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

Billings were n't disclosed


( S ( NP-SBJ-1 ( JJ Professional ) ( NNP Crisco ) ( NNS products ) ) ( VP ( VBP are ) ( VP ( ADVP ( RB specially ) ) ( VBN made ) ( PP ( IN for ) ( NP ( DT the ) ( NN foodservice ) ( NN industry ) ) ) ) ) )

Professional Crisco products are specially made for the foodservice industry


( S ( SBAR ( WHNP-2 ( WP WHO ) ) ( S ( VP ( VBZ 'S ) ( NP-PRD ( NN NEWS ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( NNP Stephen ) ( NNP Novick ) ) ( NP ( CD 49 ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( NP ( NN deputy ) ( JJ creative ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Grey ) ( NNP Advertising ) ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) )

WHO 'S NEWS Stephen Novick 49 was named executive vice president deputy creative director at Grey Advertising New York


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN broadcast ) ( NN production ) ) ) ) ) ) )

He was executive vice president director of broadcast production


( S ( NP-SBJ ( NNP Amcore ) ( NNP Financial ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NAC ( NNP Central ) ( PP ( IN of ) ( NP ( NNP Illinois ) ) ) ) ( NNP Inc. ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( NN stock ) ( NN swap ) ) ) ) ) ) ) ) ) ) )

Amcore Financial Inc. said it agreed to acquire Central of Illinois Inc. in a stock swap


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Shareholders ) ) ( PP ( IN of ) ( NP ( NP ( NNP Central ) ) ( NP ( NP ( DT a ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sterling ) ) ( NP ( NNP Ill. ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NP ( NNP Amcore ) ( NN stock ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( QP ( CD 10 ) ( NNS times ) ) ( NP ( NNP Central ) ( POS 's ) ) ( CD 1989 ) ( NNS earnings ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Amcore ) ) ( VP ( VBD said ) ) )

Shareholders of Central a bank holding company based in Sterling Ill. will receive Amcore stock equal to 10 times Central 's 1989 earnings Amcore said


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( NP-SBJ ( NNP Central ) ) ( VP ( VBD earned ) ( NP ( QP ( CD 2 ) ( CD million ) ) ) ) )

For the first nine months of 1989 Central earned 2 million


( S ( NP-SBJ ( NP ( NNP Amcore ) ) ( ADVP ( RB also ) ) ( NP ( DT a ) ( NN bank ) ( VBG holding ) ( NN company ) ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.06 ) ( CD billion ) ) ) ) ) ) )

Amcore also a bank holding company has assets of 1.06 billion


( S ( NP-SBJ ( NP ( NNP Central ) ( POS 's ) ) ( NNS assets ) ) ( VP ( VBP are ) ( NP-PRD ( QP ( CD 240 ) ( CD million ) ) ) ) )

Central 's assets are 240 million


( S ( NP-SBJ ( DT The ) ( NN roller-coaster ) ( NN stock ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG making ) ( S ( NP-SBJ ( NN life ) ) ( ADJP-PRD ( JJR tougher ) ( PP ( IN for ) ( NP ( NP ( JJ small ) ( NNS companies ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN money ) ) ) ) ) ) ) ) ) ) ) ) )

The roller-coaster stock market is making life tougher for small companies trying to raise money


( S ( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN plunge ) ) ( CC and ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN rebound ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS companies ) ) ( VP ( VBP are ) ( ADVP ( RB already ) ) ( VP ( VBG postponing ) ( NP ( NNS deals ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS others ) ) ( VP ( VBP wish ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ) ) ) ) ) )

In the wake of Friday 's plunge and yesterday 's rebound some companies are already postponing deals and others wish they could


( S ( PP ( IN As ) ( PP ( IN in ) ( NP ( JJ other ) ( JJ jittery ) ( NNS times ) ) ) ) ( NP-SBJ-1 ( JJ many ) ( JJ small ) ( NNS businesses ) ) ( VP ( VBP expect ) ( NP ( DT a ) ( ADJP ( RB particularly ) ( JJ rough ) ) ( NN time ) ) ( S-ADV ( VP ( VBG raising ) ( NP ( NNS funds ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-2 ( NNS investors ) ) ( VP ( VBP shun ) ( NP ( JJ risky ) ( NNS deals ) ) ( S-ADV ( VP ( VBG seeking ) ( NP ( NN safety ) ) ( PP-LOC ( IN in ) ( NP ( JJR bigger ) ( NNS companies ) ) ) ) ) ) ) ) ) )

As in other jittery times many small businesses expect a particularly rough time raising funds as investors shun risky deals seeking safety in bigger companies


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBP recover ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ sharp ) ( NN decline ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ unsettled ) ( NNS conditions ) ) ( VP ( MD will ) ( VP ( VB frighten ) ( NP ( JJ many ) ( NNS investors ) ) ) ) )

Even if stock prices fully recover from Friday 's sharp decline the unsettled conditions will frighten many investors


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN implication ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ unsettled ) ( NN situation ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN thing ) ) ( VP ( MD could ) ( VP ( VB drop ) ( ADVP-MNR ( RB dramatically ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Henry ) ( NNP Linsert ) ( NNP Jr. ) ) ( NP ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Martek ) ( NNP Corp. ) ) ) ) ( NP ( NP ( DT a ) ( JJ four-year-old ) ( NN biotechnology ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBG planning ) ( NP ( NP ( DT a ) ( JJ private ) ( NN placement ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) ) )

The implication of an unsettled situation is that the thing could drop dramatically says Henry Linsert Jr. chairman of Martek Corp. a four-year-old biotechnology company that is planning a private placement of stock


( X ( NP ( NP ( DT The ) ( JJR more ) ( NNS variables ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP indicate ) ( NP ( NN risk ) ) ) ) ) ) ( NP ( NP ( DT the ) ( JJR more ) ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN investor ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB drive ) ( NP ( DT a ) ( JJ hard ) ( NN bargain ) ) ) ) ) ) ) ) ) ) )

The more variables that indicate risk the more the investor is going to drive a hard bargain


( S ( NP-SBJ ( RB Earlier ) ( DT this ) ( NN month ) ) ( NP-SBJ ( NP ( NNP Staples ) ( NNP Inc. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Newton ) ( NNP Mass. ) ) ( NNS office-supplies ) ( NN discounter ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VP ( VB accelerate ) ( NP ( NN expansion ) ( NNS plans ) ) ( ADVP-LOC ( JJ nationwide ) ) ) ( CC and ) ( VP ( VB offer ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NN public ) ) ) ) ) ) ) ) ) )

Earlier this month Staples Inc. a Newton Mass. office-supplies discounter said it would accelerate expansion plans nationwide and offer more of its stock to the public


( S ( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN time ) ) ) ( NP-SBJ ( PRP$ its ) ( NNS shares ) ) ( VP ( VBD were ) ( VP ( VBG selling ) ( PP-LOC ( IN above ) ( NP ( NP ( PRP$ their ) ( JJ initial ) ( NN offering ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 19 ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS bankers ) ) ( VP ( VBD believed ) ( SBAR ( S ( NP-SBJ ( NNP Staples ) ) ( VP ( MD would ) ( VP ( VB sell ) ( NP ( JJ new ) ( NN stock ) ) ( PP-MNR ( IN without ) ( NP ( DT a ) ( NN hitch ) ) ) ) ) ) ) ) ) )

At the time its shares were selling above their initial offering price of 19 and bankers believed Staples would sell new stock without a hitch


( S ( S-TPC-1 ( CC But ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ( VP ( VBG standing ) ( PP-LOC ( IN at ) ( NP ( CD 15 ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( NP-SBJ ( DT a ) ( JJ new ) ( NN offering ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( JJ unlikely ) ) ) ) ( NP-SBJ ( NN company ) ( NNS officials ) ) ( VP ( VBP say ) ) )

But with the company 's shares standing at 15 yesterday a new offering seems unlikely company officials say


( SINV ( S-TPC-2 ( S ( NP-SBJ-1 ( NN Business ) ) ( ADVP ( RB however ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ robust ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN affected ) ( NP ( NP ( DT the ) ( NN concern ) ( POS 's ) ) ( NN expansion ) ( NNS plans ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Todd ) ( NNP Krasnow ) ) ( NP ( DT a ) ( JJ senior ) ( NN executive ) ) ) )

Business however continues to be robust and the stock market has n't affected the concern 's expansion plans says Todd Krasnow a senior executive


( S ( NP-SBJ ( JJ Other ) ( NNS companies ) ) ( VP ( VBP figure ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB avoid ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) )

Other companies figure they ca n't avoid the market


( S-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( NP ( NN capital ) ( NNS requirements ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Linsert ) ) ) ) ( S ( IN so ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP-CLR ( RB ahead ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ planned ) ( ADJP ( QP ( CD 1.5 ) ( CD billion ) ) ) ( JJ private ) ( NN placement ) ) ) ) ) ) ) ) )

We have capital requirements says Mr. Linsert so we have to go ahead with a planned 1.5 billion private placement


( S-1 ( SBAR-ADV ( IN Unless ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ goes ) ( ADVP-DIR ( RB right ) ( RB back ) ( RB up ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB take ) ( NP-2 ( PRP us ) ) ( NP ( NP ( QP ( CD six ) ( TO to ) ( CD nine ) ) ( NNS months ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB find ) ( NP ( DT the ) ( NN money ) ) ) ) ) ( PP-3 ( RB instead ) ( PP ( IN of ) ( NP ( CD three ) ) ) ) ) ) )

Unless the market goes right back up he says it may take us six to nine months to find the money instead of three


( S ( S-TPC-2 ( CC And ) ( NP-SBJ-1 ( DT the ) ( NAC-LOC ( NNP Columbia ) ( NNP Md. ) ) ( NN company ) ) ( VP ( MD may ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJR lower ) ( NN price ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

And the Columbia Md. company may have to settle for a lower price he adds


( S ( NP-SBJ ( NN Life ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( RB particularly ) ) ( JJ nerve-racking ) ) ( PP ( IN for ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN planned ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADJP-PRD ( NN public ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) )

Life is particularly nerve-racking for companies that had planned to go public this week


( S ( NP-SBJ ( NN Hand-holding ) ) ( VP ( VBZ is ) ( VP ( VBG becoming ) ( NP-PRD ( DT an ) ( NN investment-banking ) ( NN job ) ( NN requirement ) ) ) ) )

Hand-holding is becoming an investment-banking job requirement


( S ( NP-SBJ ( NP ( NNP Robertson ) ( NNP Stephens ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP San ) ( NNP Francisco ) ( NN investment ) ( NN banking ) ( NN concern ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN client ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD looked ) ( PRT ( RP forward ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG making ) ( NP ( PRP$ its ) ( JJ initial ) ( NN public ) ( NN offering ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) )

Robertson Stephens & Co. a San Francisco investment banking concern has a client that looked forward to making its initial public offering yesterday


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NP ( NNS Officers ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ) ( NP ( DT a ) ( NN health-care ) ( NN concern ) ) ) ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD ( RB very ) ( JJ discouraged ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ( CC and ) ( VP ( VBD felt ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB go ) ( ADJP-PRD ( JJ public ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD felt ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sanford ) ( NNP Robertson ) ) ( NP ( NP ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN banking ) ( NN concern ) ) ) ) ) )

Officers of the company a health-care concern were very discouraged on Friday and felt they should n't go public we felt they should says Sanford Robertson partner in the banking concern


