( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS months ) ) ( PP-TMP ( IN since ) ( NP ( RB then ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB drum ) ( PRT ( RP up ) ) ( NP ( NP ( NN support ) ) ( PP ( IN for ) ( NP ( NP ( JJ other ) ( NNS issues ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT an ) ( JJ anti-flag-burning ) ( JJ constitutional ) ( NN amendment ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN shied ) ( PRT ( RP away ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( NN abortion ) ) ) ) ) ) ) ) )

But in the months since then while trying to drum up support for other issues such as an anti-flag-burning constitutional amendment he has shied away from talking about abortion


( S ( SBAR-NOM-SBJ ( WHNP-3 ( WP What ) ( JJ few ) ( NNS comments ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN initiated ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ oblique ) ) ( PP ( JJ such ) ( IN as ) ( S-NOM ( VP ( VBG urging ) ( NP ( NP ( JJR greater ) ( NNS efforts ) ) ( PP ( IN toward ) ( NP ( NP ( DT the ) ( NN protection ) ) ( PP ( IN of ) ( NP ( JJ human ) ( NN life ) ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( PP ( IN of ) ( NP ( JJ Catholic ) ( NNS lawyers ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Boston ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) ) )

What few comments he has initiated have been oblique such as urging greater efforts toward the protection of human life at a meeting of Catholic lawyers in Boston last month


( S ( NP-SBJ ( DT The ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ has ) ( ADVP ( RB likewise ) ) ( VP ( VBN avoided ) ( NP ( NP ( DT any ) ( NN involvement ) ) ( PP ( IN in ) ( NP ( NP ( NP ( NNP Florida ) ( POS 's ) ) ( JJ recent ) ( JJ special ) ( JJ legislative ) ( NN session ) ) ( PP ( IN on ) ( NP ( NN abortion ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ( NN anti-abortion ) ( NNS forces ) ) ( S ( VP ( VBD had ) ( VP ( VBN regarded ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ key ) ( NN test ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( NN state ) ( NNS lawmakers ) ) ( VP ( TO to ) ( VP ( VB toughen ) ( NP ( NN abortion ) ( NNS restrictions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The White House has likewise avoided any involvement in Florida 's recent special legislative session on abortion which anti-abortion forces had regarded as a key test of their ability to get state lawmakers to toughen abortion restrictions


( S ( NP-SBJ-1 ( DT The ) ( NN session ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB enact ) ( NP ( DT any ) ( JJ new ) ( NNS curbs ) ) ) ) ) ) )

The session failed to enact any new curbs


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( DT some ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBN trapped ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN position ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( CC neither ) ( ADJP ( JJ comfortable ) ( PP ( IN with ) ) ) ( CC nor ) ( ADJP ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB escape ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now some see Mr. Bush trapped in a position he is neither comfortable with nor able to escape


( S ( NP-SBJ ( NP ( NNP Ken ) ( NNP Ruberg ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Republican ) ( NNP Mainstream ) ( NNP Committee ) ) ( NP ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NN party ) ( NNS moderates ) ) ) ) ) ) ) ) ( VP ( VBZ observes ) ( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBZ finds ) ( NP ( PRP itself ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT an ) ( JJ ideological ) ( NN cul ) ( IN de ) ( NN sac ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB find ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( ADJP ( JJ difficult ) ) ( PRN ( SBAR ( IN if ) ( FRAG ( RB not ) ( ADJP ( JJ impossible ) ) ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB get ) ( NP ( PRP itself ) ) ( PP-DIR-CLR ( IN out ) ( PP ( IN of ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ken Ruberg head of the Republican Mainstream Committee a group of party moderates observes The administration finds itself in an ideological cul de sac that it will find it difficult if not impossible to get itself out of


( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ capital-spending ) ( NN binge ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP$ its ) ( NN trade ) ( NNS surpluses ) ) ( ADJP-PRD ( RB even ) ( RBR harder ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB shrink ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Japan is going on a capital-spending binge that could make its trade surpluses even harder to shrink


( S ( S ( NP-SBJ ( PRP$ Its ) ( NN capital ) ( NN spending ) ) ( VP ( VBZ is ) ( VP ( VBG growing ) ( PP-MNR ( IN at ) ( NP ( JJ double-digit ) ( NNS rates ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ second ) ( NN year ) ) ( PP ( IN in ) ( NP ( DT a ) ( NN row ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( PRP$ its ) ( JJ superefficient ) ( NNS producers ) ) ( PP ( IN of ) ( NP ( NP ( NN everything ) ) ( PP ( PP ( IN from ) ( NP ( NNS cars ) ) ) ( PP ( TO to ) ( NP ( NN computer ) ( NNS chips ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG rushing ) ( S ( VP ( TO to ) ( VP ( VP ( VB expand ) ( NP ( NN capacity ) ) ) ( VP ( VB modernize ) ( NP ( NNS factories ) ) ) ( CC and ) ( VP ( VB develop ) ( NP ( JJ new ) ( NNS products ) ) ) ) ) ) ) ) ) )

Its capital spending is growing at double-digit rates for the second year in a row and its superefficient producers of everything from cars to computer chips are rushing to expand capacity modernize factories and develop new products


( S-1 ( NP-SBJ ( DT The ) ( NN boom ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB so ) ( JJ huge ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mitsuru ) ( NNP Saito ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Sanwa ) ( NNP Research ) ( NNP Institute ) ) ) ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VB think ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( JJ Golden ) ( NNS '60s ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBD developed ) ( ADVP-MNR ( RB rapidly ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The boom 's so huge says Mitsuru Saito an economist at Sanwa Research Institute it makes you think of the Golden '60s when Japan developed rapidly


( S ( SBAR-ADV ( X ( DT The ) ( JJR more ) ( NNS factories ) ( CC and ) ( NNS robots ) ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS manufacturers ) ) ( VP ( VBP add ) ) ) ) ( S ( X ( DT the ) ( JJR more ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB export ) ) ) ) ) ) ) ) ( CC and ) ( S ( X ( DT the ) ( JJR less ) ) ( NP-SBJ-2 ( PRP$ their ) ( JJ domestic ) ( NNS customers ) ) ( VP ( MD will ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB import ) ) ) ) ) ) ) )

The more factories and robots Japanese manufacturers add the more they will be able to export and the less their domestic customers will need to import


( S ( S ( PP-LOC ( IN At ) ( NP ( NNP Canon ) ( NNP Inc. ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB up ) ( NP ( QP ( RB nearly ) ( CD 20 ) ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ( CC so ) ( S ( S ( NP-SBJ ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NNS cameras ) ) ( CC and ) ( NP ( NN computer ) ( NNS printers ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG doing ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT any ) ( JJ Japanese ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB do ) ( PP ( IN under ) ( NP ( DT the ) ( NNS circumstances ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBG increasing ) ( NP ( JJ capital ) ( NN spending ) ) ( PP-EXT ( IN by ) ( NP ( CD 60 ) ( NN % ) ) ) ) ) ) ) )

At Canon Inc. for example sales are up nearly 20 % this year so the maker of cameras and computer printers is doing what any Japanese company would do under the circumstances It is increasing capital spending by 60 %


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBG building ) ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ( NP ( NP ( DT a ) ( JJ new ) ( NN laser-beam-printer ) ( NN factory ) ) ( PP-LOC ( IN in ) ( NP ( JJ western ) ( NNP Japan ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB produce ) ( NP ( QP ( RB up ) ( TO to ) ( CD 150,000 ) ) ( NNS printers ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) )

It is building among other things a new laser-beam-printer factory in western Japan that can produce up to 150,000 printers next year


( S ( NP-SBJ-2 ( NP ( QP ( DT Some ) ( CD 70 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBP are ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN exported ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) )

Some 70 % of them are to be exported to the U.S.


( S ( NP-SBJ ( NP ( JJ Even ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN smokestack ) ( NNS industries ) ) ( VP ( VBG wrestling ) ( PP-CLR ( IN with ) ( NP ( JJ world-wide ) ( NN overcapacity ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG joining ) ( NP ( DT the ) ( NN boom ) ) ) ) )

Even companies in smokestack industries wrestling with world-wide overcapacity are joining the boom


( S ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NNS steelmakers ) ) ( VP ( VBP are ) ( VP ( VBG raising ) ( NP ( JJ capital ) ( NN spending ) ) ( NP-EXT ( CD 22 ) ( NN % ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 4.8 ) ( CD billion ) ) ) ) ) ) )

Japan 's steelmakers are raising capital spending 22 % this year to 4.8 billion


( S ( NP-SBJ ( NP ( NNP Hitachi ) ( NNP Zosen ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NN shipbuilder ) ) ( VP ( VBN buried ) ( PP-CLR ( IN in ) ( NP ( NN debt ) ) ) ( ADVP-TMP ( NP ( RB just ) ( DT a ) ( JJ few ) ( NNS years ) ) ( RB ago ) ) ) ) ) ( VP ( MD will ) ( VP ( VB build ) ( NP ( NP ( DT a ) ( NN machinery ) ( NN plant ) ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN expansion ) ) ( PP-TMP ( IN in ) ( NP ( CD 14 ) ( NNS years ) ) ) ) ) ) ) )

Hitachi Zosen Corp. a shipbuilder buried in debt just a few years ago will build a machinery plant its first expansion in 14 years


( SINV ( ADJP-PRD-TPC-2 ( RB So ) ( JJ big ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( DT the ) ( NN capital-spending ) ( NN boom ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( NP ( JJ Japanese ) ( NNS companies ) ( POS ' ) ) ( NNS outlays ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ( VP ( VBD topped ) ( NP ( NP ( JJ American ) ( NNS companies ) ( POS ' ) ) ( JJ domestic ) ( NNS outlays ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 521.4 ) ( CD billion ) ( TO to ) ( CD 494.8 ) ( CD billion ) ) ) ) ( PP-PRP ( IN in ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBD ended ) ( NP-TMP-CLR ( NNP March ) ( CD 31 ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ total ) ( NN output ) ) ( PP ( IN of ) ( NP ( NNS goods ) ( CC and ) ( NNS services ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( JJR less ) ( IN than ) ( NNS two-thirds ) ) ( NP ( NNP America ) ( POS 's ) ) ) ) ) ) ) ) ) )

So big is the capital-spending boom that Japanese companies ' outlays in Japan topped American companies ' domestic outlays by 521.4 billion to 494.8 billion in the 12 months ended March 31 even though Japan 's total output of goods and services is less than two-thirds America 's


( S ( PP ( IN From ) ( NP ( DT a ) ( JJ financial ) ( NN standpoint ) ) ) ( NP-SBJ ( DT the ) ( NN boom ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB come ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( JJR better ) ( NN time ) ) ) ) ) )

From a financial standpoint the boom could n't come at a better time


( S ( S ( NP-SBJ ( JJ Many ) ( JJ Japanese ) ( NNS companies ) ) ( VP ( VBP expect ) ( NP ( NN record ) ( NNS profits ) ) ( NP-TMP ( DT this ) ( JJ fiscal ) ( NN year ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ Japanese ) ( NN interest ) ( NNS rates ) ) ( SBAR ( IN though ) ( FRAG ( ADVP ( RB up ) ( NP ( DT a ) ( NN bit ) ) ) ( ADVP-TMP ( RB recently ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ low ) ) ) ) )

Many Japanese companies expect record profits this fiscal year and Japanese interest rates though up a bit recently are still low


