( S ( S-PRP ( VP ( TO To ) ( VP ( VB help ) ( ADVP ( RB out ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ is ) ( VP ( VBG dispatching ) ( NP ( NP ( NAC ( NN chief ) ( PP ( IN of ) ( NP ( NN staff ) ) ) ) ( NNP John ) ( NNP Sununu ) ) ( CC and ) ( NP ( NP ( CD three ) ( NNP Cabinet ) ( NNS members ) ) ( NP ( NP ( NP ( NNP HUD ) ( POS 's ) ) ( NNP Jack ) ( NNP Kemp ) ) ( NP ( NP ( NNP Transportation ) ( POS 's ) ) ( NNP Samuel ) ( NNP Skinner ) ) ( CC and ) ( NP ( NP ( NNP Treasury ) ( POS 's ) ) ( NP ( NNP Nicholas ) ( NNP Brady ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Peter ) ( NNP Powers ) ) ( NP ( DT the ) ( NNP Giuliani ) ( NN campaign ) ( NN manager ) ) ) ) ) ) ) )

To help out this week the White House is dispatching chief of staff John Sununu and three Cabinet members HUD 's Jack Kemp Transportation 's Samuel Skinner and Treasury 's Nicholas Brady according to Peter Powers the Giuliani campaign manager


( S ( PP ( IN For ) ( NP ( NP ( NNPS Republicans ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD began ) ( NP ( DT this ) ( NN campaign ) ) ( PP-MNR ( IN with ) ( NP ( JJ such ) ( JJ high ) ( NNS hopes ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT this ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB deeply ) ( JJ frustrating ) ) ) )

For Republicans who began this campaign with such high hopes all of this is deeply frustrating


( S ( NP ( NNP Historically ) ) ( NP-SBJ ( NNP New ) ( NNP York ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB almost ) ( RB always ) ) ( PP-PRD ( IN in ) ( NP ( NN trouble ) ) ) ) )

Historically New York is almost always in trouble


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN trouble ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ faces ) ( ADVP-TMP ( RB now ) ) ( PP-LOC ( IN under ) ( NP ( JJ Democratic ) ( NN rule ) ) ) ) ) ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( ADJP ( ADJP ( JJR bigger ) ) ( CC and ) ( ADJP ( RBR more ) ( JJ daunting ) ) ) ( PP ( IN than ) ( NP ( NP ( NN anything ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN faced ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ) ) ) )

But the trouble it faces now under Democratic rule seems bigger and more daunting than anything it has faced in the past


( S ( NP-TMP ( DT This ) ( NN year ) ) ( NP-SBJ ( DT the ) ( NN city ) ) ( VP ( VBZ faces ) ( NP ( NP ( DT a ) ( NN budget ) ( NN deficit ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB become ) ( ADJP-PRD ( RB even ) ( JJR bigger ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) )

This year the city faces a budget deficit that could become even bigger next year


( S ( CC And ) ( ADJP ( RB hardly ) ( JJ surprising ) ) ( NP-SBJ ( NP ( JJ many ) ( NNS residents ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB cope ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ other ) ( NNS problems ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB constantly ) ) ( PP-PRD ( IN on ) ( NP ( NN edge ) ) ) ( S-ADV ( NP-SBJ ( CD one ) ( JJ ethnic ) ( NN group ) ) ( VP ( VBG scrapping ) ( PP-CLR ( IN with ) ( NP ( DT another ) ) ) ) ) ) )

And hardly surprising many residents trying to cope with the city 's other problems are constantly on edge one ethnic group scrapping with another


( SINV ( S-TPC-2 ( NP-SBJ ( NNS People ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( RB so ) ( JJ happy ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS 1930s ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Thomas ) ( NNP Lessner ) ) ( NP ( NP ( DT another ) ( JJ local ) ( NN professor ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN biographer ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ legendary ) ( NNP Fiorello ) ( NNP LaGuardia ) ) ( NP ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( NN fusion ) ( NN mayor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD built ) ( NP ( NP ( DT a ) ( NN coalition ) ) ( SBAR ( S ( NP-SBJ-4 ( NNP Mr. ) ( NNP Giuliani ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB emulate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

People were n't so happy in the 1930s says Thomas Lessner another local professor and the biographer of the legendary Fiorello LaGuardia the city 's fusion mayor who built a coalition Mr. Giuliani hopes to emulate


( S ( CC But ) ( PP ( IN at ) ( ADJP ( JJS least ) ) ) ( ADVP-TMP ( RB back ) ( RB then ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( ADVP ( RB generally ) ) ( VP ( VB direct ) ( NP ( PRP$ their ) ( NN anger ) ) ( PP-DIR ( IN at ) ( NP ( DT each ) ( JJ other ) ) ) ) ) )

But at least back then they did n't generally direct their anger at each other


( S ( NP-SBJ ( NP ( DT The ) ( JJ 62-year-old ) ( NNP Mr. ) ( NNP Dinkins ) ) ( NP ( DT an ) ( NN ex-Marine ) ) ) ( VP ( VBZ has ) ( VP ( VBN served ) ( PP-CLR ( PP ( IN as ) ( NP ( DT the ) ( NN city ) ( NN clerk ) ) ) ( CC and ) ( PP ( IN as ) ( NP ( NP ( NNP Manhattan ) ( NN borough ) ( NN president ) ) ( NP ( NP ( DT a ) ( NN job ) ) ( PP ( IN with ) ( NP ( JJ limited ) ( NN executive ) ( NNS responsibilities ) ) ) ) ) ) ) ) ) )

The 62-year-old Mr. Dinkins an ex-Marine has served as the city clerk and as Manhattan borough president a job with limited executive responsibilities


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP defy ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( TO to ) ( VP ( VB come ) ( ADVP ( RB up ) ) ( PP ( IN with ) ( NP ( NP ( CD one ) ( JJ major ) ( NN accomplishment ) ) ( PP ( IN of ) ( NP ( NNP David ) ( NNP Dinkins ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Giuliani ) ) )

I defy you to come up with one major accomplishment of David Dinkins says Mr. Giuliani


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD defeated ) ( NP ( DT the ) ( JJ contentious ) ( NNP Mr. ) ( NNP Koch ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Democratic ) ( NN primary ) ) ) ( SBAR-PRP ( RB partly ) ( IN because ) ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NN hope ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( VP ( VB heal ) ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ racial ) ( CC and ) ( JJ ethnic ) ( NNS wounds ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He defeated the contentious Mr. Koch in the Democratic primary partly because he seemed to offer hope he could heal the city 's racial and ethnic wounds


( S ( NP-SBJ ( PRP$ His ) ( JJ general-election ) ( NN campaign ) ) ( VP ( VBZ is ) ( UCP-PRD ( ADJP ( RB almost ) ( JJ Reagan-like ) ) ( NP ( NP ( DT all ) ( JJ muted ) ( NNS pictures ) ) ( CC and ) ( NP ( JJ comforting ) ( NNS words ) ) ) ) ) )

His general-election campaign is almost Reagan-like all muted pictures and comforting words


( S ( NP-SBJ ( PRP$ His ) ( NN theme ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN unity ) ( NN decency ) ( NN humanity ) ) ( VP ( VBG bringing ) ( NP ( NNP New ) ( NNP York ) ) ( ADVP-CLR ( RB together ) ) ( ADVP-TMP ( RB again ) ) ) ) ) )

His theme is unity decency humanity bringing New York together again


( S ( S ( NP-SBJ ( DT Both ) ( NNS candidates ) ) ( VP ( VBP are ) ( VP ( VBG negotiating ) ( PP-CLR ( IN about ) ( S-NOM ( VP ( VBG holding ) ( NP ( NNS debates ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Dinkins ) ) ( VP ( VBZ is ) ( ADVP-LOC ( RB widely ) ) ( VP ( VBN seen ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( JJ major ) ( NN obstacle ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG scheduling ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) )

Both candidates are negotiating about holding debates but Mr. Dinkins is widely seen as the major obstacle for scheduling them


( S ( NP-SBJ-1 ( DT The ) ( JJ 45-year-old ) ( NNP Mr. ) ( NNP Giuliani ) ) ( VP ( VBZ has ) ( VP ( VBN run ) ( NP ( DT a ) ( JJ negative ) ( NN campaign ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pick ) ( PRT ( RP up ) ) ( NP ( NP ( NNS votes ) ) ( VP ( VBG leaning ) ( PP-CLR ( TO to ) ( NP ( NNP Mr. ) ( NNP Dinkins ) ) ) ) ) ) ) ) ) ) )

The 45-year-old Mr. Giuliani has run a negative campaign to pick up votes leaning to Mr. Dinkins


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ 's ) ( VP ( VBD got ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NNP Dinkins ) ( POS 's ) ) ( NNS negatives ) ) ( PRT ( RP up ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Lee ) ( NNP Miringoff ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Marist ) ( NNP College ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Public ) ( NNP Opinion ) ) ) ) ) ) ) )

He 's got to get Dinkins 's negatives up says Lee Miringoff director of the Marist College Institute of Public Opinion


( S ( CC But ) ( NP-SBJ ( PRP$ our ) ( NNS polls ) ) ( VP ( VBP show ) ( SBAR ( S ( NP-SBJ ( NNS voters ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB like ) ( NP ( DT the ) ( NN attack ) ( NN stuff ) ) ) ) ) ) ) )

But our polls show voters do n't like the attack stuff


( S ( INTJ ( WRB Why ) ) ( NP-SBJ ( NP ( QP ( RB even ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Republican ) ( NN vote ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( PP-DIR ( TO to ) ( NP ( NNP Dinkins ) ) ) ) ) )

Why even 20 % of the Republican vote is going to Dinkins


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( JJ assault-weapons ) ( NNS politics ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ-2 ( NP ( NNP John ) ( NNP Siegal ) ) ( NP ( NP ( NNP Mr. ) ( NNP Dinkins ) ( POS 's ) ) ( NNS issues ) ( NN director ) ) ) ( S-ADV ( VP ( VBG insisting ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ strong ) ( JJ racist ) ( NN undertone ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Giuliani ) ( NN effort ) ) ) ) ) ) ) ) ) )

It 's assault-weapons politics says John Siegal Mr. Dinkins 's issues director insisting there is a strong racist undertone to the Giuliani effort


( S ( PP ( IN For ) ( NP ( DT the ) ( NNP Giuliani ) ( NNS forces ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NN conundrum ) ) ) )

For the Giuliani forces it 's a conundrum


( S ( PP ( IN On ) ( NP ( DT the ) ( CD one ) ( NN hand ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Giuliani ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( PP-CLR ( IN into ) ( NP ( NP ( NNP Mr. ) ( NNP Dinkins ) ( POS 's ) ) ( NN credibility ) ) ) ) ) ) ) )

On the one hand Mr. Giuliani wants to cut into Mr. Dinkins 's credibility


( S ( PP ( IN On ) ( NP ( DT the ) ( JJ other ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ seeks ) ( S ( VP ( TO to ) ( VP ( VB convince ) ( NP ( NNS voters ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ 's ) ( UCP-PRD ( NP ( DT the ) ( JJ new ) ( NNP Fiorello ) ( NNP LaGuardia ) ) ( ADJP ( ADJP ( JJ affable ) ) ( ADJP ( JJ good-natured ) ) ( CC and ) ( ADJP ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB lead ) ( NP ( NNP New ) ( NNP York ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN mess ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN in ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On the other he seeks to convince voters he 's the new Fiorello LaGuardia affable good-natured and ready to lead New York out of the mess it 's in


