( S ( NP-SBJ ( NP ( DT The ) ( NN office ) ) ( NP ( NP ( DT a ) ( NNP Treasury ) ( NNP Department ) ( NN unit ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN successor ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Bank ) ( NNP Board ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT this ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN announcement ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN enforcement ) ( NN action ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN thrift-bailout ) ( NN legislation ) ) ( VP ( VBD ordered ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT all ) ( JJ such ) ( NNS actions ) ) ( PP ( IN by ) ( NP ( JJ federal ) ( NN banking ) ( NNS regulators ) ) ) ) ( VP ( VB be ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ public ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The office a Treasury Department unit that is the successor to the Federal Home Loan Bank Board said this was the first announcement of an enforcement action since this year 's thrift-bailout legislation ordered that all such actions by federal banking regulators be made public


( S ( ADVP ( RB Generally ) ) ( NP-SBJ ( NNS regulators ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN announced ) ( NP ( NN enforcement ) ( NNS actions ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) )

Generally regulators have n't announced enforcement actions in the past


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( DT the ) ( NNP OTS ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NN law ) ) ( VP ( VBD took ) ( NP ( NN effect ) ) ( NP-TMP ( NNP Aug. ) ( CD 9 ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD banned ) ( NP ( DT another ) ( JJ key ) ( NNP Vision ) ( NNP Banc ) ( NN insider ) ) ( PP-CLR ( IN from ) ( NP ( JJ insured ) ( JJ financial ) ( NNS institutions ) ) ) ) ) ) ) )

Indeed the OTS said that before the law took effect Aug. 9 it banned another key Vision Banc insider from insured financial institutions


( S ( NP-SBJ-1 ( DT That ) ( JJ individual ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN identified ) ) ) )

That individual was n't identified


( S ( S ( NP-SBJ-1 ( NNP Vision ) ( NNP Banc ) ) ( VP ( VBD was ) ( VP ( VBN placed ) ( PP-LOC ( IN in ) ( NP ( NN government ) ( NN conservatorship ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ operates ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Resolution ) ( NNP Trust ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN agency ) ) ( VP ( VBN created ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( CC or ) ( VB liquidate ) ( NP ( JJ insolvent ) ( NNS thrifts ) ) ) ) ) ) ) ) ) ) ) ) ) )

Vision Banc was placed in government conservatorship in March and it operates under the control of the Resolution Trust Corp. the agency created to sell or liquidate insolvent thrifts


( S ( NP-SBJ ( DT The ) ( NNP OTS ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB say ) ( ADVP ( RB specifically ) ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN action ) ) ( VP ( VBD was ) ( VP ( VBN taken ) ( PP-CLR ( IN against ) ( NP ( NNP Ms. ) ( NNP Garman ) ) ) ) ) ) ) ) ) )

The OTS did n't say specifically why the action was taken against Ms. Garman


( S ( ADVP ( RB However ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS examiners ) ) ( VP ( VBD found ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NP ( NN insider ) ( NNS dealings ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN thrift ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( JJ extraordinary ) ( NN loan ) ( NNS commissions ) ) ( VP ( VBN paid ) ( PP-DTV ( TO to ) ( NP ( NP ( DT a ) ( NN firm ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NNP Vision ) ( NNP Banc ) ( NNS officials ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS loans ) ) ( VP ( VBN diverted ) ( PP ( IN through ) ( NP ( NNS borrowers ) ) ) ( PP-DIR ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN thrift ) ( NNS officials ) ) ) ) ) ) ) ) ) ) ) ) ) )

However it said examiners found a variety of insider dealings at the thrift including extraordinary loan commissions paid to a firm associated with Vision Banc officials and loans diverted through borrowers back to the thrift officials


( S ( NP-SBJ-1 ( NNP Ms. ) ( NNP Garman ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

Ms. Garman could n't be reached for comment


( S ( NP-SBJ-1 ( NP ( NNP Roland ) ( NNP J. ) ( NNP Hawkins ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Jet ) ( NNPS Vacations ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN cruise ) ( NN line ) ) ) ) ) ) ) )

Roland J. Hawkins chairman of Jet Vacations Inc. was elected to the board of this cruise line


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBZ expands ) ( PP-CLR ( TO to ) ( NP ( CD seven ) ( NNS members ) ) ) ) )

The board expands to seven members


( S ( S-ADV ( VP ( VBG Sitting ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN bar ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Four ) ( NNPS Seasons ) ( NN restaurant ) ) ) ) ) ) ) ( NP-SBJ-1 ( NN architect ) ( NNP William ) ( NNP McDonough ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( JJ oblivious ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ glamorous ) ( NNS clientele ) ) ( CC and ) ( NP ( DT the ) ( JJ elegant ) ( NN setting ) ) ) ) ) ) )

Sitting at the bar of the Four Seasons restaurant architect William McDonough seems oblivious to the glamorous clientele and the elegant setting


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( VP ( VBG ogling ) ( NP ( NP ( DT the ) ( NNS curtains ) ) ( VP ( VBG rippling ) ( PP-LOC ( IN above ) ( NP ( DT the ) ( NN ventilation ) ( NNS ducts ) ) ) ) ) ) ) )

He is ogling the curtains rippling above the ventilation ducts


( S ( S-TPC-2 ( VP ( VB Look ) ( SBAR ( WHNP-1 ( WHADJP ( WRB how ) ( JJ much ) ) ( NN air ) ) ( S ( VP ( VBZ is ) ( VP ( VBG moving ) ( ADVP-CLR ( RB around ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Look how much air is moving around he says


( S ( NP-SBJ ( DT The ) ( NN ventilation ) ) ( ADVP-LOC ( RB here ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ great ) ) ) )

The ventilation here is great


( S ( NP-SBJ ( PRP You ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG hearing ) ( NP ( JJR more ) ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( JJ 38-year-old ) ( NNP Mr. ) ( NNP McDonough ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN preoccupation ) ) ( PP ( IN with ) ( NP ( JJ clean ) ( NN air ) ) ) ) ) ) ) ) ) )

You may be hearing more about the 38-year-old Mr. McDonough and his preoccupation with clean air


( S ( PP-TMP ( IN After ) ( NP ( NP ( NNS years ) ) ( PP ( IN of ) ( NP ( JJ relative ) ( NN obscurity ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( NP ( NN notice ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( JJ ecological ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( DT the ) ( JJ aesthetic ) ) ( NX-2 ( NN quality ) ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN architecture ) ) ) ) ) ) ) ) ) ) ) )

After years of relative obscurity he is starting to attract notice for the ecological as well as the aesthetic quality of his architecture


( S ( NP-SBJ ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN well-being ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN planet ) ) ) ) ( VP ( VBZ depends ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ such ) ( NNS stratagems ) ) ( PP ( IN as ) ( S-NOM ( VP ( VP ( VBG opening ) ( NP ( NNS windows ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cut ) ( NP ( JJ indoor ) ( NN air ) ( NN pollution ) ) ) ) ) ) ( VP ( VBG tacking ) ( ADVP ( RB down ) ) ( NP ( NNS carpets ) ) ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG using ) ( NP ( JJ toxic ) ( NNS glues ) ) ) ) ) ) ( CC and ) ( VP ( VBG avoiding ) ( NP ( NP ( NN mahogany ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ comes ) ( PP-CLR ( IN from ) ( NP ( JJ endangered ) ( NN rain ) ( NNS forests ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. McDonough believes that the well-being of the planet depends on such stratagems as opening windows to cut indoor air pollution tacking down carpets instead of using toxic glues and avoiding mahogany which comes from endangered rain forests


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ has ) ( VP ( VBN put ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ aesthetic ) ( NNS ideas ) ) ) ) ( PP-PUT ( IN into ) ( NP ( NN practice ) ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NP ( PRP$ his ) ( NN design ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ four-star ) ( NNP Quilted ) ( NNP Giraffe ) ( NN restaurant ) ) ) ) ( PRN ( S ( ADJP-TPC-1 ( RB architecturally ) ( JJ impeccable ) ) ( NP-SBJ ( NNP Progressive ) ( NNP Architecture ) ( NN magazine ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( PRP it ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN remodeling ) ) ( PP ( IN of ) ( NP ( NP ( NNP Paul ) ( NNP Stuart ) ) ( NP ( DT the ) ( NNP Madison ) ( NNP Avenue ) ( NN clothing ) ( NN store ) ) ) ) ) ) ) ) ) )

He has put some of his aesthetic ideas into practice with his design of the four-star Quilted Giraffe restaurant architecturally impeccable Progressive Architecture magazine called it and his remodeling of Paul Stuart the Madison Avenue clothing store


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ has ) ( VP ( VBN designed ) ( NP ( NP ( NN furniture ) ( CC and ) ( NNS homes ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( JJ commercial ) ( CC and ) ( NN office ) ( NN space ) ) ) ) ) )

He has designed furniture and homes as well as commercial and office space


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG designing ) ( NP ( NP ( DT a ) ( NNP Broadway ) ( NN stage ) ( VBN set ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN show ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN band ) ( NNP Kid ) ( NNP Creole ) ( CC and ) ( DT the ) ( NNPS Coconuts ) ) ) ) ) ) ) ) )

He is now designing a Broadway stage set for a show by the band Kid Creole and the Coconuts


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( ADVP ( RB really ) ) ( VBZ stirs ) ( NP ( PRP$ his ) ( NN muse ) ) ) ) ) ( ADVP ( RB though ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ aerobic ) ( NN architecture ) ) ) )

What really stirs his muse though is aerobic architecture


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( DT the ) ( NN question ) ) ( VP ( VBZ is ) ( SQ-PRD ( VBZ Is ) ( NP-SBJ ( NNP Poland ) ) ( ADJP-PRD ( JJ ready ) ( PP ( IN for ) ( NP ( PRP it ) ) ) ) ) ) )

Now the question is Is Poland ready for it


( S ( NP-SBJ ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( VBZ is ) ( VP ( IN about ) ( S ( VP ( TO to ) ( VP ( VB tackle ) ( NP ( NP ( PRP$ his ) ( JJS biggest ) ( NN clean-air ) ( NN challenge ) ( RB yet ) ) ( NP ( NP ( NP ( DT the ) ( VBN proposed ) ( NNP Warsaw ) ( NNP Trade ) ( NNP Center ) ) ( PP-LOC ( IN in ) ( NP ( NNP Poland ) ) ) ) ( NP ( NP ( DT the ) ( RB first ) ( JJ such ) ( NN center ) ) ( PP-LOC ( IN in ) ( NP ( NNP Eastern ) ( NNP Europe ) ) ) ) ) ) ) ) ) ) ) )

Mr. McDonough is about to tackle his biggest clean-air challenge yet the proposed Warsaw Trade Center in Poland the first such center in Eastern Europe


( S ( NP-SBJ ( DT The ) ( NN project ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN acquired ) ( NP ( DT a ) ( JJ certain ) ( NNP New ) ( NNP York ) ( NN cachet ) ) ) ) )