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD dropped ) ( NP-TMP ( NNP Friday ) ) ) ) ) ( NP-SBJ ( NNP Robertson ) ( NNP Stephens ) ) ( VP ( VBD slashed ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offering ) ) ) ) ( PP-EXT ( IN by ) ( NP ( CD 7 ) ( NN % ) ) ) ) )

As the market dropped Friday Robertson Stephens slashed the value of the offering by 7 %


( S ( NP ( NP-TMP ( NN Yesterday ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( JJ similar ) ( NNS securities ) ) ( VP ( NN rebounded ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD bumped ) ( NP ( DT the ) ( NN valuation ) ) ( PRT ( RP up ) ) ( ADVP ( RB again ) ) ) )

Yesterday when similar securities rebounded it bumped the valuation up again


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( JJ late ) ( NN yesterday ) ) ) ) ( NP-SBJ ( DT the ) ( NN IPO ) ) ( VP ( VBD was ) ( ADVP ( RB still ) ) ( ADVP-PRD ( RP on ) ) ) )

As of late yesterday the IPO was still on


( S ( PP ( IN For ) ( NP ( JJ many ) ) ) ( NP-SBJ ( DT the ) ( NN situation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB especially ) ( JJ discouraging ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( NNS IPOs ) ) ) ) ( VP ( VBD was ) ( VP ( VBG showing ) ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( NP ( VBG strengthening ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ several ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN weakness ) ) ) ) ) ) ) ) ) ) )

For many the situation is especially discouraging because the market for IPOs was showing signs of strengthening after several years of weakness


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD were ) ( ADVP ( RB just ) ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN increase ) ) ( PP-TMP ( IN in ) ( NP ( NNS IPOs ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG seeing ) ( NP ( NP ( DT the ) ( NN light ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tunnel ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Frank ) ( NNP Kline ) ( NNP Jr. ) ) ( NP ( NP ( NN partner ) ) ( PP ( IN in ) ( NP ( NP ( NNP Lambda ) ( NNPS Funds ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Beverly ) ( NNPS Hills ) ( NNP Calif. ) ) ( JJ venture ) ( NN capital ) ( NN concern ) ) ) ) ) ) )

We were just beginning to look at the increase in IPOs seeing the light at the end of the tunnel says Frank Kline Jr. partner in Lambda Funds a Beverly Hills Calif. venture capital concern


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN tunnel ) ) ( VP ( VBZ 's ) ( ADVP ( RB just ) ) ( VP ( VBN gotten ) ( ADJP-PRD ( RBR longer ) ) ) ) )

But the tunnel 's just gotten longer


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( NNS Companies ) ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADJP-PRD ( JJ public ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP ( RB definitely ) ) ( VP ( VBG taking ) ( NP ( DT a ) ( JJ second ) ( NN look ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Allen ) ( NNP Hadhazy ) ) ( NP ( NP ( JJ senior ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP Institute ) ) ( PP ( IN for ) ( NP ( NNP Econometric ) ( NNP Research ) ) ) ) ( NP-LOC ( NP ( NNP Fort ) ( NNP Lauderdale ) ) ( NP ( NNP Fla. ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ publishes ) ( NP ( NP ( DT the ) ( NNP New ) ( NNPS Issues ) ( NN newsletter ) ) ( PP ( IN on ) ( NP ( NNS IPOs ) ) ) ) ) ) ) ) ) ) ) )

Companies planning to go public are definitely taking a second look says Allen Hadhazy senior analyst at the Institute for Econometric Research Fort Lauderdale Fla. which publishes the New Issues newsletter on IPOs


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ calculates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ recent ) ( NN market ) ( NN slide ) ) ( VP ( VBN translated ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 5 ) ( NN % ) ( TO to ) ( CD 7 ) ) ( NN % ) ) ( NN reduction ) ) ( PP ( IN in ) ( NP ( NP ( NN IPO ) ( NNS proceeds ) ) ( PP ( TO to ) ( NP ( NNS companies ) ) ) ) ) ) ) ) ) ) ) )

He calculates that the recent market slide translated into a 5 % to 7 % reduction in IPO proceeds to companies


( S ( NP-SBJ ( JJ Many ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG hesitating ) ) ) )

Many companies are hesitating


( S ( NP-SBJ-2 ( NNP Exabyte ) ( NNP Corp. ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( NN IPO ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB raise ) ( NP ( QP ( IN up ) ( TO to ) ( CD 28.5 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exabyte Corp. had been planning to sell 10 % of its stock this week in an IPO that would raise up to 28.5 million


( S ( CC But ) ( ADVP-TMP ( RB now ) ) ( NP-SBJ ( NP ( NNP Peter ) ( NNP Behrendt ) ) ( NP ( NN president ) ) ) ( VP ( VBZ says ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG making ) ( NP ( NNS decisions ) ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( JJ day-to-day ) ( NN basis ) ) ) ) ) ) ) )

But now Peter Behrendt president says We 're making decisions on a day-to-day basis


( S ( S-TPC-2 ( S-ADV ( ADJP-PRD ( JJ Debt-free ) ( CC and ) ( JJ profitable ) ) ) ( NP-SBJ-1 ( DT the ) ( NAC-LOC ( NNP Boulder ) ( NNP Colo. ) ) ( NNS computer-products ) ( NN concern ) ) ( VP ( MD could ) ( VP ( VB borrow ) ( NP ( NNS funds ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ decides ) ( PP-CLR ( IN against ) ( NP ( DT an ) ( NN IPO ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Debt-free and profitable the Boulder Colo. computer-products concern could borrow funds if it decides against an IPO now he says


( S ( NP-SBJ ( NP ( NNP KnowledgeWare ) ( NNP Inc. ) ) ( NP ( DT an ) ( NNP Atlanta ) ( NN computer-software ) ( NN concern ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB go ) ( ADVP-CLR ( RB ahead ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NN IPO ) ) ) ( NP-TMP ( NP ( DT this ) ( NN week ) ) ( CC or ) ( NP ( JJ next ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( NNS conditions ) ) ( VP ( VBP change ) ) ) ) ) ) ) )

KnowledgeWare Inc. an Atlanta computer-software concern says it is still planning to go ahead with its IPO this week or next unless conditions change


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ wait-and-see ) ( NN situation ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Terry ) ( NNP McGowan ) ) ( NP ( NN president ) ) ) )

It 's a wait-and-see situation right now says Terry McGowan president


( S ( NP-SBJ ( JJ Delayed ) ( NNS financings ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB affect ) ( NP ( NP ( DT the ) ( NNS operations ) ) ( PP ( IN of ) ( NP ( JJ many ) ( NNS companies ) ) ) ) ) ) )

Delayed financings also would affect the operations of many companies


( S ( NP-SBJ ( NP ( NNP Sierra ) ( NNP Tucson ) ( NNP Cos. ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Tucson ) ( NNP Ariz. ) ) ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NN addiction-treatment ) ( NNS centers ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ planned ) ( NN doubling ) ) ( PP ( IN of ) ( NP ( NN capacity ) ) ) ( VP ( VBG riding ) ( PP-CLR ( IN on ) ( NP ( NP ( DT an ) ( NN IPO ) ) ( VP ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) )

Sierra Tucson Cos. a Tucson Ariz. operator of addiction-treatment centers has a planned doubling of capacity riding on an IPO scheduled for next week


( S ( NP-SBJ ( NP ( NNP William ) ( NNP O'Donnell ) ) ( NP ( NN president ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( ADVP ( RB still ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN IPO ) ) ( VP ( MD will ) ( VP ( VB succeed ) ) ) ) ) ) ) ) ) )

William O'Donnell president says he still thinks the IPO will succeed


( S-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB change ) ( NP ( PRP$ its ) ( NN expansion ) ( NN timetable ) ) ) ) ) ) ) )

If it does n't he says the company would have to change its expansion timetable


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN market ) ( NN turmoil ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( RB partially ) ( JJ beneficial ) ( PP ( IN for ) ( NP ( DT some ) ( JJ small ) ( NNS businesses ) ) ) ) ) ) )

But the market turmoil could be partially beneficial for some small businesses


( SINV ( S-TPC-1 ( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( VBG sagging ) ( NN market ) ) ) ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP System ) ) ( VP ( MD might ) ( VP ( VB flood ) ( NP ( DT the ) ( NN market ) ) ( PP-CLR ( IN with ) ( NP ( NNS funds ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( MD should ) ( VP ( VB bring ) ( NP ( NN interest ) ( NNS rates ) ) ( PRT ( RB down ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Leonard ) ( NNP T. ) ( NNP Anctil ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP England ) ) ) ) ( NP-LOC ( NNP Boston ) ) ) ) ) ) )

In a sagging market the Federal Reserve System might flood the market with funds and that should bring interest rates down says Leonard T. Anctil vice president of the Bank of New England Boston


( S ( NP-SBJ ( NP ( NNP James ) ( NNP G. ) ( NNP Zafris ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Danvers ) ( NNPS Savings ) ( NNP Bank ) ) ( NP-LOC ( NP ( NNP Danvers ) ) ( NP ( NNP Mass. ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ( NN turmoil ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ absolute ) ( NN non-event ) ) ( PP ( IN for ) ( NP ( JJ small ) ( NN business ) ) ) ) ) ) ) )

James G. Zafris president of Danvers Savings Bank Danvers Mass. says the market turmoil is an absolute non-event for small business


( S-1 ( PP ( IN For ) ( NP ( JJ small ) ( NNS companies ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RB far ) ( RBR more ) ( JJ important ) ) ( PP ( IN than ) ( S-NOM ( WHNP-2 ( WP what ) ) ( VP ( VBZ happens ) ( PP-LOC ( IN on ) ( NP ( NN stock ) ( NNS exchanges ) ) ) ) ) ) ) ) )

For small companies he says interest rates are far more important than what happens on stock exchanges


( S ( NP-SBJ ( NNP Mr. ) ( NNP Zafris ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NNS rates ) ) ( VP ( VBP are ) ( VP ( VBG heading ) ( ADVP-DIR ( RB down ) ) ( S-ADV ( VP ( VBG helping ) ( NP ( JJ small ) ( NNS companies ) ) ) ) ) ) ) ) ) )

Mr. Zafris thinks rates are heading down helping small companies


( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Drake ) ) ( NP ( NP ( NN biotechnology ) ( NN analyst ) ) ( PP ( IN for ) ( NP ( NP ( NNP Vector ) ( NNPS Securities ) ( NNP International ) ) ( NP-LOC ( NNP Chicago ) ) ) ) ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NN market ) ( NN uncertainty ) ) ( VP ( MD may ) ( VP ( VB encourage ) ( S ( NP-SBJ ( JJ small ) ( NNS companies ) ) ( VP ( TO to ) ( VP ( VB form ) ( NP ( NP ( ADJP ( RBR more ) ( JJ strategic ) ) ( NNS alliances ) ) ( PP ( IN with ) ( NP ( JJ big ) ( NNS corporations ) ) ) ) ) ) ) ) ) ) ) ) )

Peter Drake biotechnology analyst for Vector Securities International Chicago thinks market uncertainty may encourage small companies to form more strategic alliances with big corporations