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN helped ) ( SBAR-1 ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ 's ) ( VP ( VP ( VBN waffled ) ( PP-CLR ( IN on ) ( NP ( NP ( NN abortion ) ) ( CC and ) ( NP ( JJ gay ) ( NNS rights ) ) ) ) ) ( VP ( VBN sought ) ( NP ( NP ( DT the ) ( NN support ) ) ( PP ( IN of ) ( NP ( DT both ) ( DT the ) ( JJ Liberal ) ( CC and ) ( JJ Conservative ) ( NNS parties ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD won ) ( NP ( DT the ) ( JJ Liberal ) ( NN endorsement ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD turned ) ( PP-CLR ( TO to ) ( NP ( NN comedian ) ( NNP Jackie ) ( NNP Mason ) ) ) ( PP ( IN for ) ( NP ( NP ( NN help ) ) ( PP ( IN with ) ( NP ( JJ Jewish ) ( NNS voters ) ) ) ) ) ) ) ) ) ) ) )

It has n't helped that he 's waffled on abortion and gay rights sought the support of both the Liberal and Conservative parties he won the Liberal endorsement and that he turned to comedian Jackie Mason for help with Jewish voters


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Mason ) ) ( VP ( VBD left ) ( NP ( DT the ) ( NN campaign ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG telling ) ( NP ( NNS reporters ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Dinkins ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN fancy'shvartzer ) ) ( PP ( IN with ) ( NP ( DT a ) ( NN moustache ) ) ) ) ) ) ) ) ) ) ) )

Mr. Mason left the campaign after telling reporters Mr. Dinkins is a fancy'shvartzer with a moustache


( S ( NP-SBJ ( NNP Shvartzer ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ derogatory ) ( JJ Yiddish ) ( NN word ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ black ) ( NN person ) ) ) ) ) )

Shvartzer is a derogatory Yiddish word for a black person


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dinkins ) ) ( VP ( VBZ concedes ) ( NP ( NN nothing ) ) ( PP ( IN in ) ( NP ( PRP$ his ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB stumble ) ( CC and ) ( VB bumble ) ) ) ) ) ) ) )

Mr. Dinkins concedes nothing in his ability to stumble and bumble


( S ( NP-SBJ ( PRP He ) ) ( VP ( MD can ) ( VP ( VB match ) ( NP ( NNP Jackie ) ( NNP Mason ) ) ( PP-CLR ( IN with ) ( NP ( NP ( PRP$ his ) ( JJ own ) ( NNP Robert ) ( NNP Sonny ) ( NNP Carson ) ) ( NP ( NP ( DT an ) ( JJ angry ) ( NN street ) ( NN organizer ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBN convicted ) ( PP-CLR ( IN of ) ( NP ( NN kidnapping ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1974 ) ) ) ) ) ) ) ) ) ) ) ) )

He can match Jackie Mason with his own Robert Sonny Carson an angry street organizer who was convicted of kidnapping in 1974


( S ( NP-SBJ-1 ( DT The ) ( NNP Dinkins ) ( NN campaign ) ) ( VP ( VBD paid ) ( NP ( NNP Mr. ) ( NNP Carson ) ) ( NP ( QP ( JJ close ) ( TO to ) ( CD 10,000 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( PRT ( RP out ) ) ( NP ( DT the ) ( NN vote ) ) ( PP-TMP ( IN on ) ( NP ( NN primary-election ) ( NN day ) ) ) ) ) ) ) )

The Dinkins campaign paid Mr. Carson close to 10,000 to get out the vote on primary-election day


( S ( NP-SBJ ( NP ( NN Paper ) ( NN work ) ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN spent ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ incomplete ) ) ) )

Paper work on how it was spent is incomplete


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Carson ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG being ) ( ADJP-PRD ( JJ anti-Semitic ) ) ) ) ) ) ) ) )

Mr. Carson has been charged with being anti-Semitic


( S ( S-ADV ( VP ( VBN Asked ) ( PP-CLR ( IN about ) ( NP ( IN that ) ) ) ( NP-TMP ( DT the ) ( JJ other ) ( NN day ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD replied ) ( ADJP ( JJ Anti-Semitic ) ) ) )

Asked about that the other day he replied Anti-Semitic


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( JJ anti-white ) ) ) )

I 'm anti-white


( SINV ( ADJP-PRD-TPC-1 ( RBR More ) ( JJ troubling ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Dinkins ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( PRP$ his ) ( NN record ) ) ( PP ( IN in ) ( NP ( JJ personal ) ( NN accounting ) ) ) ) )

More troubling for Mr. Dinkins is his record in personal accounting


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD began ) ( PP-TMP-CLR ( IN in ) ( NP ( NP ( CD 1973 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG being ) ( VP ( VBN considered ) ( PP-CLR ( IN for ) ( NP ( NN deputy ) ( NN mayor ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT a ) ( JJ routine ) ( NN check ) ) ( VP ( VBD unearthed ) ( NP ( DT the ) ( JJ extraordinary ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN paid ) ( NP ( PRP$ his ) ( NN income ) ( NN tax ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ previous ) ( CD four ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It began in 1973 when he was being considered for deputy mayor and a routine check unearthed the extraordinary fact that he had n't paid his income tax for the previous four years


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB always ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( PRP it ) ) ( NP-TMP ( NN tomorrow ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD explained ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ) )

I was always going to do it tomorrow he explained at the time


( S ( CC And ) ( ADVP-TMP ( RB now ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ 's ) ( VP ( ADVP-MNR ( RB busily ) ) ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB explain ) ( NP ( NP ( DT an ) ( NN arrangement ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD sold ) ( NP ( NP ( NN stock ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Inner ) ( NNP City ) ( NNP Broadcasting ) ( NNP Co. ) ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ his ) ( JJ old ) ( NN friend ) ( CC and ) ( NN patron ) ) ( NP ( NNP Percy ) ( NNP Sutton ) ) ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( PRP$ his ) ( NN son ) ) ( NP ( NNP David ) ( NNP Dinkins ) ( NNP Jr. ) ) ) ) ( PP ( IN for ) ( NP ( CD 58,000 ) ) ) ) ) ) ) ) ) ) ) ) )

And now he 's busily trying to explain an arrangement in which he sold stock in Inner City Broadcasting Co. headed by his old friend and patron Percy Sutton to his son David Dinkins Jr. for 58,000


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD had ) ( VP ( VBN valued ) ( NP ( DT the ) ( NNS shares ) ) ( PP-CLR ( IN at ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 1 ) ( CD million ) ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB earlier ) ) ) ) )

He had valued the shares at more than 1 million two years earlier


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD sold ) ( NP ( DT the ) ( NN stock ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( NN conflict-of-interest ) ( NNS problems ) ) ( PP ( IN in ) ( NP ( NP ( PRP$ his ) ( NN role ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( VBG voting ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Estimate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He says he sold the stock to avoid conflict-of-interest problems in his role as a voting member of the city 's Board of Estimate


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN son ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN paid ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNS shares ) ) ) ) ) ) ) ) )

He says his son has n't paid for the shares


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ looks ) ( PP-PRD ( IN like ) ( NP ( JJ serious ) ( NN tax ) ( NN evasion ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Ailes ) ) ( NP ( DT the ) ( NNP Giuliani ) ( NNS media ) ( NN consultant ) ) ) )

It looks like serious tax evasion says Mr. Ailes the Giuliani media consultant


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT the ) ( JJ same ) ( NN pattern ) ) ( PP ( IN as ) ( NP ( PRP$ his ) ( NN tax ) ( NNS returns ) ) ) ) ) )

It follows the same pattern as his tax returns


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ waits ) ( S ( VP ( TO to ) ( VP ( VB talk ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ) ) ( PP-TMP ( IN until ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ gets ) ( VP ( VBN caught ) ) ) ) ) ) ) )

He waits to talk about it until after he gets caught


( SINV ( S-TPC-2 ( NP-SBJ ( PRP He ) ) ( ADVP ( RB simply ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN explained ) ( SBAR-NOM ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( NP ( NN something ) ) ( ADJP ( JJ worth ) ( NP ( DT a ) ( CD million ) ( NNS dollars ) ) ) ) ( VP ( VBD ended ) ( PRT ( RP up ) ) ( ADJP-PRD ( JJ worth ) ( NP ( CD 58,000 ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB later ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Powers ) ) ( NP ( DT the ) ( NNP Giuliani ) ( NN campaign ) ( NN manager ) ) ) )

He simply has n't explained why something worth a million dollars ended up worth 58,000 two years later says Mr. Powers the Giuliani campaign manager


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ ludicrous ) ( SBAR ( IN for ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB suggest ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN difference ) ) ( PP ( IN between ) ( NP ( NP ( NP ( NN the'breakup ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS shares ) ) ) ) ( CC and ) ( NP ( PRP$ their ) ( NN market ) ( NN value ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's ludicrous for him to suggest it 's the difference between the'breakup value of the shares and their market value


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( ADVP ( RB though ) ) ( NP-SBJ-3 ( NP ( DT no ) ( NN one ) ) ( PRN ( NP ( RB not ) ( RB even ) ( JJ former ) ( NNP U.S. ) ( NN attorney ) ( NNP Giuliani ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB pinpoint ) ( SBAR-NOM ( SBAR ( WHNP-1 ( RB just ) ( WDT what ) ( NN law ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Dinkins ) ) ( VP ( VBZ has ) ( VP ( VBN broken ) ) ) ) ) ( CC or ) ( SBAR ( WHNP-2 ( RB just ) ( WDT what ) ( NN tax ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN evaded ) ) ) ) ) ) ) ) ) ) ) ) )

So far though no one not even former U.S. attorney Giuliani has been able to pinpoint just what law Mr. Dinkins has broken or just what tax he has evaded


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN crime ) ) ( VP ( VBZ goes ) ( PP-PRD ( TO to ) ( NP ( NN character ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ron ) ( NNP Maiorana ) ) ( NP ( NP ( DT a ) ( NN consultant ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Giuliani ) ( NN campaign ) ) ) ) ) )

The crime goes to character says Ron Maiorana a consultant to the Giuliani campaign


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( JJ serious ) ( NN stuff ) ) ) )

It 's serious stuff


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ evades ) ( CC and ) ( VBZ ducks ) ) )

He evades and ducks


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ 's ) ( VP ( VBN had ) ( NP ( NP ( DT a ) ( NN history ) ) ( PP ( IN of ) ( NP ( NN deception ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( JJS latest ) ( NN chapter ) ) ) ) )

He 's had a history of deception and this is the latest chapter


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VB think ) ( S ( ADVP ( RB maybe ) ) ( NP-SBJ ( DT this ) ( NN guy ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB so ) ( RB squeaky ) ( JJ clean ) ) ( PP ( IN after ) ( NP ( DT all ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Garth ) ) ( NP ( NP ( NNP Mayor ) ( NNP Koch ) ( POS 's ) ) ( NNS media ) ( NN consultant ) ) ) )

It makes people think maybe this guy is n't so squeaky clean after all says Mr. Garth Mayor Koch 's media consultant


( S ( NP-SBJ-1 ( DT The ) ( NN result ) ) ( VP ( MD may ) ( VP ( VB turn ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( DT a ) ( RB lot ) ( JJR closer ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP think ) ) ) ) ) ) ) ) ) ) )

The result may turn out to be a lot closer than people think


( S ( S ( NP-SBJ-1 ( CD One ) ( NN company ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD was ) ( VP ( VBN listed ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT another ) ) ( VP ( MD will ) ( VP ( VB join ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) )

One company recently was listed on the New York Stock Exchange and another will join the Big Board from the over-the-counter market this week


