490 ) ) ) ) ) )

Daiwa House advanced 100 to 2,610 Misawa Homes was up 60 at 2,940 and Sekisui House gained 100 to 2,490


( S ( S-TPC-1 ( NP-SBJ ( VBG Leading ) ( NN construction ) ( NNS companies ) ) ( ADVP ( RB also ) ) ( VP ( VBD attracted ) ( NP ( NN interest ) ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( JJ strong ) ( NNS earnings ) ( NNS outlooks ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Leading construction companies also attracted interest for their strong earnings outlooks traders said


( S ( NP-SBJ ( NP ( PRP They ) ) ( CC and ) ( NP ( ADJP ( JJ many ) ( JJ other ) ) ( JJ major ) ( JJ Japanese ) ( NNS corporations ) ) ) ( VP ( MD will ) ( VP ( VB issue ) ( NP ( NP ( NNS results ) ) ) ( ADVP-TMP ( RB soon ) ) ( PP-1 ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( JJ first ) ( NN half ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) )

They and many other major Japanese corporations will issue results soon for the fiscal first half ended Sept. 30


( S ( S ( NP-SBJ-1 ( NNP Ohbayashi ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN up ) ( NP ( CD 60 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 1,680 ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Shimizu ) ) ( VP ( VBD gained ) ( NP ( CD 50 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,120 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Kumagai-Gumi ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,490 ) ) ) ) ) )

Ohbayashi was up 60 to close at 1,680 Shimizu gained 50 to 2,120 and Kumagai-Gumi advanced 40 to 1,490


( S ( NP-SBJ ( JJ Other ) ( NNS winners ) ) ( VP ( VBD included ) ( NP ( NP ( JJ real ) ( NN estate ) ( NNS issues ) ) ( NP ( NP ( NP ( NNP Mitsubishi ) ( NNP Estate ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 2,500 ) ) ) ( ADVP ( IN up ) ( NP ( CD 130 ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Mitsui ) ( NNP Real ) ( NNP Estate ) ( NNP Development ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP ( CD 100 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,890 ) ) ) ) ) ) ) ) ) ) )

Other winners included real estate issues Mitsubishi Estate which closed at 2,500 up 130 and Mitsui Real Estate Development which gained 100 to 2,890


( S ( NP-SBJ-1 ( NNP Steel ) ( NNS shares ) ) ( VP ( VBD fell ) ( ADVP-DIR ( RB back ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG advancing ) ( PP-TMP ( IN for ) ( NP ( CD three ) ( NNS days ) ) ) ) ) ) ) )

Steel shares fell back after advancing for three days


( S ( S ( NP-SBJ ( NNP Kawasaki ) ( NNP Steel ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( NP ( CD 11 ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 788 ) ) ) ) ) ( S ( NP-SBJ ( NNP Kobe ) ( NNP Steel ) ) ( VP ( VBD lost ) ( NP ( CD 5 ) ) ( PP-DIR ( TO to ) ( NP ( CD 723 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Nippon ) ( NNP Steel ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 6 ) ) ( PP-DIR ( TO to ) ( NP ( CD 729 ) ) ) ) ) )

Kawasaki Steel was down 11 at 788 Kobe Steel lost 5 to 723 and Nippon Steel slipped 6 to 729


( S ( NP-SBJ ( NP ( NNP Mitsubishi ) ( NNP Rayon ) ) ( NP ( NP ( DT a ) ( VBG leading ) ( NN advancer ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 44 ) ) ( PP-DIR ( TO to ) ( NP ( CD 861 ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD grabbed ) ( NP ( NNS profits ) ) ) ) ) ) )

Mitsubishi Rayon a leading advancer Wednesday fell 44 to 861 as investors grabbed profits


( S ( NP-SBJ-1 ( NP ( NNP London ) ( POS 's ) ) ( NNP Financial ) ( NNP Times-Stock ) ( NNP Exchange ) ( JJ 100-share ) ( NN index ) ) ( VP ( VBD finished ) ( S-CLR ( ADJP-PRD ( NP ( CD 19.2 ) ( NNS points ) ) ( JJR higher ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 2189.3 ) ) ) ) )

London 's Financial Times-Stock Exchange 100-share index finished 19.2 points higher at 2189.3


( S ( NP-SBJ-1 ( DT The ) ( NNP Financial ) ( NNP Times ) ( JJ 30-share ) ( NN index ) ) ( VP ( VBD ended ) ( S-CLR ( ADVP-PRD ( NP ( CD 13.6 ) ) ( JJR higher ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 1772.1 ) ) ) ) )

The Financial Times 30-share index ended 13.6 higher at 1772.1


( S ( NP-SBJ-1 ( NN Volume ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ active ) ( NNS dealings ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN week ) ) ) ) ) ) ) ) ) ) ) )

Volume continued to ease from the active dealings at the start of the week


( S ( NP-SBJ ( NN Turnover ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 382.9 ) ( CD million ) ) ( NNS shares ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( QP ( CD 449.3 ) ( CD million ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) )

Turnover was 382.9 million shares compared with 449.3 million Wednesday


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN underpinned ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN squeeze ) ) ( PP-LOC ( IN in ) ( NP ( NNP FT-SE ) ( CD 100 ) ( NNS stocks ) ) ) ) ) ( PP-LOC ( RB particularly ) ( IN among ) ( NP ( NP ( NNS market-makers ) ) ( VP ( VBG seeking ) ( NP ( NP ( NNS shares ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN hit ) ( ADVP-MNR ( RB hard ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNS retailers ) ) ( CC and ) ( NP ( JJ building-related ) ( NNS concerns ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said the market was underpinned by a squeeze in FT-SE 100 stocks particularly among market-makers seeking shares that had been hit hard in recent weeks such as retailers and building-related concerns


( S-1 ( CC But ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( NN flurry ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( DT those ) ( NNS shares ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ nervous ) ( PP ( IN about ) ( NP ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN volatility ) ) ( CC and ) ( NP ( JJ high ) ( NNP U.K. ) ( NN interest ) ( NNS rates ) ) ) ) ) ) )

But despite the flurry of interest in those shares dealers said the market remains nervous about Wall Street 's volatility and high U.K. interest rates


( S ( NP-SBJ ( NP ( NNP U.K. ) ( NN money ) ( NN supply ) ( NNS figures ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ( VP ( VBD released ) ( NP-TMP ( NN yesterday ) ) ) ) ( VP ( VBD showed ) ( NP ( NP ( VBN continued ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( JJ corporate ) ( CC and ) ( JJ personal ) ) ( NN lending ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB keep ) ( NP ( NN pressure ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN government ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( JJ tight ) ( NN credit ) ) ) ) ) ) ) ) ) ) ) )

U.K. money supply figures for September released yesterday showed continued growth in corporate and personal lending which will keep pressure on the government to maintain tight credit


( SINV ( PP-LOC-PRD-TPC-2 ( IN Among ) ( NP ( NP ( DT the ) ( NNS stocks ) ) ( VP ( VBN featured ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS market-makers ) ( POS ' ) ) ( NN squeeze ) ) ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NP ( NNP Sears ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 107 ) ( NN pence ) ) ( PRN ( NP ( CD 1.70 ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 3 ) ) ) ) ) ) ) )

Among the stocks featured in the market-makers ' squeeze was Sears which closed at 107 pence 1.70 a share up 3


