( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Texaco ) ) ( VP ( VBG thinking ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( JJ 18-to-$19 ) ) ( NN oil ) ) ( PP-TMP ( IN for ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB raise ) ( NP ( NP ( NN spending ) ) ( PP ( ADVP ( RB especially ) ) ( IN for ) ( NP ( JJ low-risk ) ( NNS prospects ) ) ) ) ) ) ) ( NP-SBJ ( DT an ) ( NN official ) ) ( VP ( VBZ says ) ) )

Texaco thinking in terms of 18-to-$19 oil for 1990 may raise spending especially for low-risk prospects an official says


( S ( NP-SBJ ( NP ( JJ Outside ) ( NNS investors ) ) ( ADJP ( JJ scarce ) ( PP-TMP ( IN since ) ( NP ( CD '86 ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG edging ) ( ADVP-DIR ( RB back ) ) ) ) )

Outside investors scarce since '86 are edging back


( S-2 ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( NN money ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ pure ) ( NN wildcat ) ( NN program ) ) ) ) ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Thomas ) ) ( NP ( NP ( DT a ) ( NNP Texas ) ( NNP Commerce ) ( NNP Bank ) ( NN official ) ) ( PP-LOC ( IN in ) ( NP ( NNP Houston ) ) ) ) ) ) ) ( NP-SBJ-3 ( NNS institutions ) ) ( VP ( VBP are ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( S ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS cycles ) ) ( PP ( TO to ) ( NP ( DT these ) ( NNS things ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-4 ( DT this ) ( NN one ) ) ( VP ( VBZ is ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB turn ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although it 's still difficult to raise money for a pure wildcat program says William Thomas a Texas Commerce Bank official in Houston institutions are starting to see there are cycles to these things and this one is beginning to turn


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( ADVP ( RB generally ) ) ( VP ( VBZ likes ) ( NP ( DT the ) ( NN industry ) ) ( ADVP-TMP ( RB again ) ) ) )

Wall Street generally likes the industry again


( S ( NP-SBJ ( NP ( DT The ) ( NN appetite ) ) ( PP ( IN for ) ( NP ( NN oil-service ) ( NNS stocks ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( RB especially ) ( JJ strong ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VBD got ) ( VP ( VBN hit ) ( NP-TMP ( NN yesterday ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ( VP ( VBD cut ) ( NP ( NP ( PRP$ its ) ( JJ short-term ) ( NN investment ) ( NNS ratings ) ) ( PP ( IN on ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) )

The appetite for oil-service stocks has been especially strong although some got hit yesterday when Shearson Lehman Hutton cut its short-term investment ratings on them


( S ( S ( NP-SBJ ( NP ( NNS Contractors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Parker ) ( NNP Drilling ) ( NNP Co. ) ) ) ) ( VP ( VBP are ) ( VP ( VBG raising ) ( NP ( NN cash ) ) ( ADVP-TMP ( RB again ) ) ( PP-MNR ( IN through ) ( NP ( NN stock ) ( NNS offerings ) ) ) ) ) ) ( CC and ) ( S ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN in ) ( NP ( NNS years ) ) ) ) ) ( NP-SBJ ( CD two ) ( NN oil-service ) ( NNS companies ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD went ) ( ADJP-PRD ( JJ public ) ) ) ) )

Contractors such as Parker Drilling Co. are raising cash again through stock offerings and for the first time in years two oil-service companies recently went public


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Grace ) ( NNP Energy ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Dallas ) ) ) ) ( CC and ) ( NP ( NP ( NNP Marine ) ( NNP Drilling ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP Houston ) ) ) ) ) ) )

They are Grace Energy Corp. of Dallas and Marine Drilling Co. of Houston


( S ( NP-SBJ-2 ( JJS Most ) ( NN oil ) ( NNS companies ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB add ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN office ) ( CC and ) ( JJ professional ) ( NNS staffs ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD slashed ) ( ADVP-MNR ( RB so ) ( RB deeply ) ) ) ) ) ) ) ) ) ) ) ) )

Most oil companies are still reluctant to add to the office and professional staffs they slashed so deeply


( S ( CC But ) ( NP-SBJ ( DT a ) ( JJ few ) ( JJ new ) ( NNS spots ) ) ( VP ( VBP are ) ( VP ( VBG opening ) ) ) )

But a few new spots are opening


( S ( NP-SBJ ( NP ( NNP Arthur ) ( NNP Andersen ) ) ( NP ( DT the ) ( NN accounting ) ( NN firm ) ) ) ( VP ( VBZ has ) ( VP ( VBN increased ) ( NP ( PRP$ its ) ( NN energy ) ( NN staff ) ) ( NP-EXT ( CD 10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN year ) ) ) ) ) )

Arthur Andersen the accounting firm has increased its energy staff 10 % in a year


( S ( PP-LOC ( IN Out ) ( PP ( IN in ) ( NP ( DT the ) ( NN oil ) ( NNS fields ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN activity ) ) ( VP ( VBZ picks ) ( ADVP-CLR ( RB up ) ) ( ADVP ( RB much ) ( RBR more ) ) ) ) ) ( NP-SBJ ( NNS shortages ) ) ( VP ( MD could ) ( VP ( VB appear ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( ADVP ( RB so ) ( JJ many ) ) ( NNS roughnecks ) ( NNS roustabouts ) ( CC and ) ( NNS others ) ) ( VP ( VBD left ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN crash ) ) ) ) ) ) ) ) )

Out in the oil fields if activity picks up much more shortages could appear because so many roughnecks roustabouts and others left after the crash


( S ( ADVP ( RB Already ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-2 ( TO to ) ( VP ( VB get ) ( NP ( NNS people ) ) ) ) ) )

Already it 's hard to get people


( SINV ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RB so ) ( JJ busy ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( CD one ) ( NNP Santa ) ( NNP Fe ) ( NN drilling ) ( NN foreman ) ) ( ADVP-LOC ( RB here ) ) ) )

They 're so busy says one Santa Fe drilling foreman here


( S ( PP ( IN For ) ( NP ( JJS most ) ( NN field ) ( NNS workers ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( ADVP ( IN about ) ) ( NN time ) ) ) )

For most field workers it 's about time


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Ramirez ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD arrived ) ( ADVP-TMP ( RB late ) ) ( PP-CLR-LOC ( IN at ) ( NP ( DT the ) ( NNP Sharpshooter ) ) ) ( PP-MNR ( IN with ) ( NP ( PRP$ his ) ( NN crew ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN started ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( NN morning ) ) ) ) ( S-CLR ( VP ( VBG setting ) ( PRT ( RP up ) ) ( NP ( NNS tanks ) ) ( PP-LOC ( IN at ) ( NP ( DT another ) ( NN site ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB just ) ) ( VP ( VBD got ) ( NP ( NP ( DT the ) ( JJ first ) ( NN raise ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD can ) ( VP ( VB remember ) ( PP-TMP ( IN in ) ( NP ( CD eight ) ( NNS years ) ) ) ) ) ) ) ( PP ( PP ( TO to ) ( NP ( NP ( CD 8.50 ) ) ( NP-ADV ( DT an ) ( NN hour ) ) ) ) ( PP ( IN from ) ( NP ( CD 8 ) ) ) ) ) ) )

Mr. Ramirez who arrived late at the Sharpshooter with his crew because he had started early in the morning setting up tanks at another site just got the first raise he can remember in eight years to 8.50 an hour from 8


( S ( NP-SBJ ( NP ( NNP Norman ) ( NNP Young ) ) ( NP ( NP ( DT a ) ( NN mud-logger ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Sniper ) ( NN well ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN worked ) ( NP ( NP ( QP ( DT all ) ( CC but ) ( IN about ) ( CD nine ) ) ( NNS days ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) )

Norman Young a mud-logger at the Sniper well has worked all but about nine days of this year


( S ( S-TPC-1 ( S ( NP-TMP-3 ( JJ Last ) ( NN year ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( ADVP-PRD ( RP off ) ) ( NP-TMP-2 ( DT a ) ( JJ straight ) ( NN month ) ) ) ) ( RB then ) ( S ( NP-TMP=3 ( CD one ) ( NN time ) ) ( PP-TMP=2 ( IN for ) ( NP ( QP ( CD two ) ( TO to ) ( CD three ) ) ( NNS weeks ) ) ) ) ( CC and ) ( S ( NP-TMP=3 ( DT another ) ) ( NP-TMP=2 ( QP ( CD two ) ( TO to ) ( CD three ) ) ( NNS weeks ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Last year I was off a straight month then one time for two to three weeks and another two to three weeks he says


( S ( NP-SBJ ( NP ( NNP Butch ) ( NNP McCarty ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ sells ) ( NP ( NN oil-field ) ( NN equipment ) ) ( PP ( IN for ) ( NP ( NNP Davis ) ( NNP Tool ) ( NNP Co. ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJ busy ) ) ) )

Butch McCarty who sells oil-field equipment for Davis Tool Co. is also busy


( S ( S-ADV ( NP-PRD ( NP ( DT A ) ( NN native ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN area ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB back ) ) ( ADVP-TMP ( RB now ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VP ( VBG riding ) ( NP ( DT the ) ( NN oil-field ) ( NN boom ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN top ) ) ) ) ( VP ( ADVP-TMP ( RB then ) ) ( VBG surviving ) ( NP ( DT the ) ( NN bust ) ) ( S-CLR ( VP ( VBG running ) ( NP ( DT an ) ( NNP Oklahoma ) ( NNP City ) ( NN convenience ) ( NN store ) ) ) ) ) ) ) ) ) )

A native of the area he is back now after riding the oil-field boom to the top then surviving the bust running an Oklahoma City convenience store


( S ( S-TPC-1 ( NP-TMP ( NP ( JJ First ) ( NN year ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD came ) ( ADVP ( RB back ) ) ) ) ) ) ( NP-SBJ ( RB there ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( DT any ) ( NN work ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

First year I came back there was n't any work he says


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN on ) ( NP ( NP ( DT the ) ( NN way ) ) ( ADVP ( RB back ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) )

I think it 's on the way back now


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN boom ) ) ( ADVP-TMP ( RB again ) ) ) ) )

But it wo n't be a boom again


( S ( FRAG ( NP-TPC-1 ( NP ( DT No ) ( JJ major ) ( NNS booms ) ) ( NP ( DT no ) ( JJ major ) ( NNS setbacks ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ predicts ) ) )

No major booms no major setbacks he predicts


( S ( NP-SBJ ( NN Business ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ good ) ( RB enough ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP ( RB just ) ) ( VP ( VP ( VBD took ) ( NP ( NP ( DT a ) ( JJ spur-of-the-moment ) ( NN weekend ) ( NN trip ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN mountain ) ( NN area ) ) ( PP ( IN of ) ( NP ( NNP Cloudcroft ) ) ) ) ) ) ) ( NP ( NP ( NN something ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN done ) ( PP-TMP ( IN in ) ( NP ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Business has been good enough that he just took a spur-of-the-moment weekend trip to the mountain area of Cloudcroft something I have n't done in years


( S ( NP-SBJ ( DT The ) ( NNS figures ) ) ( VP ( VBP confirm ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( ADVP ( RB certainly ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT any ) ( NN drilling ) ( NN boom ) ) ) ) ) ) )