( S ( NP-SBJ-1 ( NP ( NNP Putnam ) ( NNP Investment ) ( NNP Grade ) ( NNP Municipal ) ( NNP Trust ) ) ( NP ( NNP Boston ) ) ) ( VP ( VBD was ) ( VP ( VBN listed ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN symbol ) ) ( NP ( NNP PGM ) ) ) ) ) ) )

Putnam Investment Grade Municipal Trust Boston was listed with the symbol PGM


( S ( NP-SBJ ( DT The ) ( JJ new ) ( JJ closed-end ) ( NN management ) ( NN investment ) ( NN company ) ) ( VP ( VBZ trades ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ beneficial ) ( NN interest ) ) ) ) ) )

The new closed-end management investment company trades shares of beneficial interest


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ invests ) ( ADVP ( RB primarily ) ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ tax-exempt ) ( JJ municipal ) ( NNS securities ) ) ) ) )

It invests primarily in tax-exempt municipal securities


( S ( NP-SBJ ( NP ( NNP Hibernia ) ( NNP Corp. ) ) ( NP ( DT a ) ( NNP New ) ( NNP Orleans ) ( NN bank ) ( VBG holding ) ( NN company ) ) ) ( VP ( MD will ) ( VP ( VB join ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NNP Thursday ) ) ( PP-LOC ( IN under ) ( NP ( NNP HIB ) ) ) ) ) )

Hibernia Corp. a New Orleans bank holding company will join the Big Board Thursday under HIB


( S ( NP-SBJ-1 ( CD Three ) ( NNS companies ) ) ( VP ( VBD began ) ( S ( VP ( VBG trading ) ( PP-MNR ( IN over ) ( NP ( DT the ) ( NN counter ) ) ) ) ) ) )

Three companies began trading over the counter


( S ( NP-SBJ ( NP ( NNP Exabyte ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Boulder ) ( NNP Colo. ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( JJ high-capacity ) ( NN tape ) ( NN cartridge ) ( NNS systems ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB back ) ( PRT ( RP up ) ) ( NP ( NN computer ) ( NN disk ) ( NNS drives ) ) ) ) ) ) ) ) ) ) ( VP ( VBD started ) ( NP ( NNP OTC ) ( VBG trading ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN symbol ) ( NNP EXBT ) ) ) ) )

Exabyte Corp. a Boulder Colo. maker of high-capacity tape cartridge systems used to back up computer disk drives started OTC trading with the symbol EXBT


( S ( NP-SBJ-1 ( NP ( NP ( NNP Rally ) ( POS 's ) ) ( NN Inc. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Louisville ) ( NNP Ky. ) ) ( NN restaurant ) ( NN franchisor ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG trading ) ( PP ( IN under ) ( NP ( NNP RLLY ) ) ) ) ) ) )

Rally 's Inc. a Louisville Ky. restaurant franchisor started trading under RLLY


( S ( NP-SBJ-1 ( NP ( NNP Sierra ) ( NNP Tucson ) ( NNP Cos. ) ) ( NP ( NP ( NNP Tucson ) ) ( NP ( NNP Ariz. ) ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG trading ) ( PP-LOC ( IN under ) ( NP ( NNP STSN ) ) ) ) ) ) )

Sierra Tucson Cos. Tucson Ariz. started trading under STSN


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ operates ) ( NP ( NP ( JJ various ) ( NNS types ) ) ( PP ( IN of ) ( NP ( JJ addiction-treatment ) ( NNS facilities ) ) ) ) ) )

It operates various types of addiction-treatment facilities


( S ( ADVP ( RB Separately ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Pacific ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ-1 ( NP ( JJ put ) ( CC and ) ( JJ call ) ( NNS options ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP Aldus ) ( NNP Corp. ) ) ) ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG trading ) ) ) ) )

Separately on the Pacific Stock Exchange put and call options on the common stock of Aldus Corp. started trading


( S ( NP-SBJ ( NP ( NNP Aldus ) ) ( NP ( NNP Seattle ) ) ) ( VP ( VBZ makes ) ( NP ( NN computer ) ( NN software ) ( NNS products ) ) ) )

Aldus Seattle makes computer software products


( S ( NP-SBJ ( NNS Options ) ) ( VP ( VBP give ) ( NP ( DT a ) ( NN holder ) ) ( NP ( NP ( NP ( DT the ) ( NN right ) ) ) ( CONJP ( CC but ) ( RB not ) ) ( NP ( NP ( DT the ) ( NN obligation ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( DT a ) ( NN security ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( VBN set ) ( NN price ) ) ) ( PP-TMP ( IN within ) ( NP ( NP ( DT a ) ( VBN set ) ( NN period ) ) ( PP ( IN of ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) )

Options give a holder the right but not the obligation to buy or sell a security at a set price within a set period of time


( S ( NP-SBJ ( NNP ENFIELD ) ( NNP Corp. ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( NNP Toronto ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( QP ( CD 56 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 47.7 ) ( CD million ) ) ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT a ) ( NNS rights ) ( NN offering ) ) ( PP ( TO to ) ( NP ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) )

ENFIELD Corp. said in Toronto that it hopes to raise 56 million Canadian dollars 47.7 million through a rights offering to shareholders


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN offer ) ) ) ( NP-SBJ ( NNS shareholders ) ) ( VP ( MD can ) ( VP ( VB purchase ) ( NP ( CD one ) ( NNP Enfield ) ( NN share ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 6.27 ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( CD five ) ( NNS shares ) ) ( VP ( VBN held ) ) ) ) ) ) ) ) )

Under the offer shareholders can purchase one Enfield share at 6.27 for each five shares held


( S ( PP-LOC ( IN In ) ( NP ( NNP Toronto ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Enfield ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 6.75 ) ) ) ( ADVP ( RB down ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ) )

In Toronto Stock Exchange trading Friday Enfield closed at 6.75 down 37.5 cents


( S ( NP-SBJ ( DT The ) ( VBG holding ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS rights ) ( NN offering ) ) ( VP ( MD should ) ( VP ( VP ( VB reduce ) ( NP ( PRP$ its ) ( ADJP ( QP ( CD 171 ) ( CD million ) ) ) ( NN debt ) ) ( PP-CLR ( TO to ) ( NP ( RBR more ) ( JJ manageable ) ( NNS levels ) ) ) ( PP-TMP ( IN before ) ( NP ( NNP Dec. ) ( CD 31 ) ) ) ) ( CC and ) ( VP ( VB allow ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( JJ future ) ( NNS investments ) ) ( PP ( IN with ) ( NP ( NN equity ) ( NN capital ) ) ) ) ) ) ) ) ) ) ) ) ) )

The holding company said the rights offering should reduce its 171 million debt to more manageable levels before Dec. 31 and allow it to finance future investments with equity capital


( S ( PP-TMP ( IN At ) ( NP ( JJ last ) ( NN report ) ) ) ( NP-SBJ ( NNP Enfield ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( IN about ) ( CD 44.5 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

At last report Enfield had about 44.5 million shares outstanding


( S ( NP-SBJ ( DT This ) ( NNP Toronto ) ( JJ closed-end ) ( NN fund ) ) ( VP ( VBD cut ) ( NP ( NP ( DT the ) ( JJ annual ) ( NN dividend ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( NN Class ) ( NNP A ) ( JJ common ) ( NNS shares ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD one ) ( JJ Canadian ) ( NN cent ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 10 ) ( JJ Canadian ) ( NNS cents ) ) ) ) )

This Toronto closed-end fund cut the annual dividend on its Class A common shares to one Canadian cent from 10 Canadian cents


( S ( NP-SBJ ( DT The ) ( NN fund ) ) ( VP ( VBZ invests ) ( ADVP ( RB mainly ) ) ( PP-LOC ( IN in ) ( NP ( NN gold ) ( CC and ) ( NN silver ) ( NN bullion ) ) ) ) )

The fund invests mainly in gold and silver bullion


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( VBN reduced ) ( NN dividend ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT the ) ( JJ low ) ( NN price ) ) ( PP ( IN for ) ( NP ( JJ precious ) ( NNS metals ) ) ) ) ) ) ) ) )

It said the reduced dividend reflects the low price for precious metals


( S ( NP-SBJ ( NP ( NNP Greg ) ( NNP Davies ) ) ( NP ( NP ( NP ( NNP Central ) ( NNP Fund ) ( POS 's ) ) ( NN vice ) ( NN president ) ) ( NP ( NN finance ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS losses ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP-CLR ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ high ) ) ( PP ( IN as ) ( NP ( NP ( QP ( CD one ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( CD 852,000 ) ) ) ) ) ) ) ) ) ) ) )

Greg Davies Central Fund 's vice president finance said losses for the fiscal year ending Oct. 31 could be as high as one million Canadian dollars 852,000


( S ( NP-SBJ ( DT The ) ( NN fund ) ) ( ADVP-TMP ( RB last ) ) ( VP ( VBD had ) ( NP ( DT a ) ( NN profit ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ) )

The fund last had a profit in 1985


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN dividend ) ( NN rate ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ payable ) ( NP-TMP ( NNP Nov. ) ( CD 15 ) ) ( PP ( TO to ) ( NP ( NP ( NNS holders ) ) ( PP ( IN of ) ( NP ( NP ( NN record ) ) ( NP-TMP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) ) ) )

The new dividend rate is payable Nov. 15 to holders of record Oct. 31


( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Central ) ( NNP Fund ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 4.6875 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In American Stock Exchange composite trading Friday Central Fund was unchanged at 4.6875 a share


( S ( NP-SBJ-2 ( DT A ) ( NN shareholder ) ) ( VP ( VBD filed ) ( NP ( NN suit ) ) ( S-ADV ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( NP ( NNP Unitel ) ( NNP Video ) ( NNP Inc. ) ( POS 's ) ) ( VBN proposed ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ new ) ( NN affiliate ) ) ( PP ( IN of ) ( NP ( RB closely ) ( JJ held ) ( NNP Kenmare ) ( NNP Capital ) ( NNP Corp. ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( CD 15 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 33.6 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A shareholder filed suit seeking to block Unitel Video Inc. 's proposed plan to be acquired by a new affiliate of closely held Kenmare Capital Corp. for 15 a share or 33.6 million


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN suit ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ seeks ) ( NP ( JJ class-action ) ( NN status ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN filed ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Delaware ) ( NNP Chancery ) ( NNP Court ) ) ) ) ) )

The suit which seeks class-action status was filed in Delaware Chancery Court


( S ( NP-SBJ ( DT The ) ( NN complaint ) ) ( VP ( VBZ alleges ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ unfair ) ) ( CC and ) ( ADJP ( RB grossly ) ( JJ inadequate ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS defendants ) ) ( VP ( VBP are ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB ensure ) ( NP ( NP ( DT a ) ( NN lockup ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NNP Unitel ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( ADVP ( RB thereby ) ) ( VBG discouraging ) ( NP ( JJ other ) ( NNS bids ) ) ) ) ) ) ) ) ) ) )

The complaint alleges that the price is unfair and grossly inadequate and that the defendants are seeking to ensure a lockup of the purchase of Unitel thereby discouraging other bids


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ seeks ) ( NP ( JJ unspecified ) ( NN money ) ( NNS damages ) ) ) )

It seeks unspecified money damages


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NN company ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NN lawsuit ) ) ( PP-PRD ( IN without ) ( NP ( NN merit ) ) ) ) ) )

The New York company called the lawsuit without merit


( S ( NP-SBJ-1 ( NNS Shareholders ) ) ( VP ( VBP are ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB vote ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN transaction ) ) ) ( NP-TMP ( NNP Nov ) ) ) ) ) ) ) )