( S ( CC And ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN business ) ( NN system ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNS shareholders ) ) ( VP ( VP ( VBP have ) ( NP ( JJ few ) ( NNS rights ) ) ) ( CC and ) ( VP ( VBP expect ) ( NP ( ADJP ( JJ only ) ( JJ modest ) ) ( NNS dividends ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS companies ) ) ( VP ( MD can ) ( VP ( VB plow ) ( NP ( PRP$ their ) ( NNS profits ) ) ( ADVP-CLR ( RB back ) ( PP ( IN into ) ( NP ( NN plant ) ( CC and ) ( NN equipment ) ) ) ) ) ) )

And in a business system where shareholders have few rights and expect only modest dividends companies can plow their profits back into plant and equipment


( S ( CC But ) ( NP-SBJ ( NP ( DT some ) ( NNS economists ) ( CC and ) ( NN government ) ( NNS officials ) ) ( ADVP-LOC ( RB here ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG applauding ) ) ) )

But some economists and government officials here are n't applauding


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN boom ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB too ) ( JJ big ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( CC or ) ( NP ( NN anyone ) ( RB else ) ( POS 's ) ) ) ( NN good ) ) ) ) ) ) ) ) ) )

They fear that the boom may be too big for Japan 's or anyone else 's good


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT an ) ( JJ explosive ) ( NN cocktail ) ) ( VP ( VBN thrown ) ( PP-DIR ( IN at ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kenneth ) ( NNP Courtis ) ) ( NP ( NP ( JJ senior ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Tokyo ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Deutsche ) ( NNP Bank ) ( NNP Group ) ) ) ) ) ) ) )

It 's an explosive cocktail thrown at the world says Kenneth Courtis senior economist at the Tokyo unit of Deutsche Bank Group


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP International ) ( NNP Trade ) ( CC and ) ( NNP Industry ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ concerned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD took ) ( NP ( NP ( DT the ) ( JJ unusual ) ( NN step ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG urging ) ( NP-1 ( JJ Japanese ) ( NN auto ) ( NNS companies ) ) ( S ( VP ( TO to ) ( VP ( VB exercise ) ( NP ( NN caution ) ) ( PP-LOC ( IN in ) ( NP ( NN capital ) ( NN spending ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Ministry of International Trade and Industry is so concerned that it recently took the unusual step of urging Japanese auto companies to exercise caution in capital spending


( S ( NP-SBJ-1 ( NNP MITI ) ( NNS officials ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( JJ yet-another ) ( NN source ) ) ( PP ( IN of ) ( NP ( NP ( NN trade ) ( NN friction ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NN export ) ( NNS restraints ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP limit ) ( NP ( NP ( JJ Japanese ) ( NN car ) ( NNS exports ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) )

MITI officials hope to avoid yet-another source of trade friction with the U.S. even though export restraints currently limit Japanese car exports to the U.S.


( S ( NP-SBJ ( RB Not ) ( NN everyone ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBN worried ) ) ( ADVP ( RB however ) ) ) )

Not everyone is worried however


( S ( NP-SBJ-1 ( NP ( DT Some ) ( NNS economists ) ) ( CC and ) ( NP ( JJ many ) ( JJ Japanese ) ( NNS companies ) ) ) ( VP ( VBP are ) ( VP ( VBN puzzled ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNS warnings ) ) ) ) ) )

Some economists and many Japanese companies are puzzled by the warnings


( S-2 ( NP-SBJ-1 ( DT The ) ( NN investment ) ( NN boom ) ) ( VP ( VBZ is ) ( VP ( VP ( ADVP ( RB mainly ) ) ( VBN sparked ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ strong ) ( JJ domestic ) ( NN demand ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NNS exports ) ) ( ADVP-MNR ( RB sharply ) ) ) ) ) ) ) ) ) )

The investment boom is mainly sparked they say by strong domestic demand and is n't likely to increase exports sharply


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-1 ( JJ much ) ( NN investment ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG increasing ) ( NP ( NN capacity ) ) ) ) ) ) ) )

Moreover much investment is n't aimed at increasing capacity


( S ( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN survey ) ) ( PP ( IN of ) ( NP ( QP ( DT some ) ( CD 2,400 ) ) ( JJ large ) ( NNS companies ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Japan ) ( NNP Development ) ( NNP Bank ) ) ) ) ) ) ( NP-SBJ ( VBN expanded ) ( NN capacity ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN goal ) ) ( PP ( IN of ) ( NP ( NP ( RB just ) ( CD 51.8 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS outlays ) ) ) ) ) ) ) ) ( S ( PP ( IN for ) ( NP ( NP ( NNS manufacturers ) ) ( ADVP ( RB alone ) ) ) ) ( NP-SBJ ( DT the ) ( NN figure ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 32 ) ( NN % ) ) ) ) )

According to a survey of some 2,400 large companies by the Japan Development Bank expanded capacity is the goal of just 51.8 % of the outlays for manufacturers alone the figure is 32 %


( S ( NP-SBJ ( DT The ) ( NNS manufacturers ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ-1 ( NP ( CD 14.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN spending ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VP ( VB improve ) ( NP ( NNS products ) ) ) ( CC or ) ( VP ( VB add ) ( NP ( JJ new ) ( NNS ones ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( CD 17.5 ) ( NN % ) ) ( VP ( VBZ is ) ( S-PRP-PRD ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ) ) ) ) ( S ( NP-SBJ ( CD 12.5 ) ( NN % ) ) ( VP ( VBZ is ) ( PP-PRP-PRD ( IN for ) ( NP ( NN research ) ( CC and ) ( NN development ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN rest ) ) ( VP ( VBZ is ) ( PP-PRP-PRD ( IN for ) ( NP ( NP ( NN maintenance ) ) ( CC and ) ( NP ( JJ other ) ( NNS purposes ) ) ) ) ) ) ) ) ) )

The manufacturers said 14.2 % of their spending is designed to improve products or add new ones 17.5 % is to cut costs 12.5 % is for research and development and the rest is for maintenance and other purposes


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNS worriers ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ unconvinced ) ) ) )

But the worriers remain unconvinced


( S ( PP ( IN With ) ( S-NOM ( NP-SBJ ( NNP Japan ) ) ( VP ( VBG running ) ( NP ( NP ( JJ enormous ) ( NN trade ) ( NNS surpluses ) ) ( PP ( IN against ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP think ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Japan ) ) ( VP ( MD should ) ( VP ( VB meet ) ( NP ( DT the ) ( VBN increased ) ( JJ domestic ) ( NN demand ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG importing ) ( NP ( JJR more ) ) ) ) ) ) ) ) ) ) )

With Japan running enormous trade surpluses against much of the world they think that Japan should meet the increased domestic demand by importing more


( S-1 ( CC And ) ( ADVP-TMP ( RB eventually ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP contend ) ) ) ) ( NP-SBJ ( JJ domestic ) ( NN demand ) ) ( VP ( MD will ) ( VP ( VB weaken ) ( S-ADV ( VP ( VBG forcing ) ( S ( NP-SBJ ( NNS companies ) ) ( VP ( TO to ) ( VP ( VB emphasize ) ( NP ( NNS exports ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) )

And eventually they contend domestic demand will weaken forcing companies to emphasize exports again


( S-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ further ) ( NN drive ) ( S ( VP ( TO to ) ( VP ( VB export ) ) ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Nobuyuki ) ( NNP Arai ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Japan ) ( NNP Development ) ( NNP Bank ) ) ) ) ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN problem ) ) ) ) )

If there 's a further drive to export says Nobuyuki Arai an economist at the Japan Development Bank that 'll be a problem


( S ( PP ( ADVP ( RB Even ) ) ( IN in ) ( NP ( DT the ) ( JJ short ) ( NN run ) ) ) ( NP-SBJ ( DT the ) ( NN investment ) ( NN boom ) ) ( VP ( MD could ) ( VP ( VB exacerbate ) ( NP ( NP ( DT a ) ( JJ disturbing ) ( NN trend ) ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS exports ) ) ( VP ( VBP are ) ( VP ( VBG showing ) ( NP ( ADJP ( RB surprisingly ) ( JJ little ) ) ( NN tendency ) ( S ( VP ( TO to ) ( VP ( VB ease ) ) ) ) ) ) ) ) ) ) ) )

Even in the short run the investment boom could exacerbate a disturbing trend Japanese exports are showing surprisingly little tendency to ease


( S ( S ( NP-SBJ ( JJ Japanese ) ( NN auto ) ( NNS makers ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBP are ) ( VP ( VBG increasing ) ( NP ( NP ( PRP$ their ) ( NN production ) ( NN capacity ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( JJ additional ) ( NN production ) ) ( VP ( MD should ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( VP ( VB replace ) ( NP ( VBN imported ) ( NNS vehicles ) ) ( PP-CLR ( IN with ) ( NP ( ADJP ( RB locally ) ( VBN manufactured ) ) ( NNS ones ) ) ) ) ) ) )

Japanese auto makers for example are increasing their production capacity in the U.S. the additional production should in part replace imported vehicles with locally manufactured ones


( S ( S-TPC-1 ( CC But ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS companies ) ) ( VP ( VBD increased ) ( NP ( PRP$ their ) ( NNP U.S. ) ( NN auto ) ( NN output ) ) ( PP-EXT ( IN by ) ( NP ( CD 42 ) ( NN % ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP January ) ) ) ( PP ( TO to ) ( NP ( NNP September ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP$ their ) ( NNS exports ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( MD will ) ( VP ( VB drop ) ( NP-EXT ( QP ( RB only ) ( CD 9 ) ) ( NN % ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ ( NNP Nikko ) ( NNP Research ) ( NNP Center ) ) ( VP ( VBZ estimates ) ) )

But although Japanese companies increased their U.S. auto output by 42 % from January to September compared with the year-earlier period their exports to the U.S. will drop only 9 % this year Nikko Research Center estimates


( S ( PP ( IN In ) ( NP ( NP ( NN contrast ) ) ( PP ( TO to ) ( NP ( JJ previous ) ( JJ economic ) ( NNS booms ) ) ) ) ) ( NP-SBJ-1 ( NNP Japanese ) ( NN auto ) ( NNS companies ) ) ( VP ( VBP are ) ( RB n't ) ( ADVP ( RB just ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NN production ) ) ) ) ) ) ) )

In contrast to previous economic booms Japanese auto companies are n't just trying to boost production


( S ( NP-SBJ-1 ( JJ Many ) ) ( VP ( VBP are ) ( VP ( VBG pouring ) ( NP ( NN money ) ) ( PP-CLR ( IN into ) ( S-NOM ( VP ( VBG developing ) ( NP ( JJ high-quality ) ( NNS products ) ) ) ) ) ( S-PRP ( VP ( VP ( TO to ) ( VP ( VB target ) ( NP ( JJ affluent ) ( NNS consumers ) ) ) ) ( CC and ) ( VP ( PP ( TO to ) ( NP ( DT some ) ( NN extent ) ) ) ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( JJ direct ) ( NN combat ) ) ( PP ( IN with ) ( NP ( NP ( JJR cheaper ) ( NNS cars ) ) ( PP ( IN from ) ( NP ( NP ( NNP South ) ( NNP Korea ) ) ( CC and ) ( NP ( NNP Taiwan ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many are pouring money into developing high-quality products to target affluent consumers and to some extent to avoid direct combat with cheaper cars from South Korea and Taiwan


( S ( NP-SBJ ( NNS Others ) ) ( VP ( VBP are ) ( VP ( VBG replacing ) ( NP ( JJR older ) ( NNS facilities ) ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ flexible ) ( NN assembly ) ( NNS lines ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( JJ different ) ( NNS models ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN turned ) ( PRT ( RP out ) ) ( ADVP-TMP ( IN at ) ( RB once ) ) ) ) ) ) ) ) ) ) ) )