The project has already acquired a certain New York cachet


( S ( NP-SBJ-1 ( NNP Bloomingdale ) ( POS 's ) ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( JJ foot-tall ) ( NN chocolate ) ( NN model ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN center ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNS holidays ) ) ) ) ) ) ) )

Bloomingdale 's plans to sell a foot-tall chocolate model of the center during the holidays


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS sales ) ( NNS proceeds ) ) ) ) ( VP ( MD will ) ( VP ( VB go ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP Design ) ( NNPS Industries ) ( NNP Foundation ) ) ( PP ( IN for ) ( NP ( NNP AIDS ) ) ) ) ) ) ) )

Some of the sales proceeds will go to the Design Industries Foundation for AIDS


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN cake ) ) ( VP ( VBN topped ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN replica ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN center ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN auctioned ) ( PP-LOC ( IN at ) ( NP ( NP ( DT an ) ( NNP AIDS ) ( NN benefit ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Sotheby ) ( POS 's ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ) ) ) ) ) )

A cake topped with a replica of the center will be auctioned at an AIDS benefit at Sotheby 's in December


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-2 ( NP ( NNP Mr. ) ( NNP McDonough ) ( POS 's ) ) ( NNS plans ) ) ( VP ( VBP get ) ( VP ( VBN executed ) ) ) ) ) ( NP-SBJ-1 ( NP ( IN as ) ( JJ much ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Polish ) ( NN center ) ) ) ( PP ( IN as ) ( ADJP ( JJ possible ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN made ) ( PP-CLR ( IN from ) ( NP ( NP ( NN aluminum ) ( NN steel ) ( CC and ) ( NN glass ) ) ( VP ( VBN recycled ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Warsaw ) ( POS 's ) ) ( JJ abundant ) ( NN rubble ) ) ) ) ) ) ) ) ) )

If Mr. McDonough 's plans get executed as much of the Polish center as possible will be made from aluminum steel and glass recycled from Warsaw 's abundant rubble


( S ( NP-SBJ ( DT A ) ( JJ 20-story ) ( NN mesh ) ( NN spire ) ) ( VP ( MD will ) ( VP ( VB stand ) ( PP-LOC-CLR ( IN atop ) ( NP ( NP ( CD 50 ) ( NNS stories ) ) ( PP ( IN of ) ( NP ( JJ commercial ) ( NN space ) ) ) ) ) ) ) )

A 20-story mesh spire will stand atop 50 stories of commercial space


( S ( NP-SBJ ( JJ Solar-powered ) ( NNS batteries ) ) ( VP ( MD will ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NN spire ) ) ( ADJP-PRD ( NN glow ) ) ) ) ) )

Solar-powered batteries will make the spire glow


( S ( NP-SBJ ( DT The ) ( NNS windows ) ) ( VP ( MD will ) ( VP ( VB open ) ) ) )

The windows will open


( S ( S ( NP-SBJ ( DT The ) ( NNS carpets ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN glued ) ( PRT ( RP down ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNS walls ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN coated ) ( PP-CLR ( IN with ) ( NP ( JJ nontoxic ) ( NNS finishes ) ) ) ) ) ) ) )

The carpets wo n't be glued down and walls will be coated with nontoxic finishes


( S ( PP ( TO To ) ( NP ( NP ( DT the ) ( NN extent ) ) ( SBAR ( WHADVP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( ADJP ( QP ( CD 150 ) ( CD million ) ) ) ( NN budget ) ) ( VP ( MD will ) ( VP ( VB allow ) ( NP ( PRP it ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( MD will ) ( VP ( VB rely ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ solid ) ( NN wood ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NN plywood ) ( CC or ) ( NN particle ) ( NN board ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB limit ) ( NP ( NP ( DT the ) ( NN emission ) ) ( PP ( IN of ) ( NP ( NN formaldehyde ) ) ) ) ) ) ) ) ) )

To the extent that the 150 million budget will allow it Mr. McDonough will rely on solid wood rather than plywood or particle board to limit the emission of formaldehyde


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( VBZ has ) ( NP ( PRP$ his ) ( NN way ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNPS Poles ) ) ( VP ( MD will ) ( VP ( VB compensate ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN trade ) ( NN center ) ( POS 's ) ) ( NNS emissions ) ) ( PP ( IN of ) ( NP ( NP ( NN carbon ) ( NN dioxide ) ) ( NP ( NP ( DT a ) ( JJ prime ) ( NN suspect ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ global ) ( JJ atmospheric ) ( NN warming ) ) ( SBAR ( S ( NP-SBJ ( JJ many ) ( NNS scientists ) ) ( VP ( VBP fear ) ) ) ) ) ) ) ) ) ) ) ) ) )

If Mr. McDonough has his way the Poles will compensate for the trade center 's emissions of carbon dioxide a prime suspect in the global atmospheric warming many scientists fear


( S ( NP-SBJ ( DT The ) ( NNPS Poles ) ) ( VP ( MD would ) ( VP ( VB plant ) ( NP ( DT a ) ( JJ 10-square-mile ) ( NN forest ) ) ( ADVP-LOC ( RB somewhere ) ( PP ( IN in ) ( NP ( DT the ) ( NN country ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN cost ) ) ( PP ( IN of ) ( NP ( CD 150,000 ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN center ) ( POS 's ) ) ( NN developer ) ) ( VP ( VBG footing ) ( NP ( DT the ) ( NN bill ) ) ) ) ) ) ) )

The Poles would plant a 10-square-mile forest somewhere in the country at a cost of 150,000 with the center 's developer footing the bill


( S ( NP-SBJ ( DT The ) ( NN news ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP ( RB exactly ) ) ( VP ( VBN moved ) ( S ( NP-SBJ ( NP ( NNS others ) ) ( PP ( IN in ) ( NP ( NP ( NNP Mr. ) ( NNP McDonough ) ( POS 's ) ) ( NN profession ) ) ) ) ( VP ( TO to ) ( VP ( VB become ) ( NP-PRD ( JJ architectural ) ( NNP Johnny ) ( NNPS Appleseeds ) ) ) ) ) ) ) )

The news has n't exactly moved others in Mr. McDonough 's profession to become architectural Johnny Appleseeds


( S-3 ( S ( NP-SBJ-2 ( DT All ) ( NNS architects ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ ecological ) ( NNS consequences ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN work ) ) ) ) ) ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Burgee ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNP New ) ( NNP York ) ( NN firm ) ) ( S ( VP ( VBZ is ) ( VP ( VBG designing ) ( NP ( NP ( DT the ) ( NN redevelopment ) ) ( PP ( IN of ) ( NP ( NNP Times ) ( NNP Square ) ) ) ) ) ) ) ) ) ) ) ( S ( CC but ) ( NP-SBJ ( PRP we ) ) ( VP ( MD ca ) ( RB n't ) ( NP-ADV ( DT all ) ) ( VP ( VB carry ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( DT that ) ( NN extreme ) ) ) ) ) ) )

All architects want to be aware of the ecological consequences of their work says John Burgee whose New York firm is designing the redevelopment of Times Square but we ca n't all carry it to that extreme


( S ( NP-SBJ ( NP ( NNP Karen ) ( NNP Nichols ) ) ( NP ( NP ( JJ senior ) ( NN associate ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Michael ) ( NNP Graves ) ( POS 's ) ) ( NN architecture ) ( NN firm ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Princeton ) ) ( NP ( NNP N.J. ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( ADVP ( RB really ) ) ( PP-PRD ( IN at ) ( NP ( NP ( DT the ) ( NN mercy ) ) ( PP ( IN of ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN construction ) ( NN industry ) ) ( VP ( MD can ) ( CC and ) ( MD will ) ( VP ( VB do ) ( ADVP-MNR ( RB readily ) ) ) ) ) ) ) ) ) ) ) ) )

Karen Nichols senior associate at Michael Graves 's architecture firm in Princeton N.J. says We 're really at the mercy of what the construction industry can and will do readily


( S ( NP-SBJ ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( VBZ responds ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG asking ) ( NP-1 ( NNS people ) ) ( S ( VP ( TO to ) ( VP ( VB broaden ) ( NP ( PRP$ their ) ( NNS agendas ) ) ) ) ) ) ) ) ) )

Mr. McDonough responds I 'm asking people to broaden their agendas


( S ( NP-SBJ-3 ( NP ( NP ( DT The ) ( NN son ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( NNP Seagram ) ( POS 's ) ) ( NN executive ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBN stationed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( JJ many ) ( NNS countries ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NNP Mr. ) ( NNP McDonough ) ) ) ( VP ( VP ( VBD was ) ( VP ( VBN born ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ) ) ( CC and ) ( VP ( VBD attended ) ( NP ( NP ( CD 19 ) ( NNS schools ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS places ) ) ( VP ( VBG ranging ) ( PP-CLR ( PP ( IN from ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( PP ( TO to ) ( NP ( NP ( NNP Shaker ) ( NNPS Heights ) ) ( NP ( NNP Ohio ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG entering ) ( NP ( NNP Dartmouth ) ( NNP College ) ) ) ) ) ) ) )

The son of a Seagram 's executive who was stationed in many countries around the world Mr. McDonough was born in Tokyo and attended 19 schools in places ranging from Hong Kong to Shaker Heights Ohio before entering Dartmouth College


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD earned ) ( NP ( NP ( NP ( DT a ) ( NN master ) ( POS 's ) ) ( NN degree ) ) ( PP ( IN in ) ( NP ( NN architecture ) ) ) ) ( PP ( IN from ) ( NP ( NNP Yale ) ) ) ) )

He earned a master 's degree in architecture from Yale


( S ( NP-SBJ ( NP ( PRP$ His ) ( NN interest ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ natural ) ( NN environment ) ) ) ) ( VP ( VBZ dates ) ( PP-TMP-CLR ( IN from ) ( NP ( PRP$ his ) ( NN youth ) ) ) ) )

His interest in the natural environment dates from his youth


( S ( NP-SBJ-1 ( NP ( PRP He ) ) ( CC and ) ( NP ( PRP$ his ) ( NN father ) ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP spend ) ( NP-CLR ( NN time ) ) ( NP-TMP ( DT each ) ( NN summer ) ) ( S-CLR ( VP ( NN fly-fishing ) ( PP-CLR ( IN for ) ( NP ( NN salmon ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Iceland ) ) ) ) ) ) )

He and his father still spend time each summer fly-fishing for salmon in Iceland


( S-1 ( S-NOM-SBJ ( VP ( VBG Living ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( PRP him ) ) ( ADJP-PRD ( JJ sensitive ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS limits ) ) ( PP ( IN on ) ( NP ( NN food ) ( NN power ) ( CC and ) ( NN water ) ( NNS supplies ) ) ) ) ) ) ) ) )

Living in Hong Kong he says made him sensitive to the limits on food power and water supplies