Shareholders are scheduled to vote on the transaction Nov


( S ( NP-SBJ ( NP ( NNP Philip ) ( NNP Morris ) ( NNP Cos. ) ) ( SBAR ( WP$ whose ) ( WHNP-1 ( NNP Benson ) ( CC & ) ( NNP Hedges ) ( NN cigarette ) ( NN brand ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG losing ) ( NP ( NN market ) ( NN share ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN asked ) ( NP-3 ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( JJ other ) ( NN agency ) ) ( S ( VP ( TO to ) ( VP ( VB try ) ( NP ( PRP$ its ) ( NN hand ) ) ( PP-CLR ( IN at ) ( NP ( NP ( JJ creative ) ( NN work ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ big ) ( NN account ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN at ) ( NP ( NNP Wells ) ( NNP Rich ) ( NNP Greene ) ( NNP Inc. ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1966 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Philip Morris Cos. whose Benson & Hedges cigarette brand has been losing market share has asked at least one other agency to try its hand at creative work for the big account which has been at Wells Rich Greene Inc. since 1966


( S ( NP-SBJ ( NP ( NNS Executives ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( NNP Philip ) ( NNP Morris ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN tobacco ) ( CC and ) ( NN food ) ( NN giant ) ) ( VP ( VBZ has ) ( VP ( VBN asked ) ( NP-1 ( NP ( NP ( NNP Backer ) ( NNP Spielvogel ) ( NNP Bates ) ( NNP Worldwide ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Saatchi ) ( CC & ) ( NNP Saatchi ) ( NNP Co. ) ) ) ) ) ( CC and ) ( NP ( RB possibly ) ( NNS others ) ) ) ( S ( VP ( TO to ) ( VP ( VB work ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ creative ) ( NNS ideas ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN account ) ) ) ) ) ) ) ) ) ) ) ) ) )

Executives close to Philip Morris said that the tobacco and food giant has asked Backer Spielvogel Bates Worldwide Inc. a unit of Saatchi & Saatchi Co. and possibly others to work on creative ideas for the account


( S ( NP-SBJ ( JJ Several ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT another ) ( JJ potential ) ( NN contender ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NNP WPP ) ( NNP Group ) ( POS 's ) ) ( NNP Ogilvy ) ( CC & ) ( NNP Mather ) ( NN agency ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ works ) ( PP-CLR ( IN on ) ( NP ( DT some ) ( JJ other ) ( NNP Philip ) ( NNP Morris ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) )

Several executives said another potential contender is WPP Group 's Ogilvy & Mather agency which works on some other Philip Morris products


( S ( NP-SBJ-1 ( DT Both ) ( NP ( NNP Philip ) ( NNP Morris ) ) ( CC and ) ( NP ( NNP Backer ) ( NNP Spielvogel ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Both Philip Morris and Backer Spielvogel declined to comment


( S ( NP-SBJ ( NP ( DT A ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( NNP Ogilvy ) ( CC & ) ( NNP Mather ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( JJ idle ) ( NN speculation ) ) ) ) ) ) ) ) )

A spokeswoman for Ogilvy & Mather said the agency does n't comment on idle speculation


( S ( SINV ( VP-TPC-1 ( ADVP ( RB Also ) ) ( VBN mentioned ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN contender ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NNP TBWA ) ( NNP Advertising ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD denied ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG participating ) ) ) ) ) ) ) )

Also mentioned as a contender was TBWA Advertising but the company denied it was participating


( S ( NP-SBJ ( NP ( DT The ) ( NN loss ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN cigarette ) ( NN account ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ severe ) ( NN blow ) ) ( PP ( TO to ) ( NP ( NNP Wells ) ( NNP Rich ) ) ) ) ) ) )

The loss of the cigarette account would be a severe blow to Wells Rich


( S ( NP-SBJ ( NNP Benson ) ( CC & ) ( NNP Hedges ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( RBS most ) ( JJ high-visibility ) ( NNS campaigns ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJS largest ) ( NNS clients ) ) ) ) ) ) ) )

Benson & Hedges has been one of its most high-visibility campaigns as well as one of its largest clients


( S ( NP-SBJ ( DT The ) ( NN account ) ) ( VP ( VBD billed ) ( NP ( QP ( RB almost ) ( CD 60 ) ( CD million ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( VBG Leading ) ( NNP National ) ( NNPS Advertisers ) ) ) ) ) )

The account billed almost 60 million last year according to Leading National Advertisers


( S-1 ( S ( CC But ) ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBZ has ) ( VP ( VBN scaled ) ( ADVP ( RB back ) ) ( NP ( NP ( NN ad ) ( NN spending ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN brand ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NN industry ) ( NNS executives ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ bills ) ( NP ( QP ( IN about ) ( CD 30 ) ( CD million ) ( TO to ) ( CD 40 ) ( CD million ) ) ) ) ) )

But Philip Morris has scaled back ad spending on the brand over the past year industry executives said and it now bills about 30 million to 40 million


( S ( NP-SBJ ( NN Industry ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBD had ) ( VP ( VBN asked ) ( NP ( DT the ) ( JJ other ) ( NNS agencies ) ) ( S ( VP ( TO to ) ( VP ( VB create ) ( NP ( NNS campaigns ) ) ( PP-PRP ( IN in ) ( NP ( DT a ) ( NN bid ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( NP ( DT the ) ( NN brand ) ( POS 's ) ) ( VBG slipping ) ( NN market ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Industry executives said Philip Morris had asked the other agencies to create campaigns in a bid to stop the brand 's slipping market share


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NNP John ) ( NNP Maxwell ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Wheat ) ( JJ First ) ( NNPS Securities ) ) ( NP ( NP ( NNP Richmond ) ) ( NP ( NNP Va. ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Benson ) ( CC & ) ( NNP Hedges ) ) ( VP ( VBZ has ) ( VP ( VBN slipped ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 4.7 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN cigarette ) ( NN market ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( RB just ) ( CD 4.1 ) ) ( NN % ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

According to John Maxwell an analyst at Wheat First Securities Richmond Va. Benson & Hedges has slipped from 4.7 % of the cigarette market in 1985 to just 4.1 % after the second quarter of this year


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN brand ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN No. ) ( CD 7 ) ) ( ADVP ( NN overall ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN cigarette ) ( NN business ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Maxwell ) ) ( VP ( VBD said ) ) )

The brand is No. 7 overall in the cigarette business Mr. Maxwell said


( S ( NP-SBJ ( DT The ) ( NN slip ) ) ( VP ( VBZ has ) ( VP ( VBN come ) ( PP ( IN despite ) ( NP ( NP ( NP ( JJ high-profile ) ( NNS ads ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( NNP Wells ) ( NNP Rich ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN one ) ) ( VP ( VBG picturing ) ( NP ( NP ( NP ( DT a ) ( JJ young ) ( NN man ) ) ( VP ( VBN clad ) ( PP ( RB only ) ( IN in ) ( NP ( NN pajama ) ( NNS bottoms ) ) ) ) ) ( VP ( VBG interrupting ) ( NP ( DT a ) ( JJ festive ) ( NN brunch ) ) ) ) ) ) ) ) ) ) ) )

The slip has come despite high-profile ads created by Wells Rich including one picturing a young man clad only in pajama bottoms interrupting a festive brunch


( S ( NP-SBJ ( DT That ) ( NN ad ) ) ( VP ( VBD generated ) ( NP ( NP ( RB so ) ( JJ much ) ( NN publicity ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN trade ) ( NN magazine ) ) ( VP ( VBD launched ) ( NP ( DT a ) ( NN contest ) ( SBAR ( IN for ) ( S ( NP-SBJ ( PRP$ its ) ( NNS readers ) ) ( VP ( TO to ) ( VP ( VB guess ) ( SBAR ( SBAR ( WHNP-1 ( WP who ) ) ( S ( NP-SBJ ( DT the ) ( NN guy ) ) ( VP ( VBD was ) ) ) ) ( CC and ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG doing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That ad generated so much publicity that a trade magazine launched a contest for its readers to guess who the guy was and what he was doing


( S ( NP-SBJ ( NNP Wells ) ( NNP Rich ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VBD popularized ) ( NP ( DT the ) ( NNP Benson ) ( CC & ) ( NNP Hedges ) ( NN brand ) ) ( ADVP-TMP ( NP ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ( NNS years ) ) ( RB ago ) ) ( PP ( IN with ) ( NP ( NP ( NNS ads ) ) ( VP ( VBG portraying ) ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ( NP ( NP ( DT an ) ( NN elevator ) ( NN door ) ) ( VP ( VBG closing ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN passenger ) ( POS 's ) ) ( NN cigarette ) ) ) ) ) ) ) ) ) )

Wells Rich first popularized the Benson & Hedges brand more than 20 years ago with ads portraying among other things an elevator door closing on a passenger 's cigarette


( S ( NP-SBJ ( DT The ) ( NN brand ) ) ( ADVP-TMP ( RB early ) ( RB on ) ) ( VP ( VBD achieved ) ( NP ( NP ( DT an ) ( JJ upscale ) ( NN appeal ) ) ( NP ( NP ( DT a ) ( NN trait ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP believe ) ( SBAR ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( RB partly ) ) ( JJ responsible ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ staid ) ( NN performance ) ) ) ) ) ) ) ) ) ) ) ) ) )

The brand early on achieved an upscale appeal a trait that some analysts believe is partly responsible for its staid performance


( S ( NP-SBJ-1 ( NP ( NNP Philip ) ( NNP Morris ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( DT the ) ( NNP Benson ) ( CC & ) ( NNP Hedges ) ( NN franchise ) ) ) ) ) ) ) ( VP ( VBD put ) ( NP ( DT the ) ( NN account ) ) ( PP-CLR ( RP up ) ( PP ( IN for ) ( NP ( NN review ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) )

Philip Morris trying to revive the Benson & Hedges franchise put the account up for review in 1986


( S ( NP-SBJ ( NNP Wells ) ( NNP Rich ) ( NNP Greene ) ) ( ADVP ( RB however ) ) ( PP ( IN in ) ( NP ( NP ( DT an ) ( NN effort ) ) ( VP ( VBN directed ) ( PP ( IN by ) ( NP-LGS ( NNP Mary ) ( NNP Wells ) ( NNP Lawrence ) ) ) ) ) ) ( VP ( VP ( VBD emerged ) ( NP ( NP ( DT the ) ( NN victor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN review ) ) ) ) ) ( CC and ) ( VP ( VBD retained ) ( NP ( DT the ) ( NN business ) ) ) ) )

Wells Rich Greene however in an effort directed by Mary Wells Lawrence emerged the victor of the review and retained the business


( S ( NP-SBJ ( NP ( NNP Kenneth ) ( NNP Olshan ) ) ( NP ( NP ( NNP Wells ) ( NNP Rich ) ( POS 's ) ) ( NN chairman ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB return ) ( NP ( NP ( NN phone ) ( NNS calls ) ) ( VP ( VBG seeking ) ( NP ( NN comment ) ) ) ) ) ) )