( S ( SBAR-PRP ( ADVP ( RB Partly ) ) ( IN because ) ( S ( NP-SBJ ( DT the ) ( CD 1987 ) ( NN market ) ( NN crash ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJR harder ) ( SBAR ( IN for ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB find ) ( NP ( NN financing ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NN high-technology ) ( NNS concerns ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( NP ( JJ such ) ( NNS alliances ) ) ( ADVP-TMP ( RB recently ) ) ) ) )

Partly because the 1987 market crash made it harder for them to find financing many high-technology concerns have made such alliances recently


( S ( NP-SBJ ( DT Some ) ) ( VP ( ADVP ( RB even ) ) ( VBP see ) ( NP ( DT a ) ( NN silver ) ( NN lining ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ dark ) ( NNS clouds ) ) ) ) )

Some even see a silver lining in the dark clouds


( S ( NP-SBJ ( NP ( NNP Alan ) ( NNP Wells ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bollinger ) ( NNP Wells ) ( NNP Lett ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN merger ) ( NN specialist ) ) ) ) ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( JJ panicky ) ( NNS investors ) ) ( VP ( MD may ) ( VP ( VB lose ) ( NP ( NP ( PRP$ their ) ( NN enthusiasm ) ) ( PP ( IN for ) ( NP ( JJ leveraged ) ( NN buy-out ) ( CC and ) ( JJ giant ) ( NN takeover ) ( NNS deals ) ) ) ) ) ) ) ) ) )

Alan Wells president of Bollinger Wells Lett & Co. a New York merger specialist thinks panicky investors may lose their enthusiasm for leveraged buy-out and giant takeover deals


( S ( S-TPC-1 ( ADVP ( RB Instead ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB turn ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG investing ) ( PP-CLR ( IN in ) ( NP ( NP ( JJR smaller ) ( NNS deals ) ) ( VP ( VBG involving ) ( NP ( JJR smaller ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Instead they could turn to investing in smaller deals involving smaller companies he says


( S ( CC And ) ( NP-SBJ ( NP ( NNP William ) ( NNP E. ) ( NNP Wetzel ) ( NNP Jr. ) ) ( NP ( NP ( NAC ( DT a ) ( NNP University ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP Hampshire ) ) ) ) ( NN management ) ( NN professor ) ) ( CC and ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NNP Venture ) ( NNP Capital ) ( NNP Network ) ( NNP Inc. ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NNS gyrations ) ) ( VP ( MD will ) ( VP ( VB underline ) ( NP ( NP ( NP ( DT the ) ( NNS investors ) ( POS ' ) ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NP ( NN control ) ) ( PP-LOC ( IN in ) ( NP ( JJ big ) ( NN stock ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ) )

And William E. Wetzel Jr. a University of New Hampshire management professor and director of Venture Capital Network Inc. says the market 's gyrations will underline the investors ' lack of control in big stock investments


( S-1 ( NP-SBJ ( DT This ) ) ( VP ( MD will ) ( VP ( VB add ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN appeal ) ) ( PP ( IN of ) ( NP ( NP ( JJ small ) ( NN business ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNS investors ) ) ( ADVP ( RB often ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( NN degree ) ) ( PP ( IN of ) ( NP ( NN influence ) ) ) ) ) ) ) ) ) ) ) ) ) )

This will add to the appeal of small business he says where investors often have a degree of influence


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN seat ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( CD 390,000 ) ) ) ( ADVP ( RB down ) ( NP ( CD 5,000 ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ previous ) ( NN sale ) ) ( NP-TMP ( JJ last ) ( NNP Tuesday ) ) ) ) ) ) )

A seat on the Chicago Board of Trade was sold for 390,000 down 5,000 from the previous sale last Tuesday


( S ( NP-SBJ-1 ( NNS Seats ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP are ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 353,500 ) ) ( VP ( NN bid ) ) ) ( NP ( NP ( CD 405,000 ) ) ( VP ( VBN asked ) ) ) ) ) ) ) )

Seats currently are quoted at 353,500 bid 405,000 asked


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN record ) ( NN price ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ full ) ( NN membership ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN exchange ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 550,000 ) ) ( S-ADV ( VP ( VBN set ) ( NP-TMP ( NP ( NNP Aug. ) ( CD 31 ) ) ( NP ( CD 1987 ) ) ) ) ) ) )

The record price for a full membership on the exchange is 550,000 set Aug. 31 1987


( S ( NP-SBJ-1 ( DT An ) ( NN associate ) ( NN member ) ( NN seat ) ) ( VP ( VBD was ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( CD 228,000 ) ) ) ( ADVP ( IN up ) ( NP ( CD 8,000 ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ previous ) ( NN sale ) ) ( NP-TMP ( NNP Oct. ) ( CD 4 ) ) ) ) ) ) )

An associate member seat was sold for 228,000 up 8,000 from the previous sale Oct. 4


( S ( NP-SBJ-1 ( JJ Associate ) ( NN member ) ( NNS seats ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP are ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 225,000 ) ) ( VP ( NN bid ) ) ) ( NP ( NP ( CD 256,000 ) ) ( VP ( VBN asked ) ) ) ) ) ) ) )

Associate member seats currently are quoted at 225,000 bid 256,000 asked


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN record ) ( NN price ) ) ( PP ( IN for ) ( NP ( JJ associate ) ( NN membership ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 275,000 ) ) ( S-ADV ( VP ( VBN set ) ( NP-TMP ( NNP Aug. ) ( CD 30 ) ( CD 1988 ) ) ) ) ) )

The record price for associate membership is 275,000 set Aug. 30 1988


( S ( NP-SBJ ( NNP CAE ) ( NNPS Industries ) ( NNP Ltd. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP$ its ) ( NN Link ) ( NN Flight ) ( NN Simulation ) ( NN division ) ) ( VP ( VBD was ) ( VP ( VBN awarded ) ( NP ( NP ( DT a ) ( NN contract ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP U.S. ) ( NNP Army ) ) ) ( PP-1 ( IN for ) ( NP ( NP ( CD two ) ( NN helicopter ) ( NNS simulators ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 37 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 31.5 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

CAE Industries Ltd. said its Link Flight Simulation division was awarded a contract by the U.S. Army for two helicopter simulators which the company valued at as much as 37 million Canadian dollars 31.5 million


( S ( NP-SBJ ( NNP CAE ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( VBN fixed ) ( NN price ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN AH-64 ) ( NNP Apache ) ( NN combat ) ( NN mission ) ( NNS simulators ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( CD 19 ) ( CD million ) ) ) ) ) ) ) )

CAE said the fixed price for the first of the AH-64 Apache combat mission simulators is 19 million


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( NN delivery ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( CD 1991 ) ) ) ) ) )

It is scheduled for delivery in late 1991


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN price ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ second ) ( NN simulator ) ) ) ) ( VP ( VBZ ranges ) ( PP ( IN between ) ( NP ( NP ( QP ( CD 16.4 ) ( CD million ) ) ) ( CC and ) ( NP ( QP ( CD 18 ) ( CD million ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP CAE ) ) ( VP ( VBD said ) ) ) ) ( S-ADV ( VP ( VBG depending ) ( PP-CLR ( IN on ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP Army ) ) ( VP ( VBZ exercises ) ( NP ( PRP$ its ) ( NN option ) ) ) ) ) ) ) ) ) )

The price of the second simulator ranges between 16.4 million and 18 million CAE said depending on when the Army exercises its option


( S ( NP-SBJ ( NNP CAE ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ Toronto-based ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( JJ commercial ) ( CC and ) ( JJ military ) ( NN aircraft ) ( NNS simulators ) ) ( CC and ) ( NP ( NN training ) ( NN equipment ) ) ) ) ) ) )

CAE is a Toronto-based maker of commercial and military aircraft simulators and training equipment


( S ( NP-LOC ( NNP CHICAGO ) ) ( NP-SBJ ( NP ( NNS Options ) ( NNS traders ) ) ) ( VP ( VBD were ) ( PP-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJ big ) ( NNS victims ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( VBG plunging ) ( NN stock ) ( NN market ) ) ) ) ) ( PP-1 ( VBG including ) ( NP ( NP ( CD one ) ( JJ small ) ( NN firm ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD required ) ( NP ( DT an ) ( NN emergency ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( NN bailout ) ) ) ) ) ) ) ) )

CHICAGO Options traders were among the big victims of Friday 's plunging stock market including one small firm that required an emergency 50 million bailout


( S ( S-TPC-2 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( NNP Monday ) ( POS 's ) ) ( VBG rebounding ) ( NNS markets ) ) ( VP ( VBD helped ) ( S ( NP-SBJ ( JJ other ) ( NNS investors ) ) ( VP ( VB recoup ) ( NP ( NNS losses ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NP ( JJ many ) ( NX ( NX ( NNS options ) ( NNS customers ) ) ( CC and ) ( NX ( JJ professional ) ( NNS traders ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NN stock-index ) ( NNS options ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS options ) ) ( PP ( IN on ) ( NP ( NN takeover ) ( NNS stocks ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN left ) ( PP-CLR ( IN with ) ( NP ( JJ multimillion-dollar ) ( NNS losses ) ) ) ) ) ) ( NP-SBJ ( NP ( NNS traders ) ) ( UCP-LOC ( ADVP ( RB here ) ) ( CC and ) ( PP ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( VP ( VBD said ) ) )

While Monday 's rebounding markets helped other investors recoup losses many options customers and professional traders in stock-index options and the options on takeover stocks were left with multimillion-dollar losses traders here and in New York said


( S ( NP-SBJ-1 ( NNS Options ) ( NNS traders ) ) ( VP ( VBD were ) ( VP ( VBN hurt ) ( ADVP-MNR ( ADVP ( RBR worse ) ) ( PP ( IN than ) ( NP ( NNS others ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB highly ) ( JJ volatile ) ) ( NN nature ) ) ( PP ( IN of ) ( NP ( NP ( NNS options ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( ADVP-TMP ( RB often ) ) ( VP ( VBP rise ) ( CC or ) ( VBP fall ) ( PP ( IN in ) ( NP ( NN value ) ) ) ( NP ( NP ( NP-ADV ( JJ several ) ( NNS times ) ) ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN price ) ( NN change ) ) ( PP ( IN in ) ( NP ( NP ( NP ( DT the ) ( JJ individual ) ( NN stock ) ) ( CC or ) ( NP ( NP ( NN index ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ( SBAR ( WHPP-4 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN based ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Options traders were hurt worse than others on Friday because of the highly volatile nature of options which often rise or fall in value several times the amount of the price change in the individual stock or index of stocks on which they are based


( S ( ADVP ( RB Thus ) ) ( NP-SBJ-1 ( NNS options ) ( NNS traders ) ) ( NP-TMP ( NNP Friday ) ) ( VP ( VBD were ) ( VP ( VBN stuck ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS losses ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( NP-SBJ ( JJ several ) ( NNS times ) ) ( JJR larger ) ) ( PP ( IN than ) ( NP ( NP ( DT those ) ) ( VP ( VBN suffered ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ many ) ( NN stock ) ( NNS traders ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Thus options traders Friday were stuck with losses that also were several times larger than those suffered by many stock traders in New York


( S ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP Miller ) ) ( PP ( IN of ) ( NP ( NNP Miller ) ( NNP Tabak ) ( NNP Hirsch ) ( CC & ) ( NNP Co. ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( VBN given ) ( NP ( NP ( DT the ) ( JJ high ) ( NN degree ) ) ( PP ( IN of ) ( NP ( NP ( NN leverage ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS options ) ( NN market ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( RB easy ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ-1 ( DT these ) ( NNS guys ) ) ( VP ( TO to ) ( VP ( VB get ) ( VP ( VBN wiped ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) ) ) )