( S ( NP-SBJ ( NP ( NNP General ) ( NNP Universal ) ( NNPS Stores ) ) ( NP ( NP ( DT another ) ( JJ top-tier ) ( NN stock ) ) ( VP ( VBN hit ) ( ADVP-TMP ( RB recently ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS concerns ) ) ( PP ( IN over ) ( NP ( JJ retail ) ( NN demand ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN face ) ) ( PP ( IN of ) ( NP ( JJ high ) ( NN interest ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ( VP ( VBD gained ) ( NP ( CD 20 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10.44 ) ) ) ) ) )

General Universal Stores another top-tier stock hit recently by concerns over retail demand in the face of high interest rates gained 20 to 10.44


( S ( NP-SBJ ( NNP Storehouse ) ) ( VP ( VBD gained ) ( NP ( CD 2 ) ) ( PP-DIR ( TO to ) ) ) )

Storehouse gained 2 to


( S ( NP-SBJ ( DT Another ) ( JJ active ) ( NNP FT-SE ) ( CD 100 ) ( NN stock ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN clothing ) ( CC and ) ( NN furniture ) ( NN retailer ) ( NNP Burton ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP ( CD 6 ) ) ( PP-DIR ( TO to ) ( NP ( CD 196 ) ) ) ) ) ) ) ) )

Another active FT-SE 100 stock was clothing and furniture retailer Burton which gained 6 to 196


( S ( NP-SBJ ( NNS Insurers ) ) ( VP ( VBD recovered ) ( NP ( NN ground ) ) ( ADVP-TMP ( RB again ) ) ( PP ( IN on ) ( NP ( NP ( NN market-maker ) ( NN demand ) ) ( CC and ) ( NP ( NP ( JJ speculative ) ( NN buying ) ) ( VP ( VBN linked ) ( PP-CLR ( TO to ) ( NP ( NP ( NN talk ) ) ( PP ( IN of ) ( NP ( NP ( NNS mergers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN industry ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NP ( DT the ) ( NNP European ) ( NNP Community ) ( POS 's ) ) ( VBN planned ) ( NN market ) ( NN unification ) ) ( PP-TMP ( IN in ) ) ) ) ) ) ) ) ) ) ) ) ) )

Insurers recovered ground again on market-maker demand and speculative buying linked to talk of mergers in the industry before the European Community 's planned market unification in


( S ( NP-SBJ-1 ( NNP Royal ) ( NNP Insurance ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN sector ) ( POS 's ) ) ( JJS hottest ) ( NN issue ) ) ( S-ADV ( VP ( VBG ending ) ( S-CLR ( ADJP-PRD ( NP ( CD 15 ) ) ( JJR higher ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 465 ) ) ) ) ) ) )

Royal Insurance was the sector 's hottest issue ending 15 higher at 465


( S ( S ( NP-SBJ-1 ( NNP Sun ) ( NNP Alliance ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 289 ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP General ) ( NNP Accident ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 10 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10.13 ) ) ) ) ) ) )

Sun Alliance fell 1 to close at 289 and General Accident jumped 10 to 10.13


( S ( NP-SBJ ( NNP B.A.T ) ( NNPS Industries ) ) ( VP ( VBD surged ) ( PP-LOC ( IN in ) ( NP ( NN afternoon ) ( NNS dealings ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( PRP$ its ) ( NNS shareholders ) ) ( VP ( VBD approved ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB dispose ) ( PP-CLR ( IN of ) ( NP ( PRP$ its ) ( NNP U.S. ) ( CC and ) ( NNP U.K. ) ( VBG retailing ) ( NNS operations ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NP ( NNP Hoylake ) ( NNP Investment ) ( POS 's ) ) ( ADJP ( ADJP ( QP ( CD 13.4 ) ( CD billion ) ) ) ( PRN ( ADJP ( QP ( CD 21.33 ) ( CD billion ) ) ) ) ) ( JJ hostile ) ( NN bid ) ) ) ) ) ) ) ) ) )

B.A.T Industries surged in afternoon dealings after its shareholders approved a plan to dispose of its U.S. and U.K. retailing operations to fend off Hoylake Investment 's 13.4 billion 21.33 billion hostile bid


( S ( PP ( IN With ) ( S-NOM ( NP-SBJ ( DT the ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBG exercising ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( ADVP ( RB back ) ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 783 ) ) ) ( ADVP ( IN up ) ( NP ( CD 27 ) ) ) ) )

With the company also exercising a plan to buy back as many as 10 % of its shares outstanding B.A.T closed at 783 up 27


( S ( NP-SBJ ( NN Turnover ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 6.8 ) ( CD million ) ) ( NNS shares ) ) ( PP ( VBG including ) ( NP ( NP ( QP ( IN about ) ( CD four ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN traded ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NNS shareholders ) ( POS ' ) ) ( NN meeting ) ) ) ) ) ) ) )

Turnover was 6.8 million shares including about four million shares traded in the afternoon after the shareholders ' meeting


( S ( NP-SBJ ( NNP B.A.T ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD purchased ) ( NP ( QP ( CD 2.5 ) ( CD million ) ) ( NNS shares ) ) ( PP-CLR ( IN at ) ( NP ( CD 785 ) ) ) ) ) ) ) )

B.A.T said it purchased 2.5 million shares at 785


( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( JJ European ) ( NNS markets ) ) ) ( NP-SBJ-1 ( NNS shares ) ) ( VP ( VP ( VBD closed ) ( S-CLR ( ADJP-PRD-2 ( RB sharply ) ( JJR higher ) ) ) ( PP-LOC-3 ( IN in ) ( NP ( NNP Stockholm ) ( NNP Frankfurt ) ( NNP Zurich ) ( CC and ) ( NNP Paris ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=2 ( JJR higher ) ) ( PP-LOC=3 ( IN in ) ( NP ( NNP Milan ) ( NNP Amsterdam ) ( CC and ) ( NNP Brussels ) ) ) ) ) )

In other European markets shares closed sharply higher in Stockholm Frankfurt Zurich and Paris and higher in Milan Amsterdam and Brussels


( S ( NP-SBJ-1 ( ADJP ( NNP South ) ( NNP African ) ) ( NN gold ) ( NNS stocks ) ) ( VP ( VBD closed ) ( S-CLR ( ADJP-PRD ( JJR firmer ) ) ) ) )

South African gold stocks closed firmer


( S ( NP-SBJ-1 ( NNS Prices ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBN closed ) ( S-CLR ( ADJP-PRD ( JJR higher ) ) ) ( PP ( IN in ) ( NP ( NP ( NNP Singapore ) ) ( NP ( NNP Sydney ) ) ( NP ( NNP Taipei ) ) ( NP ( NNP Wellington ) ) ( NP ( NNP Hong ) ( NNP Kong ) ) ( CC and ) ( NP ( NNP Manila ) ) ) ) ) ( CC but ) ( VP ( VBD were ) ( ADJP-PRD ( JJR lower ) ) ( PP-LOC ( IN in ) ( NP ( NNP Seoul ) ) ) ) ) )

Prices also closed higher in Singapore Sydney Taipei Wellington Hong Kong and Manila but were lower in Seoul


( S ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NN price ) ( NNS trends ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ major ) ( NN stock ) ( NNS markets ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Morgan ) ( NNP Stanley ) ( NNP Capital ) ( NNP International ) ( NNP Perspective ) ) ( NP-LOC ( NNP Geneva ) ) ) ) ) ) ) ) )

Here are price trends on the world 's major stock markets as calculated by Morgan Stanley Capital International Perspective Geneva


( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ) ) ( NP-SBJ-1 ( DT each ) ( NN index ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 1969 ) ) ) ) ( VP ( VBG equaling ) ( NP ( CD 100 ) ) ) ) ) ) ) )

To make them directly comparable each index is based on the close of 1969 equaling 100