Kenneth Olshan Wells Rich 's chairman did n't return phone calls seeking comment


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNP Wells ) ( NNP Rich ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD picked ) ( PRT ( RP up ) ) ( NP ( NP ( NNP Hertz ) ( NNP Corp. ) ( POS 's ) ) ( ADJP ( QP ( CD 25 ) ( CD million ) ( TO to ) ( CD 30 ) ( CD million ) ) ) ( NN account ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ big ) ( NNS accounts ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 20 ) ( CD million ) ( TO to ) ( CD 25 ) ( CD million ) ) ) ( NNP Cadbury-Schweppes ) ( NNP Canada ) ( NNP Dry ) ( CC and ) ( NNP Sunkist ) ( NNS accounts ) ) ( NP ( DT the ) ( ADJP ( QP ( CD 18 ) ( CD million ) ) ) ( NNP Procter ) ( CC & ) ( NNP Gamble ) ( NNP Co ) ( NNP Sure ) ( NN deodorant ) ( NN account ) ) ( CC and ) ( NP ( DT the ) ( ADJP ( QP ( CD 10 ) ( CD million ) ) ) ( NNP Polo\/Ralph ) ( NNP Lauren ) ( NN business ) ) ) ) ) ) )

While Wells Rich recently picked up Hertz Corp. 's 25 million to 30 million account it has lost a number of big accounts this year including the 20 million to 25 million Cadbury-Schweppes Canada Dry and Sunkist accounts the 18 million Procter & Gamble Co Sure deodorant account and the 10 million Polo\/Ralph Lauren business


( S ( NP-SBJ ( PRP$ Its ) ( NNS victories ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 30 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNP Sheraton ) ( NNP Corp. ) ( NN business ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN assignment ) ) ( PP ( IN from ) ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ) ) ( ADJP ( JJ worth ) ( NP ( QP ( CD 5 ) ( CD million ) ( TO to ) ( CD 10 ) ( CD million ) ) ) ) ) ) ) )

Its victories include more than 30 million in Sheraton Corp. business and an assignment from Dun & Bradstreet worth 5 million to 10 million


( S ( NP-SBJ ( JJ Bullish ) ( NN bond ) ( NN market ) ( NN sentiment ) ) ( VP ( VBZ is ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN rise ) ) ) ( ADVP-TMP ( RB again ) ) ) )

Bullish bond market sentiment is on the rise again


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ-1 ( DT the ) ( NN government ) ) ( VP ( VBZ prepares ) ( S ( VP ( TO to ) ( VP ( VB release ) ( NP ( NP ( DT the ) ( JJ next ) ( NN batch ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NNS reports ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN consensus ) ) ( PP ( IN among ) ( NP ( NNS economists ) ( CC and ) ( NN money ) ( NNS managers ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN news ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ negative ) ) ) ) ) ) ) )

As the government prepares to release the next batch of economic reports the consensus among economists and money managers is that the news will be negative


( S-1 ( CC And ) ( NP-SBJ ( DT that ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ good ) ( PP ( IN for ) ( NP ( NNS bonds ) ) ) ) ) ) )

And that they say will be good for bonds


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Recent ) ( NNS data ) ) ( VP ( VBP have ) ( VP ( VBN indicated ) ( NP ( ADJP ( RB somewhat ) ( JJR weaker ) ) ( JJ economic ) ( NN activity ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Elliott ) ( NNP Platt ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( NN research ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNPS Securities ) ) ) ) ) )

Recent data have indicated somewhat weaker economic activity said Elliott Platt director of economic research at Donaldson Lufkin & Jenrette Securities


( S ( NP-SBJ ( NNP Mr. ) ( NNP Platt ) ) ( VP ( VBZ is ) ( VP ( VBG advising ) ( NP ( NNS clients ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ near-term ) ( NN direction ) ) ( PP ( IN of ) ( NP ( NN bond ) ( NNS prices ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( JJ upward ) ) ) ) ) ) ) ) ) ) ) )

Mr. Platt is advising clients that the near-term direction of bond prices is likely to remain upward


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP insist ) ( SBAR ( IN that ) ( S ( PP ( RB even ) ( IN without ) ( NP ( NP ( NN help ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ shaky ) ( NN stock ) ( NN market ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD provided ) ( NP ( NP ( DT a ) ( JJ temporary ) ( NN boost ) ) ( PP ( IN for ) ( NP ( NNS bonds ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP Oct. ) ( CD 13 ) ( NN stock ) ( NN market ) ( NN plunge ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NN bond ) ( NNS prices ) ) ( VP ( MD will ) ( VP ( VB start ) ( S ( VP ( TO to ) ( VP ( VB climb ) ) ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNS prospects ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( TO to ) ( VP ( VB move ) ( ADVP-CLR ( RBR lower ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( VBG coming ) ( NNS weeks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts insist that even without help from a shaky stock market which provided a temporary boost for bonds during the Oct. 13 stock market plunge bond prices will start to climb on the prospects that the Federal Reserve will allow interest rates to move lower in the coming weeks


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ comforting ) ( PP ( TO to ) ( NP ( NP ( JJ fixed-income ) ( NNS investors ) ) ( SBAR ( WHNP-1 ( NP ( DT many ) ) ( PP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBD were ) ( VP ( ADVP-MNR ( RB badly ) ) ( JJ burned ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP ( RB incorrectly ) ) ( VBG assuming ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( MD would ) ( VP ( VB ease ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That would be comforting to fixed-income investors many of whom were badly burned in the third quarter by incorrectly assuming that the Fed would ease


( S ( NP-SBJ-1 ( NNS Investors ) ) ( VP ( VBD rushed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS bonds ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN summer ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD soared ) ( PP ( IN on ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NN interest ) ( NNS rates ) ) ( VP ( MD would ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB fall ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors rushed to buy bonds during the summer as prices soared on speculation that interest rates would continue to fall


( S ( CC But ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ clear ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS rates ) ) ( VP ( VBD had ) ( VP ( VBN stabilized ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Fed ) ( POS 's ) ) ( JJ credit-easing ) ( NN policy ) ) ( VP ( VBD was ) ( PP-PRD ( IN on ) ( NP ( NN hold ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NN bond ) ( NNS yields ) ) ( VP ( VBD jumped ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBD tumbled ) ) ) )

But when it became clear that rates had stabilized and that the Fed 's credit-easing policy was on hold bond yields jumped and prices tumbled


( S ( NP-SBJ ( JJ Long-term ) ( NNS bonds ) ) ( VP ( VBP have ) ( VP ( VBN performed ) ( ADVP-MNR ( RB erratically ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) )

Long-term bonds have performed erratically this year


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NP ( JJ long-term ) ( NNP Treasury ) ( NNS bonds ) ) ( VP ( VBN tracked ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ) ) ) ) ) ( VP ( VBD produced ) ( NP ( NP ( DT a ) ( JJ total ) ( NN return ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ) ) ( NP ( NP ( CD 12.45 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ( CC and ) ( NP ( NP ( CD -0.06 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) )

For example a group of long-term Treasury bonds tracked by Merrill Lynch & Co. produced a total return of 1 % in the first quarter 12.45 % in the second quarter and -0.06 % in the third quarter


( S ( NP-SBJ ( JJ Total ) ( NN return ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN price ) ( NNS changes ) ) ( PP ( CC plus ) ( NP ( NN interest ) ( NN income ) ) ) ) ) )

Total return is price changes plus interest income


( S ( ADVP-TMP ( RB Now ) ) ( S ( NP-SBJ ( DT some ) ( NN investment ) ( NNS analysts ) ) ( VP ( VBP insist ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ economic ) ( NN climate ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( ADJP-PRD ( JJ cold ) ( CC and ) ( JJ gloomy ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG urging ) ( NP-1 ( NNS clients ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS bonds ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NN rally ) ) ( VP ( VBZ begins ) ) ) ) ) ) ) ) ) ) )

Now some investment analysts insist that the economic climate has turned cold and gloomy and they are urging clients to buy bonds before the rally begins


( S ( PP ( IN Among ) ( NP ( JJ other ) ( NNS things ) ) ) ( NP-SBJ ( NNS economists ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NN consumer ) ( NN spending ) ) ( VP ( VBZ is ) ( VP ( VBG slowing ) ) ) ) ( S ( NP-SBJ-1 ( JJ corporate ) ( NN profit ) ( NNS margins ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN squeezed ) ) ) ) ) ( S ( NP-SBJ ( NN business ) ( NN confidence ) ) ( VP ( VBZ is ) ( VP ( VBG slipping ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN construction ) ( CC and ) ( NN manufacturing ) ( NNS industries ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ depressed ) ) ) ) ) ) ) )

Among other things economists note that consumer spending is slowing corporate profit margins are being squeezed business confidence is slipping and construction and manufacturing industries are depressed


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN consumer ) ( NN price ) ( NN index ) ) ( VP ( VBD showed ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN inflation ) ) ( VP ( VBZ is ) ( VP ( VBG moderating ) ) ) ) ) ) )

At the same time last week 's consumer price index showed that inflation is moderating


( SINV ( S-TPC-2 ( S ( VP ( VB Add ) ( NP ( NP ( PRP it ) ) ( NP ( DT all ) ) ) ( PRT ( RP up ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ little ) ( NN leeway ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( PRP$ its ) ( NN credit ) ( NN policy ) ( NN stance ) ) ( PP ( IN without ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG rekindling ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Norman ) ( NNP Robertson ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Mellon ) ( NNP Bank ) ( NNP Corp. ) ) ( NP ( NNP Pittsburgh ) ) ) ) ) ) )

Add it all up and it means that the Fed has a little leeway to ease its credit policy stance without the risk of rekindling inflation said Norman Robertson chief economist at Mellon Bank Corp. Pittsburgh


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB see ) ( NP ( NP ( DT a ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( PP ( IN of ) ( NP ( QP ( JJ close ) ( TO to ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( CD two ) ( NNS weeks ) ) ) ) ( CC and ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( PP-TMP ( IN by ) ( NP ( NN year ) ( NN end ) ) ) ) ) ) ) ) ) ) ) ) )

I think we will see a federal funds rate of close to 8 1\/2 % in the next two weeks and 8 % by year end


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( SBAR ( WHNP-2 ( WDT which ) ( NNS banks ) ) ( S ( VP ( VBP charge ) ( NP ( DT each ) ( JJ other ) ) ( PP-CLR ( IN on ) ( NP ( JJ overnight ) ( NNS loans ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT an ) ( JJ early ) ( NN signal ) ) ( PP ( IN of ) ( NP ( NP ( NNS changes ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNP Fed ) ( POS 's ) ) ( NN credit ) ( NN policy ) ) ) ) ) ) ) ) ) )

The federal funds rate which banks charge each other on overnight loans is considered an early signal of changes in the Fed 's credit policy


( S ( NP-SBJ ( NNS Economists ) ) ( ADVP ( RB generally ) ) ( VP ( VBP agree ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN rate ) ) ( VP ( VBD was ) ( VP ( VBN lowered ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Fed ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( IN around ) ( CD 9 ) ) ( NN % ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( PP-TMP-PRD ( IN since ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( IN about ) ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( NNP October ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NNS heels ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ weak ) ( NN employment ) ( NN report ) ) ) ) ) ) ) ) ) ) )

Economists generally agree that the rate was lowered by the Fed from around 9 % where it had been since July to about 8 3\/4 % in early October on the heels of a weak employment report


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NN rate ) ) ( ADVP-MNR ( RB briefly ) ) ( VP ( VBD drifted ) ( ADVP-CLR ( RB even ) ( RBR lower ) ) ( PP ( VBG following ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( NN sell-off ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD occurred ) ( NP-TMP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Friday ) ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ) ) )

Although the rate briefly drifted even lower following the stock market sell-off that occurred Oct. 13 it ended Friday at about 8 11\/16 %