Jeffrey Miller of Miller Tabak Hirsch & Co. said that given the high degree of leverage in the options market it is very easy for these guys to get wiped out


( S ( NP-SBJ ( DT That ) ) ( VP ( MD may ) ( ADVP ( RB just ) ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN nature ) ) ( PP ( IN of ) ( NP ( DT these ) ( ADJP ( RB highly ) ( JJ leveraged ) ) ( JJ little ) ( NNS creatures ) ) ) ) ) ) )

That may just be the nature of these highly leveraged little creatures


( S ( NP-SBJ ( DT An ) ( NNS options ) ( NN contract ) ) ( VP ( VBZ gives ) ( NP ( DT the ) ( NN holder ) ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( PRN ( VB call ) ) ( CC or ) ( VB sell ) ( PRN ( VB put ) ) ( NP ( NP ( NP ( NP ( DT a ) ( JJ specific ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ( CC or ) ( PRN ( PP ( IN in ) ( NP ( DT this ) ( NN case ) ) ) ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN stock ) ( NN index ) ) ) ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( VBN predetermined ) ( NN price ) ) ) ) ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( VBN given ) ( NN time ) ( NN period ) ) ) ) ) ) ) ) )

An options contract gives the holder the right to buy call or sell put a specific amount of stock or in this case the value of a stock index based on a predetermined price within a given time period


( S ( NP-SBJ-1 ( NP ( NNS Options ) ( NNS traders ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( PP ( IN in ) ( NP ( NP ( NN return ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ small ) ( NN fee ) ) ( CC or ) ( NP ( NN premium ) ) ) ) ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN sold ) ( NP ( JJ put ) ( NNS options ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS stocks ) ) ( CC or ) ( NP ( NN stock ) ( NNS indexes ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN forced ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT those ) ( NNS contracts ) ) ( PRT ( RP back ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( ADJP ( RB previously ) ( VBN agreed ) ) ( NNS prices ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD were ) ( PP-PRD ( ADVP ( RB substantially ) ) ( IN above ) ( NP ( NP ( DT those ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG falling ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Options traders who in return for a small fee or premium had previously sold put options on stocks or stock indexes were forced on Friday to buy those contracts back at the previously agreed prices which were substantially above those in the market as it was falling


( S ( NP-SBJ-1 ( PRP They ) ) ( ADVP ( RB then ) ) ( VP ( VBD had ) ( NP ( DT no ) ( NN choice ) ) ( PP ( IN in ) ( NP ( JJ many ) ( NNS cases ) ) ) ( X ( CC but ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NNS contracts ) ) ( PP-CLR ( IN at ) ( NP ( VBG prevailing ) ( NNS prices ) ) ) ( PRN ( PP ( IN in ) ( NP ( JJS most ) ( NNS cases ) ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ substantial ) ( NN loss ) ) ) ) ) ) ) ) ) )

They then had no choice in many cases but to sell the contracts at prevailing prices in most cases at a substantial loss


( S ( NP-SBJ-2 ( NP ( DT The ) ( JJS latest ) ( NN round ) ) ( PP ( IN of ) ( NP ( NNS losses ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ serious ) ( NN blow ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ( NNPS Options ) ( NNP Exchange ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( ADVP-TMP ( RB never ) ) ( VP ( ADVP-MNR ( RB fully ) ) ( VBN recovered ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN aftershock ) ) ( PP ( IN of ) ( NP ( NP ( NNP Black ) ( NNP Monday ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD fled ) ( NP ( DT the ) ( NN market ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ huge ) ( NNS losses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The latest round of losses is likely to be a serious blow to the Chicago Board Options Exchange which has never fully recovered from the aftershock of Black Monday when investors fled the market because of huge losses


( SINV ( VP-TPC-1 ( VBG Making ) ( S ( NP-SBJ ( NNS matters ) ) ( ADJP-PRD ( RBR worse ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-TMP ( JJ late ) ( NNP Friday ) ( NN afternoon ) ) ( NP-SBJ ( DT the ) ( NNP CBOE ) ) ( VP ( VBD halted ) ( NP ( NN stock-index ) ( NNS options ) ( NN trading ) ) ( PP-PRP ( IN in ) ( NP ( NP ( NN step ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ( POS 's ) ) ( NN halt ) ) ( PP-LOC ( IN in ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ) ) ) ) ) ) ) ) )

Making matters worse was the fact that late Friday afternoon the CBOE halted stock-index options trading in step with the Chicago Mercantile Exchange 's halt in stock-index futures


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNP Merc ) ) ( VP ( VBD reopened ) ( ADVP-TMP ( NP ( DT a ) ( NN half ) ( NN hour ) ) ( RB later ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP CBOE ) ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ closed ) ) ( S-ADV ( VP ( VBG leaving ) ( S ( NP-SBJ-2 ( JJ many ) ( NNS options ) ( NNS traders ) ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( NNS trades ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN reduced ) ( NP ( DT the ) ( NNS losses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But while the Merc reopened a half hour later the CBOE remained closed leaving many options traders unable to make trades that might have reduced the losses


( S ( NP-SBJ ( NNP CBOE ) ( NNP Chairman ) ( NNP Alger ) ( NNP Duke ) ( NN Chapman ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN unlike ) ( NP ( DT the ) ( NNS futures ) ( NN market ) ) ) ( NP-SBJ-2 ( DT the ) ( NNS options ) ( NN exchange ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB open ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN rotation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ allows ) ( S ( NP-SBJ ( DT each ) ( JJ different ) ( NNS options ) ( NN series ) ) ( VP ( TO to ) ( VP ( NN trade ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

CBOE Chairman Alger Duke Chapman said that unlike the futures market the options exchange has to open in a rotation that allows each different options series to trade


( S ( S ( NP-SBJ ( NN Exchange ) ( NNS officials ) ) ( VP ( VBD reasoned ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ such ) ( DT a ) ( NN rotation ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN time ) ) ( VP ( VBG remaining ) ( NP-TMP ( NNP Friday ) ( NN afternoon ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( SBAR-ADV ( IN with ) ( S ( NP-SBJ ( DT the ) ( NN stock-index ) ( NNS futures ) ) ( PP-PRD ( IN on ) ( NP ( NP ( DT the ) ( NN verge ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG closing ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ second ) ( CC and ) ( JJ final ) ( NN time ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNP CBOE ) ) ( VP ( VBD reasoned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ its ) ( JJS best ) ( NN course ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( JJ closed ) ) ) ) ) ) ) ) ) ) )

Exchange officials reasoned that they would n't have been able to make such a rotation with the time remaining Friday afternoon and with the stock-index futures on the verge of closing for a second and final time the CBOE reasoned that its best course was to remain closed


( S ( NP-SBJ ( DT The ) ( NN damage ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ bad ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Fossett ) ( NNP Corp. ) ) ( NP ( NP ( DT an ) ( NNS options ) ( NN trading ) ( NN firm ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB transfer ) ( NP ( PRP$ its ) ( NNS accounts ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP First ) ( NNPS Options ) ) ( PP ( IN of ) ( NP ( NNP Chicago ) ) ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Continental ) ( NNP Bank ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NNS options ) ( NN trading ) ( NNS losses ) ) ) ) ) ) ) ) ) ) )

The damage was so bad at Fossett Corp. an options trading firm here that it was forced to transfer its accounts to First Options of Chicago a unit of Continental Bank Corp. as a result of options trading losses


( S ( NP-SBJ ( NNP Fosset ) ) ( ADVP ( RB so ) ( RB far ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN member ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ financial ) ( NN exchange ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN taken ) ( PRT ( RP over ) ) ( PP ( IN by ) ( NP-LGS ( DT another ) ( NN firm ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN rout ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fosset so far is the only member of a financial exchange to be forced to be taken over by another firm as a result of Friday 's rout


( S ( S-TPC-1 ( NP-SBJ ( NNP Fossett ) ) ( ADVP ( RB still ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( QP ( JJ several ) ( CD million ) ) ( NNS dollars ) ) ( PP ( IN in ) ( NP ( NN capital ) ) ) ) ( VP ( VBN left ) ( PP-TMP ( IN after ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ( PRN ( CC but ) ( ADJP ( RB not ) ( RB enough ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS regulators ) ) ( VP ( VBN worried ) ( PP-CLR ( IN about ) ( NP ( DT another ) ( JJ potential ) ( NN market ) ( NN plunge ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ( VP ( MD would ) ( VP ( VB let ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB reopen ) ( PP-PRP ( IN for ) ( NP ( NN trading ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS options ) ( NN exchange ) ( NNS officials ) ) ( VP ( VBD said ) ) )

Fossett still had several million dollars in capital left after Friday 's close of trading but not enough that regulators worried about another potential market plunge yesterday would let it reopen for trading options exchange officials said


( S ( ADVP ( RB Thus ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( JJ unprecedented ) ( NN arrangement ) ) ( VP ( VBG underscoring ) ( NP ( NP ( DT the ) ( NN seriousness ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transfer ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NNP CBOE ) ) ( NP ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNPS Options ) ( NNP Clearing ) ( NNP Corp. ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN owner ) ) ( NP ( NNP Stephen ) ( NNP Fossett ) ) ) ) ) ( VP ( VBN put ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( CD 50 ) ( CD million ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB guarantee ) ( NP ( NP ( DT the ) ( NN customer ) ( NNS positions ) ) ( VP ( VBG being ) ( VP ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN bank ) ( VBG holding ) ( NN company ) ( NN subsidiary ) ) ) ) ) ) ( SBAR-PRP ( IN in ) ( NN case ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD plunged ) ( ADVP ( RB again ) ) ( NP-TMP ( RB yesterday ) ) ) ) ) ) ) ) ) )

Thus in an unprecedented arrangement underscoring the seriousness of the transfer the CBOE the American Stock Exchange and the Options Clearing Corp. as well as the firm 's owner Stephen Fossett put up a total of 50 million to guarantee the customer positions being transferred to the bank holding company subsidiary in case the market plunged again yesterday


( S ( NP-SBJ ( NP ( NNP S. ) ( NNP Waite ) ( NNP Rawls ) ( NNP III ) ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NNP Continental ) ( NNP Bank ) ) ( NP ( NP ( NNP First ) ( NNP Options ) ( POS ' ) ) ( NN parent ) ( NN company ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBD took ) ( PRT ( RP on ) ) ( NP ( NP ( QP ( IN about ) ( CD 160 ) ) ( NNS accounts ) ) ( VP ( ADVP-TMP ( RB formerly ) ) ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NNP Fossett ) ) ) ) ) ( S-ADV ( NP-SBJ ( NP ( RB almost ) ( DT all ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBG belonging ) ( PP-CLR ( TO to ) ( NP ( JJ professional ) ( NN floor ) ( NNS traders ) ) ) ) ) ) ) ) ) )

S. Waite Rawls III vice chairman of Continental Bank First Options ' parent company said the firm took on about 160 accounts formerly held by Fossett almost all of them belonging to professional floor traders


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Steve ) ) ( CC and ) ( NP ( PRP$ his ) ( NN firm ) ) ) ( VP ( VBD were ) ( ADVP ( RB still ) ) ( PP-PRD ( JJ worth ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rawls ) ) ( VP ( VBD said ) ) )