( S ( NP-SBJ ( DT The ) ( NN percentage ) ( NN change ) ) ( VP ( VBZ is ) ( PP-PRD ( IN since ) ( NP ( NN year-end ) ) ) ) )

The percentage change is since year-end


( S ( NP-SBJ ( NP ( NNP Sony ) ( NNP Corp. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( PRP$ its ) ( NNS bids ) ) ( PP ( IN for ) ( NP ( NP ( NNP Columbia ) ( NNPS Pictures ) ( NNP Entertainment ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Guber-Peters ) ( NNP Entertainment ) ( NNP Co. ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN cleared ) ( PP ( IN by ) ( NP-LGS ( JJ federal ) ( JJ antitrust ) ( NNS regulators ) ) ) ) ) ) ) ) ) )

Sony Corp. New York said its bids for Columbia Pictures Entertainment Inc. and Guber-Peters Entertainment Co. have been cleared by federal antitrust regulators


( S ( NP-SBJ ( DT The ) ( JJ Japanese ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( VBG waiting ) ( NN period ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP Hart-Scott-Rodino ) ( JJ antitrust ) ( NN act ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 3.4 ) ( CD billion ) ) ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP Columbia ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP Guber-Peters ) ) ) ) ) ) ) ( VP ( VBD expired ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) )

The Japanese company said the waiting period under the Hart-Scott-Rodino antitrust act for the 3.4 billion bid for Columbia and the 200 million offer for Guber-Peters expired Monday


( S ( NP-SBJ-1 ( NNP Sony ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT both ) ( NNS companies ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT a ) ( JJ legal ) ( NN battle ) ) ( PP ( IN with ) ( NP ( NNP Warner ) ( NNPS Communications ) ( NNP Inc. ) ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NNS services ) ) ( PP ( IN of ) ( NP ( NNS producers ) ( NNP Peter ) ( NNP Guber ) ( CC and ) ( NNP Jon ) ( NNP Peters ) ) ) ) ) ) ) ) ) )

Sony has agreed to buy both companies but is in a legal battle with Warner Communications Inc. over the services of producers Peter Guber and Jon Peters


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ( NP-SBJ ( NNP Sony ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( CD two ) ( JJR more ) ( NNS suits ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN filed ) ( VP-2 ( VBG opposing ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Columbia ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a filing with the Securities and Exchange Commission Sony also said two more suits have been filed opposing the company 's agreement to buy Columbia


( S ( NP-SBJ ( NNP Sony ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT a ) ( NN hearing ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN set ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Thursday ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Delaware ) ( NNP Chancery ) ( NNP Court ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS suits ) ) ) ) ) ) ) ) ) ) ) )

Sony added that a hearing has been set for Thursday in the Delaware Chancery Court in one of the suits


( S ( NP-SBJ ( NP ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP MCA ) ( NNP Inc. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ their ) ( NNP Discovision ) ( NNPS Associates ) ( JJ joint ) ( NN venture ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP U.S. ) ( NNS units ) ) ( PP ( IN of ) ( NP ( NNP Pioneer ) ( NNP Electronic ) ( NNP Corp. ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

International Business Machines Corp. and MCA Inc. said they agreed to sell their Discovision Associates joint venture to U.S. units of Pioneer Electronic Corp. for 200 million


( S ( NP-SBJ ( DT The ) ( JJ joint ) ( NN venture ) ) ( VP ( VBZ licenses ) ( NP ( NP ( DT a ) ( NN portfolio ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 1,400 ) ) ( NX ( NX ( NNS patents ) ) ( CC and ) ( NX ( NN patent ) ( NNS applications ) ) ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( JJ optical-disk ) ( NN recording ) ( NN technology ) ) ) ) ) ) ) ) )

The joint venture licenses a portfolio of about 1,400 patents and patent applications relating to optical-disk recording technology


( S ( NP-SBJ ( NNP IBM ) ( CC and ) ( NNP MCA ) ) ( VP ( VBD formed ) ( NP-1 ( NNP Discovision ) ) ( PP-TMP ( IN in ) ( NP ( CD 1979 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ laser-read ) ( JJ optical ) ( NNS products ) ) ) ) ) ) )

IBM and MCA formed Discovision in 1979 to make laser-read optical products


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNS partners ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS systems ) ) ) ) ( VP ( VBD was ) ( VP ( VBG developing ) ( ADVP-MNR ( ADVP ( RB as ) ( RB rapidly ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN hoped ) ) ) ) ) ) ) ) ) ) ) ) )

But the partners did n't believe the market for the systems was developing as rapidly as they had hoped


( S ( PP-TMP ( IN After ) ( S-NOM ( ADVP ( RB reportedly ) ) ( VP ( VBG investing ) ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN business ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Discovision ) ) ( VP ( VP ( VBD ceased ) ( NP ( NN manufacturing ) ( NNS operations ) ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ) ( CC and ) ( VP ( VBD sold ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS assets ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( JJ Tokyo-based ) ( NNP Pioneer ) ) ( PP-LOC ( IN among ) ( NP ( NNS others ) ) ) ) ) ) ) )

After reportedly investing 100 million in the business Discovision ceased manufacturing operations in 1982 and sold many of its assets to Tokyo-based Pioneer among others


( S ( NP-SBJ ( NNP Discovision ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ world-wide ) ( NN license ) ( NNS agreements ) ) ( PP ( IN with ) ( NP ( JJ major ) ( NNS manufacturers ) ) ) ( VP ( VBG covering ) ( NP ( NP ( NN CD ) ( NN audio ) ( NNS disks ) ) ( NP ( JJ audio ) ( NN disk ) ( NNS players ) ) ( NP ( NNS videodisks ) ) ( CC and ) ( NP ( NN videodisk ) ( NNS players ) ) ) ) ) ) )

Discovision now has world-wide license agreements with major manufacturers covering CD audio disks audio disk players videodisks and videodisk players


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ licenses ) ( NP ( ADJP ( RB optically ) ( VBN based ) ) ( NNS data ) ( NN storage ) ( CC and ) ( NN retrieval ) ( NNS devices ) ) ) )

It also licenses optically based data storage and retrieval devices


( S ( NP-SBJ ( NP ( NNP James ) ( NNP N. ) ( NNP Fiedler ) ) ( NP ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Discovision ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP MCA ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP IBM ) ( CC and ) ( NNP MCA ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN planned ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT the ) ( JJ joint ) ( NN venture ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( JJ profitable ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Pioneer ) ) ( VP ( VBD approached ) ( NP ( NNP Discovision ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) )

James N. Fiedler president of Discovision and a vice president of MCA said that IBM and MCA had n't planned to sell the joint venture which is now profitable but that Pioneer approached Discovision earlier this year


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ certain ) ) ( SBAR-2 ( IN whether ) ( S ( NP-SBJ ( NP ( NNP Discovision ) ( POS 's ) ) ( JJ current ) ( NN management ) ) ( VP ( MD will ) ( VP ( VB remain ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Pioneer ) ) ( VP ( VBZ buys ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said it is n't certain whether Discovision 's current management will remain when Pioneer buys the company


( S ( NP-SBJ-1 ( DT The ) ( NN agreement ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( JJ contingent ) ( PP ( IN on ) ( NP ( JJ certain ) ( NN government ) ( NNS approvals ) ) ) ) ) ( CC and ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN completed ) ( NP-TMP ( RB later ) ( DT this ) ( NN year ) ) ) ) ) ) )

The agreement is contingent on certain government approvals and should be completed later this year