( S ( NP-SBJ ( NP ( NNP James ) ( NNP Kochan ) ) ( NP ( NP ( JJ chief ) ( JJ fixed-income ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG touting ) ( NP ( NP ( JJR shorter-term ) ( NNS securities ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( SBAR ( S ( VP ( MD should ) ( VP ( VB benefit ) ( ADVP ( ADVP ( RBR more ) ( RB quickly ) ) ( PP ( IN than ) ( NP ( JJR longer-term ) ( NNS bonds ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP fall ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

James Kochan chief fixed-income strategist at Merrill Lynch is touting shorter-term securities which he says should benefit more quickly than longer-term bonds as interest rates fall


( S ( S-TPC-1 ( PP ( VBN Given ) ( NP ( NP ( PRP$ our ) ( NN forecast ) ) ( PP ( IN for ) ( NP ( JJR lower ) ( NNS rates ) ) ) ) ) ( NP-SBJ ( NP ( NNS purchases ) ) ( VP ( VBN made ) ( ADVP ( RB now ) ) ) ) ( VP ( MD should ) ( VP ( VB prove ) ( ADJP-PRD ( RB quite ) ( JJ rewarding ) ) ( PP-TMP ( IN before ) ( NP ( NN year ) ( NN end ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Given our forecast for lower rates purchases made now should prove quite rewarding before year end he said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kochan ) ) ( ADVP ( RB also ) ) ( VP ( VBZ likes ) ( NP ( NP ( JJ long-term ) ( JJ investment-grade ) ( JJ corporate ) ( NNS bonds ) ) ( CC and ) ( NP ( JJ long-term ) ( NNPS Treasurys ) ) ) ) )

Mr. Kochan also likes long-term investment-grade corporate bonds and long-term Treasurys


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS bonds ) ) ( VP ( MD should ) ( VP ( VB appreciate ) ( PP-CLR ( IN in ) ( NP ( NN value ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( DT some ) ( NNS investors ) ) ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN turmoil ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN stock ) ( CC and ) ( JJ high-yield ) ( NN junk ) ( NN bond ) ( NNS markets ) ) ) ) ) ) ) ( VP ( VBP seek ) ( NP ( JJR safer ) ( NNS securities ) ) ) ) ) ) ) ) ) ) )

He says these bonds should appreciate in value as some investors reacting to the recent turmoil in the stock and high-yield junk bond markets seek safer securities


( S ( S-TPC-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP Tennessee ) ( NNP Valley ) ( NNP Authority ) ( NN sale ) ) ( VP ( VBZ is ) ( NP-PRD ( DT any ) ( NN guide ) ) ) ) ) ( NP-SBJ-1 ( EX there ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ good ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( JJ top-quality ) ( JJ long-term ) ( NN paper ) ) ( PP ( IN from ) ( NP ( DT both ) ( JJ domestic ) ( CC and ) ( JJ overseas ) ( NNS accounts ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

If the Tennessee Valley Authority sale is any guide there appears to be good demand for top-quality long-term paper from both domestic and overseas accounts he said


( S ( NP-SBJ ( NNP TVA ) ) ( PP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( JJ public ) ( NN debt ) ( NN offering ) ) ( PP-TMP ( IN in ) ( NP ( CD 15 ) ( NNS years ) ) ) ) ) ( VP ( VBD sold ) ( NP ( NP ( QP ( CD 4 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ long-term ) ( CC and ) ( JJ intermediate-term ) ( NNS securities ) ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) )

TVA in its first public debt offering in 15 years sold 4 billion of long-term and intermediate-term securities last week


( S ( NP-SBJ ( JJ Strong ) ( NN investor ) ( NN demand ) ) ( VP ( VBD prompted ) ( S ( NP-SBJ ( DT the ) ( NN utility ) ) ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN issue ) ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( CD 3 ) ( CD billion ) ) ) ) ) ) ) ) )

Strong investor demand prompted the utility to boost the size of the issue from 3 billion


( S ( NP-SBJ ( NP ( NNP TVA ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ operates ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( JJ electric ) ( NN power ) ( NNS systems ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN corporation ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ federal ) ( NN government ) ) ) ) ) ) )

TVA which operates one of the nation 's largest electric power systems is a corporation owned by the federal government


( S ( CC But ) ( S-NOM-SBJ ( VP ( VBG persuading ) ( NP-2 ( NNS investors ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS bonds ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( RB especially ) ( JJ tough ) ) ( NP-TMP ( NP ( DT this ) ( NN week ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB auction ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 30 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS securities ) ) ) ) ) ) ) ) ) ) ) )

But persuading investors to buy bonds may be especially tough this week when the U.S. government will auction more than 30 billion of new securities


( S ( NP-TMP ( NN Today ) ) ( NP-SBJ ( DT the ) ( NNP Treasury ) ( NNP Department ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 15.6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ three-month ) ( CC and ) ( JJ six-month ) ( NNS bills ) ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ regular ) ( JJ weekly ) ( NN auction ) ) ) ) ) )

Today the Treasury Department will sell 15.6 billion of three-month and six-month bills at the regular weekly auction


( S ( NP-TMP ( NN Tomorrow ) ) ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 10 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ two-year ) ( NNS notes ) ) ) ) ) ) )

Tomorrow the Treasury will sell 10 billion of two-year notes


( S ( NP-SBJ ( NP ( NNP Resolution ) ( NNP Funding ) ( NNP Corp. ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NP ( NNP Refcorp ) ) ( NP ( NP ( DT a ) ( NN division ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ new ) ( NN government ) ( NN agency ) ) ( VP ( VBN created ) ( S ( VP ( TO to ) ( VP ( VB bail ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ troubled ) ( NNS savings ) ( CC and ) ( NN loan ) ( NNS associations ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB hold ) ( NP ( PRP$ its ) ( JJ first ) ( NN bond ) ( NN auction ) ) ( NP-TMP ( NP ( NNP Wednesday ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 4.5 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 30-year ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )

Resolution Funding Corp. known as Refcorp a division of a new government agency created to bail out the nation 's troubled savings and loan associations will hold its first bond auction Wednesday when it will sell 4.5 billion of 30-year bonds


( S ( NP-SBJ ( NP ( DT All ) ) ( PP ( IN of ) ( NP ( DT this ) ) ) ) ( VP ( VBZ comes ) ( PP ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ big ) ( JJ quarterly ) ( NN refunding ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ federal ) ( NN debt ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ takes ) ( NP-CLR ( NN place ) ) ( ADVP-TMP ( RB sometime ) ) ( PP-TMP ( IN in ) ( NP ( NNP November ) ) ) ) ) ) ) ) ) ) )

All of this comes ahead of the government 's big quarterly refunding of the federal debt which takes place sometime in November


( S ( ADVP-TMP ( RB So ) ( RB far ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN shown ) ( NP ( NP ( JJ much ) ( NN appetite ) ) ( PP ( IN for ) ( NP ( NP ( NNP Refcorp ) ( POS 's ) ) ( JJ initial ) ( NN bond ) ( NN offering ) ) ) ) ) ) )

So far investors have n't shown much appetite for Refcorp 's initial bond offering


( S ( NP-SBJ ( NP ( NNP Roger ) ( NNP Early ) ) ( NP ( NP ( DT a ) ( NN portfolio ) ( NN manager ) ) ( PP-LOC ( IN at ) ( NP ( NNP Federated ) ( NNPS Investors ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ so-called ) ( NN bailout ) ( NNS bonds ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ high ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( PRP$ his ) ( NN attention ) ) ) ) ) ) ) ) ) ) )

Roger Early a portfolio manager at Federated Investors Corp. said that yields on the so-called bailout bonds are n't high enough to attract his attention


( S ( SBARQ-TPC-2 ( WHADVP ( WRB Why ) ) ( SQ ( MD should ) ( NP-SBJ ( PRP I ) ) ( VP ( VB bother ) ( PP-CLR ( IN with ) ( NP ( NP ( NN something ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ 's ) ( NP-PRD ( DT an ) ( NN unknown ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( ADJP ( RB very ) ( JJ small ) ) ( NN pickup ) ) ( PP ( IN in ) ( NP ( NN yield ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Why should I bother with something that 's an unknown for a very small pickup in yield he said


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( RB not ) ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB jump ) ( PP-LOC-CLR ( IN on ) ( NP ( PRP them ) ) ) ( NP ( NP ( DT the ) ( JJ first ) ( NN day ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP come ) ( ADVP-CLR ( RB out ) ) ) ) ) ) ) ) ) ) ) )

I 'm not going to jump on them the first day they come out


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ typical ) ( PP ( IN of ) ( NP ( JJ many ) ( JJ professional ) ( NN money ) ( NNS managers ) ) ) ) ) ) ) ) )

He seems to be typical of many professional money managers


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Refcorp ) ( NN offering ) ) ) ) ( VP ( VBD was ) ( VP ( VBN announced ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( VBN when-issued ) ( NN trading ) ( NN activity ) ) ( VP ( VBD began ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN bailout ) ( NNS bonds ) ) ( VP ( VBD were ) ( VP ( VBG yielding ) ( ADVP ( ADVP ( NP ( QP ( IN about ) ( CD 1\/20 ) ) ( NN percentage ) ( NN point ) ) ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ benchmark ) ( JJ 30-year ) ( NN bond ) ) ) ) ) ) )

When the size of the Refcorp offering was announced last week and when-issued trading activity began the bailout bonds were yielding about 1\/20 percentage point more than the Treasury 's benchmark 30-year bond


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ-1 ( DT the ) ( NN yield ) ) ( VP ( VBD was ) ( VP ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( ADJP ( ADJP ( NP ( QP ( IN about ) ( CD 1\/4 ) ) ( NN percentage ) ( NN point ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ benchmark ) ( NN bond ) ) ) ) ) ) ( NP-ADV ( NP ( DT an ) ( NN indication ) ) ( PP ( IN of ) ( NP ( JJ weak ) ( NN demand ) ) ) ) ) ) )

On Friday the yield was quoted at about 1\/4 percentage point higher than the benchmark bond an indication of weak demand


( S ( NP-SBJ ( DT Some ) ( NNS economists ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( DT all ) ( NNP Treasury ) ( NNS securities ) ) ) ) ( VP ( MD may ) ( VP ( VB rise ) ( NP-TMP ( DT this ) ( NN week ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBZ struggles ) ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( DT the ) ( JJ new ) ( NN supply ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some economists believe that yields on all Treasury securities may rise this week as the market struggles to absorb the new supply


( S ( CC But ) ( SBAR-TMP ( RB once ) ( S ( NP-SBJ-1 ( DT the ) ( JJ new ) ( NNS securities ) ) ( VP ( VBP are ) ( VP ( VBN digested ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ weak ) ( JJ economic ) ( NNS data ) ) ) ) ) ) ) )

But once the new securities are digested they expect investors to focus on the weak economic data


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN supply ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( NP ( DT a ) ( NN constraint ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Samuel ) ( NNP Kahan ) ) ( NP ( NP ( JJ chief ) ( JJ financial ) ( NN economist ) ) ( PP ( IN at ) ( NP ( NNP Kleinwort ) ( NNP Benson ) ( NNP Government ) ( NNPS Securities ) ( NNP Inc ) ) ) ) ) )

The supply is not a constraint to the market said Samuel Kahan chief financial economist at Kleinwort Benson Government Securities Inc


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP one ) ) ( VP ( VBZ thinks ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( ADVP-DIR ( RB down ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB care ) ( SBAR ( WHNP-1 ( WHADVP ( WRB how ) ) ( JJ much ) ( NN supply ) ) ( S ( VP ( VBZ is ) ( VP ( VBG coming ) ) ) ) ) ) ) )

If one thinks that rates are going down you do n't care how much supply is coming