Others are replacing older facilities with flexible assembly lines on which different models can be turned out at once


( S ( NP-SBJ ( ADJP ( RB So ) ( JJ many ) ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG investing ) ( PP-CLR ( IN in ) ( NP ( JJ high-tech ) ( NN machinery ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNP Fanuc ) ( NNP Ltd. ) ) ( NP ( DT a ) ( NN robot ) ( NN maker ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT a ) ( JJ new ) ( NN plant ) ) ) ) ) ) ) ) ) ) )

So many companies are investing in high-tech machinery that Fanuc Ltd. a robot maker also had to build a new plant


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN buildup ) ) ( VP ( VBZ is ) ( VP ( VBG making ) ( S ( NP-SBJ ( NNP Japan ) ) ( ADJP-PRD ( ADVP ( RB clearly ) ) ( ADJP ( RBR more ) ( JJ efficient ) ) ( ADJP ( RBR more ) ( RB technologically ) ( JJ advanced ) ) ( CC and ) ( ADJP ( RBR more ) ( JJ competitive ) ) ) ) ) ) ) ( VP ( VBZ declares ) ) ( NP-SBJ ( NP ( DT a ) ( JJ Western ) ( NN diplomat ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) )

The buildup is making Japan clearly more efficient more technologically advanced and more competitive declares a Western diplomat in Tokyo


( S ( CC But ) ( SBAR-ADV ( WDT whatever ) ( FRAG ( NP ( NP ( PRP$ its ) ( NNS effects ) ) ( PP ( IN on ) ( NP ( NNS exports ) ( CC and ) ( NNS imports ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN investment ) ( NN boom ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN stimulated ) ( PP ( ADVP ( ADVP ( IN at ) ( JJS least ) ) ( RB partly ) ) ( IN by ) ( NP-LGS ( VBG soaring ) ( JJ domestic ) ( NN demand ) ) ) ) ) ) )

But whatever its effects on exports and imports Japan 's investment boom during the past two years has been stimulated at least partly by soaring domestic demand


( S ( S ( NP-SBJ ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NN marathon ) ( NN economy ) ) ( VP ( VBG growing ) ( PP-MNR ( IN at ) ( NP ( CD 4.3 ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( PP-PRD ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ 35th ) ( NN month ) ) ( PP ( IN of ) ( NP ( NN expansion ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT some ) ( NNS economists ) ) ( VP ( VBP are ) ( VP ( VBG betting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN boom ) ) ( VP ( MD will ) ( VP ( VB outlast ) ( NP ( NP ( DT the ) ( NN record ) ( JJ 57-month ) ( NN expansion ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ late ) ( NNS 1960s ) ) ) ) ) ) ) ) ) ) ) )

Japan 's marathon economy growing at 4.3 % this year is now in its 35th month of expansion and some economists are betting that the boom will outlast the record 57-month expansion in the late 1960s


( S ( NP-SBJ-1 ( JJ Japanese ) ( NNS consumers ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB increasingly ) ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( PRP$ their ) ( NN money ) ) ( PP-CLR ( ADVP ( RB especially ) ) ( IN on ) ( NP ( NP ( JJ high-priced ) ( NNS goods ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ 29-inch ) ( NN television ) ( NNS sets ) ) ( CC and ) ( NP ( NN luxury ) ( NNS cars ) ) ) ) ) ) ) ) ) ) ) )

Japanese consumers are increasingly eager to spend their money especially on high-priced goods such as 29-inch television sets and luxury cars


( S ( NP-SBJ ( NP ( NNP Nissan ) ( NNP Motor ) ( NNP Co. ) ( POS 's ) ) ( JJ domestic ) ( NN auto ) ( NNS sales ) ) ( VP ( VBP are ) ( ADVP-PRD ( RB up ) ( NP ( CD 20 ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-PRP ( ADVP ( RB largely ) ) ( IN because ) ( S ( NP-SBJ ( PRP$ its ) ( JJ expensive ) ( NNP Cima ) ( NNP Sylvia ) ( CC and ) ( NNP Cefiro ) ( NNS models ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( JJ heavy ) ( NN demand ) ) ) ) ) ) ) )

Nissan Motor Co. 's domestic auto sales are up 20 % this year largely because its expensive Cima Sylvia and Cefiro models are in heavy demand


( SINV ( S-TPC-1 ( NP-SBJ ( CD One ) ( NN dealer ) ) ( VP ( VBD told ) ( NP ( PRP me ) ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( NP ( JJR more ) ( NNS cars ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD 'd ) ( VP ( VB sell ) ( NP ( PRP them ) ) ( ADVP-TMP ( RB right ) ( RB away ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Takuro ) ( NNP Endo ) ) ( NP ( NNP Nissan ) ( NN executive ) ( NN vice ) ( NN president ) ) ) )

One dealer told me that if he had more cars he 'd sell them right away says Takuro Endo Nissan executive vice president


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NN demand ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG overworking ) ( NP ( PRP$ its ) ( NNS employees ) ) ) ) ) ) ) ) ) ) ) ) ) )

He adds that the company is trying to keep up with demand by overworking its employees


( S ( ADVP ( RB Similarly ) ) ( NP-SBJ ( NP ( NNP Honda ) ( NNP Motor ) ( NNP Co. ) ( POS 's ) ) ( NNS sales ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB so ) ( JJ brisk ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS workers ) ) ( VP ( VBP grumble ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBD had ) ( NP ( DT a ) ( NNP Saturday ) ) ( PRT ( RP off ) ) ( PP-TMP ( IN in ) ( NP ( NNS years ) ) ) ( PP ( IN despite ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN encouragement ) ) ( PP ( IN of ) ( NP ( JJR more ) ( NN leisure ) ( NN activity ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Similarly Honda Motor Co. 's sales are so brisk that workers grumble they have n't had a Saturday off in years despite the government 's encouragement of more leisure activity


( S ( SBAR-ADV ( IN With ) ( S ( S ( NP-SBJ ( NN demand ) ) ( VP ( VBG growing ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS workers ) ) ( PP-PRD ( IN in ) ( NP ( JJ short ) ( NN supply ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( JJ Japanese ) ( NNS manufacturers ) ) ( VP ( VBP are ) ( VP ( VBG spending ) ( ADVP-MNR ( RB heavily ) ) ( PP-CLR ( IN on ) ( NP ( NN automation ) ) ) ) ) )

With demand growing and workers in short supply many Japanese manufacturers are spending heavily on automation


( SINV ( PP-LOC-PRD-TPC-2 ( IN Among ) ( NP ( PRP them ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( DT the ) ( NNS shipbuilders ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD had ) ( VP ( VBN halved ) ( NP ( PRP$ their ) ( NN shipyard ) ( NN work ) ( NNS forces ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT a ) ( JJ prolonged ) ( NN slump ) ) ( PP ( IN in ) ( NP ( NN demand ) ) ) ) ) ) ) ( CC but ) ( VP ( ADVP-TMP ( RB now ) ) ( VBP are ) ( VP ( VBG capturing ) ( NP ( NP ( DT an ) ( VBN increased ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG strengthening ) ( JJ global ) ( NN market ) ) ) ) ) ) ) ) ) ) )

Among them are the shipbuilders which had halved their shipyard work forces to cut costs during a prolonged slump in demand but now are capturing an increased share of the strengthening global market


( S ( NP-SBJ ( NP ( NNP Sasebo ) ( NNP Heavy ) ( NNPS Industries ) ( NNP Co. ) ) ( NP ( DT a ) ( JJ medium-sized ) ( NN shipbuilder ) ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( PRP$ its ) ( NNS sales ) ) ( VP ( TO to ) ( VP ( VB increase ) ( NP-EXT ( CD 30 ) ( NN % ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( VBG rising ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN oil ) ( NNS tankers ) ) ) ) ) ) ) ) ) )

Sasebo Heavy Industries Co. a medium-sized shipbuilder expects its sales to increase 30 % this year largely because of rising demand for oil tankers


( S ( SBAR-TMP ( RB Once ) ( S ( NP-SBJ ( CD one ) ( JJ Japanese ) ( NN company ) ) ( VP ( VBZ steps ) ( PRT ( RP up ) ) ( NP ( PRP$ its ) ( NNS investments ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ whole ) ( NN industry ) ) ( VP ( VBZ follows ) ) )

Once one Japanese company steps up its investments the whole industry follows


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( JJS most ) ( NNS businesses ) ) ( VP ( VBP put ) ( NP ( NN market ) ( NN share ) ) ( PP-PUT ( IN above ) ( NP ( NN profitability ) ) ) ) ) ) ( S-SBJ ( VP ( TO to ) ( VP ( VB let ) ( S ( NP-SBJ ( NP ( NP ( DT a ) ( NN competitor ) ( POS 's ) ) ( NN addition ) ) ( PP ( TO to ) ( NP ( NN capacity ) ) ) ) ( VP ( VB go ) ( ADJP-PRD ( JJ unmatched ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB concede ) ( NP ( NN defeat ) ) ) ) ) ) )

Because most businesses put market share above profitability to let a competitor 's addition to capacity go unmatched is to concede defeat


( S ( NP-SBJ ( NP ( DT The ) ( NN emphasis ) ) ( PP ( IN on ) ( NP ( NN market ) ( NN share ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ evident ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Daikin ) ( NNPS Industries ) ( NNP Ltd. ) ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJS biggest ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ industrial ) ( NN air ) ( NNS conditioners ) ) ) ) ) ) ) )

The emphasis on market share is evident at Daikin Industries Ltd. Japan 's biggest maker of industrial air conditioners


( S ( S-ADV ( VP ( VBG Seeing ) ( S ( S ( NP-SBJ ( JJ new ) ( NN office ) ( NNS buildings ) ) ( VP ( VBP sprout ) ( PRT ( RB up ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ its ) ( NNS sales ) ) ( VP ( VB soar ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Daikin ) ) ( VP ( VBZ is ) ( VP ( VBG building ) ( NP ( NP ( DT another ) ( NN plant ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB lift ) ( NP ( PRP$ its ) ( NN production ) ( NN capacity ) ) ( NP-EXT ( CD 50 ) ( NN % ) ) ) ) ) ) ) ) ) )

Seeing new office buildings sprout up and its sales soar Daikin is building another plant which will lift its production capacity 50 %


( S ( NP-SBJ-1 ( DT The ) ( NN expansion ) ) ( VP ( VBZ is ) ( VP ( VBN aimed ) ( PP-CLR ( CONJP ( RB not ) ( RB just ) ) ( PP ( IN at ) ( S-NOM ( VP ( VBG meeting ) ( NP ( NN demand ) ) ) ) ) ( CONJP ( CC but ) ( RB also ) ) ( PP ( IN at ) ( S-NOM ( VP ( VBG expanding ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN market ) ( NN share ) ) ( PP-DIR ( TO to ) ( NP ( CD 30 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 27 ) ( NN % ) ) ( ADVP-TMP ( RB currently ) ) ) ) ) ) ) ) ) )

The expansion is aimed not just at meeting demand but also at expanding the company 's market share to 30 % from 27 % currently


( S ( S-TPC-1 ( ADVP ( IN Besides ) ) ( NP-SBJ ( NP ( NP ( NNP Daikin ) ( POS 's ) ) ( JJ major ) ( NNS competitors ) ) ( NP ( NP ( NNP Hitachi ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP Mitsubishi ) ( NNP Heavy ) ( NNPS Industries ) ( NNP Ltd. ) ) ) ) ( VP ( VBP are ) ( DT all ) ( VP ( VBG adding ) ( NP ( NN production ) ( NNS lines ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Daikin ) ( NN spokesman ) ) ( VP ( VBZ says ) ) )