Steve and his firm were still worth a lot of money Mr. Rawls said


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN package ) ) ( PP ( IN of ) ( NP ( NN credit ) ( NN support ) ) ) ) ( VP ( VBD was ) ( VP ( VBN put ) ( PRT ( RP together ) ) ( PP-2 ( VBG including ) ( NP ( NP ( DT the ) ( NNS assets ) ) ( PP ( IN of ) ( NP ( NP ( NNP Steve ) ) ( CC and ) ( NP ( PRP$ his ) ( NN firm ) ) ) ) ) ) ) ) )

A package of credit support was put together including the assets of Steve and his firm


( S ( NP-SBJ-1 ( DT The ) ( NN bailout ) ) ( VP ( VBD was ) ( VP ( VBN cobbled ) ( PRT ( RP together ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS officials ) ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ) ( NP ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ( NP ( NP ( NNP Comptroller ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Currency ) ) ) ) ( CC and ) ( NP ( NNP Treasury ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( DT the ) ( NNS options ) ( NNS exchanges ) ) ) ) ) ) ) ) )

The bailout was cobbled together over the weekend with officials from the Federal Reserve Board Securities and Exchange Commission Comptroller of the Currency and Treasury as well as the options exchanges


( S ( S-TPC-1 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ great ) ) ( S-3 ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NN luxury ) ) ( PP ( IN of ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rawls ) ) ( VP ( VBD said ) ) )

It was great to have the luxury of time Mr. Rawls said


( S ( PP-TMP ( IN At ) ( NP ( CD one ) ( NN point ) ) ) ( NP-SBJ-1 ( DT an ) ( NNS options ) ( NN industry ) ( NN official ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB talk ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NP ( NNP Chicago ) ( POS 's ) ) ( NN night ) ( NN watchman ) ) ) ) ( PP-CLR ( IN into ) ( S-NOM ( VP ( VBG giving ) ( NP ( PRP him ) ) ( NP ( NP ( DT the ) ( NN home ) ( NN phone ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNP Silas ) ( NNP Keene ) ) ( NP ( NNP Chicago ) ( NNP Fed ) ( NN president ) ) ) ) ) ) ) ) ) ) ) ) )

At one point an options industry official had to talk the Federal Reserve Bank of Chicago 's night watchman into giving him the home phone number of Silas Keene Chicago Fed president


( S ( NP-SBJ-1 ( NNP First ) ( NNP Options ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( DT any ) ( NN money ) ) ( PP-PUT ( IN into ) ( NP ( DT the ) ( NN bailout ) ) ) ) ) ) ) ) )

First Options did n't have to put any money into the bailout


( S ( NP-SBJ ( NP ( NP ( NN Yesterday ) ( POS 's ) ) ( NN rally ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NNS futures ) ( CC and ) ( NNS options ) ( NNS markets ) ) ) ) ( VP ( VBD led ) ( S ( NP-SBJ ( NNP CBOE ) ( CC and ) ( NNP Amex ) ( NNS officials ) ) ( VP ( TO to ) ( VP ( VB conclude ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( QP ( CD 50 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS guarantees ) ) ) ) ( ADVP ( RB almost ) ( RB certainly ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN tapped ) ( PP ( IN by ) ( NP-LGS ( NNP First ) ( NNPS Options ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday 's rally in the stock futures and options markets led CBOE and Amex officials to conclude that the 50 million in guarantees almost certainly wo n't need to be tapped by First Options


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Fossett ) ( NN firm ) ) ( VP ( VBD had ) ( NP ( DT some ) ( NX ( NX ( NNS losses ) ) ( CC and ) ( NX ( NN liquidity ) ( NNS problems ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP October ) ( CD 1987 ) ( NN crash ) ) ) ( ADVP ( IN as ) ( RB well ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Rawls ) ) ( VP ( VBD said ) ) )

The Fossett firm had some losses and liquidity problems during the October 1987 crash as well Mr. Rawls said


( S ( NP-SBJ ( DT A ) ( JJ federal ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Continental ) ( NNP Bank ) ) ( VP ( VBD worked ) ( PP-CLR ( IN with ) ( NP ( NNS securities ) ( CC and ) ( NN banking ) ( NNS regulators ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fashion ) ( NP ( DT the ) ( NNP Fossett ) ( NN bailout ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS conditions ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN dictated ) ( PP ( IN by ) ( NP-LGS ( DT those ) ( NNS agencies ) ) ) ) ) ) ) ) ) )

A federal official said that Continental Bank worked with securities and banking regulators over the weekend to fashion the Fossett bailout but that conditions were n't dictated by those agencies


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( PRP$ their ) ( NN business ) ( NN decision ) ) ) ) ( NP-SBJ ( DT the ) ( NN official ) ) ( VP ( VBD said ) ) )

It was their business decision the official said


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNPS Options ) ( NNP Clearing ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ processes ) ( NP ( DT all ) ( NNS options ) ( NNS trades ) ) ( PP ( IN for ) ( NP ( NNP U.S. ) ( NNS exchanges ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( NN guarantee ) ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( JJ unprecedented ) ) ) ( CC but ) ( VP ( VBD was ) ( ADJP-PRD ( JJ necessary ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB insure ) ( NP ( NP ( DT the ) ( NN integrity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS options ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Officials at Options Clearing Corp. which processes all options trades for U.S. exchanges said that the 50 million guarantee was unprecedented but was necessary to help insure the integrity of the options markets


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( JJ extraordinary ) ( NN situation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD needed ) ( NP ( JJ extraordinary ) ( NNS steps ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Paul ) ( NNP Stevens ) ) ( NP ( NNP OCC ) ( NX ( NX ( NN president ) ) ( CC and ) ( NX ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ) ) )

It was an extraordinary situation that needed extraordinary steps said Paul Stevens OCC president and chief operating officer


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Stevens ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( DT the ) ( JJ specific ) ( NNS contributions ) ) ( PP ( TO to ) ( NP ( DT the ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( NN guarantee ) ) ) ( PP ( IN from ) ( NP ( DT each ) ( NN participant ) ) ) ) ) ) ) ) )

Mr. Stevens declined to give the specific contributions to the 50 million guarantee from each participant


( S ( CC But ) ( NP-SBJ ( NNP CBOE ) ( CC and ) ( NNP Amex ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NNPS Options ) ( NNP Clearing ) ( NNP Corp. ) ) ( VP ( VBD contributed ) ( NP ( QP ( CD 20 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN guarantee ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP CBOE ) ) ( VP ( VBD put ) ( PRT ( RP up ) ) ( NP ( QP ( CD 8 ) ( CD million ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Amex ) ) ( VP ( VBD added ) ( NP ( QP ( CD 4 ) ( CD million ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( QP ( CD 18 ) ( CD million ) ) ) ( VP ( VBD came ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Mr. ) ( NNP Fossett ) ( POS 's ) ) ( JJ own ) ( NNS assets ) ) ) ) ) ) ) ) )

But CBOE and Amex officials said that Options Clearing Corp. contributed 20 million to the guarantee the CBOE put up 8 million the Amex added 4 million and 18 million came from Mr. Fossett 's own assets


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Fossett ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( S-PRP ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ) )

Mr. Fossett could n't be reached to comment


( S ( NP-SBJ ( NNP Reynolds ) ( NNPS Metals ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( RB nearly ) ( CD 10 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 123.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.10 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 137.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.56 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) )

Reynolds Metals Co. said third-quarter net income dropped nearly 10 % to 123.7 million or 2.10 a share from 137.2 million or 2.56 a share a year earlier


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NNS earnings ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 5.5 ) ( CD million ) ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) )

The latest earnings reflect an increase of about 5.5 million in common shares outstanding


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.52 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.48 ) ( CD billion ) ) ) ) ) )

Revenue rose 3 % to 1.52 billion from 1.48 billion


( S ( NP-SBJ ( NNP Reynolds ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ ( DT the ) ( JJ third ) ( JJ big ) ( NN aluminum ) ( NN company ) ) ( PP-TMP ( IN since ) ( NP ( NNP Friday ) ) ) ( VP ( TO to ) ( VP ( VB report ) ( NP ( JJ disappointing ) ( NNS earnings ) ) ) ) ) ) )

Reynolds is the third big aluminum company since Friday to report disappointing earnings


( S ( NP-SBJ ( NP ( DT The ) ( NN No. ) ( CD 1 ) ( JJ domestic ) ( NN aluminum ) ( NN producer ) ) ( NP ( NP ( NNP Aluminum ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNS earnings ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 3.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 219 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.46 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

The No. 1 domestic aluminum producer Aluminum Co. of America Friday said its earnings fell 3.2 % to 219 million or 2.46 a share


( S ( CC And ) ( NP-SBJ ( NNP Alcan ) ( NNP Aluminium ) ( NNP Ltd. ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 30 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 180 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 77 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 258 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.07 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

And Alcan Aluminium Ltd. yesterday reported net income slid 30 % to 180 million or 77 cents a share from 258 million or 1.07 a share


( S ( NP-SBJ ( NNS Analysts ) ) ( PP ( IN on ) ( NP ( NN average ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG expecting ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 2.70 ) ) ) ( PP ( IN for ) ( NP ( NNP Alcoa ) ) ) ) ( CC and ) ( NP ( NP ( CD 1 ) ) ( PP ( IN for ) ( NP ( NNP Alcan ) ) ) ) ) ) ) ) )

Analysts on average had been expecting about 2.70 for Alcoa and 1 for Alcan


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ good ) ( NN indication ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NN level ) ) ( PP ( IN of ) ( NP ( NN profitability ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN peaked ) ( PP ( IN for ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Vahid ) ( NNP Fathi ) ) ( NP ( NP ( NNS metals ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Prescott ) ( NNP Ball ) ( CC & ) ( NNP Turben ) ( NNP Inc. ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN estimated ) ( SBAR ( S ( NP-SBJ ( NNP Reynolds ) ) ( VP ( MD would ) ( VP ( VB earn ) ( NP ( NP ( QP ( IN about ) ( CD 2.35 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) )

It 's a good indication that level of profitability has peaked for the industry says Vahid Fathi metals analyst with Prescott Ball & Turben Inc. who had estimated Reynolds would earn about 2.35 a share


( S ( NP-SBJ ( NP ( DT The ) ( NN nation ) ( POS 's ) ) ( NN No. ) ( CD 2 ) ( NN aluminum ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNS earnings ) ) ( VP ( VBD were ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR lower ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NP ( JJ certain ) ( VBN fabricated ) ( NN aluminum ) ( NNS products ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( ADVP ( RB typically ) ) ( VP ( VBP follow ) ( NP ( NP ( NN price ) ( NNS fluctuations ) ) ( PP ( IN of ) ( NP ( JJ primary ) ( NNS ingots ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The nation 's No. 2 aluminum company said earnings were hurt by lower prices for certain fabricated aluminum products which typically follow price fluctuations of primary ingots


( S ( NP-SBJ ( DT The ) ( JJ base ) ( NN metal ) ( NN price ) ) ( VP ( VBZ has ) ( VP ( VBN dropped ) ( NP-EXT ( CD 30.3 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 78 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ) ) )

The base metal price has dropped 30.3 % from a year earlier to 78 cents a pound


( S ( S ( NP-SBJ-1 ( NP ( RB Much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN price ) ( NN decline ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN blamed ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( VBG slowing ) ( NN economy ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ third ) ( NN quarter ) ) ( VP ( VBZ is ) ( ADVP ( RB typically ) ) ( NP-PRD ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( JJS slowest ) ( NN period ) ) ) ) )