The figures confirm that there certainly is n't any drilling boom


( S ( NP-SBJ-1 ( NP ( QP ( RB Only ) ( CD 14,505 ) ) ( NNS wells ) ) ( PP ( VBG including ) ( NP ( CD 4,900 ) ( JJ dry ) ( NNS holes ) ) ) ) ( VP ( VBD were ) ( VP ( VBN drilled ) ( PP-CLR ( IN for ) ( NP ( NP ( NN oil ) ) ( CC and ) ( NP ( JJ natural ) ( NN gas ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 22.4 ) ( NN % ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ like ) ( CD 1988 ) ( NN period ) ) ) ) ) ) )

Only 14,505 wells including 4,900 dry holes were drilled for oil and natural gas in the U.S. in the first nine months of the year down 22.4 % from the like 1988 period


( S ( CC But ) ( NP-SBJ ( DT that ) ) ( VP ( VBD was ) ( PRT ( RP off ) ) ( ADJP-PRD ( ADJP ( JJR less ) ) ( PP ( IN than ) ( PP-TMP ( IN at ) ( NP ( NP ( NN midyear ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NNS completions ) ) ( VP ( VBN lagged ) ( PP-EXT ( IN by ) ( NP ( CD 27.1 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

But that was off less than at midyear when completions lagged by 27.1 %


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS rigs ) ) ( ADJP ( JJ active ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG inching ) ( ADVP-DIR ( RP up ) ) ) ) )

And the number of rigs active in the U.S. is inching up


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNP Baker ) ( NNP Hughes ) ( NNP Inc. ) ) ) ) ( NP-SBJ ( CD 992 ) ( JJ rotary ) ( NNS rigs ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( NN work ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( DT the ) ( JJ year-ago ) ( NN count ) ) ( PP-TMP ( IN of ) ( NP ( CD 933 ) ) ) ) ) ) )

According to Baker Hughes Inc. 992 rotary rigs were at work in the U.S. last week up from the year-ago count of 933


( S ( PP-TMP ( IN In ) ( NP ( CD 1981 ) ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN bust ) ) ) ( NP-SBJ ( DT the ) ( NN rig ) ( NN count ) ) ( VP ( VBD was ) ( PP-PRD ( IN above ) ( NP ( CD 4,000 ) ) ) ) )

In 1981 before the bust the rig count was above 4,000


( S ( NP-SBJ ( JJ Global ) ( NN offshore-rig ) ( NN use ) ) ( VP ( VBZ shows ) ( NP ( DT a ) ( JJ similar ) ( JJ upward ) ( NN trend ) ) ) )

Global offshore-rig use shows a similar upward trend


( S ( NP-SBJ ( NP ( DT Some ) ( NN equipment ) ) ( VP ( VBG going ) ( PP-DIR ( TO to ) ( VP ( VB work ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB almost ) ( JJ new ) ) ) )

Some equipment going to work is almost new


( S ( NP-SBJ-1 ( NNP Grace ) ( NNP Energy ) ) ( ADVP-TMP ( NP ( RB just ) ( CD two ) ( NNS weeks ) ) ( RB ago ) ) ( VP ( VBD hauled ) ( NP ( DT a ) ( NN rig ) ) ( NP-DIR ( RB here ) ) ( PP-LOC ( NP-ADV ( CD 500 ) ( NNS miles ) ) ( IN from ) ( NP ( NP ( NNP Caspar ) ) ( NP ( NNP Wyo. ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB drill ) ( NP ( NP ( DT the ) ( NNP Bilbrey ) ( RB well ) ) ( NP ( DT a ) ( JJ 15,000-foot ) ( ADJP ( JJ 1-million-plus ) ) ( JJ natural ) ( NN gas ) ( NN well ) ) ) ) ) ) ) )

Grace Energy just two weeks ago hauled a rig here 500 miles from Caspar Wyo. to drill the Bilbrey well a 15,000-foot 1-million-plus natural gas well


( S ( NP-SBJ-1 ( DT The ) ( NN rig ) ) ( VP ( VP ( VBD was ) ( VP ( VBN built ) ( PP-TMP ( IN around ) ( NP ( CD 1980 ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN drilled ) ( NP ( NP ( QP ( RB only ) ( CD two ) ) ( NNS wells ) ) ( NP ( NP ( DT the ) ( JJ last ) ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ) ) ) ) ) )

The rig was built around 1980 but has drilled only two wells the last in 1982


( S ( PP-TMP ( IN Until ) ( NP ( RB now ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN sat ) ( ADJP-CLR ( JJ idle ) ) ) ) )

Until now it had sat idle


( S ( PP ( IN For ) ( NP ( NP ( NNP Zel ) ( NNP Herring ) ) ( NP ( NP ( NN owner ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN cook ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Sandhills ) ( NNP Luncheon ) ( NNP Cafe ) ) ( NP ( NP ( DT a ) ( NN tin ) ( NN building ) ) ( PP-LOC ( IN in ) ( NP ( NN midtown ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PDT all ) ( DT this ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ good ) ) ( NN year ) ) ) ) ) )

For Zel Herring owner and a cook at the Sandhills Luncheon Cafe a tin building in midtown all this has made for a very good year


( S ( S-TPC-1 ( PP-TMP ( IN After ) ( NP ( NP ( CD 11:30 ) ( RB a.m. ) ) ( ADVP ( CC or ) ( RB so ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VBG standing ) ( CC and ) ( VBG waiting ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ whips ) ( PRT ( RP out ) ) ( NP ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( NP ( NNS hamburgers ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ daily ) ( NN special ) ) ( PRN ( UCP ( NP ( NP ( JJ grilled ) ( NN roast ) ( NN beef ) ( NN cheese ) ( CC and ) ( JJ jalapeno ) ( NN pepper ) ( NN sandwich ) ) ( PP ( IN on ) ( NP ( JJ whole ) ( NN wheat ) ) ) ) ( NP ( NN potato ) ( NN salad ) ) ( NP ( JJ baked ) ( NNS beans ) ) ( CC and ) ( NP ( NN pudding ) ) ( PP ( CC plus ) ( NP ( NP ( NN coffee ) ) ( CC or ) ( NP ( JJ iced ) ( NN tea ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After 11:30 a.m. or so we have them standing and waiting she says as she whips out orders for hamburgers and the daily special grilled roast beef cheese and jalapeno pepper sandwich on whole wheat potato salad baked beans and pudding plus coffee or iced tea


( NP ( NP ( NN Price ) ) ( NP ( CD 4.50 ) ) )

Price 4.50


( S ( NP-SBJ ( NP ( NNP Mike ) ( NNP Huber ) ) ( NP ( DT a ) ( NN roustabout ) ) ) ( VP ( VBZ is ) ( VP ( ADVP ( RB even ) ) ( VBG making ) ( NP ( PRP it ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ his ) ( JJ new ) ( NN career ) ) ( PP ( IN as ) ( NP ( DT an ) ( NN entrepreneur ) ) ) ) ) ) ) )

Mike Huber a roustabout is even making it in his new career as an entrepreneur


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD started ) ( NP ( NNP Arrow ) ( NNPS Roustabouts ) ( NNP Inc. ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ( PP-MNR ( IN with ) ( NP ( NP ( NP ( DT a ) ( NN loan ) ) ( PP ( IN from ) ( NP ( DT a ) ( NN friend ) ) ) ) ( VP ( ADVP-TMP ( RB since ) ) ( VBN repaid ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB now ) ) ( VBZ employs ) ( NP ( CD 15 ) ) ) ) )

He started Arrow Roustabouts Inc. a year ago with a loan from a friend since repaid and now employs 15


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD got ) ( NP ( NP ( CD three ) ( NNS trucks ) ) ( CC and ) ( NP ( DT a ) ( NN backhoe ) ) ) ( ADVP-MNR ( RB cheap ) ) ) )

He got three trucks and a backhoe cheap


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB add ) ( NP ( CD one ) ( JJR more ) ( NN truck ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Huber ) ) ( VP ( VBZ says ) ) )

I want to add one more truck Mr. Huber says


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP sense ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB grow ) ) ) ) ) ) ) ) ) ) ) ) )

I sense that it 's going to continue to grow


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT the ) ( NN word ) ) ) )

That 's the word


( S ( NP-SBJ ( DT The ) ( NN word ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RP out ) ) ) )

The word is out


( S ( NP-SBJ ( NNP Southam ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ unprofitable ) ( JJ weekly ) ( NN newspaper ) ) ( NP ( NP ( DT The ) ( NNP Financial ) ( NNP Times ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN up ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ) ) ) ) )

Southam Inc. said its unprofitable weekly newspaper The Financial Times of Canada is up for sale


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN announcement ) ) ( NP ( NP ( DT the ) ( JJS latest ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NP ( NNS divestitures ) ) ( CC and ) ( NP ( VBG restructuring ) ( NNS moves ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG improving ) ( NP ( NP ( NNP Southam ) ( POS 's ) ) ( NNS earnings ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NP ( DT the ) ( NN expiration ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( PP-2 ( IN of ) ( NP ( NP ( DT a ) ( JJ standstill ) ( NN pact ) ) ( PP ( IN with ) ( NP ( NNP Torstar ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts said the announcement the latest in a series of divestitures and restructuring moves is aimed at improving Southam 's earnings before the expiration in June of a standstill pact with Torstar Corp


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT that ) ( NN agreement ) ) ( VP ( VBZ expires ) ) ) ) ( NP-SBJ-2 ( NNP Torstar ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ free ) ( S ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 22.4 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Southam ) ) ) ) ) ) ) ( CC or ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT an ) ( NN offer ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ whole ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

When that agreement expires Torstar will be free to increase its 22.4 % stake in Southam or to make an offer for the whole company


( S ( NP-SBJ ( NP ( NNS Descendants ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Southam ) ( NN family ) ) ) ) ( VP ( VBP hold ) ( NP ( NP ( DT an ) ( JJ additional ) ( ADJP ( CD 22.6 ) ) ( NN % ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ Toronto-based ) ( NN company ) ) ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( JJS largest ) ( NN newspaper ) ( NN publisher ) ) ) ) ) ) )

Descendants of the Southam family hold an additional 22.6 % stake in the Toronto-based company Canada 's largest newspaper publisher


( SINV ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN newspaper ) ) ( VP ( MD could ) ( VP ( VB fetch ) ( NP ( NP ( QP ( IN between ) ( CD 15 ) ( CD million ) ( CC and ) ( CD 20 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 12.8 ) ( CD million ) ( TO to ) ( CD 17.1 ) ( CD million ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( CD one ) ( NN analyst ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD asked ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN identified ) ) ) ) ) ) ) ) ) )

The newspaper could fetch between 15 million and 20 million Canadian dollars 12.8 million to 17.1 million said one analyst who asked not to be identified


( S ( NP-SBJ-3 ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NN Southam ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN price ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ) ) ) ) ) ) ( CC or ) ( PP ( IN on ) ( NP ( NP ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN paper ) ( POS 's ) ) ( JJ annual ) ( NNS losses ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( JJS most ) ( NNS analysts ) ) ( VP ( VBP place ) ( PP-CLR ( IN at ) ( NP ( QP ( IN between ) ( CD 4 ) ( CD million ) ( CC and ) ( CD 7 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A spokesman for Southam declined to comment on the price the company is seeking or on estimates of the paper 's annual losses which most analysts place at between 4 million and 7 million