Besides Daikin 's major competitors Hitachi Ltd. and Mitsubishi Heavy Industries Ltd. are all adding production lines a Daikin spokesman says


( S ( PP-TMP ( IN Until ) ( NP ( RB now ) ) ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBD were ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NN productivity ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NNS facilities ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBD had ) ) ) ) ) ) ) ) ) ) ) )

Until now we were trying to increase productivity with the facilities we already had


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB produce ) ( NP ( JJ enough ) ) ( ADVP-TMP ( RB anymore ) ) ) ) )

But we ca n't produce enough anymore


( S ( NP-SBJ ( DT The ) ( NN competition ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( RB even ) ( RBR more ) ) ( JJ heated ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN auto ) ( NN industry ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG racing ) ( NP ( CD one ) ( DT another ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ world-wide ) ( NN market ) ) ) ) ) ) ) ) ) ) )

The competition is even more heated in the auto industry where companies are racing one another in a world-wide market


( S ( NP-SBJ-2 ( NNP Nissan ) ) ( VP ( NNS aims ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 25 ) ( NN % ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 30 ) ( NN % ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG spending ) ( NP ( QP ( CD 141 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( JJ southern ) ( NNP Japan ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB make ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 240,000 ) ) ( NNS cars ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nissan aims to expand its 25 % share of the market to 30 % by spending 141 million on a plant in southern Japan that could make as many as 240,000 cars a year


( S ( ADVP-TMP ( RB Meanwhile ) ) ( S ( NP-SBJ ( NP ( NNP Toyota ) ( NNP Motor ) ( NNP Corp. ) ( POS 's ) ) ( ADJP ( QP ( CD 247 ) ( CD million ) ) ) ( NN buildup ) ) ( VP ( VBZ is ) ( VP ( VBG increasing ) ( NP ( PRP$ its ) ( JJ annual ) ( NN capacity ) ) ( PP-EXT ( IN by ) ( NP ( CD 180,000 ) ( NNS cars ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Honda ) ) ( VP ( VBZ is ) ( VP ( VBG spending ) ( NP ( QP ( CD 317 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( NN expansion ) ) ) ) ) ) )

Meanwhile Toyota Motor Corp. 's 247 million buildup is increasing its annual capacity by 180,000 cars and Honda is spending 317 million on expansion


( S ( S ( NP-SBJ ( NNP Mazda ) ( NNP Motor ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG considering ) ( NP ( PRP$ its ) ( NNS options ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP-MNR ( RB boldly ) ) ( VP ( VBZ aims ) ( S ( VP ( TO to ) ( VP ( VB double ) ( NP ( PRP$ its ) ( JJ annual ) ( JJ domestic ) ( NNS sales ) ) ( PP-CLR ( TO to ) ( NP ( CD 800,000 ) ( NNS cars ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( CD four ) ( NNS years ) ) ) ) ) ) ) ) )

Mazda Motor Corp. is still considering its options but it boldly aims to double its annual domestic sales to 800,000 cars in the next four years


( S ( NP-SBJ ( NP ( DT Those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( VBN worried ) ( PP ( IN about ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( NP ( JJ Japanese ) ( NNS manufacturers ) ( POS ' ) ) ( NNS investments ) ) ( VP ( MD will ) ( VP ( VB affect ) ( NP ( NN trade ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ many ) ( JJ new ) ( NNS products ) ) ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( NP ( NNS replacements ) ) ( PP ( IN for ) ( NP ( NNS imports ) ) ) ) ) ) ) ) )

Those who are n't worried about how Japanese manufacturers ' investments will affect trade note that many new products are n't replacements for imports


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNS imports ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 1 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NN beer ) ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( NNP Asahi ) ( NNPS Breweries ) ( NNP Ltd. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG gaining ) ( NP ( NN share ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( JJ popular ) ( JJ dry ) ( NN beer ) ) ) ) ) ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( JJ Japanese ) ( NNS competitors ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG pouring ) ( NP ( QP ( CD 1.06 ) ( CD billion ) ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NNS facilities ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB brew ) ( NP ( ADJP ( NP-ADV ( CD 50 ) ( NN % ) ) ( JJR more ) ) ( NN beer ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although imports account for less than 1 % of beer sales in Japan Asahi Breweries Ltd. which has been gaining share with its popular dry beer plans to fend off Japanese competitors by pouring 1.06 billion into facilities to brew 50 % more beer


( S ( CC But ) ( S ( NP-SBJ ( NN new-product ) ( NN development ) ) ( VP ( MD will ) ( VP ( VB make ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS companies ) ) ( ADJP-PRD ( RBR stronger ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( JJ big ) ( NNS investments ) ) ( PP ( IN in ) ( NP ( NP ( JJ domestic ) ( NNS industries ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN beer ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RB even ) ( RBR tougher ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( JJ foreign ) ( NNS competitors ) ) ( VP ( TO to ) ( VP ( VB crack ) ( NP ( DT the ) ( JJ Japanese ) ( NN market ) ) ) ) ) ) ) ) ) ) )

But new-product development will make Japanese companies stronger and big investments in domestic industries such as beer will make it even tougher for foreign competitors to crack the Japanese market


( S ( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN investment ) ( NN boom ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( JJ high-tech ) ( NNS fields ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS companies ) ) ( VP ( VBP have ) ( NP ( RB only ) ( JJ limited ) ( JJ foreign ) ( NN competition ) ) ) ) ) ) ) ) ) ( CC so ) ( S ( NP-SBJ ( JJR more ) ( NN investment ) ) ( ADVP ( RB practically ) ) ( VP ( VBZ assures ) ( NP ( JJR more ) ( NNS exports ) ) ) ) )

Moreover much of the investment boom is in high-tech fields in which Japanese companies have only limited foreign competition so more investment practically assures more exports


( S ( NP-SBJ-1 ( NNP Toshiba ) ( NNP Corp. ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ is ) ( VP ( VBG spending ) ( NP ( QP ( CD 986 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( CD two ) ( JJ new ) ( NNS plants ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( JJ four-megabit ) ( JJ dynamic ) ( JJ random ) ( NN access ) ( NNS memories ) ) ( NP ( NP ( DT the ) ( JJ next ) ( NN generation ) ) ( PP ( IN of ) ( NP ( NN computer ) ( NNS chips ) ) ) ) ) ) ) ) ) ) )

Toshiba Corp. for example is spending 986 million on two new plants to build four-megabit dynamic random access memories the next generation of computer chips


( S ( S ( NP-SBJ-2 ( DT The ) ( NN product ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP ( RB widely ) ) ( VP ( VBN used ) ( ADVP-TMP ( RB yet ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNP Toshiba ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN beaten ) ( NP ( NN everyone ) ( JJ else ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG producing ) ( NP ( DT the ) ( JJ current-generation ) ( JJ one-megabit ) ( NNPS DRAMs ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ its ) ( JJ early ) ( NN investment ) ) ( VP ( MD will ) ( VP ( VB heighten ) ( NP ( NP ( PRP$ its ) ( NNS chances ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG beating ) ( NP ( PRP$ its ) ( NNS competitors ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) )

The product is n't widely used yet but Toshiba which has already beaten everyone else in producing the current-generation one-megabit DRAMs believes that its early investment will heighten its chances of beating its competitors again


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ important ) ) ( S-1 ( TO to ) ( VP ( VB gain ) ( NP ( NN leadership ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Toshiba ) ( NN spokesman ) ) ( VP ( VBZ says ) ) )

It 's important to gain leadership a Toshiba spokesman says


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NP ( NNP Toshiba ) ( POS 's ) ) ( JJ Japanese ) ( NNS rivals ) ) ( NP ( NP ( NNP Hitachi ) ) ( NP ( NNP Fujitsu ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP NEC ) ( NNP Corp. ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG sitting ) ( ADVP-CLR ( RB still ) ) ) ) )

Meanwhile Toshiba 's Japanese rivals Hitachi Fujitsu Ltd. and NEC Corp. are n't sitting still


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG doubling ) ( NP ( NP ( NN production ) ) ( PP-LOC ( IN in ) ( NP ( CD one ) ( NN plant ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP NEC ) ) ( VP ( VBZ is ) ( VP ( VBG spending ) ( NP ( QP ( CD 275 ) ( CD million ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( DT another ) ( NN plant ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( PP-TMP ( IN in ) ( NP ( CD two ) ( NNS years ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( CD million ) ( JJ four-megabit ) ( NNS DRAMs ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After doubling production in one plant NEC is spending 275 million to build another plant that in two years will be able to make a million four-megabit DRAMs a year


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ new ) ( NN chip ) ( NNS plants ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( JJ excessive ) ( NN investment ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Hajime ) ( NNP Sasaki ) ) ( NP ( DT an ) ( NNP NEC ) ( NN vice ) ( NN president ) ) ) )

The new chip plants wo n't be excessive investment says Hajime Sasaki an NEC vice president


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( NP ( NP ( NP ( JJ enough ) ( NNS products ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS markets ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT these ) ( NNS products ) ) ) ) ) ) ) ) ) )

We have enough products to make and the markets to sell these products


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNS goods ) ) ( VP ( VBG being ) ( VP ( VBN produced ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN investment ) ( NN boom ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB already ) ) ( ADJP-PRD ( JJ successful ) ) ( ADVP-LOC ( RB overseas ) ) ) )

Some of Japan 's goods being produced as a result of the investment boom are already successful overseas


( S ( NP-SBJ ( NP ( NP ( NNP Toyota ) ( POS 's ) ) ( ADJP ( CD 35,000 ) ) ( NNP Lexus ) ( NN automobile ) ) ( NP ( NP ( DT a ) ( NN luxury ) ( NN model ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD started ) ( S ( VP ( VBG shipping ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ( NP-TMP ( JJ only ) ( JJ last ) ( NN month ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG racking ) ( PRT ( RP up ) ) ( NP ( NNS orders ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( ADJP ( JJ U.S.-made ) ( NN luxury-car ) ) ( NNS sales ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ slow ) ) ) ) ) ) ) ) ) )

Toyota 's 35,000 Lexus automobile a luxury model that it started shipping to the U.S. only last month is racking up orders at a time when U.S.-made luxury-car sales are slow


( S ( NP-SBJ-1 ( NNP Toyota ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NNP Lexus ) ( NNS exports ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( JJ new ) ( NN plant ) ) ( VP ( VBZ starts ) ( PRT ( RP up ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) )

Toyota plans to raise Lexus exports when a new plant starts up next year


( FRAG ( WHNP ( WP What ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP$ its ) ( NNS sales ) ) ( VP ( VBP weaken ) ( ADVP-TMP ( RB someday ) ) ) ) ) )

What if its sales weaken someday


( S ( NP-SBJ ( JJ Japanese ) ( NNS companies ) ) ( VP ( VBP have ) ( NP ( DT a ) ( NN caveat ) ( NN competitor ) ( NN attitude ) ) ) )

Japanese companies have a caveat competitor attitude


( S-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( JJ excess ) ( NN capacity ) ) ( VP ( VBZ develops ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( RB not ) ( NN everyone ) ) ( VP ( MD will ) ( VP ( VB suffer ) ) ) )