Much of the price decline has been blamed on a slowing economy and the third quarter is typically the industry 's slowest period


( S ( CC But ) ( NP-SBJ ( NP ( NNP William ) ( NNP O. ) ( NNP Bourke ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN ingot ) ( NN price ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN bottomed ) ( PRT ( RB out ) ) ) ) ) ) ) ) ) ) )

But William O. Bourke chairman and chief executive officer said the ingot price appears to have bottomed out


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( NNS shipments ) ) ( VP ( VBP are ) ( VP ( VBG continuing ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( JJ healthy ) ( NN pace ) ) ) ) ) ) ) ( CC and ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( NP ( DT no ) ( JJ excess ) ( NN inventory ) ) ) ) ) ) ) )

He said shipments are continuing at a healthy pace and the company has no excess inventory


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Aluminum ) ( NNS shipments ) ) ( PP ( IN of ) ( NP ( CD 329,600 ) ( JJ metric ) ( NNS tons ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB nearly ) ( JJ equal ) ( PP ( TO to ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Aluminum shipments of 329,600 metric tons were nearly equal to the year-earlier period the company said


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ( NP-SBJ ( RB there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( VBN increased ) ( NN material ) ( CC and ) ( NN labor ) ( NNS costs ) ) ( PP ( VBG including ) ( NP ( DT a ) ( JJ new ) ( NN employee ) ( NN profit-sharing ) ( NN plan ) ) ) ) ) ) ) ) )

Nevertheless the company said that in the latest quarter there were increased material and labor costs including a new employee profit-sharing plan


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP Reynolds ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 55.375 ) ) ) ( ADVP ( RB up ) ( NP ( CD 1.25 ) ) ) ) )

In composite trading on the New York Stock Exchange Reynolds closed at 55.375 up 1.25


( S ( NP-SBJ ( NP ( NNP Bay ) ( NNP Financial ) ( NNP Corp. ) ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ high ) ( NNS debts ) ) ( CC and ) ( NP ( VBG deteriorating ) ( JJ real ) ( NN estate ) ( NNS investments ) ) ) ) ) ) ( VP ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJR wider ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB seek ) ( NP ( DT a ) ( NN bankruptcy-court ) ( NN reorganization ) ) ) ) ) ( SBAR-SBJ ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB renegotiate ) ( NP ( PRP$ its ) ( NNS borrowings ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bay Financial Corp. hurt by high debts and deteriorating real estate investments reported a wider loss for the fourth quarter and said it might be forced to seek a bankruptcy-court reorganization if it ca n't renegotiate its borrowings


( S ( NP-SBJ ( NNP Bay ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( JJ substantial ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN debt ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NN default ) ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( NN inability ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( JJ certain ) ( NNS properties ) ) ( ADVP-MNR ( RB quickly ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ lower-than-expected ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NP ( NNS sales ) ) ( VP ( VBN made ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bay said a substantial part of its debt outstanding is in default as a result of inability to sell certain properties quickly and lower-than-expected prices for sales made


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ real ) ( NN estate ) ( NN portfolio ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB highly ) ( JJ leveraged ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( QP ( IN about ) ( NNS two-thirds ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS investments ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ income-producing ) ) ) ) ) ) ) ) ) )

The company said its real estate portfolio is highly leveraged while about two-thirds of its investments are n't income-producing


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG coming ) ( PRT ( RP up ) ) ( ADVP-MNR ( RB short ) ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ big ) ( NN bet ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ quick ) ( NNS sales ) ) ( PP ( IN at ) ( NP ( JJR higher ) ( NNS prices ) ) ) ) ( VP ( MD would ) ( VP ( VB enable ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB keep ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NN mortgage ) ( CC and ) ( JJ other ) ( NN debt ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Thus it is coming up short on a big bet that quick sales at higher prices would enable it to keep up with mortgage and other debt payments


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( PRP$ its ) ( JJS latest ) ( JJ annual ) ( NN report ) ) ) ) ( NP-SBJ ( NP ( QP ( IN about ) ( DT a ) ( NN quarter ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS holdings ) ) ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP Massachusetts ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN midst ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN real-estate ) ( NN slump ) ) ) ) ) ) )

According to its latest annual report about a quarter of the company 's holdings are in Massachusetts in the midst of a real-estate slump


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP June ) ( CD 30 ) ) ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 36.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 9.33 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 13.1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

The company said it had a net loss in its fourth quarter ended June 30 of 36.2 million or 9.33 a share on revenue of 13.1 million


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB earlier ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 10.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 3.04 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 10.8 ) ( CD million ) ) ) ) ) ) ) ) )

A year earlier the company had a loss of 10.8 million or 3.04 a share on revenue of 10.8 million


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( NN year ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 62 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 15.97 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 44.3 ) ( CD million ) ) ) ) ) ) ) ) )

For the year it had a net loss of 62 million or 15.97 a share on revenue of 44.3 million


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ previous ) ( NN year ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 22.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 6.52 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 41.1 ) ( CD million ) ) ) ) ) ) ) ) )

In the previous year it had a loss of 22.5 million or 6.52 a share on revenue of 41.1 million


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG having ) ( NP ( JJ serious ) ( NN cash-flow ) ( NNS problems ) ) ) ) ) ) ( NP-SBJ ( NNP Bay ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT the ) ( JJ fair-market ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS holdings ) ) ) ) ( CC minus ) ( NP ( NN debt ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( CD 6.02 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NNP June ) ( CD 30 ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( DT a ) ( JJ recent ) ( NN appraisal ) ) ) ) ) ) ) ) )

Although it is having serious cash-flow problems Bay said the fair-market value of its holdings minus debt was equal to 6.02 a share at June 30 based on a recent appraisal


( S ( NP-SBJ ( NP ( NN Book ) ( NN value ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS investments ) ) ( PP ( IN at ) ( NP ( NN cost ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ negative ) ( CD 6.69 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

Book value per share which is based on investments at cost was a negative 6.69 a share


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB earlier ) ) ( S ( NP-SBJ ( NP ( JJ fair-market ) ( NN value ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 26.02 ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN book ) ( NN value ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 9.43 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

A year earlier fair-market value per share was 26.02 and book value was 9.43 a share


( S ( ADVP-TMP ( RB Right ) ( RB away ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP notice ) ( NP ( NP ( DT the ) ( VBG following ) ( NNS things ) ) ( PP ( IN about ) ( NP ( DT a ) ( NNP Philip ) ( NNP Glass ) ( NN concert ) ) ) ) ) )

Right away you notice the following things about a Philip Glass concert


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ attracts ) ( NP ( NP ( NNS people ) ) ( PP ( PP ( IN with ) ( NP ( JJ funny ) ( NN hair ) ) ) ( PRN ( CC or ) ( PP ( IN with ) ( NP ( DT no ) ( NN hair ) ) ) ( PRN ( S ( PP-LOC ( IN in ) ( NP ( NP ( NN front ) ) ( PP ( IN of ) ( NP ( PRP me ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN girl ) ) ( PP ( IN with ) ( NP ( JJ spiked ) ( NNS locks ) ) ) ) ( VP ( VBD sat ) ( PP-LOC ( IN beside ) ( NP ( NP ( DT a ) ( NN boy ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN shaved ) ( NP ( PRP$ his ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It attracts people with funny hair or with no hair in front of me a girl with spiked locks sat beside a boy who had shaved his


( S ( SBAR-NOM-SBJ-3 ( WHNP-1 ( WP Whoever ) ) ( S ( VP ( VB constitute ) ( NP ( DT the ) ( JJ local ) ( NNP Left ) ( NNP Bank ) ) ) ) ) ( VP ( VB come ) ( PRT ( RP out ) ) ( PP-MNR ( IN in ) ( NP ( NN force ) ) ) ( S-ADV ( VP ( VBN dressed ) ( PP-MNR ( IN in ) ( ADJP ( JJ black ) ) ) ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN smattering ) ) ( PP ( IN of ) ( NP ( NP ( NNS yuppies ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( JJ cutting ) ( NN edge ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Whoever constitute the local Left Bank come out in force dressed in black along with a smattering of yuppies who want to be on the cutting edge


( S ( NP-SBJ-1 ( NP ( NNS People ) ) ( PP-LOC ( IN in ) ( NP ( NNP Glass ) ( NNS houses ) ) ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB look ) ( ADJP-PRD ( VBN stoned ) ) ) ) ) ) )

People in Glass houses tend to look stoned


( S ( S ( CC And ) ( SBAR-ADV ( IN if ) ( ADJP ( RB still ) ( JJ conscious ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN evening ) ( POS 's ) ) ( NN end ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP notice ) ( NP ( NN something ) ( RB else ) ) ) ) ( S ( NP-SBJ ( NP ( DT The ) ( NN audience ) ) ( ADJP ( PP-TMP ( IN at ) ( ADJP ( JJ first ) ) ) ( VBN entranced ) ( CC and ) ( VBN hypnotized ) ( PP ( IN by ) ( NP ( DT the ) ( NN music ) ) ) ) ) ( VP ( VBZ releases ) ( NP ( PRP$ its ) ( JJ pent-up ) ( NNS feelings ) ) ( PP ( IN in ) ( NP ( JJ collective ) ( NN gratitude ) ) ) ) ) )

And if still conscious at the evening 's end you notice something else The audience at first entranced and hypnotized by the music releases its pent-up feelings in collective gratitude


( S ( PP-TMP ( ADVP-TMP ( RB Currently ) ) ( IN in ) ( NP ( NP ( DT the ) ( NN middle ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ four-week ) ( JJ 20-city ) ( NN tour ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN solo ) ( NN pianist ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ has ) ( VP ( VBN left ) ( ADVP-LOC-CLR ( IN behind ) ) ( NP ( PRP$ his ) ( NNS synthesizers ) ( NN equipment ) ( CC and ) ( NNS collaborators ) ) ( PP ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG going ) ( NP ( PRP it ) ) ( ADVP-MNR ( RB alone ) ) ) ) ) ) ) ) ) )

Currently in the middle of a four-week 20-city tour as a solo pianist Mr. Glass has left behind his synthesizers equipment and collaborators in favor of going it alone


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBZ sits ) ( PRT ( RP down ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN piano ) ) ) ) ( CC and ) ( VP ( NNS plays ) ) ) )

He sits down at the piano and plays


And plays


( S ( CC Either ) ( S ( NP-SBJ ( NN one ) ) ( VP ( VBZ likes ) ( NP ( PRP it ) ) ) ) ( CC or ) ( S ( NP-SBJ ( NN one ) ) ( VP ( VBZ does ) ( RB n't ) ) ) )

Either one likes it or one does n't


( S ( NP-SBJ ( NP ( DT The ) ( JJ typical ) ( NNP Glass ) ( NN audience ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN composed ) ( PP-CLR ( IN of ) ( NP ( NN music ) ( NNS students ) ) ) ) ) ) ) ) ( PP ( IN than ) ( NP ( PRP$ their ) ( NNS teachers ) ) ) ) ) ) ) ) ( ADVP ( RB certainly ) ) ( VP ( VBZ does ) ) )

The typical Glass audience which is more likely to be composed of music students than their teachers certainly does