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP Southam ) ) ( VP ( VBD reported ) ( NP ( NP ( NP ( JJ third-quarter ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( QP ( CD 10.8 ) ( CD million ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 395.4 ) ( CD million ) ) ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 14.6 ) ( CD million ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 389.6 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ) ) ) ) ) ) ) )

Yesterday Southam reported third-quarter earnings of 10.8 million on revenue of 395.4 million down from 14.6 million on revenue of 389.6 million in the year-ago quarter


( SINV ( S-TPC-2 ( S ( S-PRP ( VP ( TO To ) ( VP ( VB be ) ( ADJP-PRD ( JJ profitable ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN paper ) ) ( VP ( VBZ requires ) ( NP ( JJR more ) ( NN circulation ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN building ) ( NN circulation ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ expensive ) ( NN undertaking ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Macfarlane ) ) ( NP ( NP ( DT the ) ( NN paper ) ( POS 's ) ) ( NN publisher ) ) ) )

To be profitable the paper requires more circulation and building circulation is an expensive undertaking said John Macfarlane the paper 's publisher


( S ( NP-SBJ ( NNP Southam ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( JJ future ) ( NN investment ) ) ( VP ( VBN required ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN paper ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN restricted ) ( NP ( NP ( PRP$ its ) ( NNS options ) ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS areas ) ) ) ) ) ) ) ) ) ) )

Southam said the level of future investment required by the paper would have restricted its options in other areas


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Financial ) ( NNP Times ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( ADVP ( RB well ) ) ( IN within ) ( NP ( NN reach ) ) ) ( PP ( IN for ) ( NP ( NP ( DT any ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS media ) ( NNS companies ) ) ( ADJP ( DT both ) ( JJ public ) ( CC and ) ( JJ private ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Cole ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( JJ Toronto-based ) ( NNP BBN ) ( NNP James ) ( NNP Capel ) ( NNP Inc ) ) ) ) ) )

The acquisition of the Financial Times of Canada is well within reach for any number of media companies both public and private said James Cole an analyst with Toronto-based BBN James Capel Inc


( S ( NP-SBJ ( JJ Possible ) ( NNS bidders ) ) ( VP ( VBP include ) ( NP ( NP ( NNP Christopher ) ( NNP Ondaatje ) ) ( NP ( NP ( DT a ) ( NNP Toronto ) ( NN financier ) ) ( CC and ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hees ) ( NNP International ) ( NNP Bancorp ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( VBG holding ) ( NN company ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Toronto ) ( POS 's ) ) ( NNP Bronfman ) ( NN family ) ) ) ) ) ) ) ) ) ) ) )

Possible bidders include Christopher Ondaatje a Toronto financier and vice chairman of Hees International Bancorp Inc. a holding company controlled by Toronto 's Bronfman family


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Ondaatje ) ) ( VP ( VP ( VBD sold ) ( NP ( NP ( PRP$ his ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Pagurian ) ( NNP Corp. ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNP Hees ) ) ) ( ADVP-TMP ( RB earlier ) ( NP ( DT this ) ( NN year ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN said ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG seeking ) ( NP ( DT a ) ( NNS media ) ( NN acquisition ) ) ) ) ) ) ) ) ) )

Mr. Ondaatje sold his stake in Pagurian Corp. to Hees earlier this year and is said to be seeking a media acquisition


( S ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Ondaatje ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNP Roy ) ( NNP Mac-Laren ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP CB ) ( NNP Media ) ) ( NP ( NP ( DT a ) ( ADJP ( RB closely ) ( JJ held ) ) ( NN concern ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ publishes ) ( NP ( CD two ) ( NN business ) ( NNS magazines ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ close ) ( NN look ) ) ( PP ( IN at ) ( NP ( DT the ) ( NN newspaper ) ) ) ) ) ) ) ) ) ) )

Mr. Ondaatje could n't be reached for comment but Roy Mac-Laren chairman of CB Media a closely held concern that publishes two business magazines said his company would take a close look at the newspaper


( S ( NP-SBJ ( NNP Mr. ) ( NNP Cole ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ 77-year ) ( NNP Financial ) ( NNPS Times ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP Southam ) ) ( VP ( VBZ has ) ( VP ( VBN owned ) ( PP-TMP ( IN since ) ( NP ( CD 1961 ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ consistent ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Southam ) ( POS 's ) ) ( NN strategy ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG cutting ) ( NP ( NNS costs ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( JJ maximum ) ( NNS profits ) ) ( PP-CLR ( IN from ) ( NP ( PRP$ its ) ( NNS operations ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG disposing ) ( PP-CLR ( IN of ) ( NP ( RB chronically ) ( JJ under-performing ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Cole said the sale of the 77-year Financial Times which Southam has owned since 1961 is consistent with Southam 's strategy of cutting costs to obtain maximum profits from its operations while disposing of chronically under-performing assets


( S ( NP-SBJ-1 ( NNP Southam ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 47 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NP ( NNP Selkirk ) ( NNPS Communications ) ( NNP Ltd. ) ) ( NP ( DT a ) ( VBG broadcasting ) ( NN concern ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNP Maclean ) ( NNP Hunter ) ( NNP Ltd. ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( IN about ) ( CD 285 ) ( CD million ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) )

Southam agreed to sell its 47 % stake in Selkirk Communications Ltd. a broadcasting concern to Maclean Hunter Ltd. for about 285 million last year


( S ( NP-TMP ( DT This ) ( NN year ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN moved ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( NNS costs ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NN newspaper ) ( NN division ) ) ) ) ( PP ( IN through ) ( NP ( NP ( NNS layoffs ) ) ( CC and ) ( NP ( NN asset ) ( NNS sales ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG reaching ) ( NP ( NP ( JJ joint ) ( NN venture ) ( CC and ) ( NN acquisition ) ( NNS agreements ) ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS areas ) ) ) ) ) ) ) ) ) ) ) ) )

This year it has moved to cut costs in its newspaper division through layoffs and asset sales while reaching joint venture and acquisition agreements in other areas


( S ( NP-SBJ ( NP ( DT The ) ( NNP Financial ) ( NNPS Times ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN links ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ British ) ( JJ daily ) ( NN newspaper ) ) ( NP ( DT The ) ( NNP Financial ) ( NNPS Times ) ) ) ) ) ) )

The Financial Times of Canada has no links to the British daily newspaper The Financial Times


( S ( NP-SBJ ( DT The ) ( NNP European ) ( NNP Community ) ( NNP Commission ) ) ( VP ( VBD challenged ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN on ) ( NP ( NNS routes ) ( CC and ) ( NNS fares ) ) ) ( PP ( IN between ) ( NP ( NP ( NNP France ) ( POS 's ) ) ( CD two ) ( JJS largest ) ( NNS airlines ) ) ) ) ( PP-MNR ( IN on ) ( NP ( JJ antitrust ) ( NNS grounds ) ) ) ) )

The European Community Commission challenged an agreement on routes and fares between France 's two largest airlines on antitrust grounds


( S ( S-ADV ( VP ( VBG Meeting ) ( PP-LOC ( IN in ) ( NP ( NNP Strasbourg ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN commission ) ) ( VP ( VBD voted ) ( PRN ( SBAR ( IN as ) ( S ( VP ( VBN expected ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB formally ) ) ( VB object ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN accord ) ) ( PP ( IN between ) ( NP ( NP ( NP ( NNP Air ) ( NNP France ) ) ( NP ( DT the ) ( JJ state-owned ) ( NN airline ) ) ) ( CC and ) ( NP ( NP ( JJ state-controlled ) ( JJ domestic ) ( NN carrier ) ) ( NP ( NNP Air ) ( NNP Inter ) ) ) ) ) ) ) ) ) ) ) )

Meeting in Strasbourg Wednesday the commission voted as expected to formally object to the accord between Air France the state-owned airline and state-controlled domestic carrier Air Inter


( S ( NP-SBJ ( DT An ) ( NNP EC ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( CD two ) ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN notified ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB begin ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( NNP Brussels ) ) ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB modify ) ( NP ( DT the ) ( NN pact ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An EC spokesman said the two companies will be notified so they can begin negotiations with Brussels on how to modify the pact


( SINV ( PP-PRD-1 ( IN At ) ( NP ( NN issue ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT an ) ( NN accord ) ) ( VP ( VBG dating ) ( ADVP ( RB back ) ) ( PP-TMP-CLR ( TO to ) ( NP ( NNP March ) ) ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ ( NNP Air ) ( NNP France ) ) ( VP ( VBD gained ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( CD five ) ( JJ domestic ) ( JJ French ) ( NNS routes ) ) ) ) ( PP ( IN under ) ( NP ( NP ( NNP Air ) ( NNP Inter ) ( POS 's ) ) ( NN flight ) ( NNS numbers ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT the ) ( JJ domestic ) ( NN airline ) ) ( VP ( VBD got ) ( S ( VP ( TO to ) ( VP ( VB fly ) ( PP-DIR ( TO to ) ( NP ( NP ( CD five ) ( NNS cities ) ) ( ADVP-LOC ( JJ outside ) ( PP ( IN of ) ( NP ( NNP France ) ) ) ) ) ) ( PP ( IN under ) ( NP ( NP ( DT the ) ( NN flag ) ) ( PP ( IN of ) ( NP ( NNP Air ) ( NNP France ) ) ) ) ) ) ) ) ) ) ) ) ) )

At issue is an accord dating back to March in which Air France gained access to five domestic French routes under Air Inter 's flight numbers and the domestic airline got to fly to five cities outside of France under the flag of Air France


( S ( NP-SBJ ( DT The ) ( CD two ) ) ( VP ( VP ( VBD shared ) ( NP ( NP ( NNS results ) ) ( PP ( IN from ) ( NP ( DT this ) ( NN route ) ( NN swap ) ) ) ) ) ( CC and ) ( VP ( VBD followed ) ( NP ( NP ( NNS rules ) ) ( PP ( IN on ) ( NP ( NN ticket ) ( NN pricing ) ) ) ) ) ) )

The two shared results from this route swap and followed rules on ticket pricing


( S ( NP-SBJ ( DT The ) ( NNP EC ) ( NNP Commission ) ) ( VP ( VBD decided ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ such ) ( DT an ) ( NN accord ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB benefit ) ( NP ( NNS consumers ) ) ( ADVP-CLR ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB merit ) ( NP ( NP ( DT an ) ( NN exemption ) ) ( PP ( IN from ) ( NP ( JJ antitrust ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) ) )

The EC Commission decided that such an accord does n't benefit consumers enough to merit an exemption from antitrust law


( S ( NP-SBJ ( DT The ) ( NNS airlines ) ) ( VP ( VBD presented ) ( NP ( PRP it ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG offering ) ( NP ( NNS consumers ) ) ( NP ( NP ( JJR more ) ( NN choice ) ) ( CC and ) ( NP ( JJR better ) ( NN flight ) ( NNS connections ) ) ) ) ) ) ) )

The airlines presented it as offering consumers more choice and better flight connections


( S ( NP-SBJ ( DT An ) ( NNP Air ) ( NNP France ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RB absolutely ) ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB study ) ( NP ( DT all ) ( NNS solutions ) ) ) ) ) ) ) ) ) )

An Air France spokeswoman said we 're absolutely ready to study all solutions


( S ( NP-SBJ ( DT An ) ( NNP Air ) ( NNP Inter ) ( NN spokesman ) ) ( VP ( VBD said ) ( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( NP ( PRP they ) ) ( PRN ( NP ( DT the ) ( NNP EC ) ) ) ) ( VP ( VBP have ) ( NP ( NNS doubts ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB work ) ( ADVP ( RB again ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT the ) ( NN text ) ) ( CC and ) ( NP ( DT the ) ( NNS contents ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN accord ) ) ) ) ) ) ) ) ) )