If excess capacity develops they say not everyone will suffer


( S ( S ( NP-SBJ ( DT The ) ( NNS losers ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( DT the ) ( ADJP ( RBS least ) ( JJ attractive ) ) ( NNS products ) ) ) ) ) ) ) ( CC and ) ( S-1 ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP think ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( JJ foreign ) ( NNS companies ) ) ) ) ) )

The losers will be those with the least attractive products and many of them analysts think will be foreign companies


( S ( NP-SBJ ( JJ Italian ) ( NN car ) ( NN manufacturer ) ( NNP Fiat ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( VBN interested ) ( PP ( IN in ) ( NP ( NP ( NP ( NN partnership ) ) ) ( CC or ) ( NP ( NP ( JJ industrial ) ( NN cooperation ) ) ) ( PP-1 ( IN with ) ( NP ( NP ( JJ Swedish ) ( NN auto ) ( CC and ) ( NN aerospace ) ( NN group ) ( NNP Saab-Scania ) ( NNP AB ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ faces ) ( NP ( NP ( JJ heavy ) ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN car ) ( NN division ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Italian car manufacturer Fiat said it is n't interested in partnership or industrial cooperation with Swedish auto and aerospace group Saab-Scania AB which faces heavy losses in its car division


( S ( NP-SBJ ( NNP Fiat ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADVP ( RB only ) ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( NP ( NP ( JJ technical ) ( NN cooperation ) ) ( PP ( IN with ) ( NP ( NNP Saab ) ) ) ) ) ) ) ) ) )

Fiat said it 's only interested in technical cooperation with Saab


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP know ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NNP Saab ) ) ( VP ( VBZ is ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP ( IN for ) ( NP ( ADJP ( JJ industrial ) ( CC and ) ( JJ financial ) ) ( NN cooperation ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Fiat ) ) ( VP ( VBD said ) ) )

We know that Saab is looking for a partner for industrial and financial cooperation Fiat said


( S ( CC But ) ( NP-SBJ ( DT that ) ( NN partner ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NNP Fiat ) ) ) )

But that partner is n't Fiat


( S ( NP-SBJ-1 ( DT The ) ( JJ Italian ) ( NN auto ) ( NN maker ) ) ( VP ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG discussing ) ( NP ( JJ technical ) ( NN cooperation ) ) ( PP-CLR ( IN with ) ( NP ( NNP Saab ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP Saab ) ( POS 's ) ) ( NN car ) ( NN division ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Italian auto maker confirmed that it was discussing technical cooperation with Saab but declined to comment on rumors that it was planning to buy Saab 's car division


( S ( NP-SBJ ( NP ( NP ( NNP Fiat ) ( POS 's ) ) ( NN rejection ) ) ( PP ( IN of ) ( NP ( NP ( NN partnership ) ) ( PP ( IN with ) ( NP ( NNP Saab ) ) ) ) ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( JJ Swedish ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD announced ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ pretax ) ( NN profit ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ) ) ( VP ( VBD plummeted ) ( NP-EXT ( CD 49 ) ( NN % ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN partner ) ) ) ( PP-LOC ( IN among ) ( NP ( JJ other ) ( NN car ) ( NNS manufacturers ) ) ) ) ) ) ( SBAR-PRP ( IN as ) ( S ( NP-SBJ ( DT both ) ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Fiat ) ) ) ( VP ( VBP have ) ( VP ( VBN turned ) ( PRT ( RP down ) ) ( NP-PRD ( DT the ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) )

Fiat 's rejection of partnership with Saab means that the Swedish company which announced last Friday that its pretax profit for the first eight months plummeted 49 % will have to look for a partner among other car manufacturers as both Ford Motor Corp. and Fiat have turned down the offer


( S ( NP-SBJ ( NNS News ) ( NNS reports ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NNP Saab ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB start ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( JJ French ) ( NNS automakers ) ( NNP Peugeot ) ( CC and ) ( NNP Renault ) ) ) ) ) ) ) ) ) ) ) ) )

News reports said yesterday that Saab is trying to start negotiations with French automakers Peugeot and Renault


( S ( NP-SBJ-1 ( NP ( NNP Robert ) ( NNP L. ) ( NNP Wood ) ) ( NP ( JJ 37-year-old ) ( JJ chief ) ( JJ financial ) ( NN officer ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( DT this ) ( JJ independent ) ( NN power ) ( NN producer ) ) ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP Raymond ) ( NNP L. ) ( NNP Hixson ) ) ( NP ( CD 63 ) ) ) ) ) ) ) )

Robert L. Wood 37-year-old chief financial officer was named chairman and chief executive officer of this independent power producer succeeding Raymond L. Hixson 63


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Hixson ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD resigned ) ( PP-TMP ( JJ effective ) ( NP ( NNP Jan. ) ( CD 1 ) ) ) ( PP-PRP ( IN for ) ( NP ( NN health ) ( NNS reasons ) ) ) ) ) ) ) ( VP ( VBZ remains ) ( NP-PRD ( DT a ) ( NN director ) ) ) )

Mr. Hixson who resigned effective Jan. 1 for health reasons remains a director


( S ( NP-SBJ ( DT The ) ( JJ bad ) ( NN news ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ( NP-TMP ( RB yesterday ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( NNP TW ) ( NNPS Services ) ) ( NP ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NN restaurant ) ( NNS chains ) ) ) ) ) ( VP ( VBD became ) ( NP-PRD ( NP ( DT the ) ( JJS latest ) ( JJ prospective ) ( NN issuer ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT a ) ( JJ cold ) ( NN shoulder ) ) ( PP-CLR ( IN from ) ( NP ( NN bond ) ( NNS buyers ) ) ) ) ) ) ) ) ) ) ) ) )

The bad news in the junk bond market yesterday was that TW Services a group of restaurant chains became the latest prospective issuer to get a cold shoulder from bond buyers


( S ( NP-SBJ ( DT The ) ( JJ good ) ( NN news ) ) ( PRN ( PP ( TO to ) ( NP ( NP ( NNS fans ) ) ( PP ( IN of ) ( NP ( JJ stable ) ( NN credit ) ) ) ) ) ( ADVP ( IN at ) ( JJS least ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN rejection ) ) ( VP ( VBZ says ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( NN mind ) ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS buyers ) ) ) ) ) ) ) ) ) )

The good news to fans of stable credit at least is what the rejection says about the state of mind of junk buyers


( S ( ADVP ( RB Apparently ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG learning ) ( S ( VP ( TO to ) ( VP ( VB say ) ( INTJ-CLR ( UH no ) ) ( PP-CLR ( TO to ) ( NP ( JJ excess ) ( NN risk ) ) ) ) ) ) ) ) )

Apparently they are learning to say no to excess risk


( S ( NP-SBJ-2 ( NP ( NNP Coniston ) ( NNPS Partners ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP ( IN with ) ( NP ( JJ related ) ( NNS entities ) ) ) ( VP ( VBZ controls ) ( NP ( NP ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP TW ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 1.15 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( PP ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( PRP$ their ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG remaining ) ( JJ public ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) )

Coniston Partners which with related entities controls 80 % of TW had been planning to sell 1.15 billion of junk bonds among other things to finance their acquisition of the remaining public shares


( S ( CC But ) ( NP-SBJ ( NP ( NNP Coniston ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN partnership ) ) ( VP ( VBN managed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Gollust ) ( NNP Tierney ) ( CC & ) ( NNP Oliver ) ) ) ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( NP ( NN view ) ) ( PP ( IN of ) ( NP ( NP ( JJ unsettled ) ( NNS conditions ) ) ( PP-LOC ( IN in ) ( NP ( NNS securities ) ( NNS markets ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN offering ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN postponed ) ( CC and ) ( VBN restructured ) ) ) ) ) ) ) )

But Coniston a New York partnership managed by the firm of Gollust Tierney & Oliver yesterday announced that in view of unsettled conditions in securities markets the offering would be postponed and restructured


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBD was ) ( RB n't ) ( VP ( VBN mentioned ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( NNP Coniston ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN investment ) ( NN banker ) ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ) ) ) ( ADVP ( RB just ) ) ( VP ( VBN completed ) ( NP ( DT a ) ( JJ two-week ) ( NN road ) ( NN show ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT the ) ( NN purpose ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG marketing ) ( NP ( DT the ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )

What was n't mentioned is that Coniston and its investment banker Donaldson Lufkin & Jenrette just completed a two-week road show for the purpose of marketing the bonds


( S ( CC And ) ( NP-SBJ ( NNS investors ) ) ( PP-TMP ( ADVP ( IN at ) ( JJS least ) ) ( IN for ) ( ADVP ( RB now ) ) ) ( VP ( VBD took ) ( NP ( DT a ) ( NN pass ) ) ) )

And investors at least for now took a pass


( S ( NP-SBJ ( NP ( NNP TW ) ( POS 's ) ) ( NN junk ) ( NNS bonds ) ) ( VP ( VBD were ) ( RB n't ) ( PRN ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( NN junk ) ( NNS bonds ) ) ( VP ( VB go ) ) ) ) ) ( ADJP-PRD ( RB unusually ) ( JJ weak ) ) ) )

TW 's junk bonds were n't as junk bonds go unusually weak


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN fast-food ) ( NNS restaurants ) ) ( PP ( VBG including ) ( NP ( NNP Denny ) ( POS 's ) ) ( NP ( NNP Hardee ) ( POS 's ) ) ( NP ( NNP Quincy ) ( POS 's ) ) ( CC and ) ( NP ( NP ( NNP El ) ( NNP Pollo ) ( NNP Loco ) ) ( PRN ( NP ( NP ( NN the ) ( JJ only ) ( JJ significant ) ( NN fast-food ) ( NN chain ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB specialize ) ( PP-CLR ( IN in ) ( NP ( JJ char-broiled ) ( NN chicken ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( UCP-PRD ( ADJP ( JJ stable ) ) ( ADJP ( JJ recession-resistant ) ) ( CC and ) ( VP ( VBG growing ) ) ) ) )

Its fast-food restaurants including Denny 's Hardee 's Quincy 's and El Pollo Loco the only significant fast-food chain to specialize in char-broiled chicken are stable recession-resistant and growing


( S ( CC But ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB grow ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP TW ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Paramus ) ( NNP N.J. ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN run ) ( PP-CLR ( IN into ) ( NP ( NN trouble ) ) ) ) ) ) )

But unless they continued to grow TW based in Paramus N.J. would have run into trouble


( S ( PP-TMP ( IN Until ) ( ADVP ( RB recently ) ) ) ( NP-SBJ ( JJ such ) ( JJ buy-now ) ( JJ pray-for-growth-later ) ( NNS deals ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ routine ) ) ) )

Until recently such buy-now pray-for-growth-later deals were routine


( SINV ( S-2 ( CC But ) ( NP-SBJ ( NNS people ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB buy ) ( NP ( NN anything ) ) ( PP-MNR ( IN on ) ( NP ( NN expectation ) ) ) ( ADVP-TMP ( RB anymore ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Utter ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ manages ) ( NP ( NP ( DT the ) ( JJ high-yield ) ( NN fund ) ) ( PP ( IN of ) ( NP ( NNP IDS ) ( NNP Financial ) ( NNPS Services ) ) ) ) ) ) ) ) )

But people do n't buy anything on expectation anymore says Jack Utter who manages the high-yield fund of IDS Financial Services


( S-1 ( NP-SBJ ( NNS Investors ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( NP ( NN religion ) ) ) ) )

Investors he adds are getting religion


( S ( NP-SBJ-1 ( DT The ) ( NNP TW ) ( NN buy-out ) ) ( VP ( MD may ) ( ADVP ( RB yet ) ) ( VP ( VB be ) ( VP ( VBN financed ) ) ) ) )