( S ( PP-LOC ( IN At ) ( NP ( NP ( PRP$ his ) ( JJ first ) ( NN school ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBN thought ) ( S ( ADJP-PRD ( DT a ) ( RB little ) ( JJ strange ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VP ( VBG shutting ) ( PRT ( RP off ) ) ( NP ( JJ open ) ( NN water ) ( NNS taps ) ) ) ( CC and ) ( VP ( VBG admonishing ) ( S ( NP-SBJ ( PRP$ his ) ( NNS schoolmates ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( JJ only ) ( JJ brief ) ( NNS showers ) ) ) ) ) ) ) ) ) ) ) )

At his first school in the U.S. he was thought a little strange for shutting off open water taps and admonishing his schoolmates to take only brief showers


( S ( NP-SBJ ( NP ( PRP He ) ) ( CC and ) ( NP ( DT a ) ( NNP Dartmouth ) ( NN roommate ) ) ) ( VP ( VBD established ) ( NP ( NP ( DT a ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD restored ) ( NP ( NP ( CD three ) ( JJ hydroelectric ) ( NN power ) ( NNS plants ) ) ( PP ( IN in ) ( NP ( NNP Vermont ) ) ) ) ) ) ) ) ) )

He and a Dartmouth roommate established a company that restored three hydroelectric power plants in Vermont


( S ( PP-LOC ( IN At ) ( NP ( NNP Yale ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD designed ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ first ) ( JJ solarheated ) ( NNS houses ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN built ) ( PP-LOC ( IN in ) ( NP ( NNP Ireland ) ) ) ) ) ) ) ) ) ) ) ) )

At Yale he designed one of the first solarheated houses to be built in Ireland


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP McDonough ) ( POS 's ) ) ( JJ first ) ( JJ professional ) ( NN project ) ) ( SBAR ( S ( ADVP ( RB fully ) ) ( VP ( TO to ) ( VP ( VB reflect ) ( NP ( PRP$ his ) ( JJ environmental ) ( NN ardor ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( PRP$ his ) ( CD 1986 ) ( NN design ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN headquarters ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Environmental ) ( NNP Defense ) ( NNP Fund ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) )

Mr. McDonough 's first professional project fully to reflect his environmental ardor was his 1986 design for the headquarters of the Environmental Defense Fund in New York


( S ( NP-SBJ ( DT The ) ( NNS offices ) ) ( VP ( VBD took ) ( NP ( NP ( CD 10,000 ) ( JJ square ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN building ) ) ( PP ( IN with ) ( NP ( NP ( JJ 14-foot ) ( NNS ceilings ) ) ( CC and ) ( NP ( JJ big ) ( JJ operable ) ( NNS windows ) ) ) ) ) ) ) ) )

The offices took 10,000 square feet of a building with 14-foot ceilings and big operable windows


( S ( PP-TMP ( IN Since ) ( NP ( DT the ) ( NNS 1970s ) ( NN energy ) ( NN crisis ) ) ) ( NP-SBJ ( DT some ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB conserve ) ( NP ( NN energy ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG sealing ) ( NP ( NNS buildings ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN had ) ( NP ( NP ( DT an ) ( JJ unintended ) ( NN side ) ( NN effect ) ) ( NP ( JJ high ) ( JJ indoor ) ( NN pollution ) ) ) ) ) )

Since the 1970s energy crisis some efforts to conserve energy by sealing buildings have had an unintended side effect high indoor pollution


( S ( S-PRP ( NP-SBJ ( TO To ) ) ( VP ( VB reduce ) ( NP ( PRP it ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN fund ) ( POS 's ) ) ( NN building ) ) ) ) ) ( NP-SBJ ( NNS workers ) ) ( VP ( VBD rubbed ) ( NP ( NP ( NN beeswax ) ) ( CONJP ( RB instead ) ( IN of ) ) ( NP ( NN polyurethane ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNS floors ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ executive ) ( NN director ) ( POS 's ) ) ( NN office ) ) ) ) ) ) )

To reduce it at the fund 's building workers rubbed beeswax instead of polyurethane on the floors in the executive director 's office


( S ( S ( NP-SBJ ( NP ( NN Jute ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( DT a ) ( NN synthetic ) ( NN material ) ) ) ( VP ( VBZ lies ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ tacked-down ) ( NNS carpets ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS desks ) ) ( VP ( VBP are ) ( PP-PRD ( IN of ) ( NP ( NP ( NN wood ) ( CC and ) ( NN granite ) ) ( CONJP ( RB instead ) ( IN of ) ) ( NP ( NN plastic ) ) ) ) ) ) )

Jute rather than a synthetic material lies under the tacked-down carpets and the desks are of wood and granite instead of plastic


( S ( NP-SBJ ( DT The ) ( NN budget ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( RB only ) ( CD 400,000 ) ) ) ) )

The budget was only 400,000


( S ( NP-TPC-1 ( NP ( NNP Athens ) ) ( PP ( IN with ) ( NP ( JJ Spartan ) ( NNS means ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( VBZ says ) ) )

Athens with Spartan means Mr. McDonough says


( S ( NP-SBJ ( NP ( DT The ) ( NN fund ) ( POS 's ) ) ( NNS lawyers ) ) ( VP ( VBP work ) ( PP-LOC ( IN in ) ( NP ( NP ( DT an ) ( JJ Athenian ) ( NN grove ) ) ( PP ( IN of ) ( NP ( JJ potted ) ( NNS trees ) ) ) ) ) ) )

The fund 's lawyers work in an Athenian grove of potted trees


( S ( NP-SBJ ( NNS Economists ) ( CC and ) ( NNS administrators ) ) ( VP ( VBP sit ) ( PP-LOC ( IN along ) ( NP ( NP ( DT a ) ( NN boulevard ) ) ( PP ( IN with ) ( NP ( NN street ) ( NNS lamps ) ( CC and ) ( NN ficus ) ( NNS trees ) ) ) ) ) ) )

Economists and administrators sit along a boulevard with street lamps and ficus trees


( S ( PP-LOC ( IN In ) ( NP ( NNS offices ) ) ) ( NP-SBJ ( JJ triphosphorous ) ( NNS bulbs ) ) ( VP ( VBP simulate ) ( NP ( NN daylight ) ) ) )

In offices triphosphorous bulbs simulate daylight


( S ( NP-SBJ ( NP ( NNS Offices ) ) ( PP ( IN with ) ( NP ( JJ outside ) ( NNS windows ) ) ) ) ( VP ( VBP have ) ( NP ( JJ inside ) ( NNS windows ) ) ( ADVP ( RB too ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB let ) ( PRT ( RP in ) ) ( NP ( RBR more ) ( JJ real ) ( NN daylight ) ) ) ) ) ) )

Offices with outside windows have inside windows too to let in more real daylight


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD proved ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ healthy ) ( NN office ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB cost ) ( NP ( JJR more ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Frederic ) ( NNP Krupp ) ) ( NP ( NP ( NN executive ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN fund ) ) ) ) ) )

We proved a healthy office does n't cost more says Frederic Krupp executive director of the fund


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VP ( ADVP ( RB really ) ) ( VBZ looks ) ( ADJP-PRD ( JJ beautiful ) ) ) ( CC and ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ light ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ann ) ( NNP Hornaday ) ) ( NP ( NP ( DT a ) ( JJ free-lance ) ( NN writer ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN visited ) ( NP ( DT the ) ( NN office ) ) ( PP-PRP ( IN for ) ( NP ( NN lunch ) ( NNS meetings ) ) ) ) ) ) ) ) ) )

It really looks beautiful and is very light says Ann Hornaday a free-lance writer who has visited the office for lunch meetings


( S ( CC But ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP guess ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD did ) ( RB n't ) ( ADVP ( RB really ) ) ( VP ( VB notice ) ( NP ( DT the ) ( NNS trees ) ) ) ) ) ) ) ) ) )

But she says I guess I did n't really notice the trees


( S ( ADVP ( RB Maybe ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN hidden ) ( PP ( IN by ) ( NP-LGS ( PDT all ) ( DT the ) ( NNS people ) ) ) ) ) )

Maybe they were hidden by all the people


( S ( NP-SBJ ( CC Neither ) ( NP ( DT the ) ( NNP Quilted ) ( NNP Giraffe ) ) ( CC nor ) ( NP ( DT the ) ( NNP Paul ) ( NNP Stuart ) ( NN renovation ) ) ) ( VP ( VBZ reflects ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP McDonough ) ( POS 's ) ) ( JJ environmental ) ( NN concern ) ) ) ) ) )

Neither the Quilted Giraffe nor the Paul Stuart renovation reflects much of Mr. McDonough 's environmental concern


( S ( NP-SBJ-1 ( DT The ) ( NN restaurant ) ) ( VP ( VBD was ) ( VP ( VBN conceived ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ sparkling ) ( JJ crystalline ) ( NN geode ) ) ) ) ) )

The restaurant was conceived as a sparkling crystalline geode


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ makes ) ( NP ( NP ( JJ extensive ) ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( JJ stainless ) ( NN steel ) ( NN silver ) ( CC and ) ( NN aluminum ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ sets ) ( PRT ( RP off ) ) ( NP ( NP ( JJ black ) ( NN granite ) ( NN table ) ( NNS tops ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ gray ) ( NN terrazzo ) ) ( PP ( IN with ) ( NP ( JJ zinc-strip ) ( NNS floors ) ) ) ) ) ) ) ) ) ) ) ) )

It makes extensive use of stainless steel silver and aluminum that sets off black granite table tops and a gray terrazzo with zinc-strip floors


( S ( S-PRP ( VP ( TO To ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VB replace ) ( NP ( NP ( NP ( DT the ) ( NN wood ) ) ( PP ( IN from ) ( NP ( CD two ) ( JJ English ) ( NNS oaks ) ) ) ) ( VP ( VBN used ) ( PP-CLR ( IN for ) ( NP ( NP ( NN paneling ) ) ( PP-LOC ( IN at ) ( NP ( NNP Paul ) ( NNP Stuart ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP McDonough ) ) ( CC and ) ( NP ( NNS friends ) ) ) ( VP ( VBD planted ) ( NP ( CD 1,000 ) ( NNS acorns ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN country ) ) ) ) )

To more than replace the wood from two English oaks used for paneling at Paul Stuart however Mr. McDonough and friends planted 1,000 acorns around the country


( S ( NP-SBJ ( DT The ) ( JJ ambitious ) ( NNP Warsaw ) ( NN project ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ awaits ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( NN city ) ( NNS officials ) ) ) ) ) )

The ambitious Warsaw project still awaits approval by city officials


( S ( NP-SBJ ( PRP$ Its ) ( NN developer ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NNP Polish ) ( NNP American ) ) ( NP ( NNP Sasha ) ( NNP Muniak ) ) ) ) )