An Air Inter spokesman said Because they the EC have doubts we will work again on the text and the contents of the accord


( S ( NP-SBJ-1 ( NP ( NNP Isaac ) ( NNP Hersly ) ) ( ADJP ( NP ( CD 41 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NN designer ) ( CC and ) ( NN marketer ) ) ( PP ( IN of ) ( NP ( NP ( NNS graphics ) ) ( NP ( NN video ) ) ( NP ( NN cable ) ) ( CC and ) ( NP ( JJ other ) ( JJ television-related ) ( NN equipment ) ) ) ) ) ) ) ) ) ) )

Isaac Hersly 41 years old was elected president and chief operating officer of this designer and marketer of graphics video cable and other television-related equipment


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Alfred ) ( NNP O.P. ) ( NNP Leubert ) ) ( NP ( CD 66 ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ continues ) ( PP-CLR ( IN as ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ) ) ) ) ) ) )

He succeeds Alfred O.P. Leubert 66 who continues as chairman and chief executive officer


( S ( NP-SBJ ( NNP Mr. ) ( NNP Hersly ) ) ( ADVP-TMP ( RB formerly ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN group ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NN marketing ) ) ( CC and ) ( NP ( NN product ) ( NN planning ) ) ) ) ( PP ( IN for ) ( NP ( NNP Chyron ) ) ) ) ( CC and ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS telesystems ) ( CC and ) ( NN video ) ( NNS products ) ( NN division ) ) ) ) ) ) )

Mr. Hersly formerly was group vice president of marketing and product planning for Chyron and president of the telesystems and video products division


( S ( NP-SBJ-1 ( NNP Kinder-Care ) ( NNP Inc. ) ) ( VP ( VBD was ) ( VP ( VBN dropped ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN consumer ) ( NNS services ) ( NN industry ) ( NN group ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Equity ) ( NNP Market ) ( NN index ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD split ) ( NP-ADV ( PRP itself ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN restructuring ) ) ) ) ) ) ) ) )

Kinder-Care Inc. was dropped from the consumer services industry group of the Dow Jones Equity Market index because the company split itself in a restructuring


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD was ) ( VP ( VBN succeeded ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN group ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Fuqua ) ( NNPS Industries ) ( NNP Inc ) ) ) ) ) )

It was succeeded in the group by Fuqua Industries Inc


( S ( NP-SBJ ( DT Both ) ( NNS moves ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ effective ) ) ( NP-TMP ( NN today ) ) ) )

Both moves are effective today


( S ( NP-SBJ ( NP ( JJ Swedish ) ( NN rolling-steel ) ( CC and ) ( NN ball-bearing ) ( NN group ) ) ( NP ( NNP AB ) ( NNP SKF ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ pretax ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 78 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 1.78 ) ( CD billion ) ) ( NNS kronor ) ) ( PRN ( NP ( QP ( CD 278 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD one ) ( CD billion ) ) ( NNS kronor ) ) ( PRN ( NP ( QP ( CD 156 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ corresponding ) ( NN period ) ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ) ) )

Swedish rolling-steel and ball-bearing group AB SKF said its pretax profit rose 78 % to 1.78 billion kronor 278 million in the first nine months from one billion kronor 156 million in the corresponding period a year earlier


( S ( NP-SBJ ( NNP SKF ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18.46 ) ( CD billion ) ) ( NNS kronor ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 15.72 ) ( CD billion ) ) ) ) ) ) ) )

SKF said sales increased 17 % to 18.46 billion kronor from 15.72 billion


( S ( NP-SBJ ( NP ( NNS Earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( CD 10.35 ) ( NNS kronor ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( CD 5.80 ) ( NNS kronor ) ) ) ) ) )

Earnings per share were 10.35 kronor compared with 5.80 kronor


( S ( NP-SBJ ( NNP SKF ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ main ) ( NN product ) ) ( NP ( JJ rolling ) ( NNS bearings ) ) ) ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ favorable ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Europe ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB slightly ) ( JJR more ) ( IN than ) ( NNS two-thirds ) ) ) ( PP ( IN of ) ( NP ( NN group ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

SKF said demand for the group 's main product rolling bearings remained favorable in Europe which accounts for slightly more than two-thirds of group sales


( S ( S-TPC-1 ( NP-SBJ ( ADJP ( JJ Latin ) ( JJ American ) ) ( NNS markets ) ) ( VP ( VBD continued ) ( NP ( PRP$ their ) ( NN recovery ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( JJ weak ) ( NN start ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ( NP-SBJ ( NNP SKF ) ) ( VP ( VBD said ) ) )

Latin American markets continued their recovery after a weak start to the year SKF said


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN situation ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ uncertain ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( JJ reduced ) ( NN production ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJ automotive ) ( NN industry ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN resulted ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ weakened ) ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ rolling ) ( NNS bearings ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said the situation in the U.S. is still uncertain as reduced production in the country 's automotive industry has resulted in weakened demand for rolling bearings


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNP SKF ) ( POS 's ) ) ( NNS results ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ) ) ( VP ( VBD lived ) ( PRT ( RP up ) ) ( PP-CLR ( TO to ) ( NP ( NN market ) ( NNS expectations ) ) ) ( SBAR-PRP ( IN as ) ( S ( NP-SBJ ( NN brokerage ) ( NNS firms ) ) ( VP ( VBD had ) ( VP ( VBN predicted ) ( NP ( NP ( DT a ) ( JJ pretax ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.74 ) ( CD billion ) ( TO to ) ( CD 1.86 ) ( CD billion ) ) ( NNS kronor ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts said SKF 's results for the first nine months lived up to market expectations as brokerage firms had predicted a pretax profit of 1.74 billion to 1.86 billion kronor


( S ( NP-SBJ-1 ( NP ( DT The ) ( CD three ) ( NN business ) ( NNS areas ) ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( JJ rolling ) ( NN bearing ) ( NNS operations ) ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( JJ favorable ) ( NNS sales ) ( NN development ) ) ) ) ) ) )

The three business areas engaged in rolling bearing operations continued to show favorable sales development


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( JJ rolling ) ( NNS bearings ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 19 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 15.7 ) ( CD billion ) ) ( NNS kronor ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 13.2 ) ( CD billion ) ) ( NNS kronor ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ corresponding ) ( NN period ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) )

Sales of rolling bearings increased 19 % to 15.7 billion kronor from 13.2 billion kronor in the corresponding period the previous year


( S ( NP-SBJ-2 ( NP ( NNS Efforts ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Hong ) ( NNP Kong ) ( NNPS Futures ) ( NNP Exchange ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB introduce ) ( NP ( DT a ) ( JJ new ) ( NN interest-rate ) ( NNS futures ) ( NN contract ) ) ) ) ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB hit ) ( NP ( NNS snags ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( NN support ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( VBN proposed ) ( NN instrument ) ) ( VP ( VBZ enjoys ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN colony ) ( POS 's ) ) ( JJ financial ) ( NN community ) ) ) ) ) ) ) ) ) )

Efforts by the Hong Kong Futures Exchange to introduce a new interest-rate futures contract continue to hit snags despite the support the proposed instrument enjoys in the colony 's financial community


( S ( NP-SBJ ( NNP Hong ) ( NNP Kong ) ( JJ financial ) ( NNS institutions ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( NN interest-rate ) ( NNS futures ) ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ long ) ( NN time ) ) ) ) ) ) )

Hong Kong financial institutions have been waiting for interest-rate futures for a long time


( S ( S ( NP-SBJ-2 ( DT The ) ( NN contract ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB first ) ) ( VP ( VBN proposed ) ( ADVP-TMP ( NP ( QP ( JJR more ) ( IN than ) ( CD two ) ) ( NNS years ) ) ( RB ago ) ) ) ) ) ( CC but ) ( S ( ADVP-TMP ( RB shortly ) ( RB afterward ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN colony ) ( POS 's ) ) ( NNS markets ) ) ( VP ( VBD were ) ( VP ( VBN hit ) ( ADVP-MNR ( RB hard ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP October ) ( CD 1987 ) ( JJ global ) ( NN stock ) ( NN crash ) ) ) ) ) ) )

The contract was first proposed more than two years ago but shortly afterward the colony 's markets were hit hard by the October 1987 global stock crash


( S ( NP-SBJ ( DT The ) ( JJ subsequent ) ( NN drive ) ( S ( VP ( TO to ) ( VP ( VB reform ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NNS markets ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VBN embroiled ) ( NP ( DT the ) ( NN interest-rate ) ( NNS futures ) ( NN contract ) ) ) ) )

The subsequent drive to reform Hong Kong 's markets also has embroiled the interest-rate futures contract


( S ( NP-SBJ-2 ( NP ( DT The ) ( NNPS Securities ) ( CC and ) ( NNPS Futures ) ( NNP Commission ) ) ( NP ( NP ( DT a ) ( NN government ) ( NN watchdog ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB restore ) ( NP ( NN confidence ) ( CC and ) ( NN order ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NN contract ) ) ( NP ( JJ conditional ) ( NN approval ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) )

The Securities and Futures Commission a government watchdog set up after the 1987 crash to try to restore confidence and order to Hong Kong 's markets had been expected to give the contract conditional approval last week


( S ( CC But ) ( NP-SBJ ( NNS regulators ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN futures-exchange ) ( NNS officials ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ) ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP answer ) ( NP ( NP ( PDT all ) ( DT the ) ( VBG remaining ) ( JJ detailed ) ( NNS questions ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN contract ) ) ) ) ) ) ) ) ) ) ) )

But regulators this week said futures-exchange officials still have a way to go before they answer all the remaining detailed questions about the contract


( S ( NP-SBJ ( DT The ) ( NN exchange ) ) ( VP ( VBD had ) ( VP ( VBN forecast ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN contract ) ) ( VP ( MD would ) ( VP ( VB begin ) ( S ( VP ( VBG trading ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP December ) ) ) ) ) ) ) ) ) )

The exchange had forecast that the contract would begin trading by December


( S ( CC But ) ( NP-SBJ ( NNS securities ) ( NNS regulators ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP say ) ( ADVP-MNR ( RB privately ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB start ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) )

But securities regulators now say privately that it is n't likely to start until the first quarter of next year


( S ( NP-SBJ ( NP ( NNS Analysts ) ( CC and ) ( JJ financial ) ( NNS officials ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ British ) ( NN colony ) ) ) ) ( VP ( VBP consider ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN contract ) ) ( ADJP-PRD ( JJ essential ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN revival ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Hong ) ( NNP Kong ) ( NNPS Futures ) ( NNP Exchange ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( ADVP-TMP ( RB never ) ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBN recovered ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts and financial officials in the British colony consider the new contract essential to the revival of the Hong Kong Futures Exchange which has never fully recovered from the October 1987 crash


( S ( NP-SBJ ( JJ Many ) ) ( VP ( VBP believe ) ( SBAR ( DT that ) ( S ( PP ( IN without ) ( NP ( DT a ) ( JJ healthy ) ( NNS futures ) ( NN exchange ) ) ) ( NP-SBJ ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NNS aspirations ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN recognized ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( JJ international ) ( JJ financial ) ( NN center ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB suffer ) ) ) ) ) ) )