The TW buy-out may yet be financed


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN nothing ) ) ( ADJP ( JJ wrong ) ( PP ( IN with ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NN Coniston ) ( NN principal ) ( NNP Paul ) ( NNP Tierney ) ) )

There is nothing wrong with the company says Coniston principal Paul Tierney


( S-1 ( NP-SBJ ( DT The ) ( NN rub ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN junk ) ( NN market ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ deep ) ) ( PP ( IN as ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) ) )

The rub he says is that the junk market is n't as deep as before


( S ( NP-SBJ-1 ( NP ( NNP TW ) ( POS 's ) ) ( NN stockholder ) ( NN meeting ) ) ( VP ( VBD was ) ( VP ( VBN postponed ) ( PP-CLR ( IN from ) ( NP-TMP ( NN tomorrow ) ) ) ( PP-CLR ( TO to ) ( NP-TMP ( NNP Nov. ) ( CD 21 ) ) ) ) ) )

TW 's stockholder meeting was postponed from tomorrow to Nov. 21


( S ( PP-TMP ( IN By ) ( ADVP ( RB then ) ) ) ( NP-SBJ-1 ( NNP DLJ ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( JJR less-junky ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) )

By then DLJ hopes to be able to sell less-junky junk bonds


( S ( NP-SBJ-1 ( NNP Gollust ) ( NNP Tierney ) ( CC & ) ( NNP Oliver ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB contribute ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( QP ( CD 120 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN equity ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN planned ) ( PP-CLR ( RB on ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Gollust Tierney & Oliver is likely to contribute more than the 120 million in equity it had planned on


( S ( NP-SBJ ( NNS Banks ) ) ( VP ( MD may ) ( VP ( VB contribute ) ( NP ( JJR more ) ( JJ senior ) ( NN debt ) ) ) ) )

Banks may contribute more senior debt


( S ( CC And ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ total ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NN financing ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reduced ) ) ) ) )

And the total amount of junk financing will be reduced


( S ( NP-SBJ ( NP ( DT A ) ( NNP DLJ ) ( NN banker ) ) ( VP ( VBG putting ) ( NP ( DT a ) ( ADJP ( JJS best ) ( JJ possible ) ) ( NN face ) ) ( PP-PUT ( IN on ) ( NP ( PRP it ) ) ) ) ) ( VP ( VBZ asserts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( ADJP ( RB very ) ( JJ few ) ) ( NNS people ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( IN like ) ( NP ( DT the ) ( NN credit ) ( NN quality ) ) ) ) ) ) ) ) ) ) )

A DLJ banker putting a best possible face on it asserts that very few people said they did n't like the credit quality


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ billion-dollar ) ( NN deal ) ) ( VP ( MD would ) ( VP ( VB trade ) ) ) ) ) ) ) ) ) ) )

People said they did n't think a billion-dollar deal would trade


( S ( CC But ) ( NP-SBJ ( NN trading ) ( NN risk ) ) ( VP ( VBZ stems ) ( PP-CLR ( IN from ) ( NP ( NN credit ) ( NN risk ) ) ) ) )

But trading risk stems from credit risk


( S ( CC And ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG adding ) ( NP ( NN equity ) ) ) ) ) ( NP-SBJ-1 ( NNP DLJ ) ) ( VP ( MD would ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG acknowledging ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN credit ) ( NN risk ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) )

And by adding equity DLJ would seem to be acknowledging that credit risk was a concern


( S-1 ( ADVP ( RB Indeed ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNP DLJ ) ( NN banker ) ) ( VP ( VBZ says ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ reborn ) ( NN capital ) ( NN structure ) ) ) ( NP-SBJ ( NP ( NN cash ) ( NN coverage ) ) ( PP ( IN of ) ( NP ( NN interest ) ) ) ) ( VP ( MD will ) ( ADVP ( RB meaningfully ) ) ( VP ( VB improve ) ) ) )

Indeed the DLJ banker says in the reborn capital structure cash coverage of interest will meaningfully improve


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ sums ) ( NP ( PRP it ) ) ( PRT ( RP up ) ) ) ) ) ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG listening ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ) ) )

As he sums it up We are listening to the market


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( PRN ( S-ADV ( VP ( TO to ) ( VP ( VB borrow ) ( NP ( DT a ) ( NN term ) ) ( PP-CLR ( IN from ) ( NP ( NNP Coniston ) ) ) ) ) ) ) ( SBAR-3 ( WHNP-2 ( WDT that ) ) ( S ( ADVP ( RB so ) ) ( VP ( VBD unsettled ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

What is it to borrow a term from Coniston that so unsettled the market


( NP ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ same ) ( NNS risks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VP ( VBN cited ) ) ( CC and ) ( VP ( ADVP ( RB seemingly ) ) ( VBN ignored ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS dozens ) ) ( PP ( IN of ) ( NP ( JJ previous ) ( NN junk ) ( NNS offerings ) ) ) ) ) ) ) ) ) ) ) )

Some of the same risks that were cited and seemingly ignored in dozens of previous junk offerings


( S ( NP-SBJ ( DT The ) ( NNP TW ) ( NN prospectus ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( DT the ) ( NN acquisition ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN completed ) ( ADVP-TMP ( RBR earlier ) ) ) ) ) ) ) ( NP-SBJ ( JJ pretax ) ( NNS earnings ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ insufficient ) ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( PRP$ its ) ( JJ fixed ) ( NNS charges ) ) ( PP ( VBG including ) ( NP ( NP ( NN interest ) ) ( PP ( IN on ) ( NP ( NN debt ) ( NNS securities ) ) ) ) ) ) ) ) ) ( PP ( IN by ) ( NP ( QP ( RB approximately ) ( CD 62.7 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD six ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) )

The TW prospectus says that if the acquisition had been completed earlier pretax earnings would have been insufficient to cover its fixed charges including interest on debt securities by approximately 62.7 million in the first six months of 1989


( S ( NP-SBJ ( NNP TW ) ) ( VP ( VBZ notes ) ( PRN ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJ many ) ( NN junk ) ( NNS issuers ) ) ( VP ( VBP do ) ) ) ) ) ( SBAR ( IN that ) ( S ( S-ADV ( VP ( VBN adjusted ) ( S-PRP ( VP ( TO to ) ( VP ( VB eliminate ) ( NP ( JJ non-cash ) ( NNS charges ) ) ) ) ) ) ) ( NP-SBJ ( NNP TW ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN run ) ( NP ( NP ( DT a ) ( NN cash ) ( NN surplus ) ) ( PRN ( PP ( IN in ) ( NP ( DT this ) ( NN case ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 56 ) ( CD million ) ) ) ( PP-TMP ( IN over ) ( NP ( CD six ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) ) ) )

TW notes as many junk issuers do that adjusted to eliminate non-cash charges TW would have run a cash surplus in this case of 56 million over six months


( S ( CC But ) ( NP-SBJ ( JJ such ) ( NNS calculations ) ) ( VP ( VBP ignore ) ( NP ( NP ( DT the ) ( JJ noncash ) ( NN charge ) ) ( PP ( IN of ) ( NP ( NP ( NN depreciation ) ) ( VP ( VBN taken ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( JJ gradual ) ( VBG wearing ) ( RB out ) ) ( PP ( IN of ) ( NP ( JJ french ) ( NNS friers ) ) ) ) ( NP ( NP ( NN deterioration ) ) ( PP ( IN of ) ( NP ( NNS stores ) ) ) ) ( CC and ) ( NP ( DT the ) ( JJ like ) ) ) ) ) ) ) ) ) ) ) ) )

But such calculations ignore the noncash charge of depreciation taken to allow for the gradual wearing out of french friers deterioration of stores and the like


( S-1 ( PP ( IN In ) ( NP ( NN fact ) ) ) ( PRN ( S ( NP-SBJ ( NNP DLJ ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ envisions ) ( NP ( NP ( NN capital ) ( NNS expenses ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 180 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) )

In fact DLJ says the company envisions capital expenses of about 180 million a year


( S ( NP-SBJ ( NP ( NNP TW ) ( POS 's ) ) ( NN pitch ) ) ( VP ( VBD was ) ( SBAR-PRD ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS sales ) ( CC and ) ( NNS earnings ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNS restaurants ) ) ) ) ( VP ( VBP have ) ( VP ( VBN risen ) ( ADVP-MNR ( RB steadily ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS people ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB stop ) ( S ( VP ( VBG eating ) ) ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( NN downturn ) ) ) ) ) ) ) ) ) )

TW 's pitch was that sales and earnings at its restaurants have risen steadily and that people wo n't stop eating during a downturn


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB eat ) ( PP-LOC ( IN at ) ( NP ( NNP Denny ) ( POS 's ) ) ) ) ) )

But they wo n't necessarily eat at Denny 's


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ fast-food ) ( NN business ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB intensely ) ( JJ competitive ) ) ) ) ( VP ( VBZ notes ) ) ( NP-SBJ ( NNP Wertheim ) ( NNP Schroder ) ( NN analyst ) ( NNP John ) ( NNP Rohs ) ) )

The fast-food business is intensely competitive notes Wertheim Schroder analyst John Rohs


( S ( NP-SBJ ( JJ Prospective ) ( NN bond ) ( NNS buyers ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP TW ) ) ( ADVP ( RB historically ) ) ( VP ( VBZ has ) ( VP ( VBN prospered ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( ADVP-MNR ( RB aggressively ) ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VP ( VBG remodeling ) ( NP ( NNS restaurants ) ) ) ( CC and ) ( VP ( VBG redoing ) ( NP ( NNS menus ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Prospective bond buyers noted that TW historically has prospered because it has been willing to spend aggressively on remodeling restaurants and redoing menus


( SINV ( S-TPC-3 ( NP-SBJ ( PRP We ) ) ( VP ( VBD were ) ( ADJP-PRD ( VBN concerned ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB generate ) ( NP ( NP ( JJ enough ) ( NN cash ) ) ( UCP ( PP ( IN for ) ( NP ( NN capital ) ( NN spending ) ) ) ( CC and ) ( RB also ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP down ) ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT a ) ( JJ big ) ( NN investor ) ) ( PP-LOC ( IN in ) ( NP ( JJ high-yield ) ( NN debt ) ) ) ) )

We were concerned that they were n't going to generate enough cash for capital spending and also to pay down debt says a big investor in high-yield debt


( S ( NP-SBJ ( NNP DLJ ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP TW ) ) ( VP ( MD could ) ( PRN ( SBAR-ADV ( IN if ) ( FRAG ( ADJP ( JJ necessary ) ) ) ) ) ( VP ( VB cut ) ( NP ( NN capital ) ( NN spending ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ ( NP ( NN half ) ) ( PP ( IN of ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB spend ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN for ) ( NP ( NP ( NN growth ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NN maintenance ) ) ) ) ) ) ) ) ) ) ) ) ) )

DLJ argues that TW could if necessary cut capital spending since half of what it plans to spend is for growth rather than maintenance


( S ( CC But ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ shelved ) ( NN offering ) ) ) ( NP-SBJ-1 ( NNP TW ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN needed ) ( S ( VP ( TO to ) ( VP ( VB grow ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( PRP$ its ) ( NN debt ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) )

But investors noted that under the shelved offering TW would have needed to grow to meet its debt payments