Its developer is a Polish American Sasha Muniak


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD had ) ( VP ( VBN worked ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP McDonough ) ) ) ( PP-LOC ( IN on ) ( NP ( DT an ) ( JJR earlier ) ( NN project ) ) ) ) ) ( CC and ) ( VP ( VBD recruited ) ( NP ( PRP him ) ) ( PP ( IN as ) ( NP ( NP ( NN architect ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN trade ) ( NN center ) ) ) ) ) ) ) )

He had worked with Mr. McDonough on an earlier project and recruited him as architect for the trade center


( S ( NP-SBJ ( DT The ) ( NN center ) ) ( VP ( MD will ) ( VP ( VB provide ) ( NP ( NP ( NN space ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NN computer ) ( NN hardware ) ) ( CC and ) ( NP ( NN facsimile ) ( CC and ) ( JJ other ) ( NN telecommunications ) ( NN equipment ) ) ) ( ADJP ( RB not ) ( RB readily ) ( JJ accessible ) ( PP-LOC ( IN in ) ( NP ( NNP Poland ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( VBG growing ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNPS Westerners ) ) ( VP ( VBG doing ) ( NP ( NN business ) ) ( PP-LOC ( IN in ) ( NP ( NNP Eastern ) ( NNP Europe ) ) ) ) ) ) ) ) ) ) ) )

The center will provide space for computer hardware and facsimile and other telecommunications equipment not readily accessible in Poland now for a growing number of Westerners doing business in Eastern Europe


( S ( NP-SBJ ( NNP Mr. ) ( NNP McDonough ) ) ( VP ( VBZ thinks ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN center ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NP ( DT the ) ( NNP Eiffel ) ( NNP Tower ) ) ( PP ( IN of ) ( NP ( NNP Warsaw ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN symbol ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN resurgence ) ) ( PP ( IN of ) ( NP ( NNP Poland ) ) ) ) ) ) ) ) ) )

Mr. McDonough thinks of the center as the Eiffel Tower of Warsaw and a symbol of the resurgence of Poland


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT any ) ( NN nation ) ) ( VP ( MD can ) ( VP ( VB use ) ( NP ( ADJP ( RB environmentally ) ( JJ benign ) ) ( NN architecture ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NNP Poland ) ) ) )

If any nation can use environmentally benign architecture it is Poland


( S ( NP-SBJ ( NP ( NNP Jessica ) ( NNP Mathews ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP World ) ( NNPS Resources ) ( NNP Institute ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( RB perhaps ) ( DT a ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( NN soil ) ) ) ) ( VP ( VBZ is ) ( VP ( ADVP ( RB too ) ) ( VBN contaminated ) ( PP ( IN for ) ( NP ( JJ safe ) ( NN farming ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NN air ) ( NN pollution ) ) ) ) ) ) ) ) )

Jessica Mathews vice president of World Resources Institute in Washington D.C. says that perhaps a quarter of Poland 's soil is too contaminated for safe farming because of air pollution


( S ( NP-SBJ ( DT The ) ( NN pollution ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VP ( VBG killing ) ( NP ( NNS forests ) ) ) ( CC and ) ( VP ( VBG destroying ) ( NP ( NP ( NNS buildings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP date ) ( ADVP-TMP-CLR ( RB back ) ) ( PP-TMP-CLR ( TO to ) ( NP ( DT the ) ( NNP Middle ) ( NNPS Ages ) ) ) ) ) ) ) ) ) ) )

The pollution is also killing forests and destroying buildings that date back to the Middle Ages


( S ( NP-SBJ ( NP ( DT The ) ( NN future ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN forest ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ uncertain ) ) ) )

The future of the forest remains uncertain


( S ( S ( NP-SBJ-2 ( NP ( NP ( NNP Mr. ) ( NNP Muniak ) ( POS 's ) ) ( NN company ) ) ( NP ( NNP Balag ) ( NNP Ltd. ) ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB set ) ( ADVP-CLR ( RB aside ) ) ( NP ( NP ( DT the ) ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB plant ) ( CC and ) ( VB maintain ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS discussions ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG going ) ( ADVP-CLR ( RB on ) ) ( PP-CLR ( IN over ) ( SBAR-NOM ( SBAR-LOC ( WHADVP-4 ( WRB where ) ) ( S ( VP ( TO to ) ( VP ( VB place ) ( NP ( PRP it ) ) ) ) ) ) ( CC and ) ( SBAR-MNR ( WHADVP-5 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN maintained ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Muniak 's company Balag Ltd. has agreed to set aside the money to plant and maintain it but discussions are still going on over where to place it and how to ensure that it will be maintained


( S ( PP ( IN After ) ( NP ( DT all ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Muniak ) ) ( VP ( VBZ says ) ( SBAR ( S ( PP-LOC ( IN in ) ( NP ( NNP Poland ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( NP ( RB too ) ( JJ many ) ( NNS people ) ) ( ADJP ( JJ worried ) ( PP ( IN about ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) ) ) )

After all Mr. Muniak says in Poland there are n't too many people worried about the environment


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( ADJP-PRD ( RBR more ) ( JJ worried ) ( PP ( IN about ) ( NP ( NP ( NN bread ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ) )

They 're more worried about bread on the table


( S ( NP-SBJ ( NP ( NNP Conner ) ( NNPS Peripherals ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN near-monopoly ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT a ) ( JJ key ) ( NN part ) ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( JJ many ) ( JJ portable ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN on ) ( NP ( NN target ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB surpass ) ( NP ( NNP Compaq ) ( NNP Computer ) ( NNP Corp. ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( JJS fastest-growing ) ( NN start-up ) ( VBG manufacturing ) ( NN firm ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NN business ) ( NN history ) ) ) ) ) ) ) ) ) )

Conner Peripherals Inc. which has a near-monopoly on a key part used in many portable computers is on target to surpass Compaq Computer Corp. as the fastest-growing start-up manufacturing firm in U.S. business history


( S ( NP-SBJ ( NNP Conner ) ) ( VP ( VBZ dominates ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( NP ( NN hard-disk ) ( NNS drives ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( NN store ) ( NP ( NN data ) ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NN laptop ) ( NNS computers ) ) ) ) ) ) ) ) )

Conner dominates the market for hard-disk drives used to store data in laptop computers


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD soared ) ( NP-EXT ( CD 72 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 11.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 28 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 6.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 19 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) ) ) )

It said yesterday that net income for its third quarter soared 72 % to 11.8 million or 28 cents a share from 6.8 million or 19 cents a share in the year-ago period


( S ( NP-SBJ ( PRP$ Its ) ( NN revenue ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 184.4 ) ( CD million ) ) ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP ( IN of ) ( NP ( CD 172 ) ( NN % ) ) ) ( PP ( IN from ) ( NP ( QP ( CD 67.8 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) )

Its revenue totaled 184.4 million an increase of 172 % from 67.8 million a year ago


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( ADJP ( NNP San ) ( NNP Jose ) ( JJ Calif.-based ) ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 84 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 26.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 69 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 14.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 43 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

For the nine months the San Jose Calif.-based company said net income jumped 84 % to 26.9 million or 69 cents a share from 14.6 million or 43 cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( ADVP ( RB nearly ) ) ( VP ( VBD tripled ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 479 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 160 ) ( CD million ) ) ) ) ) )

Revenue nearly tripled to 479 million from 160 million


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NP ( NNP Conner ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( QP ( RB roughly ) ( CD 40 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( QP ( CD 1 ) ( TO to ) ( CD 1.05 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 650 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( CD 1989 ) ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ third ) ( JJ full ) ( NN year ) ) ( PP-LOC ( IN in ) ( NP ( NN business ) ) ) ) ) ) ) ) ) ) )

Analysts expect Conner 's earnings to reach roughly 40 million or 1 to 1.05 a share on sales of 650 million for 1989 the company 's third full year in business


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJR faster ) ( NN growth ) ( NN rate ) ) ( SBAR ( IN than ) ( S ( VP ( VBN reported ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Compaq ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( IN post ) ( NP ( JJ similar ) ( NNS results ) ) ( PP-TMP ( IN until ) ( NP ( NP ( PRP$ its ) ( JJ fourth ) ( NN year ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That 's a faster growth rate than reported by Compaq which did n't post similar results until its fourth year in 1986


( S ( CC But ) ( NP-SBJ ( NNP Compaq ) ) ( VP ( VBD had ) ( VP ( VBN achieved ) ( NP ( NP ( DT that ) ( NN level ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ( ADVP ( ADVP ( RBR faster ) ) ( PP ( IN than ) ( NP ( DT any ) ( JJ previous ) ( NN manufacturing ) ( NNS start-up ) ) ) ) ) ) )

But Compaq had achieved that level of sales faster than any previous manufacturing start-up


( S ( NP-SBJ-1 ( NP ( NNP Conner ) ( POS 's ) ) ( NN performance ) ) ( VP ( VBZ is ) ( ADVP-MNR ( RB closely ) ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( VBG burgeoning ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( JJ battery-operated ) ( NNS computers ) ) ( NP ( NP ( DT the ) ( NN computer ) ( NN industry ) ( POS 's ) ) ( JJS fastest-growing ) ( NN segment ) ) ) ) ) ) ) ) )

Conner 's performance is closely tied to the burgeoning demand for battery-operated computers the computer industry 's fastest-growing segment


( S ( PP-TMP ( IN Since ) ( NP ( PRP$ its ) ( NN inception ) ) ) ( NP-SBJ-3 ( NNP Conner ) ) ( VP ( VBZ has ) ( VP ( DT both ) ( VP ( VBN benefited ) ( PP-CLR ( IN from ) ) ) ( CC and ) ( VP ( VBN helped ) ( S ( VP ( VB make ) ( S ( ADJP-PRD ( JJ possible ) ) ) ) ) ) ( NP-1 ( NP ( DT the ) ( JJ rapid ) ( NN spread ) ) ( PP ( IN of ) ( NP ( JJ portable ) ( NNS computers ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NN storage ) ( NNS devices ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP consume ) ( NP ( NP ( QP ( CD five ) ( TO to ) ( CD 10 ) ( NNS times ) ) ( JJR less ) ( NN electricity ) ) ( PP ( IN than ) ( NP ( NP ( NNS drives ) ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( NN desktop ) ( NNS machines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since its inception Conner has both benefited from and helped make possible the rapid spread of portable computers by selling storage devices that consume five to 10 times less electricity than drives used in desktop machines


( S ( NP-TMP ( NN Today ) ) ( NP-SBJ ( NNP Conner ) ) ( VP ( VBZ controls ) ( NP ( NP ( DT an ) ( VBN estimated ) ( CD 90 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN hard-disk ) ( NN drive ) ( NN market ) ) ( PP ( IN for ) ( NP ( NN laptop ) ( NNS computers ) ) ) ) ) ) ) )

Today Conner controls an estimated 90 % of the hard-disk drive market for laptop computers