Many believe that without a healthy futures exchange Hong Kong 's aspirations to be recognized as an international financial center will suffer


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( JJ local ) ( NNS banks ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN contract ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ important ) ( PP ( IN in ) ( S-NOM ( VP ( VBG helping ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB offset ) ( NP ( PRP$ their ) ( NNP Hong ) ( NN Kong-dollar ) ( NN exposure ) ) ) ) ) ) ) ) ) ) ) ) )

In addition local banks say the new contract is important in helping them offset their Hong Kong-dollar exposure


( S ( NP-SBJ-1 ( DT The ) ( NN contract ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ three-month ) ( NNP Hong ) ( NNP Kong ) ( NN interbank ) ( JJ offered ) ( NN rate ) ) ( CC or ) ( NP ( NNP Hibor ) ) ) ) ) ) ) )

The contract will be based on the three-month Hong Kong interbank offered rate or Hibor


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB almost ) ) ( NP-PRD ( NP ( DT a ) ( NN carbon ) ( NN copy ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ( POS 's ) ) ( NN Eurodollar ) ( NN contract ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ three-month ) ( NN Eurodollar ) ( NN rate ) ) ( NP ( NP ( DT the ) ( NN rate ) ) ( VP ( VBN paid ) ( PP-CLR ( IN on ) ( NP ( NN U.S.-dollar ) ( NNS deposits ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ( NNS banks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is almost a carbon copy of the Chicago Mercantile Exchange 's Eurodollar contract which is based on the three-month Eurodollar rate the rate paid on U.S.-dollar deposits in London banks


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN contract ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ successful ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VBP expect ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD may ) ( VP ( VB do ) ( NP ( RB much ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB restore ) ( NP ( NP ( NN confidence ) ) ( PP ( IN in ) ( NP ( NP ( NNS futures ) ( VBG trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ) ) ) ) ) )

If the contract is as successful as some expect it may do much to restore confidence in futures trading in Hong Kong


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN contract ) ) ( VP ( VBZ is ) ( ADVP ( RB definitely ) ) ( ADJP-PRD ( JJ important ) ( PP ( TO to ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Gilmore ) ) ( NP ( NP ( NN executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNPS Futures ) ( NNP Commission ) ) ) ) ) )

The contract is definitely important to the exchange says Robert Gilmore executive director of the Securities and Futures Commission


( S ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NNS futures ) ( NN exchange ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN envy ) ) ( PP ( IN of ) ( NP ( JJ other ) ( JJ would-be ) ( NNS futures ) ( NNS centers ) ) ) ) ) )

Two years ago the futures exchange was the envy of other would-be futures centers


( S ( PP-TMP ( IN After ) ( NP ( RB only ) ( CD 17 ) ( NNS months ) ) ) ( NP-SBJ-1 ( NP ( PRP$ its ) ( JJ main ) ( NN contract ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Hang ) ( NNP Seng ) ( NN index ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN grown ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ second-largest ) ( NNS stock-index-futures ) ( NN contract ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) )

After only 17 months its main contract based on the Hang Seng index had grown to be the second-largest stock-index-futures contract in the world


( S ( NP-SBJ ( DT A ) ( NNS futures ) ( NN contract ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( NP ( DT a ) ( NN commodity ) ) ( CC or ) ( NP ( JJ financial ) ( NN instrument ) ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ set ) ( NN price ) ) ) ( PP-TMP ( IN on ) ( NP ( DT a ) ( JJ specified ) ( NN date ) ) ) ) ) ) ) ) )

A futures contract is an agreement to buy or sell a commodity or financial instrument at a set price on a specified date


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( NN stock-index ) ( CC and ) ( NN interest-rate ) ( NNS futures ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS instruments ) ) ( VP ( VP ( VBP are ) ( VP ( VBN given ) ( NP ( DT an ) ( VBG underlying ) ( NN cash ) ( NN value ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBN settled ) ( PP-MNR ( IN in ) ( NP ( NN cash ) ) ) ) ) ) )

In the case of stock-index and interest-rate futures the instruments are given an underlying cash value and are settled in cash


( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( PP-TMP ( VBG following ) ( NP ( DT the ) ( CD 1987 ) ( NN stock ) ( NN crash ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBD verged ) ( PP-CLR ( IN on ) ( NP ( NN collapse ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN stock ) ( CC and ) ( NNS futures ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ( VP ( VBD were ) ( VP ( VBN closed ) ( PP-TMP ( IN for ) ( NP ( CD four ) ( NNS days ) ) ) ) ) ) )

But in the week following the 1987 stock crash the exchange verged on collapse and the stock and futures markets in Hong Kong were closed for four days


( S ( NP-SBJ ( RB Only ) ( DT a ) ( JJ government-sponsored ) ( NN bailout ) ) ( VP ( VBD kept ) ( NP-1 ( DT the ) ( NN crisis ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG swallowing ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) )

Only a government-sponsored bailout kept the crisis from swallowing the exchange


( S ( S-NOM-SBJ ( VP ( NN Trading ) ( PP-CLR ( IN in ) ( NP ( NNP Hang ) ( NNP Seng ) ( NN index ) ( NNS futures ) ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( VBN crippled ) ( PP ( IN by ) ( NP ( DT the ) ( NN experience ) ) ) ) ) )

Trading in Hang Seng index futures remains crippled by the experience


( S ( NP-SBJ ( NP ( NN Volume ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ entire ) ( NN month ) ) ( PP ( IN of ) ( NP ( NNP September ) ) ) ) ) ) ( VP ( VBD totaled ) ( NP ( QP ( RB only ) ( CD 21,687 ) ) ( NNS contracts ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ daily ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 27,000 ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN month ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) )

Volume for the entire month of September totaled only 21,687 contracts compared with a daily average of 27,000 in the month before the 1987 crash


( S ( PP ( PP ( IN Despite ) ( NP ( DT the ) ( JJ thin ) ( NN trading ) ) ) ( CC and ) ( PP-TMP ( IN after ) ( NP ( NP ( CD two ) ( JJ painful ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN restructuring ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS futures ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN shown ) ( NP ( PRP itself ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ resilient ) ) ( PP-LOC ( IN in ) ( NP ( CD two ) ( JJ recent ) ( NNS tests ) ) ) ) ) ) ) ) )

Despite the thin trading and after two painful years of restructuring the futures market has shown itself to be resilient in two recent tests


( S ( SBAR-TMP ( IN While ) ( S ( NP-SBJ-1 ( JJ Asian ) ( NNS markets ) ) ( VP ( VBD struggled ) ( S ( VP ( TO to ) ( VP ( VB cope ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN uncertainty ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Oct. ) ( CD 13 ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS futures ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( RB relatively ) ( JJ heavy ) ) ) ( CC and ) ( VP ( VBD went ) ( ADVP-MNR ( RB smoothly ) ) ) ) )

While Asian markets struggled to cope with the uncertainty caused by the Oct. 13 plunge in New York stock prices futures trading in Hong Kong was relatively heavy and went smoothly


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( NP-PRD ( DT the ) ( NN case ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS days ) ) ( PP ( VBG following ) ( NP ( NP ( DT the ) ( ADJP ( NNP June ) ( CD 4 ) ) ( NN massacre ) ) ( PP-LOC ( IN in ) ( NP ( NNP Beijing ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD caused ) ( NP ( NP ( DT a ) ( JJ sharp ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) )

That was also the case in the days following the June 4 massacre in Beijing which caused a sharp drop in Hong Kong stock prices


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT no ) ( NN problem ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Douglas ) ( NNP Ford ) ) ( NP ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS futures ) ( NN exchange ) ) ) ) ) )

There was no problem at all says Douglas Ford chief executive officer of the futures exchange


( SINV ( ADJP-PRD-1 ( RBS Most ) ( JJ important ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN contract ) ( POS 's ) ) ( NN success ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN commitment ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( JJ big ) ( JJ financial ) ( NNS institutions ) ) ( ADVP ( RB especially ) ) ( NP ( NP ( DT the ) ( CD two ) ( NNS leaders ) ) ( NP ( NP ( NNP Hongkong ) ( CC & ) ( NNP Shanghai ) ( NNP Banking ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ local ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NNP Standard ) ( NNP Chartered ) ( NNP Bank ) ( NNP PLC ) ) ) ) ) ) ) ) ) )

Most important to the contract 's success is the commitment of Hong Kong 's big financial institutions especially the two leaders Hongkong & Shanghai Banking Corp. and the local subsidiary of Britain 's Standard Chartered Bank PLC


( S ( NP-SBJ ( DT The ) ( CD two ) ( JJ big ) ( NNS banks ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ instrumental ) ( PP ( IN in ) ( S-NOM ( VP ( VBG designing ) ( NP ( DT the ) ( JJ new ) ( NN contract ) ) ) ) ) ) ) )

The two big banks were instrumental in designing the new contract


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT those ) ( CD two ) ( NNS banks ) ) ( VP ( VBP are ) ( ADVP-LOC-PRD ( RB there ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( NP ( DT the ) ( NN balance ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN banking ) ( NNS institutions ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-LOC-PRD ( RB there ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Gilmore ) ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNPS Futures ) ( NNP Commission ) ( NN official ) ) ) )

If those two banks are there then the balance of the banking institutions will be there says Mr. Gilmore the Securities and Futures Commission official


( S ( NP-SBJ ( NN Colony ) ( NNS banks ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( JJ major ) ( NN stake ) ) ( PP ( IN in ) ( SBAR-NOM ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP move ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( PRP$ their ) ( JJ enormous ) ( NNP Hong ) ( NN Kong-dollar ) ( NN exposure ) ) ) ) )

Colony banks have a major stake in how interest rates move because of their enormous Hong Kong-dollar exposure


( S ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ-1 ( DT the ) ( NN currency ) ) ( VP ( VBZ is ) ( VP ( VBN pegged ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ( NN dollar ) ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ fixed ) ( NN exchange ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( CD 7.8 ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ American ) ( NN currency ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( CC and ) ( NNP Hong ) ( NNP Kong ) ( NNS economies ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB move ) ( PP-MNR ( IN in ) ( NP ( JJ lock ) ( NN step ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ difficult ) ) ( S-3 ( VP ( TO to ) ( VP ( VB predict ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NP ( NN interest ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN colony ) ) ) ) ( VP ( MD will ) ( VP ( VB go ) ) ) ) ) ) ) ) ) ) ) ) ) )

Even though the currency is pegged to the U.S. dollar with a fixed exchange rate of 7.8 to the American currency the U.S. and Hong Kong economies do n't always move in lock step making it difficult to predict where interest rates in the colony will go


( S ( PP-TMP ( IN In ) ( NP ( NP ( RB early ) ( CD 1988 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( JJ three-month ) ( NN Eurodollar ) ( NN rate ) ) ( VP ( VBD was ) ( PP-PRD ( IN between ) ( NP ( QP ( NP ( CD 7 ) ( NN % ) ) ( CC and ) ( NP ( CD 8 ) ( NN % ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ three-month ) ( NNP Hibor ) ( NN rate ) ) ( VP ( VBD was ) ( ADJP-PRD ( QP ( RB as ) ( JJ low ) ( IN as ) ( CD 1 ) ) ( NN % ) ) ) )

In early 1988 when the three-month Eurodollar rate was between 7 % and 8 % the three-month Hibor rate was as low as 1 %