( S ( NP-SBJ ( NP ( NNP Affiliated ) ( NNPS Bankshares ) ) ( PP ( IN of ) ( NP ( NNP Colorado ) ( NNP Inc. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NNP Rocky ) ( NNP Mountain ) ( NNP Bankcard ) ( NNPS Systems ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 18.5 ) ( CD million ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NP ( NNP Colorado ) ( NNP National ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Denver ) ) ) ) ( CC and ) ( NP ( NP ( NNP Central ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Denver ) ) ) ) ) ) ) ) ) ) ) ) ) )

Affiliated Bankshares of Colorado Inc. said it agreed to sell its 10 % interest in Rocky Mountain Bankcard Systems for 18.5 million to Colorado National Bank of Denver and Central Bank of Denver


( S ( S ( NP-SBJ ( NNP Colorado ) ( NNP National ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Colorado ) ( NNP National ) ( NNPS Bankshares ) ( NNP Inc. ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Central ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP First ) ( NNP Bank ) ( NNP System ) ) ( PP ( IN of ) ( NP ( NNP Minneapolis ) ) ) ) ) ) ) ) )

Colorado National is a unit of Colorado National Bankshares Inc. and Central is a unit of First Bank System of Minneapolis


( S ( NP-SBJ ( VBN Affiliated ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB record ) ( NP ( NP ( DT a ) ( NN pretax ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 18.5 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN credit-card ) ( NN business ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD should ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBN offset ) ( NP ( NP ( DT any ) ( NN reduction ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( VBG carrying ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ real ) ( NN estate ) ) ( CC and ) ( NP ( NN real-estate ) ( NNS loans ) ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ its ) ( NNS books ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Affiliated said it expects to record a pretax gain of about 18.5 million from the sale of the credit-card business which should more than offset any reduction in the carrying value of real estate and real-estate loans on its books


( S ( NP-SBJ-1 ( NNP Baxter ) ( NNP International ) ( NNP Inc. ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( JJ cost-cutting ) ( NNS moves ) ) ( CC and ) ( NP ( NP ( VBN increased ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NX ( NX ( JJ home-care ) ( NNS products ) ) ( CC and ) ( NX ( NN dialysis ) ( NNS treatments ) ) ) ) ) ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( ADJP ( CD 5.9 ) ( NN % ) ) ( NNS sales ) ( NN boost ) ) ) ) )

Baxter International Inc. citing cost-cutting moves and increased sales of its home-care products and dialysis treatments posted a 20 % rise in third-quarter net income on a 5.9 % sales boost


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Deerfield ) ( NNP Ill. ) ) ( JJ medical ) ( NNS products ) ( CC and ) ( NNS services ) ( NN company ) ) ( VP ( VBD posted ) ( NP ( NP ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD 102 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 34 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 85 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 28 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) ) ) )

The Deerfield Ill. medical products and services company posted net of 102 million or 34 cents a share compared with 85 million or 28 cents a share a year ago


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 1.81 ) ( CD billion ) ) ) ( ADVP ( IN up ) ( PP ( IN from ) ( NP ( QP ( CD 1.71 ) ( CD billion ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) )

Sales totaled 1.81 billion up from 1.71 billion the previous year


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ nine-month ) ( NN period ) ) ) ( NP-SBJ ( NNP Baxter ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN net ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 15 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 307 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.02 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 267 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 89 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) ) )

For the nine-month period Baxter said net rose 15 % to 307 million or 1.02 a share from 267 million or 89 cents a share during the year-ago period


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN up ) ( NP ( CD 8 ) ( NN % ) ) ( PP ( TO to ) ( NP ( QP ( CD 5.44 ) ( CD billion ) ) ) ) ( PP ( IN from ) ( NP ( QP ( CD 5.04 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) )

Sales for the nine months were up 8 % to 5.44 billion from 5.04 billion in the same period in 1988


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Baxter ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 22.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( IN down ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading Baxter closed at 22.25 a share down 12.5 cents


( S ( NP-SBJ ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NNP Corp. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NN third-quarter ) ( NNS earnings ) ) ) ) ) )

Dun & Bradstreet Corp. posted a 15 % rise in third-quarter earnings


( S ( CC But ) ( NP-SBJ ( NN revenue ) ) ( VP ( VBD declined ) ( NP-EXT ( QP ( JJR more ) ( IN than ) ( CD 2 ) ) ( NN % ) ) ( S-ADV ( VP ( VBG reflecting ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( NP ( NP ( DT a ) ( VBG continuing ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN credit ) ( NNS services ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NN controversy ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS sales ) ( NNS practices ) ) ) ) ) ) ) ) ) ) ) )

But revenue declined more than 2 % reflecting in part a continuing drop in sales of credit services in the wake of controversy over the company 's sales practices


( S ( NP-SBJ ( DT The ) ( NN information ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD cited ) ( NP ( NP ( DT the ) ( JJR stronger ) ( NN dollar ) ) ( NP ( NP ( DT the ) ( NN sale ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ former ) ( NNP Official ) ( NNP Airline ) ( NNPS Guides ) ( NN unit ) ) ) ) ( CC and ) ( NP ( JJ other ) ( NNS factors ) ) ) ) )

The information company also cited the stronger dollar the sale last year of its former Official Airline Guides unit and other factors


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( NN record ) ( QP ( CD 155.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 83 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 134.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 72 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Net income rose to a record 155.3 million or 83 cents a share from 134.8 million or 72 cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.04 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.07 ) ( CD billion ) ) ) ) ) )

Revenue fell to 1.04 billion from 1.07 billion


( S ( PP-LOC ( IN In ) ( NP ( JJ composite ) ( NN trading ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 53.75 ) ) ) ( ADVP ( IN down ) ( NP ( NP ( CD 25 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In composite trading on the New York Stock Exchange Dun & Bradstreet closed yesterday at 53.75 down 25 cents a share


( S ( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS results ) ) ( VP ( VBD were ) ( SBAR-PRD ( RB as ) ( S ( VP ( VBN expected ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ several ) ) ( VP ( VBN added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS earnings ) ) ( VP ( VBD masked ) ( NP ( NP ( VBG underlying ) ( NNS weaknesses ) ) ( PP-LOC ( IN in ) ( NP ( JJ several ) ( NNS businesses ) ) ) ) ) ) ) ) ) )

Analysts said the results were as expected but several added that the earnings masked underlying weaknesses in several businesses


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN quality ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ high ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD expected ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Eric ) ( NNP Philo ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) ) )

The quality of earnings was n't as high as I expected said Eric Philo an analyst for Goldman Sachs & Co


( S-1 ( PP ( IN For ) ( NP ( NN example ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ) ) ) ( S ( NP-SBJ ( VBG operating ) ( NN profit ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR weaker ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN anticipated ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NP ( NP ( NN nonoperating ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( QP ( CD 14.6 ) ( CD million ) ) ) ) ) ( CC and ) ( NP ( DT a ) ( JJR lower ) ( NN tax ) ( NN rate ) ) ) ( VP ( VBD helped ) ( S ( VP ( VB boost ) ( NP ( NN net ) ( NN income ) ) ) ) ) ) )

For example he noted operating profit was weaker than he had anticipated but nonoperating earnings of 14.6 million and a lower tax rate helped boost net income


( S ( NP-SBJ ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN operating ) ( NNS earnings ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8 ) ( NN % ) ) ( PP ( VBG excluding ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Official ) ( NNP Airline ) ( NNPS Guides ) ) ) ) ) ) ) ) ) )

Dun & Bradstreet said operating earnings rose 8 % excluding the sale of Official Airline Guides


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Third-quarter ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NN credit ) ( NNS services ) ) ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( ADVP ( RB disappointingly ) ) ( IN below ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ( NP-SBJ ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ) ( VP ( VBD said ) ) )