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ supplies ) ( NP ( NNS drives ) ) ( PP-DTV ( PP ( TO to ) ( NP ( NP ( NP ( NNP Compaq ) ) ( CC and ) ( NP ( NNP Zenith ) ( NNP Data ) ( NNPS Systems ) ) ) ( NP ( NP ( DT the ) ( JJ top ) ( CD two ) ( NNP U.S. ) ( NNS manufacturers ) ) ( PP ( IN of ) ( NP ( NNS laptops ) ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Toshiba ) ( NNP Corp. ) ) ( NP ( NNP NEC ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Sharp ) ( NNP Corp. ) ) ) ( NP ( DT the ) ( VBG leading ) ( JJ Japanese ) ( NN laptop ) ( NNS makers ) ) ) ) ) ) )

The company supplies drives to Compaq and Zenith Data Systems the top two U.S. manufacturers of laptops and to Toshiba Corp. NEC Corp. and Sharp Corp. the leading Japanese laptop makers


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP 've ) ( VP ( VBN had ) ( NP ( DT this ) ( NN field ) ) ( PP-CLR ( TO to ) ( NP ( PRP themselves ) ) ) ( PP-TMP ( IN for ) ( NP ( IN over ) ( DT a ) ( NN year ) ( RB now ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( ADVP ( RB greatly ) ) ( VBN rewarded ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Bob ) ( NNP Katsive ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Disk\/Trend ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN researcher ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Los ) ( NNP Altos ) ) ( NP ( NNP Calif ) ) ) ) ) ) ) ) ) )

They 've had this field to themselves for over a year now and they 've been greatly rewarded said Bob Katsive an analyst at Disk\/Trend Inc. a market researcher in Los Altos Calif


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( VBG coming ) ( NNS months ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( DT this ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB change ) ) ) ) ) ) )

In the coming months however this is likely to change


( S ( NP-TMP ( JJ Next ) ( NN month ) ) ( NP-SBJ-2 ( NP ( NNP Seagate ) ( NNP Technology ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ dominant ) ( NN supplier ) ) ( PP ( IN of ) ( NP ( NP ( NN hard-disk ) ( NNS drives ) ) ( PP ( IN for ) ( NP ( JJ personal ) ( NNS computers ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB introduce ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN family ) ) ( PP ( IN of ) ( NP ( NP ( JJ low-power ) ( NNS drives ) ) ( PP ( IN for ) ( NP ( JJ battery-operated ) ( NNS computers ) ) ) ) ) ) ) ) ) ) )

Next month Seagate Technology which is the dominant supplier of hard-disk drives for personal computers plans to introduce its first family of low-power drives for battery-operated computers


( S ( CC And ) ( NP-SBJ-1 ( DT the ) ( NNPS Japanese ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( ADJP-PRD ( RB close ) ( PP ( IN on ) ( NP ( NP ( NNP Conner ) ( POS 's ) ) ( NNS heels ) ) ) ) ) ) ) ) ) )

And the Japanese are likely to keep close on Conner 's heels


( SINV ( S-TPC-1 ( NP-SBJ-2 ( PRP They ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB catch ) ( PRT ( RP up ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Claridge ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Hambrecht ) ( CC & ) ( NNP Quist ) ) ) ) ) )

They are going to catch up said David Claridge an analyst with Hambrecht & Quist


( S ( S-TPC-1 ( S ( NP-SBJ ( DT Both ) ( NNP Toshiba ) ( CC and ) ( NNP NEC ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP produce ) ( NP ( NN hard-disk ) ( NNS drives ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Sony ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG studying ) ( NP ( DT the ) ( NN field ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Claridge ) ) ( VP ( VBD said ) ) )

Both Toshiba and NEC already produce hard-disk drives and Sony also is studying the field Mr. Claridge said


( S ( CC But ) ( NP-SBJ ( NNP Conner ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG standing ) ( ADVP ( RB still ) ) ) ) )

But Conner is n't standing still


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD introduced ) ( NP ( NP ( CD four ) ( NNS products ) ) ( NP ( SBAR-NOM ( WHNP-3 ( NP ( CD three ) ) ( PP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBP are ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJ hot ) ( JJ new ) ( NN class ) ) ( PP ( IN of ) ( NP ( NNS computers ) ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NNS notebooks ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday the company introduced four products three of which are aimed at a hot new class of computers called notebooks


( S ( S ( NP-SBJ ( NP ( DT Each ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD three ) ( NNS drives ) ) ) ) ( VP ( VBZ uses ) ( NP ( NP ( DT a ) ( JJ mere ) ( CD 1.5 ) ( NNS watts ) ) ( PP ( IN of ) ( NP ( NN power ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( CD one ) ) ( VP ( VBZ weighs ) ( NP ( JJ just ) ( CD 5.5 ) ( NNS ounces ) ) ) ) )

Each of the three drives uses a mere 1.5 watts of power and one weighs just 5.5 ounces


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNS competitors ) ) ) ) ( VP ( VBP are ) ( VP ( VBG announcing ) ( NP ( NP ( NNS products ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( PRP$ our ) ( PRN ( JJR older ) ) ( NNS products ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Finis ) ( NNP Conner ) ) ( NP ( NP ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ( CC and ) ( NP ( NN founder ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN firm ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ bears ) ( NP ( PRP$ his ) ( NN name ) ) ) ) ) ) ) ) ) )

Most of our competitors are announcing products based on our older products said Finis Conner chief executive officer and founder of the firm that bears his name


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NNS products ) ) ( ADVP ( ADVP ( RBR faster ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NN anyone ) ( JJ else ) ) ( VP ( MD can ) ) ) ) ) ) ) ) ) )

We continue to develop products faster than anyone else can


( S ( S-TPC-1 ( NP-SBJ ( DT These ) ( JJ new ) ( NNS products ) ) ( VP ( MD could ) ( VP ( VB account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 35 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN business ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Conner ) ) ( VP ( VBD estimated ) ) )

These new products could account for as much as 35 % of the company 's business in 1990 Mr. Conner estimated


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( RB not ) ( ADJP-PRD ( JJ afraid ) ( PP ( IN of ) ( S-NOM ( VP ( VBG obsoleting ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( JJ old ) ( NN stuff ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stay ) ( PP-LOC-PRD ( RB ahead ) ( PP ( IN of ) ( NP ( DT the ) ( NN competition ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

We 're not afraid of obsoleting some of our old stuff to stay ahead of the competition he said


( S ( NP-SBJ ( NNP Conner ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ is ) ( VP ( VBG shipping ) ( NP ( PRP$ its ) ( JJ new ) ( NNS drives ) ) ) ) )

Conner already is shipping its new drives


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NNP Compaq ) ) ( VP ( VBD introduced ) ( NP ( PRP$ its ) ( JJ first ) ( NN notebook ) ( NN computer ) ) ( S ( VP ( TO to ) ( VP ( VB rave ) ( NP ( NNS reviews ) ) ) ) ) ) )

Last week for instance Compaq introduced its first notebook computer to rave reviews


( S ( NP-SBJ ( NNP Conner ) ) ( VP ( VBZ is ) ( VP ( VBG supplying ) ( NP ( NN hard-disk ) ( NNS drives ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN machine ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBZ weighs ) ( NP ( QP ( RB only ) ( CD six ) ) ( NNS pounds ) ) ) ( CC and ) ( VP ( VBZ fits ) ( PP-LOC-CLR ( IN in ) ( NP ( DT a ) ( NN briefcase ) ) ) ) ) ) ) ) ) ) ) )

Conner is supplying hard-disk drives for the machine which weighs only six pounds and fits in a briefcase


( S ( PP ( IN From ) ( NP ( PRP$ its ) ( NN inception ) ) ) ( NP-SBJ-3 ( NNP Conner ) ) ( VP ( VBZ has ) ( VP ( VBN targeted ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ battery-operated ) ( NNS machines ) ) ) ) ( S-ADV ( VP ( VBG building ) ( NP ( NP ( NN hard-disk ) ( NNS drives ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJR smaller ) ) ) ) ( CC and ) ( VP ( VB use ) ( NP ( NP ( ADJP ( RB far ) ( JJR less ) ) ( NN power ) ) ) ) ( PP-1 ( IN than ) ( NP ( NP ( DT those ) ) ( VP ( VBN offered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS competitors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Seagate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

From its inception Conner has targeted the market for battery-operated machines building hard-disk drives that are smaller and use far less power than those offered by competitors such as Seagate


( S ( NP-SBJ ( NP ( DT The ) ( NN availability ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS drives ) ) ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBD boosted ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( NN laptop ) ( NNS computers ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN usefulness ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJ limited ) ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( NN storage ) ) ) ) ) ) ) ) ) ) ) ) ) )

The availability of these drives in turn boosted demand for laptop computers whose usefulness had been limited because of lack of storage


( S ( NP-SBJ ( NNP Conner ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBZ makes ) ( NP ( NN hard-disk ) ( NNS drives ) ) ( PP ( IN for ) ( NP ( NN desktop ) ( NNS computers ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN supplier ) ) ( PP ( TO to ) ( NP ( NP ( NNP Compaq ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP July ) ) ) ) ( VP ( VBD owned ) ( NP ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Conner ) ( POS 's ) ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) )

Conner also makes hard-disk drives for desktop computers and is a major supplier to Compaq which as of July owned 40 % of Conner 's stock


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( TO to ) ( NP ( NNP Compaq ) ) ) ) ( VP ( VBD represented ) ( NP ( NP ( CD 26 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Conner ) ( POS 's ) ) ( NN business ) ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJ third ) ( NN quarter ) ) ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( CD 42 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN period ) ) ) ) ) ) ) )

Sales to Compaq represented 26 % of Conner 's business in its third quarter compared with 42 % in the year-ago period


( S ( PP-TMP ( IN After ) ( NP ( NP ( JJ several ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NP ( JJ booming ) ( NN business ) ) ( PP ( IN with ) ( NP ( NNP China ) ) ) ) ) ) ) ( NP-SBJ ( JJ foreign ) ( NNS traders ) ) ( VP ( VBP are ) ( VP ( VBG bracing ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NN slump ) ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN decade ) ) ) ) ) ) ) )

After several years of booming business with China foreign traders are bracing for the biggest slump in a decade


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN imposition ) ) ( PP ( IN of ) ( NP ( NP ( NN austerity ) ( NNS measures ) ) ( VP ( VBG starting ) ( NP-TMP-CLR ( JJ last ) ( NNP October ) ) ) ) ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBD had ) ( VP ( VBN begun ) ( S ( VP ( TO to ) ( VP ( VB pinch ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN massacre ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tiananmen ) ( NNP Square ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ( CC and ) ( NP ( JJ subsequent ) ( NNS events ) ) ) ( VP ( VBD tugged ) ( S ( NP-SBJ ( DT the ) ( NN belt ) ) ( ADJP-PRD ( RB far ) ( RBR tighter ) ) ) ) ) ) ) ) ) ) ) )

The imposition of austerity measures starting last October already had begun to pinch when the massacre in Tiananmen Square on June 4 and subsequent events tugged the belt far tighter