( S ( ADVP-TMP ( NP ( RB Just ) ( DT a ) ( JJ few ) ( NNS months ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( JJ three-month ) ( NN Eurodollar ) ( NN rate ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( IN around ) ( CD 9.5 ) ) ( NN % ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ three-month ) ( NNP Hibor ) ) ( VP ( VBD hit ) ( NP ( NP ( NNS highs ) ) ( PP ( IN above ) ( NP ( CD 11 ) ( NN % ) ) ) ) ) ) ) ) )

Just a few months ago the three-month Eurodollar rate was around 9.5 % while three-month Hibor hit highs above 11 %


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Hibor ) ( NN contract ) ) ( VP ( VBZ solves ) ( NP ( NP ( RB quite ) ( DT a ) ( NN bit ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN problem ) ) ( PP ( IN of ) ( NP ( NP ( NN interest-rate ) ( NN risk ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN interbank ) ( NN market ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Eric ) ( NNP Cheng ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP James ) ( NNP Capel ) ( NNP Far ) ( NNP East ) ( NNP Ltd. ) ) ( NP ( NP ( DT the ) ( NNP Hong ) ( NNP Kong ) ( NN arm ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ British ) ( NN brokerage ) ( NN firm ) ) ) ) ) ) ) ) )

The Hibor contract solves quite a bit of the problem of interest-rate risk in the interbank market says Eric Cheng a director of James Capel Far East Ltd. the Hong Kong arm of the British brokerage firm


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( JJ initial ) ( NN support ) ) ( VP ( VBD expected ) ) ) ) ( NP-SBJ-1 ( NP ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN contract ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB start ) ( ADVP-MNR ( RB slowly ) ) ) ) ) ) ) )

Despite the initial support expected trading in the contract is likely to start slowly


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNS wounds ) ) ( PP ( IN from ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN healed ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( RB not ) ( DT all ) ( NNS claims ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN exchange ) ( NN clearinghouse ) ) ) ( PRN ( PP ( IN by ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VB bet ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Hang ) ( NNP Seng ) ( NN index ) ) ( VP ( MD would ) ( VP ( VB fall ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN settled ) ) ) ) ) )

The wounds from the 1987 crash have n't yet healed and not all claims against the exchange clearinghouse by those who bet the Hang Seng index would fall have been settled


( S ( NP-SBJ ( NP ( NP ( NNS Companies ) ) ( CC and ) ( NP ( JJ financial ) ( NNS institutions ) ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ wary ) ( PP ( IN of ) ( S-NOM ( VP ( NN trading ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNS futures ) ( NN market ) ) ) ) ) ) ) ) )

Companies and financial institutions familiar with Hong Kong remain wary of trading in its futures market


( S ( CC And ) ( NP-SBJ ( NNP Mr. ) ( NNP Gilmore ) ) ( VP ( VBZ cautions ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( NNS limits ) ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-1 ( WRB how ) ( NP ( JJ much ) ) ) ( S ( NP-SBJ ( DT the ) ( NN contract ) ) ( VP ( MD can ) ( VP ( VB grow ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNP Hong ) ( NNP Kong ) ( NN dollar ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( RB widely ) ( JJ traded ) ( NN currency ) ) ) ) ) ) ) ) ) ) )

And Mr. Gilmore cautions that there may be limits on how much the contract can grow because the Hong Kong dollar is n't a widely traded currency


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN contract ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN considered ) ( S ( NP-PRD ( DT a ) ( NN success ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ starts ) ( S ( VP ( VBG trading ) ( NP ( NP ( QP ( CD 500 ) ( TO to ) ( CD 1,000 ) ) ( NNS lots ) ) ( NP-TMP ( DT a ) ( NN day ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says the contract will be considered a success if it starts trading 500 to 1,000 lots a day


( S ( NP-SBJ ( NN Exchange ) ( NNS officials ) ) ( ADVP ( RB also ) ) ( VP ( VBP point ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Hibor ) ( NNS futures ) ) ( VP ( VBD were ) ( VP ( VBN designed ) ( PP ( PP ( IN for ) ( NP ( NNS institutions ) ( CC and ) ( NNS corporations ) ) ) ( RB not ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN type ) ) ( PP ( IN of ) ( NP ( NP ( JJ small ) ( JJ individual ) ( NNS investors ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VP ( VBD were ) ( ADJP-PRD ( RB very ) ( JJ active ) ( PP-LOC ( IN in ) ( NP ( NNP Hang ) ( NNP Seng ) ( NN index ) ( NNS futures ) ) ) ) ) ( CC and ) ( VP ( VBD defaulted ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exchange officials also point out that Hibor futures were designed for institutions and corporations not for the type of small individual investors who were very active in Hang Seng index futures and defaulted in the 1987 crash


( S ( NP-SBJ ( NNP Mr. ) ( NNP Cheng ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ low ) ( NN margin ) ) ( VP ( VBN required ) ( PP-CLR ( IN for ) ( NP ( NN trading ) ( NNS futures ) ) ) ) ) ( VP ( VBD attracted ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( JJ small ) ( NNS investors ) ) ) ) ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ( SBAR-1 ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( VB realize ) ( SBAR ( DT that ) ( S ( NP-SBJ ( PRP$ their ) ( NN risk ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB virtually ) ( JJ unlimited ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Cheng says the low margin required for trading futures attracted a lot of small investors before the 1987 crash who did n't realize that their risk was virtually unlimited


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP You ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( PRP$ your ) ( NN taxi ) ( NNS drivers ) ( CC and ) ( NNS amahs ) ) ( CC and ) ( NP ( PDT all ) ( DT that ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Rory ) ( NNP Nicholas ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN for ) ( NP ( NNS securities ) ( NN company ) ( NNPS Elders ) ( NNP Bullion ) ( CC & ) ( NNPS Futures ) ( NNP Ltd ) ) ) ) ) )

You 're not going to get your taxi drivers and amahs and all that says Rory Nicholas a director for securities company Elders Bullion & Futures Ltd


( S ( S-TPC-1 ( NP-SBJ-2 ( DT That ) ) ( VP ( MD should ) ( VP ( VB help ) ( S ( VP ( TO to ) ( VP ( VB inspire ) ( NP ( NN confidence ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gilmore ) ) ( VP ( VBZ says ) ) )

That should help to inspire confidence Mr. Gilmore says


( S ( CC But ) ( NP-SBJ ( JJ many ) ( NNS bankers ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ nervous ) ) ( SBAR-TMP ( ADVP ( RB especially ) ) ( IN as ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN start-up ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract ) ) ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN delayed ) ) ) ) ) ) ) ) ) )

But many bankers remain nervous especially as the start-up of the contract continues to be delayed


( S-HLN ( NP-SBJ ( NNP California ) ( NNS Thefts ) ) ( VP ( VBP Make ) ( S ( NP-SBJ ( NN Travel ) ( NNS Agents ) ) ( ADJP-PRD ( JJ Jittery ) ) ) ) )

California Thefts Make Travel Agents Jittery


( S ( S-NOM-SBJ-1 ( VP ( VBG BEING ) ( NP-PRD ( DT A ) ( NN TRAVEL ) ( NN agent ) ) ) ) ( VP ( VBN used ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB pretty ) ( JJ glamorous ) ) ) ) ) ) )

BEING A TRAVEL agent used to be pretty glamorous


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG getting ) ( ADJP-PRD ( RB downright ) ( JJ dangerous ) ) ) ) )

Now it 's getting downright dangerous


( S ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS months ) ) ) ( NP-SBJ-1 ( QP ( JJR more ) ( IN than ) ( CD 25 ) ) ( NNS agencies ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN robbed ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( RB only ) ( DT a ) ( NN handful ) ) ( NP-TMP ( DT all ) ( JJ last ) ( NN year ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NN police ) ( CC and ) ( NN travel-agency ) ( NNS groups ) ) ) ) ) ) ) )

In recent months more than 25 agencies have been robbed compared with only a handful all last year according to police and travel-agency groups


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS cases ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNP California ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( S ( NP-SBJ-1 ( CD one ) ( NN agent ) ) ( VP ( VBD was ) ( VP ( VBN stabbed ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( DT another ) ) ( VP ( VBD was ) ( VP ( VBN shot ) ( CC and ) ( VBN killed ) ) ) ) ) ) ) ) ) ) )

Most of the cases have been in California where one agent was stabbed and another was shot and killed


( S ( NP-SBJ ( NNP Los ) ( NNP Angeles ) ( NNS police ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NNS thieves ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN crime ) ( NN network ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ knows ) ( SBAR ( WHADVP-4 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( NP ( JJ blank ) ( NNS tickets ) ) ( PP-CLR ( IN into ) ( NP ( JJ real ) ( NNS ones ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Los Angeles police say the thieves seem to be part of a crime network that knows how to convert blank tickets into real ones


( S ( ADVP ( RB Already ) ) ( NP-SBJ-1 ( DT the ) ( JJ stolen ) ( NNS tickets ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN used ) ( PP ( IN for ) ( NP ( NP ( NNS flights ) ) ( PP-LOC ( ADVP ( DT all ) ) ( IN over ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) )

Already the stolen tickets have been used for flights all over the world


( S ( ADVP ( RB So ) ( RB far ) ) ( NP-SBJ ( DT the ) ( NNS thieves ) ) ( VP ( VBP have ) ( VP ( VBN stolen ) ( NP ( CD 3,632 ) ( JJ blank ) ( NNS tickets ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Airline ) ( NNP Reporting ) ( NNP Corp. ) ) ( NP ( DT a ) ( NN ticket ) ( NN processing ) ( NN center ) ) ) ) ) ) ) )

So far the thieves have stolen 3,632 blank tickets according to Airline Reporting Corp. a ticket processing center


( S ( NP-SBJ ( NNS Police ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NNS robberies ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBN pulled ) ( PRT ( RP off ) ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( CD two ) ( TO to ) ( CD five ) ) ( NNS men ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP walk ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NNS agencies ) ) ) ( PP-TMP ( IN near ) ( NP ( NP ( ADJP ( NN closing ) ( CC or ) ( NN lunch ) ) ( NN time ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( JJ few ) ( NNS employees ) ) ( VP ( VBP are ) ( ADVP-LOC-PRD ( RB there ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Police say the robberies are usually pulled off by two to five men who walk into the agencies near closing or lunch time when few employees are there


( SINV ( S-TPC-2 ( NP-SBJ ( PRP They ) ) ( VP ( VBD looked ) ( PP-CLR ( IN like ) ( NP ( JJ ordinary ) ( NNS vacationers ) ) ) ( PP-TMP ( IN at ) ( RB first ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Willy ) ( NNP LLerena ) ) ( NP ( NP ( NN owner ) ) ( PP ( IN of ) ( NP ( NP ( NNP Travel ) ( NNP Air ) ( NNP Service ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Monte ) ( NNP Bello ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG describing ) ( NP ( NP ( CD five ) ( NNS men ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD entered ) ( NP ( PRP$ his ) ( NN agency ) ) ( NP-TMP ( JJ last ) ( NNP June ) ) ) ) ) ) ) ) )

They looked like ordinary vacationers at first says Willy LLerena owner of Travel Air Service in Monte Bello Calif. describing five men who entered his agency last June