Third-quarter sales of U.S. credit services were disappointingly below sales of a year earlier Dun & Bradstreet said


( S ( SBAR-ADV ( IN As ) ( S ( ADVP-TMP ( RB previously ) ) ( VP ( VBN reported ) ) ) ) ( NP-SBJ ( DT those ) ( NNS sales ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG declining ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NNS allegations ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ unfair ) ( NNS sales ) ( NNS practices ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD encouraged ) ( S ( NP-SBJ ( NNS customers ) ) ( VP ( TO to ) ( VP ( VB overpurchase ) ( NP ( NNS services ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

As previously reported those sales have been declining this year in the wake of allegations that the company engaged in unfair sales practices that encouraged customers to overpurchase services


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN denied ) ( NP ( DT the ) ( NNS allegations ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN negotiated ) ( NP ( NP ( DT a ) ( VBN proposed ) ( ADJP ( CD 18 ) ( CD million ) ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( VBN related ) ( NNS lawsuits ) ) ) ) ) ) ) )

The company has denied the allegations but has negotiated a proposed 18 million settlement of related lawsuits


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP predict ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS sales ) ( NN impact ) ) ( VP ( MD will ) ( VP ( VB linger ) ) ) ) ) ) )

Analysts predict the sales impact will linger


( SINV ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( JJ much ) ( NN question ) ( SBAR ( S ( NP-SBJ-1 ( RB there ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN ripple ) ( NN effect ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Reidy ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc ) ) ) ) ) )

There is n't much question there will continue to be a ripple effect said John Reidy an analyst with Drexel Burnham Lambert Inc


( S ( NP-SBJ ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN price ) ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNP Nielsen ) ( NNP Marketing ) ( NNP Research ) ( NNP Nielsen ) ( NNP Clearing ) ( NNP House ) ( CC and ) ( NNP Donnelley ) ( NNP Marketing ) ( NNS businesses ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD restrained ) ( NP ( NN revenue ) ( NN growth ) ) ) ) ) ) )

Dun & Bradstreet noted that price competition in its Nielsen Marketing Research Nielsen Clearing House and Donnelley Marketing businesses also restrained revenue growth


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD cited ) ( NP ( NP ( JJ cyclical ) ( NNS conditions ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ( CC and ) ( NNP D&B ) ( NNP Plan ) ( NNPS Services ) ( NNS units ) ) ) ) ) )

It cited cyclical conditions in its Moody 's Investors Service Inc. and D&B Plan Services units


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 19 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 449 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.40 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 375.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.01 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

For the nine months net income rose 19 % to 449 million or 2.40 a share from 375.9 million or 2.01 a share a year earlier


( S ( NP-SBJ ( JJ Year-earlier ) ( NNS earnings ) ) ( VP ( VBD reflected ) ( NP ( NP ( NNS costs ) ) ( PP ( IN of ) ( NP ( QP ( CD 14.3 ) ( CD million ) ) ) ) ( ADJP ( VBN related ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP IMS ) ( NNP International ) ) ) ) ) ) ) ) )

Year-earlier earnings reflected costs of 14.3 million related to the acquisition of IMS International


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( ADVP ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.16 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3.13 ) ( CD billion ) ) ) ) ) )

Revenue rose slightly to 3.16 billion from 3.13 billion


( S ( NP-SBJ ( NNP Capital ) ( NNP Holding ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD requested ) ( CC and ) ( VBD received ) ( NP ( NP ( DT the ) ( NN resignation ) ) ( PP ( IN of ) ( NP ( NP ( NNP John ) ( NNP A. ) ( NNP Franco ) ) ( NP ( PRP$ its ) ( NN vice ) ( NN chairman ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NP ( DT an ) ( NN officer ) ) ( CC and ) ( NP ( DT a ) ( NN director ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN life ) ( NN insurance ) ( VBG holding ) ( NN company ) ) ) ) ) ) ) ) ) ) )

Capital Holding Corp. said it requested and received the resignation of John A. Franco its vice chairman as an officer and a director of the life insurance holding company


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Franco ) ) ( VP ( VBD developed ) ( NP ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB establish ) ( NP ( NP ( DT a ) ( NN business ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ competitive ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Capital ) ( NNP Holding ) ( NNP Corp. ) ( POS 's ) ) ( NNP Accumulation ) ( CC and ) ( NNP Investment ) ( NNP Group ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Franco ) ) ( VP ( VBD headed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said Mr. Franco developed a plan to establish a business that might be competitive with Capital Holding Corp. 's Accumulation and Investment Group which Mr. Franco headed


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( MD will ) ( VP ( VB report ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Irving ) ( NNP W. ) ( NNP Bailey ) ( NNP II ) ) ( NP ( NP ( NP ( NN chairman ) ) ( NP ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( JJ executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Capital ) ( NNP Holding ) ) ) ) ) ) ) ) )

The group temporarily will report to Irving W. Bailey II chairman president and chief executive officer of Capital Holding


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Franco ) ) ( ADJP ( NP ( CD 47 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN telephone ) ( NN interview ) ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG considering ) ( CC and ) ( VBG discussing ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ possible ) ( NN business ) ( NNS ventures ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN nothing ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN at ) ( NP ( DT a ) ( JJ mature ) ( NN stage ) ) ) ) ) ) ) ) )

Mr. Franco 47 years old said in a telephone interview that he has been considering and discussing a number of possible business ventures but that nothing is at a mature stage


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB argue ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB seek ) ( NP ( PRP$ his ) ( NN resignation ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( S-NOM-SBJ ( VP ( VBG contemplating ) ( NP ( IN outside ) ( NN business ) ( NNS ventures ) ) ) ) ( VP ( MD can ) ( VP ( VB distract ) ( NP-4 ( DT an ) ( NN executive ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG performing ) ( NP ( PRP$ his ) ( JJS best ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN job ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN paid ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said he did n't argue with the company 's decision to seek his resignation because contemplating outside business ventures can distract an executive from performing his best at the job he is paid to do


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NNP Martin ) ( NNP H. ) ( NNP Ruby ) ) ( NP ( NP ( DT a ) ( VBG managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Capital ) ( NNP Holding ) ( POS 's ) ) ( NNP Accumulation ) ( CC and ) ( NNP Investment ) ( NNP Group ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD resigned ) ( S-PRP ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( JJ other ) ( NN business ) ( NNS interests ) ) ) ) ) ) ) ( NP-SBJ ( NNP Capital ) ( NNP Holding ) ) ( VP ( VBD said ) ) )

Martin H. Ruby a managing director of Capital Holding 's Accumulation and Investment Group also resigned to pursue other business interests Capital Holding said


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Ruby ) ) ( NP ( CD 39 ) ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( NP ( DT an ) ( JJ amicable ) ( NN parting ) ) ( PP ( IN with ) ( NP ( NNP Capital ) ( NNP Holding ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS ventures ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ financial-services ) ( NN area ) ) ) ) ( PP-CLR ( IN under ) ( NP ( NN consideration ) ) ) ) ) ) ) ) )

Mr. Ruby 39 said that he had an amicable parting with Capital Holding and that he has a number of ventures in the financial-services area under consideration


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( DT that ) ( S ( NP-SBJ ( PRP$ his ) ( NN resignation ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ mutual ) ( NN decision ) ) ( PP ( IN with ) ( NP ( NNP Capital ) ( NNP Holding ) ( NN management ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD was ) ( RB n't ) ( ADVP ( RB actually ) ) ( VP ( VBN asked ) ( S ( VP ( TO to ) ( VP ( VB resign ) ) ) ) ) ) ) ) ) ) )