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NNS calculations ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG meeting ) ( NP ( NN cash ) ( NNS charges ) ) ) ) ) ) ( VP ( VBP ignore ) ( NP ( NP ( QP ( CD 52 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ( PP ( IN in ) ( NP ( NP ( NN interest ) ) ( PP ( IN on ) ( NP ( NP ( ADJP ( JJ cash-deferred ) ( CC or ) ( JJ zero-coupon ) ) ( NNS debentures ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( ADVP-TMP ( RB ultimately ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN paid ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Its calculations for meeting cash charges ignore 52 million a year in interest on cash-deferred or zero-coupon debentures which ultimately would have had to be paid


( S ( NP-SBJ ( DT The ) ( NN prospectus ) ) ( VP ( VBZ notes ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( DT no ) ( NN assurance ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ future ) ( NN growth ) ) ( VP ( MD will ) ( VP ( VB continue ) ( PP-LOC ( IN at ) ( NP ( JJ past ) ( NNS levels ) ) ) ) ) ) ) ) ) ) ) ) ) )

The prospectus notes there can be no assurance that future growth will continue at past levels


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ recent ) ( NN past ) ) ) ( NP-SBJ ( NN bond ) ( NNS buyers ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB seek ) ( NP ( JJ such ) ( NN assurance ) ) ) ) )

In the recent past bond buyers did n't seek such assurance


( S ( ADVP-TMP ( RB Now ) ) ( ADVP ( RB apparently ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ) )

Now apparently they do


TW Services


( FRAG ( NP ( NNP NYSE ) ) ( NP ( NP ( NN Symbol ) ) ( NP ( NNP TW ) ) ) )

NYSE Symbol TW


( NP ( NP ( NN Business ) ) ( NP ( NNS Restaurants ) ) )

Business Restaurants


( NP ( NP ( NN Year ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Dec. ) ( CD 31 ) ( CD 1988 ) ) ) ( X ( SYM \* ) ) )

Year ended Dec. 31 1988 \*


( NP ( NP ( NN Revenue ) ) ( NP ( QP ( CD 3.57 ) ( CD billion ) ) ) )

Revenue 3.57 billion


( NP ( NP ( JJ Net ) ( NN Income ) ) ( NP ( NP ( QP ( CD 66.9 ) ( CD million ) ) ) ( NP ( NP ( CD 1.36 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( X ( SYM \*\* ) ) )

Net Income 66.9 million 1.36 a share \*\*


( FRAG ( NP-TMP ( NP ( JJ Third ) ( NN quarter ) ) ( NP ( NNP Sept. ) ( CD 30 ) ( CD 1989 ) ) ) ( NP ( NP ( NP ( JJ Net ) ( NN Loss ) ) ( NP ( NP ( CD 7 ) ( NNS cents ) ) ( NP-ADV ( NN share ) ) ) ) ( FW vs. ) ( NP ( NP ( JJ net ) ( NN income ) ) ( NP ( NP ( CD 51 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

Third quarter Sept. 30 1989 Net Loss 7 cents share vs. net income 51 cents a share


( NP ( NP ( JJ Average ) ( JJ daily ) ( NN trading ) ( NN volume ) ) ( NP ( CD 179,032 ) ( NNS shares ) ) )

Average daily trading volume 179,032 shares


( NP ( NP ( NP ( JJ Common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( NP ( CD 49 ) ( CD million ) ) )

Common shares outstanding 49 million


( FRAG ( X ( SYM \* ) ) ( VP ( VBZ Includes ) ( NP ( NP ( NNS results ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Denny ) ( POS 's ) ) ( NNP Inc. ) ) ( VP ( VBN acquired ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ) ) )

\* Includes results of Denny 's Inc. acquired in September


( FRAG ( X ( SYM \*\* ) ) ( VP ( VBZ Includes ) ( NP ( NP ( ADJP ( QP ( CD 9 ) ( CD million ) ) ) ( NN write-down ) ) ( PP ( IN of ) ( NP ( NP ( NNS assets ) ) ( CC and ) ( NP ( NN takeover ) ( NN defense ) ( NNS costs ) ) ) ) ) ) )

\*\* Includes 9 million write-down of assets and takeover defense costs


( S ( NP-SBJ-1 ( NNP Spiegel ) ( NNP Inc. ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( VBG continuing ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN apparel ) ( NN market ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD jumped ) ( NP-ADV ( CD 65 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( JJ soft ) ( JJ year-earlier ) ( NN period ) ) ) ( PP ( IN on ) ( NP ( NP ( DT an ) ( ADJP ( CD 11 ) ( NN % ) ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ) ) ) ) ) ) )

Spiegel Inc. citing continuing improvement in the apparel market said third-quarter net income jumped 65 % from the soft year-earlier period on an 11 % increase in revenue


( S ( NP-SBJ ( DT The ) ( NN catalog ) ( NN retailer ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 10.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 21 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP ( RB up ) ( ADVP ( RB sharply ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 6.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 13 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) )

The catalog retailer reported net income of 10.8 million or 21 cents a share up sharply from 6.6 million or 13 cents a share a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 372.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 336.4 ) ( CD million ) ) ) ) ) )

Revenue rose to 372.1 million from 336.4 million


( S ( NP-SBJ ( NNP Spiegel ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS margins ) ) ( VP ( VBN improved ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN inventory ) ( NN position ) ) ) ( NP-TMP-1 ( DT this ) ( NN year ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB need ) ( NP ( NP ( DT the ) ( JJ costly ) ( NNS markdowns ) ) ( VP ( VBN required ) ( S-PRP ( VP ( TO to ) ( VP ( VB trim ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( JJ swollen ) ( NNS levels ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Spiegel said margins improved because its inventory position this year did n't need the costly markdowns required to trim last year 's swollen levels


( S ( NP-SBJ ( DT A ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN apparel ) ( NN market ) ) ( VP ( VP ( VBD troughed ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ( RB then ) ( VP ( VBD began ) ( S ( VP ( VBG showing ) ( NP ( NN improvement ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ second ) ( NN half ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) )

A spokeswoman said the apparel market troughed in the first half of 1988 then began showing improvement in the second half of last year


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ( NP ( JJ continued ) ( NN improvement ) ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

We 've seen continued improvement in 1989 she said


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT The ) ( JJ year-ago ) ( NN quarter ) ( POS 's ) ) ( NNS results ) ) ( VP ( VBD were ) ( VP ( JJ crimped ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS expenses ) ) ( VP ( JJ associated ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NNP Spiegel ) ( POS 's ) ) ( ADJP ( QP ( CD 260 ) ( CD million ) ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NN catalog-clothing-merchandiser ) ( NNP Eddie ) ( NNP Bauer ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Spiegel ) ) ( VP ( VBD noted ) ) )

The year-ago quarter 's results were crimped by expenses associated with Spiegel 's 260 million acquisition of catalog-clothing-merchandiser Eddie Bauer Spiegel noted


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ ongoing ) ( NN cost-cutting ) ( NNS efforts ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN period ) ( POS 's ) ) ( NNS earnings ) ( NN upturn ) ) ) ) ) ) ) )

In addition the company said ongoing cost-cutting efforts contributed to the latest period 's earnings upturn


( S ( NP-SBJ ( NNP Spiegel ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ 84%-controlled ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Otto ) ( NN family ) ) ( PP ( IN of ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ) ) )

Spiegel is 84%-controlled by the Otto family of West Germany


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ( VP ( VBD climbed ) ( NP-ADV ( CD 37.5 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 20.375 ) ) ) ) )

In national over-the-counter trading the company 's shares climbed 37.5 cents to 20.375


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJS latest ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NP ( NNP Spiegel ) ( POS 's ) ) ( NN net ) ) ( VP ( VBD climbed ) ( NP-ADV ( DT a ) ( JJ solid ) ( CD 47 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 23.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 46 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 16.2 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 34 ) ( NNS cents ) ) ) ) ) )

For the latest nine months Spiegel 's net climbed a solid 47 % to 23.8 million or 46 cents a share from 16.2 million or 34 cents


( S ( PP ( IN Unlike ) ( NP ( NP ( NP ( DT the ) ( NN quarter ) ( POS 's ) ) ( NNS results ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( ADJP ( RB roughly ) ( JJ equal ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ nine-month ) ( JJ per-share ) ( NNS figures ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ average ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 51.9 ) ( CD million ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 47 ) ( CD million ) ) ) ) ) )

Unlike the quarter 's results which were based on roughly equal shares outstanding nine-month per-share figures reflect an increase in average common shares outstanding to 51.9 million from 47 million


( S ( NP-SBJ ( JJ Nine-month ) ( NN revenue ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 1.02 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 22 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 841.5 ) ( CD million ) ) ) ) ) ) ) )

Nine-month revenue was 1.02 billion up 22 % from 841.5 million


( S ( NP-SBJ ( NNP Adolph ) ( NNP Coors ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP William ) ( NNP K. ) ( NNP Coors ) ) ( NP ( NN chairman ) ) ) ( VP ( VBD assumed ) ( NP ( NP ( DT the ) ( JJ additional ) ( NNS responsibilities ) ) ( PP ( IN of ) ( NP ( NN president ) ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NNP Jeffrey ) ( NNP H. ) ( NNP Coors ) ) ) ) ) ) ) ) )

Adolph Coors Co. said William K. Coors chairman assumed the additional responsibilities of president succeeding Jeffrey H. Coors


( S ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP Coors ) ) ( ADJP ( NP ( CD 44 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NN president ) ) ( PP-TMP ( IN since ) ( NP ( NP ( CD 1985 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD succeeded ) ( NP ( PRP$ his ) ( NN father ) ( NNP Joseph ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN job ) ) ) ) ) ) ) ) ) ) )

Jeffrey Coors 44 years old had been president since 1985 when he succeeded his father Joseph in the job


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN brewer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNP Jeffrey ) ( NNP Coors ) ) ( ADVP-MNR ( RB voluntarily ) ) ( VP ( VBD gave ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN position ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB focus ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN energy ) ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP Coors ) ( NNP Technology ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( JJ small ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Coors ) ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN run ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the brewer said Jeffrey Coors voluntarily gave up the position to focus more of his energy on Coors Technology Co. a small unit of Coors he has run for several years


( S ( NP-SBJ ( DT A ) ( NNP Coors ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( MD will ) ( VP ( VP ( ADVP ( RBR further ) ) ( VB increase ) ( NP ( NP ( NNP William ) ( NNP Coors ) ( POS 's ) ) ( NN influence ) ) ) ( CC or ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN influence ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Jeffrey ) ( NNP Coors ) ) ( NP ( NNP Peter ) ( NNP Coors ) ) ( CC or ) ( NP ( NNP Joseph ) ( NNP Coors ) ( NNP Jr. ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP run ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( CD three ) ( VBG operating ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A Coors spokesman said the company does n't believe the move will further increase William Coors 's influence or reduce the influence of Jeffrey Coors Peter Coors or Joseph Coors Jr. who run the company 's three operating units


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP It ) ) ( ADVP ( RB certainly ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN demotion ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

It certainly was n't intended to be a demotion the spokesman said


( S ( NP-SBJ ( NP ( NNP Pete ) ) ( CC and ) ( NP ( NNP Jeff ) ) ( CC and ) ( NP ( NNP Joe ) ( NNP Jr. ) ) ) ( VP ( VP ( VBP have ) ( VP ( VBN taken ) ( PRT ( RP over ) ) ( NP ( DT the ) ( NNS reins ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBG doing ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN work ) ) ) ) ) ) ) )

Pete and Jeff and Joe Jr. have taken over the reins and are doing most of the work


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( MD will ) ( VP ( VB affect ) ( NP ( DT that ) ) ) ) ) ) ) ) )