( S-1 ( CC But ) ( ADVP-TMP ( RB then ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBD put ) ( NP ( CD two ) ( JJ loaded ) ( NNS pistols ) ) ( PP-PUT ( TO to ) ( NP ( PRP$ his ) ( NN temple ) ) ) ) ( CC and ) ( VP ( VBD demanded ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VB open ) ( NP ( DT the ) ( NN safe ) ) ) ) ) ) ) )

But then he says they put two loaded pistols to his temple and demanded he open the safe


( S-2 ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD refused ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBD stabbed ) ( NP ( PRP him ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN back ) ) ) ) ( CC and ) ( VP ( VBD made ) ( PRT ( RP off ) ) ( PP-CLR ( IN with ) ( NP ( NP ( CD 2,000 ) ) ( CC and ) ( NP ( CD 280 ) ( JJ blank ) ( NNS tickets ) ) ) ) ) ) )

When he initially refused he says they stabbed him in the back and made off with 2,000 and 280 blank tickets


( S ( S-TPC-3 ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( PRP me ) ) ( SBAR ( WHADJP-2 ( WHADVP ( WRB how ) ) ( JJ serious ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

They said they wanted to show me how serious they were he says


( S ( SBAR ( IN As ) ( S ( NP-SBJ ( NP ( NN word ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN crime ) ( NN spree ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN spread ) ) ) ) ) ( NP-SBJ-1 ( JJ many ) ( NNS agents ) ) ( VP ( VBP have ) ( VP ( VBN started ) ( S ( VP ( VBG changing ) ( NP ( PRP$ their ) ( JJ open-door ) ( NNS policies ) ) ) ) ) ) )

As word of the crime spree has spread many agents have started changing their open-door policies


( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP El ) ( NNP Monte ) ( NNP Travel ) ( NNP Center ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP El ) ( NNP Monte ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ( NP-SBJ ( NNS customers ) ) ( ADVP-TMP ( RB now ) ) ( VP ( MD can ) ( VP ( VB get ) ( ADVP ( RB in ) ) ( PP-MNR ( RB only ) ( IN through ) ( NP ( DT a ) ( NN buzzer ) ( CC and ) ( NN lock ) ( NN system ) ) ) ) ) )

At El Monte Travel Center in El Monte Calif. customers now can get in only through a buzzer and lock system


( SINV ( S-TPC-4 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-1 ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( NNS clients ) ) ) ( NP-MNR ( DT this ) ( NN way ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN service ) ( NN business ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ralph ) ( NNP Bud ) ( NNP Conner ) ) ( NP ( NP ( NN owner ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN agency ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN robbed ) ( PP-CLR ( IN of ) ( NP ( NP ( CD 180 ) ( JJ blank ) ( NNS tickets ) ) ( CC and ) ( NP ( CD 850 ) ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) ) ) )

It 's hard to deal with clients this way in a service business says Ralph Bud Conner owner of the agency which was robbed of 180 blank tickets and 850 last month


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RB just ) ( RB too ) ( JJ nervous ) ) ) )

But we 're just too nervous


( S ( NP-SBJ ( DT The ) ( NNS robberies ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN set ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( NN controversy ) ) ( VP ( VBG involving ) ( NP ( DT the ) ( NNS airlines ) ) ) ) ) ) )

The robberies also have set off a controversy involving the airlines


( S ( NP-SBJ ( NNS Agents ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNS airlines ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP track ) ( NP ( NP ( NN ticket ) ( NNS numbers ) ) ( PP ( IN of ) ( NP ( DT all ) ( VBN stolen ) ( NNS tickets ) ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBG doing ) ( NP ( JJR more ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB catch ) ( NP ( DT the ) ( NNS thieves ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG confiscating ) ( NP ( DT the ) ( NNS tickets ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBN used ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Agents say airlines which track ticket numbers of all stolen tickets should be doing more to catch the thieves by confiscating the tickets when they 're used


( SINV ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( VBP have ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ sophisticated ) ) ( NNS computers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP LLerena ) ) )

They have the most sophisticated computers in the world says Mr. LLerena


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( MD ought ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT this ) ) ) ) ) ) ) ) ) ) )

They ought to be able to do this


( S ( CC But ) ( NP-SBJ ( NNS airlines ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VP ( VB be ) ( ADJP-PRD ( RB too ) ( JJ expensive ) ) ) ( CC and ) ( VP ( VB cause ) ( NP ( ADJP ( RB too ) ( JJ many ) ) ( NNS delays ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD started ) ( S ( VP ( VBG using ) ( NP ( JJ computerized ) ( NNS scanners ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB check ) ( NP ( NNS tickets ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN gate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But airlines say it would be too expensive and cause too many delays if they started using computerized scanners to check tickets at the gate


( S-HLN ( NP-SBJ ( NNPS Texans ) ) ( VP ( VBP Get ) ( NP ( JJ Reasonable ) ( NN Car ) ( JJ Rental ) ( NN Insurance ) ) ) )

Texans Get Reasonable Car Rental Insurance


( S ( NP-SBJ ( NN CONSUMER ) ( NNS advocates ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN claimed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN car ) ( JJ rental ) ( NNS companies ) ) ( VP ( VBP charge ) ( NP ( RB too ) ( RB much ) ) ( PP-CLR ( IN for ) ( NP ( NN car ) ( NN rental ) ( NN insurance ) ) ) ) ) ) ) ) )

CONSUMER advocates have long claimed that car rental companies charge too much for car rental insurance


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( NP ( DT a ) ( JJ new ) ( NN law ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG providing ) ( NP ( DT the ) ( NN proof ) ) ) ) ) ) ) )

Now a new law in Texas seems to be providing the proof


( S ( NP-SBJ ( NP ( DT The ) ( NN law ) ) ( PRN ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN kind ) ) ) ) ) ) ( VP ( VBZ requires ) ( S ( NP-SBJ ( NP ( NN car ) ( JJ rental ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ( VP ( TO to ) ( VP ( VB charge ) ( NP ( JJ only ) ( JJ reasonable ) ( NNS rates ) ) ( PP-CLR ( IN for ) ( NP ( NN collision-damage ) ( NN waiver ) ( NN insurance ) ) ) ) ) ) ) )

The law the first of its kind requires car rental companies in Texas to charge only reasonable rates for collision-damage waiver insurance


( S ( ADVP ( RB Specifically ) ) ( NP-SBJ ( DT the ) ( NN law ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS rates ) ) ( VP ( MD must ) ( VP ( ADVP-MNR ( RB closely ) ) ( VB reflect ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ actual ) ( NNS expenses ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( S-ADV ( VP ( TO to ) ( VP ( VB replace ) ( NP ( JJ damaged ) ( NNS cars ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Specifically the law says the rates must closely reflect what the company 's actual expenses have been to replace damaged cars


( S ( SBAR-TMP ( IN Before ) ( S ( NP-SBJ ( DT the ) ( NN law ) ) ( VP ( VBD went ) ( PP-DIR ( IN into ) ( NP ( NN effect ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ( NP-SBJ ( NN car ) ( NN rental ) ( NNS companies ) ) ( VP ( VBD were ) ( VP ( VBG charging ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 12 ) ) ) ( NP-TMP ( DT a ) ( NN day ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN waiver ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ) )

Before the law went into effect last month car rental companies were charging as much as 12 a day for the waiver in Texas


( S ( ADVP ( RB Now ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG charging ) ( NP ( NP ( QP ( RB as ) ( JJ little ) ( CD 3 ) ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) )

Now they 're charging as little 3 a day


( SINV ( S-TPC-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG telling ) ( NP ( DT the ) ( NN truth ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBG charging ) ( NP ( NP ( NP ( CD 300 ) ( NN % ) ) ( JJR more ) ) ( PP ( IN than ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ reasonable ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Steve ) ( NNP Gardner ) ) ( NP ( NP ( DT an ) ( NN assistant ) ( NN state ) ( NN attorney ) ( NN general ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ) )

If they 're telling the truth now then they 've been charging 300 % more than what is reasonable says Steve Gardner an assistant state attorney general in Texas


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Hertz ) ( NNP Corp. ) ) ) ) ( VP ( VBZ acknowledges ) ( S ( NP-SBJ ( DT The ) ( NN waiver ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( NP ( DT a ) ( NN source ) ) ( PP ( IN of ) ( NP ( NP ( NN protection ) ) ( PP ( IN for ) ( NP ( NNS consumers ) ) ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( NN source ) ) ( PP ( IN of ) ( NP ( NN revenue ) ) ) ) ) ) ) ) )

A spokesman for Hertz Corp. acknowledges The waiver is n't a source of protection for consumers but a source of revenue


( S ( CC But ) ( NP-SBJ ( NNP Hertz ) ) ( VP ( VBZ points ) ( PRT ( RP out ) ) ( SBAR ( DT that ) ( S ( PP ( IN at ) ( NP ( RBS least ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG charging ) ( NP ( NP ( QP ( RB only ) ( CD 3.95 ) ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT some ) ( NNS competitors ) ) ( VP ( VBP are ) ( VP ( VBG charging ) ( NP ( CD 6.99 ) ) ) ) ) ) ) ) ) ) ) )

But Hertz points out that at least it 's now charging only 3.95 a day in Texas while some competitors are charging 6.99


( S ( NP-SBJ ( NP ( DT The ) ( NN state ) ( NN attorney ) ( NN general ) ( POS 's ) ) ( NN office ) ) ( VP ( VBZ is ) ( VP ( VBG investigating ) ( NP ( NP ( JJ rental ) ( NN car ) ( NNS agencies ) ) ( VP ( VBG charging ) ( NP ( ADJP ( RB noticeably ) ( JJR higher ) ) ( NNS prices ) ) ) ) ) ) )

The state attorney general 's office is investigating rental car agencies charging noticeably higher prices


( S-HLN ( NP-SBJ ( NN Flight ) ( NNS Attendants ) ) ( VP ( NN Lag ) ( SBAR-TMP ( IN Before ) ( S ( NP-SBJ ( NNS Jets ) ) ( ADVP ( RB Even ) ) ( VP ( VBP Land ) ) ) ) ) )

Flight Attendants Lag Before Jets Even Land


( S ( SBAR-ADV ( IN IF ) ( S ( NP-SBJ ( JJ YOUR ) ( NN FLIGHT ) ( NN attendant ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( NP ( DT a ) ( RB little ) ) ( JJ weary ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB be ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( PRP he ) ( CC or ) ( PRP she ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG working ) ( NP-ADV ( CD 20 ) ( JJ straight ) ( NNS hours ) ) ) ) ) ) ) ) ) )

IF YOUR FLIGHT attendant seems a little weary it may be because he or she has been working 20 straight hours


( S ( NP-SBJ ( NP ( DT A ) ( JJ recent ) ( NN study ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Federal ) ( NNP Aviation ) ( NNP Administration ) ) ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ major ) ( NNS airlines ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VB make ) ( S ( NP-SBJ ( NN flight ) ( NNS attendants ) ) ( VP ( VB work ) ( NP ( NP ( CD 16 ) ( NNS hours ) ) ( CC or ) ( NP ( JJR more ) ) ) ( ADVP-MNR ( RB straight ) ) ( PP ( IN despite ) ( NP ( NP ( NN union ) ( NNS contracts ) ) ( PP-LOC ( IN at ) ( NP ( DT some ) ( NNS airlines ) ) ) ( VP ( VBG limiting ) ( NP ( NN duty ) ( NN time ) ) ( PP-CLR ( TO to ) ( NP ( CD 14 ) ( NNS hours ) ) ) ) ) ) ) ) ) ) ) ) )