He said that his resignation was a mutual decision with Capital Holding management but that he was n't actually asked to resign


( S ( NP-SBJ ( DT The ) ( NNP Accumulation ) ( CC and ) ( NNP Investment ) ( NNP Group ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN investment ) ( NNS operations ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNP Capital ) ( NNP Holding ) ( POS 's ) ) ( NN insurance ) ( NNS businesses ) ) ) ) ) ) ) ( CC and ) ( VP ( NNS markets ) ( NP ( VBN guaranteed ) ( NN investment ) ( NNS contracts ) ) ( PP-CLR ( TO to ) ( NP ( NP ( VB bank ) ( NN trust ) ( NNS departments ) ) ( CC and ) ( NP ( JJ other ) ( NNS institutions ) ) ) ) ) ) )

The Accumulation and Investment Group is responsible for the investment operations of all Capital Holding 's insurance businesses and markets guaranteed investment contracts to bank trust departments and other institutions


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ sells ) ( NP ( JJ single-premium ) ( NNS annuities ) ) ( PP-DTV ( TO to ) ( NP ( NNS individuals ) ) ) ) )

It also sells single-premium annuities to individuals


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bailey ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB name ) ( NP ( NP ( DT a ) ( JJ new ) ( NN group ) ( NN president ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB head ) ( NP ( DT that ) ( NN operation ) ) ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( DT the ) ( NNP Nov. ) ( CD 8 ) ( NN board ) ( NN meeting ) ) ) ) ) ) ) ) ) ) )

Mr. Bailey said he expects to name a new group president to head that operation following the Nov. 8 board meeting


( S ( NP-SBJ ( DT A ) ( JJ Canadian ) ( NN government ) ( NN agency ) ) ( VP ( ADVP-MNR ( RB conditionally ) ) ( VBD approved ) ( NP ( NP ( VBN proposed ) ( NNS exports ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP ( IN of ) ( NP ( JJ natural ) ( NN gas ) ) ) ( PP ( IN from ) ( NP ( NP ( JJ big ) ( JJ untapped ) ( NNS fields ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Mackenzie ) ( NNP River ) ( JJ delta ) ( NN area ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ western ) ( NNP Canadian ) ( NNP Arctic ) ) ) ) ) ) ) ) ) )

A Canadian government agency conditionally approved proposed exports to the U.S. of natural gas from big untapped fields in the Mackenzie River delta area of the western Canadian Arctic


( S ( NP-SBJ-1 ( NP ( CD Three ) ( NNS companies ) ) ( NP ( NP ( NNP Esso ) ( NNPS Resources ) ( NNP Canada ) ( NNP Ltd. ) ) ( NP ( NNP Shell ) ( NNP Canada ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP Gulf ) ( NNP Canada ) ( NNPS Resources ) ( NNP Ltd. ) ) ) ) ( VP ( VBD applied ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Canadian ) ( NNP National ) ( NNP Energy ) ( NNP Board ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB export ) ( NP ( NP ( QP ( CD 9.2 ) ( CD trillion ) ) ( JJ cubic ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NNP Mackenzie ) ( NN delta ) ( JJ natural ) ( NN gas ) ) ) ) ( PP-TMP ( IN over ) ( NP ( CD 20 ) ( NNS years ) ) ) ( S-ADV ( VP ( VBG starting ) ( PP-TMP ( IN in ) ( NP ( CD 1996 ) ) ) ) ) ) ) ) ) )

Three companies Esso Resources Canada Ltd. Shell Canada Ltd. and Gulf Canada Resources Ltd. applied to the Canadian National Energy Board to export 9.2 trillion cubic feet of Mackenzie delta natural gas over 20 years starting in 1996


( S ( S-PRP ( VP ( TO To ) ( VP ( VB be ) ( ADJP-PRD ( RB economically ) ( JJ feasible ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( ADJP ( ADJP ( QP ( CD 11 ) ( CD billion ) ) ( JJ Canadian ) ( NN dollar ) ) ( PRN ( ADJP ( QP ( CD 9.37 ) ( CD billion ) ) ) ) ) ( NN project ) ) ( VP ( VBZ requires ) ( NP ( NP ( RB almost ) ( DT a ) ( NN doubling ) ) ( PP ( IN of ) ( NP ( JJ natural ) ( NN gas ) ( NN export ) ( NNS prices ) ) ) ) ) )

To be economically feasible the 11 billion Canadian dollar 9.37 billion project requires almost a doubling of natural gas export prices


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ faces ) ( NP ( NP ( JJ numerous ) ( JJ other ) ( NNS hurdles ) ) ( PP ( VBG including ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN pipeline ) ( NN route ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN gas ) ) ) ) ) ) ) ) ) )

It also faces numerous other hurdles including an agreement on a pipeline route for the gas


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN export ) ( NNS licenses ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN issued ) ( PP ( IN on ) ( NP ( DT the ) ( NN condition ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ Canadian ) ( NNS interests ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP Mackenzie ) ( NN delta ) ( NN gas ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS terms ) ) ( ADJP ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT those ) ) ( VP ( VBN offered ) ( PP-CLR ( TO to ) ( NP ( NNP U.S. ) ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The board said the export licenses would be issued on the condition that Canadian interests would also be allowed to bid for the Mackenzie delta gas on terms similar to those offered to U.S. customers


( S ( NP-SBJ-1 ( NNP U.S. ) ( NNS buyers ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN been ) ( VP ( VBN lined ) ( PRT ( IN up ) ) ) ) ) )

U.S. buyers have already been lined up


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Enron ) ( NNP Corp. ) ) ( NP ( NNP Texas ) ( NNP Eastern ) ( NNP Corp. ) ) ( NP ( NNP Pacific ) ( NNP Interstate ) ( NNP Transmission ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Tennessee ) ( NNP Gas ) ( NNP Pipeline ) ( NNP Co ) ) ) ) )

They include Enron Corp. Texas Eastern Corp. Pacific Interstate Transmission Co. and Tennessee Gas Pipeline Co


( S ( NP-SBJ ( DT The ) ( NN project ) ) ( VP ( MD could ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( S-NOM ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBG taking ) ( NP ( NP ( QP ( RBR more ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ natural ) ( NN gas ) ( NNS supplies ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Canada ) ) ) ( ADVP-1 ( IN up ) ( PP ( IN from ) ( NP ( QP ( IN about ) ( CD 5 ) ) ( NN % ) ) ( ADVP-TMP ( RB currently ) ) ) ) ) ) ) ) ) )

The project could result in the U.S. taking more than 10 % of its natural gas supplies from Canada up from about 5 % currently


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( VP ( VB bring ) ( NP ( CD 13 ) ( NN gas ) ( NNS fields ) ) ( PP-CLR ( IN into ) ( NP ( NN production ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( VBN combined ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 1.2 ) ( CD billion ) ) ( JJ cubic ) ( NNS feet ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ) )

It would bring 13 gas fields into production at a combined rate of about 1.2 billion cubic feet a day


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBN estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG building ) ( NP ( NP ( DT a ) ( NN pipeline ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Mackenzie ) ( NN delta ) ) ) ( PP ( TO to ) ( NP ( NNP Alberta ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( QP ( IN about ) ( CD 5.9 ) ( CD million ) ) ) ) ) ) ) ) )

The board estimated that the cost of building a pipeline from the Mackenzie delta to Alberta would be about 5.9 million