( S ( NP-SBJ-1 ( JJ Foreign ) ( NN lending ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( ADVP ( RB virtually ) ) ( VBN suspended ) ( PP-TMP ( IN since ) ( NP ( RB then ) ) ) ) ) ) ( S-ADV ( VP ( VP ( VBG choking ) ( NP ( NN liquidity ) ) ) ( CC and ) ( VP ( VBG hobbling ) ( NP ( JJ many ) ( NNS projects ) ) ) ) ) ) )

Foreign lending has been virtually suspended since then choking liquidity and hobbling many projects


( S ( CC And ) ( NP-SBJ ( NNP Beijing ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN pulled ) ( ADVP-DIR ( RB back ) ) ( PP ( IN on ) ( NP ( JJ domestic ) ( NNS loans ) ( CC and ) ( NNS subsidies ) ) ) ) ) ( S-ADV ( VP ( VBG leaving ) ( S ( NP-SBJ ( NP ( JJ many ) ( JJ domestic ) ( NNS buyers ) ) ( CC and ) ( NP ( JJ export-oriented ) ( NNS plants ) ) ) ( VP ( VBN strapped ) ( PP-CLR ( IN for ) ( NP ( NN cash ) ) ) ) ) ) ) ) )

And Beijing has pulled back on domestic loans and subsidies leaving many domestic buyers and export-oriented plants strapped for cash


( S ( NP-SBJ ( NP ( NNP Givaudan ) ( NNP Far ) ( NNP East ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( JJ Swiss ) ( NN concern ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ sells ) ( NP ( NNS chemicals ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NN shampoo ) ( CC and ) ( NN soap ) ( NNS factories ) ) ( PP-LOC ( IN in ) ( NP ( NNP China ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ typifies ) ( NP ( DT the ) ( NNS problems ) ) ) )

Givaudan Far East Ltd. a Swiss concern that sells chemicals to shampoo and soap factories in China typifies the problems


( S ( NP-SBJ ( NP ( JJ Last ) ( NN year ) ( POS 's ) ) ( NN retrenchment ) ) ( VP ( VBD dried ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( NN working ) ( NN capital ) ) ( PP ( IN of ) ( NP ( JJ Chinese ) ( NNS factories ) ) ) ) ) )

Last year 's retrenchment dried up the working capital of Chinese factories


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NNS sales ) ) ( VP ( VBD flattened ) ( PP-TMP ( IN during ) ( NP ( NP ( CD 1989 ) ( POS 's ) ) ( JJ first ) ( NN half ) ) ) ) )

The company 's sales flattened during 1989 's first half


( S ( NP-SBJ ( DT The ) ( NNP June ) ( NNS killings ) ) ( VP ( VBD magnified ) ( NP ( DT the ) ( NNS problems ) ) ) )

The June killings magnified the problems


( S ( PP-LOC ( IN In ) ( NP ( NNP Canton ) ) ) ( NP-SBJ ( NP ( NNP Givaudan ) ( POS 's ) ) ( JJ representative ) ( NN office ) ) ( VP ( VBD received ) ( NP ( DT no ) ( NNS orders ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) )

In Canton Givaudan 's representative office received no orders in June


( S ( S ( PP-TMP ( IN At ) ( RB first ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN slump ) ) ( PP-CLR ( TO to ) ( NP ( JJ temporary ) ( NN business ) ( NNS disruptions ) ) ) ) ) ( CC but ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT no ) ( NNS orders ) ) ( VP ( VBD were ) ( VP ( VBN logged ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ( CC and ) ( NNP September ) ) ) ) ) ) ) ( NP-SBJ ( NN manager ) ( NNP Donald ) ( NNP Lai ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ convinced ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN business ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ bad ) ) ( PP-TMP ( IN for ) ( NP ( JJ many ) ( NNS months ) ) ) ) ) ) ) ) ) ) )

At first it attributed the slump to temporary business disruptions but when no orders were logged in August and September manager Donald Lai became convinced that business would be bad for many months


( S ( S-TPC-1 ( NP-SBJ ( NNS Things ) ) ( VP ( VBP have ) ( VP ( VBN grown ) ( ADJP-PRD ( JJR worse ) ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lai ) ) ( VP ( VBZ says ) ) )

Things have grown worse since June 4 Mr. Lai says


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ predicts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS sales ) ) ( VP ( MD will ) ( VP ( VB drop ) ( PP-EXT ( IN between ) ( NP ( QP ( CD 30 ) ( NN % ) ( CC and ) ( CD 40 ) ( NN % ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( QP ( CD 3 ) ( CD million ) ) ) ) ) ) ) ) ) )

He predicts that sales will drop between 30 % and 40 % from last year 's 3 million


( S ( S ( NP-SBJ ( DT The ) ( JJ consumer-products ) ( CC and ) ( JJ light-industrial ) ( NNS sectors ) ) ( VP ( VBP are ) ( VP ( VBG bearing ) ( NP ( NP ( DT the ) ( NN brunt ) ) ( PP ( IN of ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( NN austerity ) ( NNS measures ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( JJ foreign ) ( NNS companies ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Givaudan ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP deal ) ( PP-CLR ( IN with ) ( NP ( DT those ) ( NNS industries ) ) ) ) ) ) ) ( VBP are ) ( VP ( VBG being ) ( VP ( VBN hit ) ( NP ( DT the ) ( RBS hardest ) ) ) ) ) )

The consumer-products and light-industrial sectors are bearing the brunt of China 's austerity measures and foreign companies such as Givaudan that deal with those industries are being hit the hardest


( S ( CC But ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ( NP-SBJ ( DT all ) ( JJ foreign-trading ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG feeling ) ( NP-PRD ( DT the ) ( NN pinch ) ) ) ) )

But in general all foreign-trading companies are feeling the pinch


( SINV ( S-1 ( NP-SBJ ( DT The ) ( NN import ) ( NN pie ) ) ( VP ( MD will ) ( VP ( VB shrink ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Kamm ) ) ( NP ( NP ( NP ( JJ first ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP American ) ( NNP Chamber ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ( CC and ) ( NP ( DT a ) ( NNP China ) ( NN trade ) ( NN specialist ) ) ) ) )

The import pie will shrink says John Kamm first vice president of the American Chamber of Commerce in Hong Kong and a China trade specialist


( S ( S ( PP ( IN On ) ( NP ( DT the ) ( JJ down ) ( NN side ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( MD could ) ( VP ( VB fall ) ( NP-EXT ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 90 ) ) ( NN % ) ) ( PP ( IN for ) ( NP ( DT some ) ( NNS companies ) ) ) ) ) ) ( S ( PP ( IN on ) ( NP ( DT the ) ( JJ upper ) ( NN side ) ) ) ( NP-SBJ ( NNS sales ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ flat ) ) ) ) ) )

On the down side sales could fall as much as 90 % for some companies on the upper side sales will be flat


( S ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( JJ foreign ) ( NN trade ) ) ( VP ( VBZ has ) ( VP ( VBN gone ) ( PP-CLR ( IN in ) ( NP ( NNS cycles ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( NN decade ) ) ) ) ) )

China 's foreign trade has gone in cycles during the past decade


( S ( NP-SBJ ( NP ( DT The ) ( JJ last ) ( NN time ) ) ( SBAR ( WHADVP-1 ( IN that ) ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD experienced ) ( NP ( DT a ) ( NN trough ) ) ) ) ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN during ) ( NP ( NP ( CD 1985-86 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNP Beijing ) ) ( VP ( VBD imposed ) ( NP ( NP ( JJ tough ) ( NNS measures ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB curb ) ( NP ( NNS imports ) ) ) ( CC and ) ( VP ( VB conserve ) ( NP ( JJ foreign ) ( NN exchange ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The last time that traders experienced a trough was during 1985-86 when Beijing imposed tough measures to curb imports and conserve foreign exchange


( S ( NP-SBJ-1 ( DT The ) ( JJ current ) ( NN trough ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB much ) ( JJR deeper ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP Beijing ) ) ( VP ( VBZ has ) ( VP ( VBN cut ) ( PRT ( RP off ) ) ( NP ( JJ domestic ) ( NNS funds ) ) ( PP-CLR ( IN from ) ( NP ( NNS factories ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN time ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB slow ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The current trough is expected to be much deeper because Beijing has cut off domestic funds from factories for the first time to slow inflation


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( NNS loans ) ( CC and ) ( NN export ) ( NNS credits ) ) ) ( PP ( IN from ) ( NP ( JJ foreign ) ( NNS governments ) ( CC and ) ( NNS institutions ) ) ) ( PP ( VBG following ) ( NP ( DT the ) ( NNP June ) ( NNS killings ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( DT a ) ( JJ big ) ( NN setback ) ) ) ) )

In addition the suspension of loans and export credits from foreign governments and institutions following the June killings have been a big setback


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN freeze ) ) ( PP ( IN on ) ( NP ( JJ new ) ( NN lending ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG dealing ) ( NP ( DT the ) ( JJ single ) ( JJS biggest ) ( NN blow ) ) ( PP-DTV ( TO to ) ( NP ( NN trading ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Raymond ) ( NNP Wong ) ) ( NP ( NP ( NNP China ) ( NN manager ) ) ( PP ( IN for ) ( NP ( NP ( NNP Mannesmann ) ( NNP AG ) ) ( NP ( DT a ) ( JJ West ) ( JJ German ) ( JJ machinery-trading ) ( NN company ) ) ) ) ) ) )

The freeze on new lending is dealing the single biggest blow to trading says Raymond Wong China manager for Mannesmann AG a West German machinery-trading company


( S ( NP-SBJ ( NP ( NN Import ) ( NN growth ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ year-earlier ) ( NNS months ) ) ) ) ( VP ( VBD slowed ) ( PP-CLR ( TO to ) ( NP-1 ( CD 16 ) ( NN % ) ) ( PP-TMP-2 ( IN in ) ( NP ( NNP July ) ) ) ) ( CC and ) ( PP ( NP=1 ( CD 7.1 ) ( NN % ) ) ( PP-TMP=2 ( IN in ) ( NP ( NNP August ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( JJ average ) ( NN growth ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 26 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ) ) ) ) )

Import growth from the year-earlier months slowed to 16 % in July and 7.1 % in August compared with an average growth rate of 26 % in the first half


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( NP-SBJ ( NNS imports ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 38.32 ) ( CD billion ) ) ) ) ( ADVP ( RB down ) ( RB slightly ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN growth ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 23 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) )

In the first eight months of 1989 imports grew 21 % to 38.32 billion down slightly from a growth rate of 23 % a year earlier


( S ( NP-SBJ ( NP ( DT The ) ( NN picture ) ) ( PP ( IN for ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( NNS exports ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB just ) ( RB as ) ( JJ bleak ) ) ( PP-PRP ( ADVP ( RB mainly ) ) ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ domestic ) ( NN credit ) ( NN squeeze ) ) ) ) )