A recent study for the Federal Aviation Administration found that major airlines sometimes make flight attendants work 16 hours or more straight despite union contracts at some airlines limiting duty time to 14 hours


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT Some ) ( NN flight ) ( NNS attendants ) ) ( PP-LOC ( IN on ) ( NP ( NN charter ) ( NNS planes ) ) ) ) ( VP ( VBP are ) ( VP ( VBG putting ) ( PRT ( RP in ) ) ( NP ( JJ 20-hour ) ( NN work ) ( NNS days ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD found ) ) )

Some flight attendants on charter planes are putting in 20-hour work days the study found


( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ happens ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNP FAA ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( NNS rules ) ) ( PP ( IN on ) ( NP ( NP ( NN duty ) ( NN time ) ) ( PP ( IN for ) ( NP ( NN flight ) ( NNS attendants ) ) ) ) ) ) ) ) ) ) ) ) ( S ( PP ( IN by ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( ADVP-MNR ( RB strictly ) ) ( VBZ restricts ) ( NP ( NP ( NN duty ) ( NN time ) ) ( PP ( IN for ) ( NP ( NP ( NNS pilots ) ) ( CC and ) ( NP ( NN air ) ( NN traffic ) ( NNS controllers ) ) ) ) ) ( PP ( RB usually ) ( TO to ) ( NP ( NP ( DT a ) ( NN maximum ) ) ( PP ( IN of ) ( NP ( CD 10 ) ( JJ consecutive ) ( NNS hours ) ) ) ) ) ) ) )

This happens because the FAA does n't have any rules on duty time for flight attendants by contrast it strictly restricts duty time for pilots and air traffic controllers usually to a maximum of 10 consecutive hours


( S-3 ( ADVP ( RB As ) ( RB far ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NNP FAA ) ) ( VP ( VBZ is ) ( VP ( VBN concerned ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ-2 ( NP ( NNP Matt ) ( NNP Finucane ) ) ( NP ( NP ( NN air ) ( NN safety ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Flight ) ( NNPS Attendants ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN flight ) ( NNS attendants ) ) ( VP ( MD can ) ( VP ( VB work ) ( NP ( NP ( DT an ) ( JJ unlimited ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS hours ) ) ) ) ) ) )

As far as the FAA is concerned says Matt Finucane air safety director at the Association of Flight Attendants flight attendants can work an unlimited number of hours


( S ( NP-SBJ ( NNS Experts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( JJ such ) ( JJ long ) ( NNS hours ) ) ( PP ( IN for ) ( NP ( NNS attendants ) ) ) ) ( VP ( VBP pose ) ( NP ( DT a ) ( NN safety ) ( NN risk ) ) ) ) ) ) )

Experts say such long hours for attendants pose a safety risk


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( JJ tired ) ( NN flight ) ( NNS attendants ) ) ( VP ( MD might ) ( RB not ) ( VP ( VB react ) ( ADVP-MNR ( RB quickly ) ( RB enough ) ) ( PP-TMP ( IN during ) ( NP ( DT an ) ( NN emergency ) ( NN evacuation ) ) ) ) ) )

For instance tired flight attendants might not react quickly enough during an emergency evacuation


( SINV ( S-TPC-1 ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN day ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( NNS zombies ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Galipault ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Aviation ) ( NNP Safety ) ( NNP Institute ) ) ( NP ( NP ( DT a ) ( JJ public-interest ) ( NN group ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Worthington ) ) ( NP ( NNP Ohio ) ) ) ) ) ) ) ) ) )

At the end of their day they are zombies says John Galipault president of the Aviation Safety Institute a public-interest group in Worthington Ohio


( S ( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB work ) ( NP ( JJ such ) ( JJ long ) ( NNS hours ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB then ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NNS heroes ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT an ) ( NN evacuation ) ) ) ) ) ) ) ) ) ) )

They have to work such long hours and then we expect them to be heroes if there 's an evacuation


( S ( PP ( IN In ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN study ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP FAA ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( S ( VP ( VBG changing ) ( NP ( NP ( PRP$ its ) ( NN policy ) ) ( PRN ( CC or ) ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ( PP ( IN on ) ( NP ( NN flight ) ( NNS attendants ) ) ) ) ) ) ) ) ) ) ) )

In response to the study the FAA says it is considering changing its policy or lack of it on flight attendants


( S ( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB have ) ( NP ( JJ much ) ( NN choice ) ) ) ) ) ( S ( NP-SBJ-2 ( NP ( DT A ) ( JJ congressional ) ( NN bill ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN introduced ) ( SBAR-1 ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB force ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( TO to ) ( VP ( VB limit ) ( NP ( NN flight ) ( NN attendant ) ( NN duty ) ( NN time ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( CD 14 ) ( NNS hours ) ) ( PP-LOC ( IN on ) ( NP ( NNP U.S. ) ( NNS flights ) ) ) ) ( CC and ) ( NP ( NP ( CD 16 ) ( NNS hours ) ) ( PP-LOC ( IN on ) ( NP ( JJ international ) ( NNS trips ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The agency may not have much choice A congressional bill has been introduced that would force the agency to limit flight attendant duty time to 14 hours on U.S. flights and 16 hours on international trips


( NP-HLN ( NNS Odds ) ( CC and ) ( NNS Ends ) )

Odds and Ends


( S ( NP-SBJ ( NN GOLF ) ) ( VP ( VBZ HAS ) ( VP ( VB BECOME ) ( NP-PRD ( NP ( DT the ) ( JJ latest ) ( NN diversion ) ) ( PP ( IN for ) ( NP ( NP ( NNS travelers ) ) ( VP ( VBN stuck ) ( PP-LOC ( IN at ) ( NP ( DT some ) ( NNS airports ) ) ) ) ) ) ) ) ) )

GOLF HAS BECOME the latest diversion for travelers stuck at some airports


( S ( NP-SBJ-1 ( NP ( JJ Simulated ) ( NN golf ) ( NNS games ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS players ) ) ( VP ( VBP hit ) ( NP ( NN golf ) ( NNS balls ) ) ( PP-DIR ( IN into ) ( NP ( NNS nets ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN installed ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS airports ) ) ( PP-LOC ( IN in ) ( NP ( NNP Denver ) ( CC and ) ( NNP Pittsburgh ) ) ) ) ) ) ) ) )

Simulated golf games in which players hit golf balls into nets have been installed at airports in Denver and Pittsburgh


( S ( NP-SBJ ( NP ( DT The ) ( JJ average ) ( NN cost ) ) ( PP ( IN for ) ( NP ( NN breakfast ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( JJ decent ) ( NN hotel ) ( NN restaurant ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 17.12 ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Corporate ) ( NNP Travel ) ( NN magazine ) ) ) ) ) )

The average cost for breakfast at a decent hotel restaurant in New York is 17.12 according to Corporate Travel magazine


( S ( NP-SBJ ( NP ( DT The ) ( JJS cheapest ) ) ( PP-LOC ( IN among ) ( NP ( NP ( CD 100 ) ( NNS cities ) ) ( VP ( VBN surveyed ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 5.11 ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP El ) ( NNP Paso ) ) ( NP ( NNP Texas ) ) ) ) ) )

The cheapest among 100 cities surveyed was 5.11 in El Paso Texas


( S ( NP-SBJ-1 ( NP ( DT A ) ( ADJP ( RB potentially ) ( JJR safer ) ) ( ADJP ( JJ whooping ) ( NN cough ) ) ( NN vaccine ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( JJ novel ) ( JJ genetic ) ( NN engineering ) ( NNS techniques ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN described ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN team ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ Italian ) ( NNP U.S. ) ( CC and ) ( JJ Japanese ) ) ( NNS scientists ) ) ) ) ) ) ) )

A potentially safer whooping cough vaccine made by novel genetic engineering techniques was described by a team of Italian U.S. and Japanese scientists


( S ( NP-SBJ ( DT The ) ( NN team ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB induce ) ( S ( NP-SBJ ( NNS bacteria ) ) ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( DT a ) ( JJ non-toxic ) ( NN version ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS poisons ) ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN bacterium ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ causes ) ( NP ( JJ whooping ) ( NN cough ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The team reported they managed to induce bacteria to produce a non-toxic version of the poisons produced by the bacterium that causes whooping cough


( S ( S-TPC-1 ( NP-SBJ ( NN Laboratory ) ( NNS tests ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( JJ non-toxic ) ( NNS versions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS poisons ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG inducing ) ( NP ( NP ( DT an ) ( NN immunity ) ) ( PP ( TO to ) ( NP ( JJ whooping ) ( NN cough ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS researchers ) ) ( VP ( VBD reported ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT this ) ( NN week ) ( POS 's ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN journal ) ( NX-TTL ( NNP Science ) ) ) ) ) ) ) )

Laboratory tests showed that non-toxic versions of the poisons are capable of inducing an immunity to whooping cough the researchers reported in this week 's issue of the journal Science


( S ( NP-SBJ ( NP ( DT The ) ( JJ current ) ( NN vaccine ) ) ( PP ( IN for ) ( NP ( NP ( JJ whooping ) ( NN cough ) ) ( CC or ) ( NP ( NN pertussis ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP DPT ) ( PRN ( PP ( IN for ) ( NP ( NN diphtheria ) ( NN pertussis ) ( NN tetanus ) ) ) ) ( NN shot ) ) ( VP ( VBN given ) ( NP ( JJS most ) ( NX ( NX ( NNS infants ) ) ( CC and ) ( NX ( JJ young ) ( NNS children ) ) ) ) ) ) ) ) ) )

The current vaccine for whooping cough or pertussis is part of the DPT for diphtheria pertussis tetanus shot given most infants and young children


( S ( NP-SBJ ( DT The ) ( NN vaccine ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ effective ) ( PP ( IN in ) ( S-NOM ( VP ( VBG preventing ) ( NP ( NP ( DT a ) ( NN disease ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB still ) ) ( VP ( VBZ afflicts ) ( NP ( NP ( QP ( IN about ) ( CD 60 ) ( CD million ) ) ( NNS children ) ) ( NP-ADV ( DT a ) ( NN year ) ) ( ADVP-LOC ( RB world-wide ) ) ) ( S-ADV ( VP ( VBG causing ) ( NP ( DT an ) ( VBN estimated ) ( CD one ) ( CD million ) ( NNS deaths ) ) ) ) ) ) ) ) ) ) ) ) ) )

The vaccine is effective in preventing a disease that still afflicts about 60 million children a year world-wide causing an estimated one million deaths


( S ( NP-SBJ ( DT The ) ( NN vaccine ) ) ( ADVP ( RB however ) ) ( VP ( VBZ causes ) ( NP ( NP ( JJ allergic ) ( NNS reactions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( JJ fatal ) ) ) ) ) ) ) ) )

The vaccine however causes allergic reactions that can be fatal


( S ( NP-SBJ ( DT The ) ( NNS reactions ) ) ( VP ( VBP stem ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN vaccine ) ) ( VP ( VBZ contains ) ( NP ( NP ( JJ multiple ) ( NNS copies ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ whole ) ( ADJP ( NN Bordetella ) ( NN pertussis ) ) ( NN bacterium ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ causes ) ( NP ( JJ whooping ) ( NN cough ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The reactions stem from the fact that the vaccine contains multiple copies of the whole Bordetella pertussis bacterium which causes whooping cough