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNS projections ) ) ( PP ( IN of ) ( NP ( NP ( VBG surging ) ( NNP U.S. ) ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ natural ) ( NN gas ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN price ) ( NNS forecasts ) ) ( PP ( IN of ) ( NP ( NP ( CD 5.25 ) ) ( PP ( IN per ) ( NP ( CD thousand ) ( JJ cubic ) ( NNS feet ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 2005 ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NN project ) ) ( ADJP-PRD ( RB economically ) ( JJ viable ) ) ) ) ) ) ) ) )

It also said projections of surging U.S. demand for natural gas and price forecasts of 5.25 per thousand cubic feet by 2005 would make the project economically viable


( S ( NP-SBJ-2 ( NP ( NNP Esso ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Imperial ) ( NNP Oil ) ( NNP Ltd. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ 71%-owned ) ( PP ( IN by ) ( NP ( NNP Exxon ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB export ) ( NP ( QP ( CD 5.1 ) ( CD trillion ) ) ( JJ cubic ) ( NNS feet ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ 20-year ) ( NN period ) ) ) ) ) ) ) ) ) )

Esso a unit of Imperial Oil Ltd. which is 71%-owned by Exxon Corp. will be allowed to export 5.1 trillion cubic feet to the U.S. in the 20-year period


( S ( S ( NP-SBJ-1 ( NP ( NNP Shell ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP Royal ) ( NNP Dutch\/Shell ) ( NNP Group ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB export ) ( NP ( QP ( CD 0.9 ) ( CD trillion ) ) ( JJ cubic ) ( NNS feet ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( NNP Gulf ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Olympia ) ( CC & ) ( NNP York ) ( NNPS Developments ) ( NNP Ltd. ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB export ) ( NP ( QP ( CD 3.2 ) ( CD trillion ) ) ( JJ cubic ) ( NNS feet ) ) ) ) ) ) ) ) ) )

Shell a subsidiary of Royal Dutch\/Shell Group will be allowed to export 0.9 trillion cubic feet and Gulf a unit of Olympia & York Developments Ltd. will be allowed to export 3.2 trillion cubic feet


( S ( NP-SBJ ( NP ( NNP NATIONWIDE ) ( NNP HEALTH ) ( NNPS PROPERTIES ) ) ( NP-LOC ( NP ( NNP Pasadena ) ) ( NP ( NNP Calif. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB pay ) ( NP ( PRP$ its ) ( JJ fourth-quarter ) ( NN dividend ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( ADJP ( CD 44 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( NNS earnings ) ) ) ( PP ( TO to ) ( NP ( NP ( QP ( CD 3.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 42 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) )

NATIONWIDE HEALTH PROPERTIES Pasadena Calif. said it would n't pay its fourth-quarter dividend despite a 44 % increase in third-quarter earnings to 3.5 million or 42 cents a share


( S ( S-TPC-1 ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( CD 708,000 ) ) ) ( PP ( IN on ) ( NP ( NN asset ) ( NNS sales ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ real ) ( NN estate ) ( NN investment ) ( NN trust ) ) ( VP ( VBD said ) ) )

Net income included a gain of 708,000 on asset sales the real estate investment trust said


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RBR earlier ) ) ( NP-SBJ ( NNP Nationwide ) ( NNP Health ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 2.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 29 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

A year earlier Nationwide Health earned 2.4 million or 29 cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 8.8 ) ( CD million ) ) ) ) ) )

Revenue rose 3 % to 9 million from 8.8 million


( S ( NP-SBJ ( NNP Nationwide ) ( NNP Health ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN cash ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( DT the ) ( JJ 25-cent-a-share ) ( NN dividend ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP$ its ) ( NNS banks ) ) ( VP ( VBP have ) ( VP ( VBN denied ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN request ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( PRP it ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN trust ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN met ) ( NP ( JJ certain ) ( NNS terms ) ) ) ) ) ) ) ) ) ) ) )

Nationwide Health said that although it has the cash to cover the 25-cent-a-share dividend its banks have denied the company 's request to pay it because the trust has n't met certain terms


( S ( NP-SBJ ( NNP Nationwide ) ( NNP Health ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBZ has ) ( S ( NP-SBJ ( JJ numerous ) ( NN financing ) ( NNS activities ) ) ( PP-PRD ( IN under ) ( NP ( NN way ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB remedy ) ( NP ( DT the ) ( NN problem ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB make ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN dividend ) ( NN payment ) ) ( ADVP-TMP ( RB later ) ) ( SBAR-ADV ( IN if ) ( FRAG ( ADJP ( JJ possible ) ) ) ) ) ) ) ) ) ) )

Nationwide Health said it has numerous financing activities under way to remedy the problem and will make up the dividend payment later if possible


( S ( NP-SBJ ( NP ( NNP FileNet ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Costa ) ( NNP Mesa ) ) ( NP ( NNP Calif. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 1.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 17 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.5 ) ( CD million ) ) ) ( NN reserve ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN taken ) ( PP ( IN against ) ( NP ( NP ( JJ potential ) ( NNS losses ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN contract ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

FileNet Corp. Costa Mesa Calif. said it expects to report a third-quarter loss of about 1.8 million or 17 cents a share because of a 2.5 million reserve to be taken against potential losses on a contract with the state of California


( S ( NP-SBJ-1 ( NN Revenue ) ) ( VP ( VBZ is ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 18.6 ) ( CD million ) ) ) ) ) ) )

Revenue is estimated at 18.6 million


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN document ) ( NN image ) ( NN processing ) ( NN equipment ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN state ) ( NN procurement ) ( NN division ) ) ( VP ( VBD had ) ( VP ( VBN declared ) ( S ( NP-SBJ ( NNP FileNet ) ) ( PP-PRD ( IN in ) ( NP ( NP ( NN default ) ) ( PP ( IN on ) ( NP ( NP ( PRP$ its ) ( NN contract ) ) ( PP ( IN with ) ( NP ( DT the ) ( NAC ( NP ( NN secretary ) ) ( PP ( IN of ) ( NP ( NN state ) ) ) ) ( JJ uniform ) ( JJ commercial ) ( NN code ) ( NN division ) ) ) ) ) ) ) ) ) ) ) ) ) )

The maker of document image processing equipment said the state procurement division had declared FileNet in default on its contract with the secretary of state uniform commercial code division


( S ( NP-SBJ ( NNP FileNet ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ does ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN state ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ valid ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NN default ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG reviewing ) ( NP ( NP ( PRP$ its ) ( JJ legal ) ( NNS rights ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB predict ) ( NP ( NP ( DT the ) ( NN outcome ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN dispute ) ) ) ) ) ) ) ) ) ) )

FileNet said it does n't believe the state has a valid basis of default and is reviewing its legal rights under the contract but said it ca n't predict the outcome of the dispute


( S ( NP-SBJ ( DT The ) ( NN disagreement ) ) ( VP ( VBZ centers ) ( PP-CLR ( IN on ) ( NP ( NP ( VBG testing ) ( NNS deadlines ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS issues ) ) ( VP ( VBG involving ) ( NP ( NP ( DT a ) ( NNP FileNet ) ( NN system ) ) ( VP ( VBN installed ) ( NP-TMP ( ADVP ( RBR earlier ) ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) )

The disagreement centers on testing deadlines and other issues involving a FileNet system installed earlier this year


( S ( NP-SBJ-1 ( NN State ) ( NNS officials ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-PRP ( IN for ) ( NP ( NN comment ) ) ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ) ) ) )

State officials could n't be reached for comment late yesterday


( S ( NP-SBJ ( NNP FileNet ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( NN cash ) ) ( CC and ) ( NP ( JJ marketable ) ( NNS securities ) ) ) ( VP ( VBG totaling ) ( NP ( QP ( CD 22.5 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS stockholders ) ( POS ' ) ) ( NN equity ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( CD 60.1 ) ( CD million ) ) ) ) ) ) ) ) )