( S ( NP-SBJ ( DT The ) ( NN work ) ) ( ADVP ( RB though ) ) ( VP ( VBZ sounds ) ( PP-CLR ( IN like ) ( NP ( NP ( NNP Muzak ) ) ( PP ( IN for ) ( NP ( NNS spaceships ) ) ) ) ) ) )

The work though sounds like Muzak for spaceships


( S ( S ( NP-SBJ-2 ( NNP Philip ) ( NNP Glass ) ) ( VP ( VBZ is ) ( NP-PRD-3 ( NP ( DT the ) ( NN emperor ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=2 ( PRP$ his ) ( NN music ) ) ( NP-PRD=3 ( NP ( DT the ) ( JJ new ) ( NNS clothes ) ) ) ) ( PP-1 ( IN of ) ( NP ( DT the ) ( NN avant-garde ) ) ) )

Philip Glass is the emperor and his music the new clothes of the avant-garde


( S ( NP-SBJ ( PRP$ His ) ( NN success ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ easy ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB understand ) ) ) ) ) ) ) )

His success is easy to understand


( S ( S-ADV ( VP ( ADVP-MNR ( RB Softly ) ) ( VBG introducing ) ( CC and ) ( VBG explaining ) ( NP ( PRP$ his ) ( NNS pieces ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ looks ) ( CC and ) ( VBZ sounds ) ( PP-CLR ( PP ( JJR more ) ( IN like ) ( NP ( NP ( DT a ) ( JJ shaggy ) ( NN poet ) ) ( VP ( VBG describing ) ( NP ( PRP$ his ) ( NN work ) ) ) ) ) ( PP ( IN than ) ( NP ( NP ( DT a ) ( JJ classical ) ( NN pianist ) ) ( VP ( VBG playing ) ( NP ( DT a ) ( NN recital ) ) ) ) ) ) ) )

Softly introducing and explaining his pieces Mr. Glass looks and sounds more like a shaggy poet describing his work than a classical pianist playing a recital


( S ( NP-SBJ ( NP ( DT The ) ( NN piano ) ( NNS compositions ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN labeled ) ( ADVP-MNR ( RB variously ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ minimalist ) ( JJ Oriental ) ( JJ repetitive ) ( JJ cyclical ) ( JJ monophonic ) ( CC and ) ( JJ hypnotic ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( ADJP ( RB relentlessly ) ( JJ tonal ) ) ( PRN ( ADVP ( RB therefore ) ) ( ADJP ( JJ unthreatening ) ) ) ) ( ADJP ( ADJP ( RB unvaryingly ) ( JJ rhythmic ) ) ( PRN ( ADVP ( RB therefore ) ) ( ADJP ( JJ soporific ) ) ) ) ( CC and ) ( ADJP ( ADJP ( ADJP ( RB unflaggingly ) ( JJ harmonious ) ) ( CC but ) ( ADJP ( JJ unmelodic ) ) ) ( PRN ( ADVP ( RB therefore ) ) ( ADJP ( DT both ) ( JJ pretty ) ( CC and ) ( JJ unconventional ) ) ) ) ) ) )

The piano compositions which have been labeled variously as minimalist Oriental repetitive cyclical monophonic and hypnotic are relentlessly tonal therefore unthreatening unvaryingly rhythmic therefore soporific and unflaggingly harmonious but unmelodic therefore both pretty and unconventional


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN music ) ) ( PP ( IN for ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB hear ) ( NP ( NP ( NN something ) ) ( ADJP ( JJ different ) ) ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB work ) ( ADVP-MNR ( RB especially ) ( RB hard ) ( PP ( IN at ) ( NP ( DT the ) ( NN task ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is music for people who want to hear something different but do n't want to work especially hard at the task


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ E-Z ) ( NN listening ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ now ) ( NN generation ) ) ) ) ) )

It is E-Z listening for the now generation


( S ( NP-SBJ ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ has ) ( VP ( VBN inverted ) ( NP ( NP ( DT the ) ( JJ famous ) ( NN modernist ) ( NN dictum ) ) ( S ( NP-SBJ ( JJR less ) ) ( VP ( VBZ is ) ( NP-PRD ( JJR more ) ) ) ) ) ) ) )

Mr. Glass has inverted the famous modernist dictum less is more


( S ( NP-SBJ ( PRP$ His ) ( JJR more ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB always ) ) ( NP-PRD ( JJR less ) ) ) )

His more is always less


( S ( PP ( ADVP ( RB Far ) ) ( IN from ) ( S-NOM ( VP ( VBG being ) ( NP-PRD ( NN minimalist ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN music ) ) ( VP ( ADVP-MNR ( RB unabatingly ) ) ( VBZ torments ) ( NP ( PRP us ) ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ apparent ) ( NNS novelties ) ) ( VP ( ADVP ( RB not ) ( RB so ) ( RB cleverly ) ) ( VBN disguised ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS simplicities ) ) ( PP ( IN of ) ( NP ( NP ( CD 4\/4 ) ( NN time ) ) ( NP ( JJ octave ) ( NNS intervals ) ) ( CC and ) ( NP ( NN ragtime ) ) ( CC or ) ( NP ( NN gospel ) ( NN chord ) ( NNS progressions ) ) ) ) ) ) ) ) ) ) )

Far from being minimalist the music unabatingly torments us with apparent novelties not so cleverly disguised in the simplicities of 4\/4 time octave intervals and ragtime or gospel chord progressions


( S ( S ( CC But ) ( NP-SBJ ( DT the ) ( NN music ) ) ( VP ( VBZ has ) ( NP ( PRP$ its ) ( NN charm ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ has ) ( VP ( VBN constructed ) ( NP ( PRP$ his ) ( NN solo ) ( NN program ) ) ( PP-CLR ( IN around ) ( NP ( NP ( DT a ) ( NN move ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN simple ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( ADJP ( RB relatively ) ( JJ complex ) ) ) ) ) ) ) ) ) )

But the music has its charm and Mr. Glass has constructed his solo program around a move from the simple to the relatively complex


( S ( S ( NP-SBJ ( NP-TTL ( NN Opening ) ) ( PRN ( NP-TMP ( CD 1981 ) ) ) ( PP ( IN from ) ( NP ( NNP Glassworks ) ) ) ) ( VP ( VBZ introduces ) ( NP ( DT the ) ( NN audience ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Glass ) ( NN technique ) ) ) ) ) ( S ( S ( S-ADV ( VP ( ADVP-TMP ( RB Never ) ) ( VBG straying ) ( ADVP ( RB too ) ( RB far ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN piano ) ( POS 's ) ) ( NN center ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ works ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( CD two ) ( NNS octaves ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT either ) ( NN side ) ) ( PP ( IN of ) ( NP ( JJ middle ) ( NNP C ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ his ) ( NNS fingers ) ) ( ADVP-TMP ( RB seldom ) ) ( VP ( VBP leave ) ( NP ( DT the ) ( NNS keys ) ) ) ) ) )

Opening 1981 from Glassworks introduces the audience to the Glass technique Never straying too far from the piano 's center Mr. Glass works in the two octaves on either side of middle C and his fingers seldom leave the keys


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ recognizable ) ( JJ musical ) ( NN style ) ) ( ADVP-LOC ( RB here ) ) ( FRAG ( CC but ) ( NP ( RB not ) ( DT a ) ( JJ particular ) ( NN performance ) ( NN style ) ) ) ) )

There is a recognizable musical style here but not a particular performance style


( S ( S ( NP-SBJ ( DT The ) ( NN music ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB not ) ( RB especially ) ( JJ pianistic ) ) ) ) ( S ( ADVP ( RB indeed ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-2 ( VP ( TO to ) ( VP ( VB imagine ) ( NP ( NP ( DT a ) ( JJ bad ) ( NN performance ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )

The music is not especially pianistic indeed it 's hard to imagine a bad performance of it


( S ( NP-SBJ ( NP ( NN Nothing ) ( NN bravura ) ) ( NP ( DT no ) ( NNS arpeggios ) ) ( NP ( DT no ) ( JJ ticklish ) ( NN fingering ) ( NNS problems ) ) ) ( VP ( VBP challenge ) ( NP ( DT the ) ( NN performer ) ) ) )

Nothing bravura no arpeggios no ticklish fingering problems challenge the performer


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP hear ) ( PRN ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD may ) ( VP ( VB think ) ) ) ) ) ( NP ( JJ inner ) ( NNS voices ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( PRP they ) ) ( NP ( DT all ) ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG saying ) ( NP ( DT the ) ( JJ same ) ( NN thing ) ) ) ) ) ) ) ) )

We hear we may think inner voices but they all seem to be saying the same thing


( S ( PP ( IN With ) ( NP ( NP-TTL ( NN Planet ) ( NN News ) ) ( NP ( NP ( NN music ) ) ( VP ( VBN meant ) ( S ( VP ( TO to ) ( VP ( VB accompany ) ( NP ( NP ( NNS readings ) ) ( PP ( IN of ) ( NP ( NP ( NNP Allen ) ( NNP Ginsberg ) ( POS 's ) ) ( NX-TTL ( NNP Wichita ) ( NN Vortex ) ( NN Sutra ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ gets ) ( VP ( VBG going ) ) ) )

With Planet News music meant to accompany readings of Allen Ginsberg 's Wichita Vortex Sutra Mr. Glass gets going


( S ( NP-SBJ ( PRP$ His ) ( NNS hands ) ) ( VP ( VBP sit ) ( ADVP-MNR ( RBR farther ) ( RB apart ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN keyboard ) ) ) ) )

His hands sit farther apart on the keyboard


( S ( NP-SBJ ( JJ Seventh ) ( NNS chords ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VB feel ) ( SBAR-MNR ( IN as ) ( IN though ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD may ) ( VP ( VB break ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( PRN ( ADJP ( RB very ) ( JJ slow ) ) ) ( JJ improvisatory ) ( NN riff ) ) ) ) ) ) ) ) ) ) )

Seventh chords make you feel as though he may break into a very slow improvisatory riff


( S ( S ( NP-SBJ ( DT The ) ( NNS chords ) ) ( VP ( VBP modulate ) ) ) ( CC but ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB little ) ( JJ filigree ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ-1 ( PRP$ his ) ( NNS fingers ) ) ( VP ( VBP begin ) ( S ( VP ( TO to ) ( VP ( VB wander ) ( PP-LOC-CLR ( IN over ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS keys ) ) ) ) ) ) ) ) ) ) ) ) ) )

The chords modulate but there is little filigree even though his fingers begin to wander over more of the keys


( S ( S ( NP-SBJ ( NNS Contrasts ) ) ( VP ( ADVP ( RB predictably ) ) ( VBP accumulate ) ) ) ( S ( S ( ADVP ( RB First ) ) ( NP-SBJ ( DT the ) ( NN music ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ loud ) ) ) ) ( S ( ADVP ( RB then ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ becomes ) ( ADJP-PRD ( JJ soft ) ) ) ) ( S ( ADVP ( RB then ) ) ( PRN ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP realize ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ becomes ) ( ADJP-PRD ( JJR louder ) ) ( ADVP-TMP ( RB again ) ) ) ) ) )

Contrasts predictably accumulate First the music is loud then it becomes soft then you realize it becomes louder again