We do n't think this will affect that


( S ( NP-SBJ ( NP ( NNP Jeffrey ) ) ( NP ( NNP Peter ) ) ( CC and ) ( NP ( NNP Joseph ) ( NNP Jr. ) ) ) ( VP ( VBP are ) ( NP-PRD ( NNS brothers ) ) ) )

Jeffrey Peter and Joseph Jr. are brothers


( S ( NP-SBJ ( NNP William ) ( NNP Coors ) ) ( VP ( VBZ is ) ( NP-PRD ( PRP$ their ) ( NN uncle ) ) ) )

William Coors is their uncle


( S ( NP-SBJ ( NP ( NNP Jeffrey ) ) ( NP ( NNP Peter ) ) ( NP ( NNP Joseph ) ( NNP Jr. ) ) ( NP ( NNP William ) ) ( CC and ) ( NP ( NNP Joseph ) ( NNP Sr. ) ) ) ( VP ( VBP constitute ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN board ) ) ) )

Jeffrey Peter Joseph Jr. William and Joseph Sr. constitute the company 's board


( S ( NP-SBJ ( NNP Peter ) ( NNP Coors ) ) ( VP ( VBZ runs ) ( NP ( NP ( DT the ) ( NNP Coors ) ( NNP Brewing ) ( NNP Co. ) ( NN unit ) ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ fourth-largest ) ( NN brewery ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 1.24 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Adolph ) ( NNP Coors ) ( POS 's ) ) ( QP ( CD 1.52 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( CD 1988 ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) ) )

Peter Coors runs the Coors Brewing Co. unit the nation 's fourth-largest brewery that accounted for 1.24 billion of Adolph Coors 's 1.52 billion in 1988 sales


( S ( NP-SBJ ( NNP Joseph ) ( NNP Jr. ) ) ( VP ( VBZ runs ) ( NP ( NP ( NNP Coors ) ( NNPS Ceramics ) ( NNP Co. ) ) ( NP ( DT the ) ( JJ other ) ( VBG operating ) ( NN unit ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( NP ( NP ( QP ( IN about ) ( CD 150 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( CD 1988 ) ( NNS sales ) ) ) ) ) ) ) ) ) )

Joseph Jr. runs Coors Ceramics Co. the other operating unit which had about 150 million in 1988 sales


( S ( S-TPC-1 ( NP-SBJ ( NNP Rupert ) ( NNP Murdoch ) ) ( VP ( VBD acquired ) ( NP ( NP ( DT a ) ( ADJP ( CD 25 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Grupo ) ( NNP Zeta ) ( NNP S.A. ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( VBG leading ) ( JJ Spanish ) ( NN magazine ) ( CC and ) ( NN newspaper ) ( NN publisher ) ) ( VP ( VBD said ) ) )

Rupert Murdoch acquired a 25 % stake in Grupo Zeta S.A. the leading Spanish magazine and newspaper publisher said


( S ( NP-SBJ ( DT The ) ( NN transaction ) ) ( VP ( VBD called ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Murdoch ) ( POS 's ) ) ( NNP News ) ( NNP International ) ( NNP PLC ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( JJ Australia-based ) ( NNP News ) ( NNP Corp. ) ) ) ) ) ( VP ( TO to ) ( VP ( VB subscribe ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NNS rights ) ( NN issue ) ) ( PP ( IN by ) ( NP ( NNP Zeta ) ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 6.65 ) ( CD billion ) ) ( NNS pesetas ) ) ( PRN ( NP ( QP ( CD 57 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The transaction called for Mr. Murdoch 's News International PLC a unit of Australia-based News Corp. to subscribe to a rights issue by Zeta valued at 6.65 billion pesetas 57 million


( SINV ( VP-TPC-1 ( ADVP ( RB Also ) ) ( VBG participating ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN issue ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NNP Servifilm ) ( NNP Spain ) ( NNP Cinematografica ) ( NNP S.A ) ) )

Also participating in the issue was Servifilm Spain Cinematografica S.A


( S ( NP-SBJ ( NP ( DT The ) ( NN film ) ( NN producer ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( JJ Madrid-based ) ( NN financier ) ( NNP Jacques ) ( NNP Hachuel ) ) ) ) ) ( VP ( VBD received ) ( NP ( NP ( DT a ) ( ADJP ( CD 5 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ Barcelona-based ) ( NN publishing ) ( NN group ) ) ) ) ) )

The film producer owned by Madrid-based financier Jacques Hachuel received a 5 % stake in the Barcelona-based publishing group


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN cash ) ( NN injection ) ) ( VP ( VBD boosted ) ( NP ( NP ( NNP Zeta ) ( POS 's ) ) ( NN capital ) ) ( ADVP ( ADVP ( RBR more ) ) ( PP ( IN than ) ( ADVP ( RB four-fold ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8.47 ) ( CD billion ) ) ( NNS pesetas ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.82 ) ( CD billion ) ) ( NNS pesetas ) ) ) ( S-ADV ( VP ( ADVP ( RB greatly ) ) ( VBG enhancing ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS investments ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Zeta ) ( NNS officials ) ) ( VP ( VBD said ) ) )

The cash injection boosted Zeta 's capital more than four-fold to 8.47 billion pesetas from 1.82 billion pesetas greatly enhancing the group 's ability to make investments Zeta officials said


( S ( PP-TMP ( VBG Following ) ( NP ( NP ( PRP$ its ) ( NN failure ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( S-1 ( VP ( TO to ) ( VP ( VB win ) ( NP ( DT a ) ( NN license ) ) ( PP ( IN for ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Spain ) ( POS 's ) ) ( ADJP ( JJ first ) ( CD three ) ) ( JJ private ) ( NN television ) ( NNS stations ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Zeta ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NN investment ) ( NNS opportunities ) ) ( PP-LOC ( IN in ) ( NP ( NNS communications ) ( CC and ) ( NN publishing ) ) ) ) ) )

Following its failure last month to win a license for one of Spain 's first three private television stations Zeta is seeking investment opportunities in communications and publishing


( S ( PP ( IN With ) ( NP ( NP ( JJ annual ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 30 ) ( CD billion ) ) ( NNS pesetas ) ) ) ) ) ( NP-SBJ ( NNP Zeta ) ) ( VP ( VBZ publishes ) ( NP ( NP ( NP ( QP ( IN over ) ( DT a ) ( NN dozen ) ) ( NNS magazines ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( JJ popular ) ( NNP Tiempo ) ( NNP Interviu ) ( CC and ) ( NNP Panorama ) ) ) ) ) ( CC and ) ( NP ( CD three ) ( JJ regional ) ( NNS dailies ) ) ) ) )

With annual sales of about 30 billion pesetas Zeta publishes over a dozen magazines including the popular Tiempo Interviu and Panorama and three regional dailies


( S ( NP-SBJ ( NNP Chairman ) ( NNP Antonio ) ( NNP Asensio ) ) ( VP ( MD will ) ( VP ( VB retain ) ( NP ( NP ( DT a ) ( ADJP ( CD 70 ) ( NN % ) ) ( NN share ) ) ( PP ( IN in ) ( NP ( NNP Zeta ) ) ) ) ) ) )

Chairman Antonio Asensio will retain a 70 % share in Zeta


( S ( NP-SBJ-1 ( NNP Consolidated ) ( NNPS Freightways ) ( NNP Inc. ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 77 ) ( NN % ) ) ( NN drop ) ) ( PP ( IN in ) ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( JJ expected ) ( NNS losses ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNP Emery ) ( NNP Worldwide ) ( VBG shipping ) ( NN business ) ) ) ) ) ) ) )

Consolidated Freightways Inc. reported a 77 % drop in third-quarter net income citing expected losses in its Emery Worldwide shipping business


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Menlo ) ( NNP Park ) ( NNP Calif. ) ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN net ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 7.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 22 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 32.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 86 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) )

The Menlo Park Calif. company said net was 7.4 million or 22 cents a share down from 32.3 million or 86 cents a share a year ago


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 1.01 ) ( CD billion ) ) ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 43 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN from ) ( NP ( QP ( CD 704.4 ) ( CD million ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Emery ) ) ) ) ( NP-TMP ( RB earlier ) ( DT this ) ( NN year ) ) ) ) ) ) )

Revenue totaled 1.01 billion a 43 % increase from 704.4 million reflecting the company 's acquisition of Emery earlier this year


( S ( S-TPC-1 ( NP-SBJ ( NN Profit ) ) ( ADVP ( RB also ) ) ( VP ( VBD suffered ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ intense ) ( NN discounting ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ long-haul ) ( NN trucking ) ( NN business ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Profit also suffered because of intense discounting in its long-haul trucking business the company said


( S ( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( S ( NP-SBJ ( NNP Consolidated ) ) ( VP ( TO to ) ( VP ( VB post ) ( NP ( DT a ) ( JJ slim ) ( NN profit ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( QP ( RB only ) ( CD 25 ) ) ( NNS cents ) ) ( PP ( TO to ) ( NP ( CD 30.25 ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) )

Analysts had expected Consolidated to post a slim profit and the company 's stock was down only 25 cents to 30.25 in New York Stock Exchange composite trading yesterday


( SINV ( S-TPC-3 ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB tighten ) ( NP ( PRP$ their ) ( NNS belts ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Craig ) ( NNP Kloner ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) ) )

They have to continue to tighten their belts said Craig Kloner an analyst at Goldman Sachs & Co


( S ( NP-SBJ ( NNP Allied-Signal ) ( NNP Aerospace ) ( NNP Co. ) ) ( VP ( VBD received ) ( NP ( DT a ) ( ADJP ( QP ( CD 65 ) ( CD million ) ) ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB outfit ) ( NP ( NP ( NNP Continental ) ( NNPS Airlines ) ( POS ' ) ) ( CD 393 ) ( NNS planes ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Bendix\/King ) ( NNP Traffic ) ( NNP Alert ) ( CC and ) ( NNP Collision ) ( NNP Avoidance ) ( NNP System ) ) ) ) ) ) ) ) )

Allied-Signal Aerospace Co. received a 65 million contract to outfit Continental Airlines ' 393 planes with the Bendix\/King Traffic Alert and Collision Avoidance System


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( JJ airborne ) ( NN system ) ) ( VP ( VBZ operates ) ( S-MNR ( ADJP-PRD ( JJ independent ) ( PP ( IN of ) ( NP ( JJ ground-based ) ( NN radar ) ( NNS systems ) ) ) ) ) ( S-ADV ( VP ( VBG informing ) ( NP ( NNS pilots ) ) ( PP-CLR ( IN of ) ( NP ( JJ nearby ) ( NN aircraft ) ) ) ) ) ) ) ( NP-SBJ ( NNP Allied-Signal ) ) ( VP ( VBD said ) ) )

The airborne system operates independent of ground-based radar systems informing pilots of nearby aircraft Allied-Signal said


( S ( NP-SBJ ( DT The ) ( NN system ) ) ( ADVP ( RB also ) ) ( VP ( VBZ provides ) ( NP ( NN course-correction ) ( NNS advisories ) ) ) )

The system also provides course-correction advisories


( S ( NP-SBJ ( NNP Allied-Signal ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Allied-Signal ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN manufacturer ) ) ( PP ( IN with ) ( NP ( NP ( NNS interests ) ) ( PP ( IN in ) ( NP ( NP ( NN aerospace ) ) ( NP ( JJ automotive ) ( NNS products ) ) ( CC and ) ( NP ( JJ engineered ) ( NNS materials ) ) ) ) ) ) ) ) ) ) ) )

Allied-Signal is a unit of Allied-Signal Inc. a manufacturer with interests in aerospace automotive products and engineered materials