The picture for China 's exports is just as bleak mainly because of the domestic credit squeeze


( S ( NP-SBJ ( NP ( NNS Exports ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ) ) ( VP ( VBD grew ) ( NP-EXT ( QP ( RB only ) ( CD 9 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 31.48 ) ( CD billion ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN growth ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 25 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( JJ Chinese ) ( NNS customs ) ( NNS figures ) ) ) ) ) )

Exports in the first eight months grew only 9 % to 31.48 billion compared with a growth rate of 25 % a year earlier according to Chinese customs figures


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN threat ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP China ) ( POS 's ) ) ( NN balance ) ) ( PP ( IN of ) ( NP ( NNS payments ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( RBR further ) ( VBN aggravated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN plunge ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NN foreign-exchange ) ( NNS reserves ) ) ) ) ) ( PP ( VBG excluding ) ( NP ( NN gold ) ( NNS holdings ) ) ) ) ) )

The threat to China 's balance of payments is further aggravated by the plunge in its foreign-exchange reserves excluding gold holdings


( S ( NP-SBJ ( DT The ) ( NNS reserves ) ) ( VP ( VBD dropped ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 14 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 19 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ) )

The reserves dropped for the first time in recent years to 14 billion in June from 19 billion in April


( S ( NP-SBJ ( DT The ) ( NN trend ) ) ( VP ( VBZ has ) ( VP ( VBN prompted ) ( S ( NP-SBJ-1 ( NNP Beijing ) ) ( VP ( TO to ) ( VP ( VB intensify ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NNS imports ) ) ) ) ) ) ) ) ) ) ) )

The trend has prompted Beijing to intensify efforts to curb imports


( S ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( NNS leaders ) ) ( VP ( VBP have ) ( VP ( VBN recentralized ) ( NP ( NP ( NN trading ) ) ( PP ( IN in ) ( NP ( NP ( NN wool ) ) ( CC and ) ( NP ( NP ( NNS scores ) ) ( PP ( IN of ) ( NP ( NN chemical ) ( NNS products ) ( CC and ) ( NNS commodities ) ) ) ) ) ) ) ) ) )

In recent weeks China 's leaders have recentralized trading in wool and scores of chemical products and commodities


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Foreign ) ( NNP Economic ) ( NNPS Relations ) ( CC and ) ( NNP Trade ) ) ) ) ( VP ( VBD set ) ( PRT ( RP up ) ) ( NP ( DT a ) ( JJ special ) ( NN bureau ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB monitor ) ( NP ( NP ( DT the ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NN import ) ( CC and ) ( NN export ) ( NNS licenses ) ) ) ) ) ) ) ) )

The Ministry of Foreign Economic Relations and Trade set up a special bureau last month to monitor the issue of import and export licenses


( S ( NP-SBJ ( NP ( NP ( NNP Beijing ) ( POS 's ) ) ( JJ periodic ) ( NNS clampdowns ) ) ( PP ( IN on ) ( NP ( NNS imports ) ) ) ) ( VP ( VBP have ) ( VP ( VBN taught ) ( NP ( JJ many ) ( NN trading ) ( NNS companies ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJS best ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( PP-CLR ( IN through ) ( NP ( DT the ) ( NN drought ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN by ) ( S-NOM ( VP ( VBG helping ) ( S ( NP-SBJ ( NNP China ) ) ( VP ( VB export ) ) ) ) ) ) ) ) ) ) ) )

Beijing 's periodic clampdowns on imports have taught many trading companies that the best way to get through the drought is by helping China export


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NNP Nissho ) ( NNP Iwai ) ( NNP Corp. ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJS biggest ) ( JJ Japanese ) ( NN trading ) ( NNS houses ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ buys ) ( NP ( NP ( QP ( RB almost ) ( RB twice ) ( IN as ) ( JJ many ) ) ( NNS goods ) ) ( PP-CLR ( IN from ) ( NP ( NNP China ) ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ sells ) ( PP-DTV ( TO to ) ( NP ( DT that ) ( NN country ) ) ) ) ) ) ) ) )

For example Nissho Iwai Corp. one of the biggest Japanese trading houses now buys almost twice as many goods from China as it sells to that country


( S ( ADVP-TMP ( NP ( CD Three ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NN ratio ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ reversed ) ) ) )

Three years ago the ratio was reversed


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN strategy ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBG helping ) ( ADVP ( RB much ) ) ( NP-TMP ( DT this ) ( NN time ) ) ) ) )

But the strategy is n't helping much this time


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT Both ) ( NNS sectors ) ) ( PP ( IN of ) ( NP ( NNS imports ) ( CC and ) ( NNS exports ) ) ) ) ( VP ( VBP look ) ( ADJP-PRD ( RB just ) ( RB as ) ( JJ bad ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Masahiko ) ( NNP Kitamura ) ) ( NP ( NP ( JJ general ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP Nissho ) ( NNP Iwai ) ( POS 's ) ) ( NNP Canton ) ( NN office ) ) ) ) ) )

Both sectors of imports and exports look just as bad says Masahiko Kitamura general manager of Nissho Iwai 's Canton office


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN trading ) ( NN business ) ) ( VP ( TO to ) ( VP ( VB drop ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 40 ) ( NN % ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) )

He expects the company 's trading business to drop as much as 40 % this year


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT a ) ( JJ short ) ( NN time ) ) ( PP-TMP ( IN after ) ( NP ( NNP June ) ( CD 4 ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD appeared ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN trade ) ( NN picture ) ) ( VP ( MD would ) ( VP ( VB remain ) ( ADJP-PRD ( RB fairly ) ( JJ bright ) ) ) ) ) ) ) )

For a short time after June 4 it appeared that the trade picture would remain fairly bright


( S ( NP-SBJ-1 ( NP ( JJ Many ) ( JJ foreign ) ( VBG trading ) ( NNS offices ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ( VP ( VBD were ) ( VP ( VBN swamped ) ( PP-CLR ( IN with ) ( S-NOM ( NP-SBJ ( NP ( NNS telexes ) ( CC and ) ( NN telephone ) ( NNS calls ) ) ( PP ( IN from ) ( NP ( JJ Chinese ) ( NN trade ) ( NNS officials ) ) ) ) ( VP ( VBG urging ) ( NP-2 ( PRP them ) ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB sever ) ( NP ( NNS ties ) ) ) ) ) ) ) ) ) ) )

Many foreign trading offices in Hong Kong were swamped with telexes and telephone calls from Chinese trade officials urging them not to sever ties


( S ( NP-SBJ-2 ( NP ( RB Even ) ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP China ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( ADVP ( RB normally ) ) ( VBD took ) ( NP-TMP-CLR ( NNS weeks ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB process ) ( NP ( NP ( NNS letters ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBG settling ) ( NP ( DT the ) ( NNS letters ) ) ( PP-MNR ( IN at ) ( NP ( JJ record ) ( NN speed ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB dispel ) ( NP ( NP ( NNS rumors ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( JJ financial ) ( NN health ) ) ) ) ) ) ) ) ) )

Even the Bank of China which normally took weeks to process letters of credit was settling the letters at record speed to dispel rumors about the bank 's financial health


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( JJ foreign ) ( NNS traders ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NN business ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD discovered ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN eagerness ) ) ( PP ( IN of ) ( NP ( JJ Chinese ) ( NN trade ) ( NNS officials ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( RB just ) ( DT a ) ( NN smokescreen ) ) ) ) ) ) )

But when foreign traders tried to do business they discovered that the eagerness of Chinese trade officials was just a smokescreen


( S ( NP-SBJ ( NP ( DT The ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NNS loans ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN weakened ) ( NP ( NP ( DT the ) ( NN buying ) ( NN power ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ national ) ( VBG trading ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( PP-PRD ( IN among ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJS biggest ) ( NNS importers ) ) ) ) ) ) ) ) ) ) ) )

The suspension of foreign loans has weakened the buying power of China 's national trading companies which are among the country 's biggest importers


( S ( S-TPC-1 ( NP-SBJ ( NN Business ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB any ) ( RB better ) ( PP ( IN on ) ( NP ( DT the ) ( JJ provincial ) ( CC or ) ( JJ municipal ) ( NN level ) ) ) ) ) ) ( NP-SBJ ( JJ foreign ) ( NNS traders ) ) ( VP ( VBP say ) ) )

Business is n't any better on the provincial or municipal level foreign traders say


( S ( NP-SBJ ( NP ( NNP Shanghai ) ( NNP Investment ) ( CC & ) ( NNP Trust ) ( NNP Co. ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP Sitco ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NN city ) ( POS 's ) ) ( JJ main ) ( NN financier ) ) ( PP ( IN for ) ( NP ( NN trading ) ( NN business ) ) ) ) ) )

Shanghai Investment & Trust Co. known as Sitco is the city 's main financier for trading business


( S ( S ( NP-SBJ ( NNP Sitco ) ) ( VP ( VBD had ) ( ADVP ( RB customarily ) ) ( VP ( VBN tapped ) ( NP ( DT the ) ( JJ Japanese ) ( NN bond ) ( NN market ) ) ( PP-CLR ( IN for ) ( NP ( NNS funds ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB do ) ( NP ( DT that ) ) ( ADVP-TMP ( RB any ) ( RB longer ) ) ) ) ) )

Sitco had customarily tapped the Japanese bond market for funds but it ca n't do that any longer


( S ( NP-SBJ ( JJ Foreign ) ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ strapped ) ( PP ( IN for ) ( NP ( NN cash ) ) ) ) ) ) ) ) )

Foreign traders say the company is strapped for cash


( SINV ( S-TPC-2 ( NP-SBJ-3 ( PRP It ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS difficulties ) ) ( S-NOM ( VP ( VBG paying ) ( NP ( PRP$ its ) ( JJ foreign ) ( NNS debts ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT a ) ( NNP Hong ) ( NNP Kong ) ( NN executive ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( NNP Sitco ) ( POS 's ) ) ( NN business ) ) ) ) ) ) ) ) )

It has difficulties paying its foreign debts says a Hong Kong executive who is familiar with Sitco 's business


( SBARQ ( WHADVP ( WRB How ) ) ( MD can ) ( SQ ( NP-SBJ ( PRP it ) ) ( VP ( VB make ) ( S ( ADJP-PRD ( JJ available ) ) ( NP-SBJ ( NP ( NNS funds ) ) ( PP ( IN for ) ( NP ( NNS purchases ) ) ) ) ) ) ) )

How can it make available funds for purchases


( S ( NP-SBJ ( JJ Foreign ) ( NNS traders ) ) ( ADVP ( RB also ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NNP China ) ( POS 's ) ) ( JJ big ) ( JJ infrastructural ) ( NNS projects ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN canceled ) ( CC or ) ( VBN postponed ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT the ) ( NN squeeze ) ) ( PP ( IN on ) ( NP ( ADJP ( JJ domestic ) ( CC and ) ( JJ foreign ) ) ( NN credit ) ) ) ) ) ) ) ) ) ) ) )