( NP-HLN ( NP ( NNP Friday ) ( POS 's ) ) ( NN Market ) ( NN Activity ) )

Friday 's Market Activity


( S ( NP-SBJ ( JJS Most ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD fell ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( DT this ) ( NN week ) ( POS 's ) ) ( JJ new ) ( NN supply ) ) ) ) ( CC and ) ( NP ( NN disappointment ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB stage ) ( NP ( DT a ) ( JJ sharp ) ( NN decline ) ) ) ) ) ) ) ) ) ) )

Most bond prices fell on concerns about this week 's new supply and disappointment that stock prices did n't stage a sharp decline


( S ( NP-SBJ ( NN Junk ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD moved ) ( ADVP-CLR ( RBR higher ) ) ( ADVP ( RB however ) ) ) )

Junk bond prices moved higher however


( S ( PP-LOC ( RBR In ) ( NP ( JJ early ) ( NN trading ) ) ) ( NP-SBJ ( NNP Treasury ) ( NNS bonds ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJR higher ) ( PP ( IN on ) ( NP ( NNS expectations ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN surge ) ) ( PP ( IN in ) ( NP ( NN buying ) ) ) ( PP ( IN among ) ( NP ( JJ Japanese ) ( NNS investors ) ) ) ) ( VP ( MD would ) ( VP ( VB continue ) ) ) ) ) ) ) ) ) )

In early trading Treasury bonds were higher on expectations that a surge in buying among Japanese investors would continue


( S ( RB Also ) ( S-NOM-SBJ ( VP ( VBG providing ) ( NP ( NN support ) ) ( PP-CLR ( TO to ) ( NP ( NNPS Treasurys ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NN hope ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( MD might ) ( VP ( VB see ) ( NP ( NNS declines ) ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT the ) ( NN expiration ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ( NN stock-index ) ( NNS futures ) ) ( CC and ) ( NP ( NP ( NNS options ) ) ( PP ( IN on ) ( NP ( NP ( NNS indexes ) ) ( CC and ) ( NP ( JJ individual ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Also providing support to Treasurys was hope that the stock market might see declines because of the expiration of some stock-index futures and options on indexes and individual stocks


( S ( NP-SBJ-1 ( DT Those ) ( NNS hopes ) ) ( VP ( VBD were ) ( VP ( VBN dashed ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD put ) ( PRT ( RP in ) ) ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ quiet ) ) ( NN performance ) ) ) ) ) ) ) )

Those hopes were dashed when the stock market put in a relatively quiet performance


( S ( NP-SBJ ( NNP Treasury ) ( NNS bonds ) ) ( VP ( VBD ended ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS losses ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 1\/4 ) ) ( NN point ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 2.50 ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ) ) ) ) )

Treasury bonds ended with losses of as much as 1\/4 point or about 2.50 for each 1,000 face amount


( S ( NP-SBJ ( NP ( DT The ) ( JJ benchmark ) ( JJ 30-year ) ( NN bond ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBN traded ) ( ADVP-CLR ( ADVP ( RB as ) ( JJ high ) ) ( PP ( IN as ) ( NP ( QP ( CD 102 ) ( CD 1\/4 ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 101 ) ( CD 17\/32 ) ) ) ) ) )

The benchmark 30-year bond which traded as high as 102 1\/4 during the day ended at 101 17\/32


( S ( NP-SBJ ( NP ( DT The ) ( NN yield ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ benchmark ) ( NN bond ) ) ) ) ( VP ( VBD rose ) ( ADVP ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( CD 7.98 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.96 ) ( NN % ) ) ) ) )

The yield on the benchmark bond rose slightly to 7.98 % from 7.96 %


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ corporate ) ( NN bond ) ( NN market ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ new-issue ) ( NN market ) ) ( PP ( IN for ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB pick ) ( ADVP ( RB up ) ) ) ) ) ) ( PP ( VBG following ) ( NP ( NP ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( NNP Acquisition ) ( NNP Corp. ) ( POS 's ) ) ( ADJP ( QP ( CD 475 ) ( CD million ) ) ) ( NN junk ) ( NN bond ) ( NN offering ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) )

In the corporate bond market traders said the new-issue market for junk bonds is likely to pick up following Chicago & North Western Acquisition Corp. 's 475 million junk bond offering Friday


( S ( NP-TMP ( NN Today ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NNS underwriters ) ) ( PP-LOC ( IN at ) ( NP ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP expect ) ( S ( VP ( TO to ) ( VP ( VB price ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 150 ) ( CD million ) ) ) ( JJ 12-year ) ( JJ senior ) ( JJ subordinated ) ( NN debenture ) ( NN offering ) ) ( PP ( IN by ) ( NP ( NNP Imo ) ( NNPS Industries ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) )

Today for example underwriters at Morgan Stanley & Co. said they expect to price a 150 million 12-year senior subordinated debenture offering by Imo Industries Inc


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBP expect ) ( S ( NP-SBJ-1 ( DT the ) ( NN issue ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 12 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

Traders expect the issue to be priced to yield 12 %


( S ( NP-SBJ ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( ADJP ( QP ( CD 150 ) ( CD million ) ) ) ( JJ senior ) ( JJ subordinated ) ( NN discount ) ( NN debenture ) ( NN issue ) ) ( PP ( IN by ) ( NP ( NNP R.P. ) ( NNP Scherer ) ( NNPS Drugs ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN month ) ) ) ) ) ) ) ) ) ) )

Shearson Lehman Hutton Inc. said that a 150 million senior subordinated discount debenture issue by R.P. Scherer Drugs is expected by the end of the month


( S ( ADVP ( RB However ) ) ( PP ( IN despite ) ( NP ( DT the ) ( JJ big ) ( JJ new-issue ) ( NN calendar ) ) ) ( NP-SBJ ( JJ many ) ( NN junk ) ( NN bond ) ( NNS investors ) ( CC and ) ( NNS analysts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ skeptical ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS deals ) ) ( VP ( MD will ) ( VP ( VB get ) ( VP ( VBN done ) ) ) ) ) ) ) ) )

However despite the big new-issue calendar many junk bond investors and analysts are skeptical the deals will get done


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( S-PRD ( NP-SBJ ( QP ( IN about ) ( DT a ) ( NN dozen ) ( JJR more ) ) ( NNS deals ) ) ( VP ( VBG coming ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP McNamara ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( JJ fixed-income ) ( NN research ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Kemper ) ( NNP Financial ) ( NNPS Services ) ( NNP Inc ) ) ) ) ) )

There are about a dozen more deals coming said Michael McNamara director of fixed-income research at Kemper Financial Services Inc


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( NP ( NP ( DT this ) ( JJ much ) ( NN trouble ) ) ( PP ( IN with ) ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT an ) ( JJ awful ) ( NN time ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN rest ) ) ) ) ) ) ) ) ) )

If they had this much trouble with Chicago & North Western they are going to have an awful time with the rest


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-1 ( NNS underwriters ) ) ( VP ( VBD were ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB postpone ) ( NP ( CD three ) ( NN junk ) ( NN bond ) ( NNS deals ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ recent ) ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) )

Last week underwriters were forced to postpone three junk bond deals because of recent weakness in the market


( S ( CC And ) ( NP-SBJ ( NP ( NN pressure ) ) ( PP ( IN by ) ( NP ( JJ big ) ( NNS investors ) ) ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNPS Securities ) ( NNP Corp. ) ) ( VP ( TO to ) ( VP ( VB sweeten ) ( NP ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( POS 's ) ) ( ADJP ( QP ( CD 475 ) ( CD million ) ) ) ( NN junk ) ( NN bond ) ( NN offering ) ) ) ) ) ) )

And pressure by big investors forced Donaldson Lufkin & Jenrette Securities Corp. to sweeten Chicago & North Western 's 475 million junk bond offering


( S ( PP-TMP ( IN After ) ( NP ( NP ( NNS hours ) ) ( PP ( IN of ) ( NP ( NN negotiating ) ) ) ( SBAR ( WHNP-3 ( IN that ) ) ( S ( VP ( VBN stretched ) ( PP-TMP ( ADVP ( RB late ) ) ( IN into ) ( NP ( NNP Thursday ) ( NN night ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS underwriters ) ) ( VP ( VBD priced ) ( NP ( NP ( DT the ) ( JJ 12-year ) ( NN issue ) ) ( PP ( IN of ) ( NP ( JJ resettable ) ( JJ senior ) ( JJ subordinated ) ( NNS debentures ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 14.75 ) ( NN % ) ) ( ADJP ( ADJP ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( CD 14.5 ) ( NN % ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN expected ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After hours of negotiating that stretched late into Thursday night underwriters priced the 12-year issue of resettable senior subordinated debentures at par to yield 14.75 % higher than the 14.5 % that had been expected


( S ( NP-SBJ ( NP ( DT The ) ( NN coupon ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN issue ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VB reset ) ( PP-TMP ( IN in ) ( NP ( CD one ) ( NN year ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN rate ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB give ) ( NP ( DT the ) ( NN issue ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN value ) ) ( PP ( IN of ) ( NP ( CD 101 ) ) ) ) ) ) ) ) ) ) ) ) ) )

The coupon on the issue will be reset in one year at a rate that will give the issue a market value of 101


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( DT the ) ( NN maximum ) ( NN coupon ) ( NN rate ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN issue ) ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ reset ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 15.50 ) ( NN % ) ) ) )

However the maximum coupon rate on the issue when it is reset is 15.50 %


( S ( NP-SBJ ( NN Debenture ) ( NNS holders ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ( PP ( IN in ) ( NP ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( POS 's ) ) ( NN parent ) ( NN company ) ) ) ) ) ) ) ) ) ) )

Debenture holders also will receive the equivalent of 10 % of the common stock in Chicago & North Western 's parent company


( SINV ( S-TPC-1 ( NP-SBJ-2 ( DT The ) ( NN coupon ) ) ( VP ( VBD was ) ( VP ( VBN raised ) ( S-PRP ( VP ( TO to ) ( VP ( VB induce ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ big ) ( NNS players ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN fence ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB come ) ( ADVP-CLR ( RB in ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Donaldson ) ) ) ) )

The coupon was raised to induce some of the big players on the fence to come in said a spokesman for Donaldson


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP put ) ( NP ( NP ( DT a ) ( NN price ) ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN deal ) ) ) ( SBAR-1 ( WHNP-2 ( WDT that ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD required ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( PRP it ) ) ( ADJP-PRD ( VBN done ) ) ) ) ) ) ) ) ) )

We put a price on the deal that the market required to get it done


( S ( NP-SBJ ( DT The ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VP ( VBN sold ) ( PRT ( RB out ) ) ) ( CC and ) ( VP ( VBD met ) ( PP-CLR ( IN with ) ( NP ( JJ strong ) ( NN interest ) ) ) ( ADVP-LOC ( RB abroad ) ) ) ( PP ( ADVP ( RB particularly ) ) ( IN from ) ( NP ( JJ Japanese ) ( NNS investors ) ) ) ) ) ) ) ) )

The spokesman said the issue was sold out and met with strong interest abroad particularly from Japanese investors


( S ( PP ( IN In ) ( NP ( DT the ) ( JJ secondary ) ( PRN ( CC or ) ( NP ( NN resale ) ) ) ( NN market ) ) ) ( NP-SBJ ( NN junk ) ( NNS bonds ) ) ( VP ( VBD closed ) ( ADVP-CLR ( NP ( CD 1\/2 ) ( NN point ) ) ( RBR higher ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ investment-grade ) ( JJ corporate ) ( NNS bonds ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1\/4 ) ( NN point ) ) ) ) ) ) ) )