FileNet noted that it had cash and marketable securities totaling 22.5 million on Sept. 30 and stockholders ' equity is 60.1 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD made ) ( NP ( DT the ) ( NN announcement ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS markets ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP$ its ) ( NN stock ) ) ( VP ( VB finished ) ( PP-CLR ( IN at ) ( NP ( CD 10.75 ) ) ) ( ADVP ( IN up ) ( NP ( CD 25 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ over-the-counter ) ( NN trading ) ) ) ) ) ) ) ) ) ) ) )

The company made the announcement after the close of the markets where its stock finished at 10.75 up 25 cents in over-the-counter trading


( S ( S-TPC-1 ( NP-SBJ ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( VP ( MD will ) ( VP ( VB announce ) ( PP-TMP ( IN on ) ( NP ( NNP Tuesday ) ) ) ( NP ( NP ( DT a ) ( NN slew ) ) ( PP ( IN of ) ( NP ( NN software ) ( NNS products ) ) ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG eliminating ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ major ) ( NNS problems ) ) ( ADJP ( VBN involved ) ( PP ( IN in ) ( S-NOM ( VP ( VBG computerizing ) ( NP ( VBG manufacturing ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN industry ) ( NNS executives ) ) ( VP ( VBD said ) ) )

International Business Machines Corp. will announce on Tuesday a slew of software products aimed at eliminating some of the major problems involved in computerizing manufacturing operations industry executives said


( S ( NP-SBJ ( JJ Many ) ( NN plant ) ( NNS floors ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP resemble ) ( NP ( NP ( DT a ) ( NNP Tower ) ) ( PP ( IN of ) ( NP ( NNP Babel ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNS computers ) ) ( NP ( NNS robots ) ) ( CC and ) ( NP ( NN machine ) ( NNS tools ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB generally ) ) ( VP ( VP ( VBP speak ) ( NP ( PRP$ their ) ( JJ own ) ( NN language ) ) ) ( CC and ) ( VP ( VBP have ) ( NP ( NP ( NN trouble ) ) ( S-NOM ( VP ( VBG talking ) ( PP-CLR ( TO to ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many plant floors currently resemble a Tower of Babel with computers robots and machine tools that generally speak their own language and have trouble talking to each other


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT a ) ( NN problem ) ) ( VP ( VBZ develops ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( NN production ) ( NN line ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB unlikely ) ) ( SBAR-1 ( S ( NP-SBJ-2 ( NP ( DT some ) ( NN supervisor ) ) ( VP ( VBG sitting ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NN front ) ) ( PP ( IN of ) ( NP ( DT a ) ( NX ( NX ( JJ personal ) ( NN computer ) ) ( CC or ) ( NX ( NN workstation ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB know ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ( CC or ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB correct ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) )

As a result if a problem develops on a production line it is unlikely some supervisor sitting in front of a personal computer or workstation will know about it or be able to correct it


( S ( IN So ) ( NP-SBJ ( NNP IBM ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG announcing ) ( NP ( NP ( QP ( RBR more ) ( IN than ) ( CD 50 ) ) ( NNS products ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG letting ) ( S ( NP-SBJ ( RB even ) ( DT the ) ( JJS dumbest ) ( NN machine ) ( NN tool ) ) ( VP ( NN talk ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJS smartest ) ( NN mainframe ) ) ( CC or ) ( NP ( NP ( NN anything ) ) ( PP ( IN in ) ( PP ( IN between ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

So IBM will be announcing more than 50 products that will be aimed at letting even the dumbest machine tool talk to the smartest mainframe or anything in between


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( JJ unusual ) ( NN display ) ) ( PP ( IN of ) ( NP ( NN openness ) ) ) ) ) ( NP-SBJ ( NNP IBM ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG helping ) ( S ( NP-SBJ ( NNS customers ) ) ( VP ( VB tie ) ( ADVP-CLR ( RB together ) ) ( NP ( NP ( NNS operations ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NNS lots ) ) ( PP ( IN of ) ( NP ( NP ( NN equipment ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP IBM ) ( POS 's ) ) ( NNS competitors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In an unusual display of openness IBM also will be helping customers tie together operations that include lots of equipment made by IBM 's competitors


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG offering ) ( NP ( NP ( NN programming ) ( NNS tools ) ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB let ) ( S ( NP-SBJ ( NP ( NN anyone ) ) ( VP ( VBG working ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( NN factory ) ( NN floor ) ) ) ) ) ( VP ( VB write ) ( NP ( NP ( JJ ad-hoc ) ( NN software ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( JJ statistical ) ( NN analysis ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB pinpoint ) ( NP ( DT a ) ( NN problem ) ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( VBG manufacturing ) ( NN line ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition the executives said IBM will be offering programming tools designed to let anyone working on a factory floor write ad-hoc software for instance to do statistical analysis that would pinpoint a problem on a manufacturing line


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Armonk ) ) ( NP ( NNP N.Y. ) ) ) ) ( NP-SBJ-1 ( DT an ) ( NNP IBM ) ( NN spokeswoman ) ) ( VP ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP IBM ) ( NNS executives ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG announcing ) ( NP ( DT some ) ( JJ computer-integrated-manufacturing ) ( NNS plans ) ) ( NP-TMP ( IN next ) ( NN week ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB elaborate ) ) ) ) ) ) )

In Armonk N.Y. an IBM spokeswoman confirmed that IBM executives will be announcing some computer-integrated-manufacturing plans next week but declined to elaborate


( S ( NP-SBJ ( DT The ) ( NN industry ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PRN ( PP ( IN as ) ( ADJP ( JJ usual ) ( PP ( IN with ) ( NP ( NP ( JJ such ) ( JJ broad ) ( NNS announcements ) ) ( PP ( IN from ) ( NP ( NNP IBM ) ) ) ) ) ) ) ) ( NP-SBJ ( DT this ) ( CD one ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NN part ) ( NN reality ) ) ( CC and ) ( NP ( NN part ) ( NN strategy ) ) ) ) ) ) ) ) )

The industry executives said that as usual with such broad announcements from IBM this one will be part reality and part strategy


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So it will take many quarters for IBM to roll out all the products that customers need and it will take years for customers to integrate the products into their operations


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Also as usual the products will appeal mostly to heavy users of IBM equipment at least initially


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Still consultants and industry executives said the products could help make manufacturing operations more efficient and provide a boost to the computer-integrated-manufacturing market a market that Yankee Group a research firm has said may double to 40 billion by 1993


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This is a step in the right direction said Martin Piszczalski a Yankee Group analyst


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He added though that a lot of this is intentions


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We 'll have to wait and see how the plan develops


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The announcements also should help IBM go on the offensive against Digital Equipment Corp. on the plant floor


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While IBM has traditionally dominated the market for computers on the business side of manufacturing operations and has done well in the market for design tools Digital has dominated computerized manufacturing


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Hewlett-Packard Co. also has begun to gain share in the whole computer-integrated-manufacturing arena


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IBM will face an uphill climb against Digital given Digital 's reputation for being better than IBM at hooking together different manufacturers ' computers


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In addition Hewlett-Packard while a much smaller player has made a big commitment to the sorts of industry standards that facilitate those hookups and could give IBM some problems


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Both can be expected to go after the market aggressively Gartner Group Inc. a research firm estimated the Digital gets 30 % of its revenue from the manufacturing market and Hewlett-Packard gets 50 %


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IBM which Gartner Group said generates 22 % of its revenue in this market should be able to take advantage of its loyal following among buyers of equipment