( S ( S ( NP-SBJ ( NP-TTL ( DT The ) ( JJ Fourth ) ( NN Knee ) ( NN Play ) ) ( NP ( NP ( DT an ) ( NN interlude ) ) ( PP ( IN from ) ( NP-TTL ( NP ( NNP Einstein ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN Beach ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN like ) ( NP ( DT a ) ( NN toccata ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB move ) ( PP-LOC ( RB much ) ( IN beyond ) ( NP ( NP ( PRP$ its ) ( JJ left-hand ) ( NN ground ) ) ( PP-LOC ( IN in ) ( NP-TTL ( CD Three ) ( JJ Blind ) ( NNS Mice ) ) ) ) ) ) ) ) ) ) ) )

The Fourth Knee Play an interlude from Einstein on the Beach is like a toccata but it does n't seem to move much beyond its left-hand ground in Three Blind Mice


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBZ decides ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( RB really ) ( JJ fancy ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBZ crosses ) ( NP ( PRP$ his ) ( NNS hands ) ) ) ( CC and ) ( VP ( VBZ hits ) ( NP ( DT a ) ( JJ resonant ) ( NN bass ) ( NN note ) ) ( PP-MNR ( IN with ) ( NP ( PRP$ his ) ( JJ right ) ( NN hand ) ) ) ) ) )

When Mr. Glass decides to get really fancy he crosses his hands and hits a resonant bass note with his right hand


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ does ) ( NP ( DT this ) ) ( PP-LOC ( IN in ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN solo ) ( NNS pieces ) ) ) ) ) ) )

He does this in at least three of his solo pieces


( S ( NP-SBJ ( PRP You ) ) ( VP ( MD might ) ( VP ( VB call ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( DT a ) ( NN leitmotif ) ) ( CC or ) ( NP ( DT a ) ( NN virtuoso ) ( NN accomplishment ) ) ) ) ) ) )

You might call it a leitmotif or a virtuoso accomplishment


( S ( PP-LOC ( IN In ) ( NP ( NP-TTL ( JJ Mad ) ( NN Rush ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD came ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN commission ) ( S ( VP ( TO to ) ( VP ( VB write ) ( NP ( NP ( DT a ) ( NN piece ) ) ( PP ( IN of ) ( NP ( JJ indeterminate ) ( NN length ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Glass ) ) ( VP ( ADVP-MNR ( RB charmingly ) ( CC and ) ( RB tellingly ) ) ( VBD confessed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBD was ) ( NP-PRD ( DT no ) ( NN problem ) ) ( PP ( IN for ) ( NP ( PRP me ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT an ) ( NNP A ) ) ( VP ( NNS alternates ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( NN B ) ( NN section ) ) ) ( NP-TMP ( JJ several ) ( NNS times ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NN piece ) ) ( VP ( VBZ ends ) ( ADJP-PRD ( JJ unresolved ) ) ) ) ) ) )

In Mad Rush which came from a commission to write a piece of indeterminate length Mr. Glass charmingly and tellingly confessed that this was no problem for me an A alternates with a B section several times before the piece ends unresolved


( S ( SINV ( CONJP ( RB Not ) ( RB only ) ) ( VBZ is ) ( NP-SBJ ( DT the ) ( JJ typical ) ( NNP Glasswork ) ) ( ADJP-PRD ( JJ open-ended ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( ADVP-TMP ( RB often ) ) ( ADJP-PRD ( JJ multiple ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN context ) ( PRN ( PRP s ) ) ) ) ) ) )

Not only is the typical Glasswork open-ended it is also often multiple in its context s


( S ( NP-TTL-SBJ ( JJ Mad ) ( NN Rush ) ) ( VP ( VBD began ) ( NP ( PRP$ its ) ( NN life ) ) ( PP-MNR-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN accompaniment ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( NNP Dalai ) ( NNP Lama ) ( POS 's ) ) ( JJ first ) ( JJ public ) ( NN address ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Glass ) ) ( VP ( VBD played ) ( NP ( PRP it ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN organ ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP New ) ( NNP York ) ( POS 's ) ) ( NP ( NNP Cathedral ) ) ( PP ( IN of ) ( NP ( NNP St. ) ( NNP John ) ( DT the ) ( NNP Divine ) ) ) ) ) ) ) ) ) )

Mad Rush began its life as the accompaniment to the Dalai Lama 's first public address in the U.S. when Mr. Glass played it on the organ at New York 's Cathedral of St. John the Divine


( S ( S ( ADVP-TMP ( RB Later ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN performed ) ( PP-LOC ( IN on ) ( NP ( NNP Radio ) ( NNP Bremen ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Germany ) ) ) ) ) ) ( CC and ) ( S ( ADVP ( RB then ) ) ( NP-SBJ ( NNP Lucinda ) ( NNP Childs ) ) ( VP ( VBD took ) ( NP ( PRP it ) ) ( PP-PRP ( IN for ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ her ) ( NN dance ) ( NNS pieces ) ) ) ) ) ) ) )

Later it was performed on Radio Bremen in Germany and then Lucinda Childs took it for one of her dance pieces


( S ( NP-SBJ ( DT The ) ( NN point ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT any ) ( NN piece ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-MNR ( IN as ) ( NP ( NN background ) ( NN music ) ) ) ( PP-CLR ( IN for ) ( NP ( JJ virtually ) ( NN anything ) ) ) ) ) ) ) ) ) )

The point is that any piece can be used as background music for virtually anything


( S ( NP-SBJ ( DT The ) ( NN evening ) ) ( VP ( VBD ended ) ( PP-MNR ( IN with ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Glass ) ( POS 's ) ) ( NX-TTL ( NN Metamorphosis ) ) ) ( NP ( DT another ) ( JJ multiple ) ( NN work ) ) ) ) ) )

The evening ended with Mr. Glass 's Metamorphosis another multiple work


( S ( S ( NP-SBJ-1 ( NNS Parts ) ( CD 1 ) ( CD 2 ) ( CC and ) ( CD 5 ) ) ( VP ( VBN come ) ( PP-CLR-2 ( IN from ) ( NP ( NP ( DT the ) ( NN soundtrack ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Errol ) ( NNP Morris ) ( POS 's ) ) ( JJ acclaimed ) ( NN film ) ) ( NP-TTL ( DT The ) ( JJ Thin ) ( JJ Blue ) ( NN Line ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( DT the ) ( CD two ) ( JJ other ) ( NNS parts ) ) ( PP-CLR=2 ( IN from ) ( NP ( NP ( JJ incidental ) ( NN music ) ) ( PP ( TO to ) ( NP ( NP ( CD two ) ( JJ separate ) ( NNS dramatizations ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Kafka ) ( NN story ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ same ) ( NN name ) ) ) ) ) ) ) ) ) ) )

Parts 1 2 and 5 come from the soundtrack of Errol Morris 's acclaimed film The Thin Blue Line and the two other parts from incidental music to two separate dramatizations of the Kafka story of the same name


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( VP ( VBN used ) ( PP-CLR ( IN as ) ( NP ( NN background ) ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN way ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN music ) ) ( VP ( VBZ has ) ( NP ( DT an ) ( JJ appropriate ) ( NN eeriness ) ) ( SBAR-TMP ( IN as ) ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ two-note ) ( NN phrase ) ) ( NP ( DT a ) ( VBG descending ) ( JJ minor ) ( NN third ) ) ) ( VP ( VBZ accompanies ) ( NP ( NP ( DT the ) ( ADJP ( RB seemingly ) ( JJ endless ) ) ( NN litany ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNS reports ) ) ( NP ( NNS interviews ) ) ( CC and ) ( NP ( NP ( NNS confessions ) ) ( PP ( IN of ) ( NP ( NNS witnesses ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Morris ) ( NN film ) ) ) ) ) ) ) ) ) ) )

When used as background in this way the music has an appropriate eeriness as when a two-note phrase a descending minor third accompanies the seemingly endless litany of reports interviews and confessions of witnesses in the Morris film


( S ( S-ADV ( VP ( VBN Served ) ( PRT ( RP up ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN solo ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-2 ( DT the ) ( NN music ) ) ( VP ( VBZ lacks ) ( NP ( NP ( DT the ) ( NN resonance ) ) ( VP ( VBN provided ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN context ) ) ( PP-LOC ( IN within ) ( NP ( DT another ) ( NN medium ) ) ) ) ) ) ) ) )

Served up as a solo however the music lacks the resonance provided by a context within another medium


( S ( NP-SBJ ( NP ( NNS Admirers ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Glass ) ) ) ) ( VP ( MD may ) ( VP ( VB agree ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN critic ) ( NNP Richard ) ( NNP Kostelanetz ) ( POS 's ) ) ( NN sense ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD 1974 ) ( NX ( NP ( NN Music ) ) ( PP ( IN in ) ( NP ( CD Twelve ) ( NNS Parts ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ encyclopedic ) ( CC and ) ( JJ weighty ) ) ( PP ( IN as ) ( NP-TTL ( DT The ) ( JJ Well-Tempered ) ( NN Clavier ) ) ) ) ) ) ) ) ) ) ) )

Admirers of Mr. Glass may agree with the critic Richard Kostelanetz 's sense that the 1974 Music in Twelve Parts is as encyclopedic and weighty as The Well-Tempered Clavier


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( VP ( VBG making ) ( NP ( DT the ) ( JJ obvious ) ( NN point ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT both ) ( NNS composers ) ) ( VP ( VBP develop ) ( NP ( NNS variations ) ) ( PP-CLR ( IN from ) ( NP ( NNS themes ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT this ) ( NN comparison ) ) ( VP ( VBZ ignores ) ( NP ( NP ( DT the ) ( ADJP ( RB intensely ) ( JJ claustrophobic ) ) ( NN nature ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Glass ) ( POS 's ) ) ( NN music ) ) ) ) ) )

But while making the obvious point that both composers develop variations from themes this comparison ignores the intensely claustrophobic nature of Mr. Glass 's music


( S ( NP-SBJ ( PRP$ Its ) ( ADJP ( RB supposedly ) ( JJ austere ) ) ( NN minimalism ) ) ( VP ( VBZ overlays ) ( NP ( NP ( DT a ) ( NN bombast ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( S ( NP-SBJ ( CD one ) ) ( VP ( NN yearn ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN astringency ) ) ( PP ( IN of ) ( NP ( JJ neoclassical ) ( NNP Stravinsky ) ) ) ) ( NP ( NP ( DT the ) ( ADJP ( RB genuinely ) ( JJ radical ) ) ( NN minimalism ) ) ( PP ( IN of ) ( NP ( NNP Berg ) ( CC and ) ( NNP Webern ) ) ) ) ( CC and ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( PP ( IN in ) ( NP ( NN retrospect ) ) ) ( ADVP ( RB even ) ) ( VP ( VBZ seems ) ( PP-CLR ( IN like ) ( NP ( NN concision ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Mahler ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Its supposedly austere minimalism overlays a bombast that makes one yearn for the astringency of neoclassical Stravinsky the genuinely radical minimalism of Berg and Webern and what in retrospect even seems like concision in Mahler


( S ( NP-SBJ ( NNP Mr. ) ( NNP Spiegelman ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NN professor ) ) ( PP ( IN of ) ( NP ( NNP English ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Southern ) ( NNP Methodist ) ( NNP University ) ) ) ) ( CC and ) ( NP ( NP ( NN editor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Southwest ) ( NNP Review ) ) ) ) ) ) )

Mr. Spiegelman is professor of English at Southern Methodist University and editor of the Southwest Review