In the secondary or resale market junk bonds closed 1\/2 point higher while investment-grade corporate bonds fell 1\/8 to 1\/4 point


( S ( NP-SBJ ( NNP H&R ) ( NNP BLOCK ) ( NNP Inc. ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 100.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.90 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP April ) ( CD 30 ) ) ) ) ) ) )

H&R BLOCK Inc. had net income of 100.2 million or 1.90 a share in the fiscal year ended April 30


( S ( NP-SBJ-1 ( DT The ) ( NN figure ) ) ( VP ( VBD was ) ( VP ( ADVP ( RB incorrectly ) ) ( VBN shown ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN chart ) ) ( VP ( VBG accompanying ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( S-TTL ( VP ( VBN Heard ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN Street ) ) ) ) ) ( NN column ) ) ) ) ) ) ) )

The figure was incorrectly shown as a net loss in a chart accompanying Friday 's Heard on the Street column


( S ( NP-SBJ ( NP ( NNP Chairman ) ( NNP Jamie ) ( NNP Whitten ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Miss ) ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP House ) ( NNPS Appropriations ) ( NNP Committee ) ) ) ) ( VP ( VBD proposed ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.85 ) ( CD billion ) ) ) ( NN emergency ) ( NN funding ) ( NN package ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB assist ) ( NP ( NP ( NP ( NNP California ) ( POS 's ) ) ( NN recovery ) ) ( PP ( IN from ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN earthquake ) ) ) ) ) ( CC and ) ( VP ( VB extend ) ( NP ( JJR further ) ( NN aid ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ East ) ( JJ Coast ) ( NNS victims ) ) ( PP ( IN of ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) ) ) ) ) )

Chairman Jamie Whitten D. Miss of the House Appropriations Committee proposed a 2.85 billion emergency funding package to assist California 's recovery from last week 's earthquake and extend further aid to East Coast victims of Hurricane Hugo


( S ( NP-SBJ ( DT The ) ( JJ sweeping ) ( NN measure ) ) ( VP ( VBZ incorporates ) ( NP ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN small-business ) ( NNS loans ) ) ) ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ highway-construction ) ( NNS funds ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 1.25 ) ( CD billion ) ) ) ( VP ( VBN divided ) ( PP-CLR ( IN between ) ( NP ( NP ( JJ general ) ( NN emergency ) ( NN assistance ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN reserve ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ( PP ( TO to ) ( NP ( NNP President ) ( NNP Bush ) ) ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NP ( JJ unanticipated ) ( NNS costs ) ) ( PP ( IN from ) ( NP ( DT the ) ( CD two ) ( NNS disasters ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The sweeping measure incorporates 500 million in small-business loans 1 billion in highway-construction funds and 1.25 billion divided between general emergency assistance and a reserve to be available to President Bush to meet unanticipated costs from the two disasters


( S ( NP-SBJ-1 ( DT The ) ( NNS funds ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN attached ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ stop-gap ) ( NN spending ) ( NN bill ) ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN government ) ) ) ) ( VP ( VBG operating ) ( PP-TMP ( IN past ) ( NP ( NNP Wednesday ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The funds would be attached to a stop-gap spending bill required to keep most of the government operating past Wednesday


( S ( NP-SBJ-2 ( DT The ) ( NN measure ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN taken ) ( PRT ( RP up ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNPS Appropriations ) ( NNP Committee ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) )

The measure is scheduled to be taken up by the Appropriations Committee today


( S ( NP-SBJ-1 ( DT The ) ( NN panel ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB add ) ( NP ( NP ( NNS provisions ) ) ( VP ( VBG waiving ) ( NP ( NP ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NN highway ) ( NNS funds ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( RB also ) ( VP ( VB shift ) ( NP ( NN money ) ) ( PP-LOC ( IN within ) ( NP ( DT the ) ( NN package ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB bolster ) ( NP ( NP ( DT the ) ( NN share ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Small ) ( NNP Business ) ( NNP Administration ) ) ) ) ) ) ) ) ) ) )

The panel is expected to add provisions waiving restrictions on the use of federal highway funds and may also shift money within the package to bolster the share for the Small Business Administration


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( MD will ) ( VP ( VB support ) ( NP ( PRP it ) ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB thank ) ( NP ( PRP him ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB augment ) ( NP ( PRP it ) ) ( SBAR-LOC ( WHADVP ( WRB where ) ) ( FRAG ( ADJP ( JJ appropriate ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Vic ) ( NNP Fazio ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif ) ) ) ) ) )

We will support it we will thank him and we will augment it where appropriate said Rep. Vic Fazio D. Calif


( S ( S-ADV ( VP ( VBN Dubbed ) ( NP ( NP ( DT the ) ( JJ Dire ) ( NN Emergency ) ( NN Supplemental ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB Meet ) ( NP ( NP ( DT the ) ( NNS Needs ) ) ( PP ( IN of ) ( NP ( NP ( JJ Natural ) ( NNS Disasters ) ) ( PP ( IN of ) ( NP ( JJ National ) ( NN Significance ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN measure ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ vintage ) ( NNP Whitten ) ) ( PP ( PP ( IN in ) ( S-NOM ( VP ( VBG asserting ) ( NP ( JJ federal ) ( NN responsibility ) ) ) ) ) ( CC and ) ( PP ( IN in ) ( S-NOM ( VP ( VBG disdaining ) ( NP ( NN budget ) ( NNS impediments ) ) ) ) ) ) ) )

Dubbed the Dire Emergency Supplemental to Meet the Needs of Natural Disasters of National Significance the measure is vintage Whitten in asserting federal responsibility and in disdaining budget impediments


( S-1 ( S ( NP-SBJ-2 ( JJ Such ) ( JJ other ) ( NNS amounts ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ available ) ) ) ( ADVP-TMP ( RB subsequently ) ) ( SBAR-ADV ( IN as ) ( FRAG ( VP ( VBN required ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN legislation ) ) ( VP ( VBZ reads ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NNS obligations ) ) ( VP ( MD shall ) ( RB not ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN charge ) ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NNP Budget ) ( NNP Act ) ) ( NP ( NNP Gramm-Rudman-Hollings ) ) ( CC or ) ( NP ( JJ other ) ( NNS ceilings ) ) ) ) ) ) ) ) )

Such other amounts will be made available subsequently as required the legislation reads and the new obligations shall not be a charge against the Budget Act Gramm-Rudman-Hollings or other ceilings


( S ( NP-SBJ ( NP ( PRP$ Your ) ( NNP Oct. ) ( CD 2 ) ( NN article ) ) ( PP ( IN on ) ( NP ( NNP Daniel ) ( NNP Yankelovich ) ) ) ) ( VP ( VBD cited ) ( NP ( NP ( DT the ) ( NN quote ) ) ( S-TTL ( NP-SBJ ( DT A ) ( JJ good ) ( NN name ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR better ) ) ( PP ( IN than ) ( NP ( JJ great ) ( NNS riches ) ) ) ) ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG being ) ( PP-PRD ( IN from ) ( NP ( NP ( NNP Cervantes ) ( POS ' ) ) ( NX-TTL ( NNP Don ) ( NNP Quixote ) ) ) ) ) ) ) ) )

Your Oct. 2 article on Daniel Yankelovich cited the quote A good name is better than great riches as being from Cervantes ' Don Quixote


( S ( S ( ADVP ( RB Actually ) ) ( NP-SBJ ( NNP Cervantes ) ) ( VP ( VBD borrowed ) ( NP ( IN that ) ( NN quote ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN writer ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ( CD 25 ) ( NNS centuries ) ) ( ADVP-TMP ( RB earlier ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNP Israel ) ( POS 's ) ) ( NNP King ) ( NNP Solomon ) ) ( VP ( VBD wrote ) ( NP ( DT those ) ( NNS words ) ) ( PP-LOC ( IN in ) ( NP ( NP-TTL ( NP ( DT the ) ( NN Book ) ) ( PP ( IN of ) ( NP ( NNS Proverbs ) ) ) ) ( NP ( CD 22:1 ) ) ) ) ) ) )

Actually Cervantes borrowed that quote from a writer of some 25 centuries earlier Israel 's King Solomon wrote those words in the Book of Proverbs 22:1


( NP ( NNP Michael ) ( NNP E. ) ( NNP Hill ) )

Michael E. Hill


( S ( NP-SBJ ( NP ( DT The ) ( NN neighborhood ) ) ( PP-LOC ( IN around ) ( NP ( NP ( NP ( NNP Alexander ) ( NNP Haagen ) ( NNP Co. ) ( POS 's ) ) ( NNP Vermont-Slauson ) ( NNP Shopping ) ( NNP Center ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Watts ) ( NN section ) ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ resembles ) ( NP ( NP ( DT the ) ( JJ crime-ridden ) ( JJ deteriorating ) ( NNS sections ) ) ( PP ( IN of ) ( NP ( JJ many ) ( JJ inner ) ( NNS cities ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB certainly ) ) ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN area ) ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP one ) ) ( VP ( MD would ) ( VP ( VB choose ) ( S ( VP ( TO to ) ( VP ( VB visit ) ) ) ) ) ) ) ) ) ) ) )

The neighborhood around Alexander Haagen Co. 's Vermont-Slauson Shopping Center in the Watts section of Los Angeles resembles the crime-ridden deteriorating sections of many inner cities and certainly is n't the sort of area one would choose to visit


( S ( CC But ) ( S ( VP ( VB turn ) ( PP-DIR ( IN into ) ( NP ( NP ( DT the ) ( NN shopping ) ( NN center ) ( POS 's ) ) ( NN parking ) ( NN lot ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP one ) ) ( VP ( MD could ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( JJ safe ) ( JJ busy ) ( NN mall ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ prosperous ) ( NN suburb ) ) ) ) ) ) ) ) )

But turn into the shopping center 's parking lot and one could be in the safe busy mall of a prosperous suburb


( S ( ADVP ( RB Only ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR safer ) ( CC and ) ( JJR busier ) ) ) )

Only it is safer and busier


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( RB only ) ( CD one ) ( NN burglary ) ) ( NP ( NP ( CD three ) ( NNS thefts ) ) ( PP ( IN of ) ( CC or ) ( IN from ) ( NP ( NNS autos ) ) ) ) ( NP ( DT no ) ( NNS purse-snatchings ) ) ( CC and ) ( NP ( CD one ) ( VBN attempted ) ( NN robbery ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN mall ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBN opened ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( CD 1981 ) ) ) ) ) ) ) ) ) ) )

Over the past year there have been only one burglary three thefts of or from autos no purse-snatchings and one attempted robbery in the mall which opened in late 1981


( S ( NP-SBJ-1 ( NP ( DT A ) ( VBG shopping ) ( NN center ) ) ( PP ( IN of ) ( NP ( JJ similar ) ( NN size ) ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ affluent ) ( NNP Los ) ( NNP Angeles ) ( NN suburb ) ) ) ) ( VP ( MD would ) ( PP-TMP ( IN per ) ( NP ( NN year ) ) ) ( VP ( VB be ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( CD eight ) ( NNS burglaries ) ) ( NP ( NP ( CD 70 ) ( NNS thefts ) ) ( PP ( IN of ) ( CC or ) ( IN from ) ( NP ( NNS autos ) ) ) ) ( CC and ) ( NP ( CD four ) ( NNS robberies ) ) ) ) ) ) ) ) ) )

A shopping center of similar size in an affluent Los Angeles suburb would per year be expected to have eight burglaries 70 thefts of or from autos and four robberies