Foreign traders also say many of China 's big infrastructural projects have been canceled or postponed because of the squeeze on domestic and foreign credit


( S ( NP-SBJ ( NP ( NNP Albert ) ( NNP Lee ) ) ( NP ( NP ( DT a ) ( NN veteran ) ( NN trader ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ specializes ) ( PP-CLR ( IN in ) ( NP ( NN machinery ) ( NNS sales ) ) ) ) ) ) ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 70 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNS projects ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN obtained ) ( NP ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB proceed ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN canceled ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS months ) ) ) ) ) ) ) ) ) )

Albert Lee a veteran trader who specializes in machinery sales estimates that as many as 70 % of projects that had obtained approval to proceed have been canceled in recent months


( S ( S-TPC-1 ( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( RB virtually ) ( RB no ) ( JJ new ) ( NNS projects ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ means ) ( NP ( NP ( DT no ) ( JJ new ) ( NN business ) ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

There are virtually no new projects and that means no new business for us he says


( S ( SBAR-TMP ( RB Even ) ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( JJ new ) ( NN lending ) ) ( VP ( VBZ resumes ) ) ) ) ( NP-SBJ ( JJ foreign ) ( NN exchange ) ) ( VP ( MD would ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ tight ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( NNP Beijing ) ) ( VP ( MD will ) ( ADVP ( RB likely ) ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB rein ) ( PP-CLR ( RP in ) ( NP ( NP ( JJ foreign ) ( NN borrowing ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN grown ) ( PP-EXT ( IN between ) ( NP ( QP ( CD 30 ) ( NN % ) ( CC and ) ( CD 40 ) ( NN % ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Even when new lending resumes foreign exchange would still be tight because Beijing will likely try to rein in foreign borrowing which has grown between 30 % and 40 % in the past few years


( S ( CC And ) ( NP-SBJ-1 ( JJ foreign ) ( NNS creditors ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ cautious ) ( PP ( IN about ) ( S-NOM ( VP ( VBG extending ) ( NP ( JJ new ) ( NNS loans ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP China ) ) ( VP ( VBZ is ) ( VP ( VBG nearing ) ( NP ( DT a ) ( NN peak ) ( NN repayment ) ( NN period ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-2 ( JJ many ) ( NNS loans ) ) ( VP ( VBP start ) ( S ( VP ( VBG falling ) ( ADJP-PRD ( JJ due ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( QP ( JJ next ) ( CD two ) ( TO to ) ( CD five ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And foreign creditors are likely to be more cautious about extending new loans because China is nearing a peak repayment period as many loans start falling due in the next two to five years


( S ( NP-SBJ ( NP ( DT Another ) ( NN reason ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN intensity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN trade ) ( NNS problems ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNP Beijing ) ) ( VP ( VBZ has ) ( VP ( VBN extended ) ( NP ( NP ( DT the ) ( JJ current ) ( NN clampdown ) ) ( PP ( IN on ) ( NP ( NNS imports ) ) ) ) ( PP-CLR ( IN beyond ) ( NP ( NP ( DT the ) ( JJ usual ) ( NN target ) ) ( PP ( IN of ) ( NP ( NN consumer ) ( NNS products ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB include ) ( NP ( NP ( NN steel ) ) ( NP ( NN chemical ) ( NNS fertilizers ) ) ( CC and ) ( NP ( NNS plastics ) ) ) ) ) ) ) ) ) ) ) )

Another reason for the intensity of the trade problems is that Beijing has extended the current clampdown on imports beyond the usual target of consumer products to include steel chemical fertilizers and plastics


( S ( NP-SBJ ( DT These ) ) ( VP ( VP ( VBP have ) ( VP ( VBN been ) ( PP-PRD ( IN among ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( VBG leading ) ( NNS imports ) ) ) ) ) ( NP-TMP ( NP ( RB particularly ) ( JJ last ) ( NN year ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS shortages ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD led ) ( S ( NP-SBJ ( JJ many ) ( NNS traders ) ) ( VP ( TO to ) ( VP ( VP ( VB buy ) ( ADVP-MNR ( RB heavily ) ) ) ( CC and ) ( VP ( VB pay ) ( ADVP-MNR ( RB dearly ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

These have been among the country 's leading imports particularly last year when there were shortages that led many traders to buy heavily and pay dearly


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNS shortages ) ) ( ADVP ( RB also ) ) ( VP ( VBD spawned ) ( NP ( NP ( JJ rampant ) ( NN speculation ) ) ( CC and ) ( NP ( VBG spiraling ) ( NNS prices ) ) ) ) )

But the shortages also spawned rampant speculation and spiraling prices


( S ( S-PRP ( VP ( TO To ) ( VP ( VB stem ) ( NP ( NN speculation ) ) ) ) ) ( NP-SBJ-2 ( NNP Beijing ) ) ( VP ( VBD imposed ) ( NP ( NP ( NN ceiling ) ( NNS prices ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD went ) ( PP-CLR ( IN into ) ( NP ( NN effect ) ) ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

To stem speculation Beijing imposed ceiling prices that went into effect earlier this year


( S ( NP-SBJ-2 ( NP ( NNS Traders ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN bought ) ( NP ( DT the ) ( NNS goods ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS prices ) ) ( PP ( IN above ) ( NP ( DT the ) ( NN ceiling ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT a ) ( NN loss ) ) ( PP ( IN on ) ( NP ( NNS resales ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBG holding ) ( PP-CLR ( IN onto ) ( NP ( PRP$ their ) ( NN stock ) ) ) ) ) ) )

Traders who had bought the goods at prices above the ceiling do n't want to take a loss on resales and are holding onto their stock


( S ( NP-SBJ ( DT The ) ( VBG resulting ) ( NN stockpiling ) ) ( VP ( VBZ has ) ( VP ( VBN depressed ) ( NP ( DT the ) ( NN market ) ) ) ) )

The resulting stockpiling has depressed the market


( S ( CC But ) ( NP-SBJ-1 ( NNP Beijing ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB cut ) ( ADVP-DIR ( RB back ) ) ( PP ( IN on ) ( NP ( NP ( JJ such ) ( JJ essential ) ( NNS imports ) ) ( PP ( IN as ) ( NP ( JJ raw ) ( NNS materials ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( RB too ) ( RB long ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG hampering ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( NN export ) ( NN business ) ) ) ) ) ) ) )

But Beijing ca n't cut back on such essential imports as raw materials for too long without hampering the country 's export business


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Kamm ) ) ( NP ( DT the ) ( NNP China ) ( NN trade ) ( NN expert ) ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Guangdong ) ( POS 's ) ) ( NNS exports ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN made ) ( PRT ( RP up ) ) ( PP-CLR ( IN of ) ( NP ( VBN processed ) ( VBN imported ) ( JJ raw ) ( NNS materials ) ) ) ) ) ) ) ) )

Mr. Kamm the China trade expert estimates that as much as 50 % of Guangdong 's exports is made up of processed imported raw materials


( S ( NP-SBJ ( NN Diversification ) ) ( VP ( VBZ pays ) ) )

Diversification pays


( S ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ fundamental ) ( NN lesson ) ) ( PP ( IN for ) ( NP ( NNS investors ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP$ its ) ( NN truth ) ) ( VP ( VBD was ) ( VP ( VBN demonstrated ) ( ADVP-TMP ( RB once ) ( RB again ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN performance ) ) ( PP ( IN of ) ( NP ( JJ mutual ) ( NNS funds ) ) ) ( PP-TMP ( IN during ) ( CC and ) ( IN after ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ Friday-the-13th ) ( NN plunge ) ) ) ) ) ) ) ) )

That 's a fundamental lesson for investors but its truth was demonstrated once again in the performance of mutual funds during and after the stock market 's Friday-the-13th plunge


( S ( NP-SBJ ( NN Stock ) ( NNS funds ) ) ( PP ( IN like ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ( ADVP ( RB generally ) ) ( VP ( VBD dropped ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 2 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( PP-TMP ( IN through ) ( NP ( JJ last ) ( NNP Thursday ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS figures ) ) ( VP ( VBN compiled ) ( PP ( IN by ) ( NP-LGS ( NNP Lipper ) ( NNP Analytical ) ( NNPS Services ) ( NNP Inc ) ) ) ) ) ) ) ) )

Stock funds like the market as a whole generally dropped more than 2 % in the week through last Thursday according to figures compiled by Lipper Analytical Services Inc


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ reflects ) ( NP ( NP ( NP ( DT the ) ( JJ huge ) ( NN drop ) ) ( ADVP-TMP ( NP ( DT a ) ( NN week ) ) ( RB ago ) ( NP-TMP ( NNP Friday ) ) ) ) ( NP ( NP ( JJ last ) ( NNP Monday ) ( POS 's ) ) ( NN rebound ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS dips ) ( CC and ) ( NNS blips ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD followed ) ) ) ) ) ) ) )

That reflects the huge drop a week ago Friday last Monday 's rebound and the dips and blips that followed


( S ( CC But ) ( NP-SBJ ( NP ( JJ several ) ( JJ other ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ( VP ( VBD shielded ) ( NP ( NNS investors ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJS worst ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN slide ) ) ) ) ) ) )

But several other types of funds shielded investors from the worst of the market 's slide


( S ( NP-SBJ ( NP ( NNS Funds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP invest ) ( ADVP-LOC ( RB internationally ) ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT the ) ( JJ top-performing ) ( NN stock ) ) ( CC and ) ( NP ( JJ fixed-income ) ( NNS funds ) ) ) ) )

Funds that invest internationally were the top-performing stock and fixed-income funds


( SINV ( S-TPC-1 ( NP-ADV ( NP ( RBR More ) ) ( PP ( IN than ) ( NP ( RB ever ) ) ) ) ( NP-SBJ ( NNS people ) ) ( VP ( MD should ) ( VP ( VB realize ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ( VP ( VB have ) ( NP ( DT a ) ( JJ diversified ) ( NN portfolio ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jeremy ) ( NNP Duffield ) ) ( NP ( NP ( DT a ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Vanguard ) ( NNP Group ) ) ) ) ) )

More than ever people should realize they should have a diversified portfolio said Jeremy Duffield a senior vice president of Vanguard Group


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( NP ( NP ( NNS stocks ) ) ( NP ( NNS bonds ) ) ( NP ( NN money ) ( NN market ) ( NNS instruments ) ) ( CC and ) ( NP ( JJ real ) ( NN estate ) ) ) ) )

That means stocks bonds money market instruments and real estate


( S ( NP-SBJ ( NP ( CD One ) ( NN week ) ( POS 's ) ) ( NN performance ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN basis ) ) ( PP ( IN for ) ( NP ( DT any ) ( NN investment ) ( NN decision ) ) ) ) ) ) )

One week 's performance should n't be the basis for any investment decision


( S ( CC But ) ( NP-SBJ ( DT the ) ( JJS latest ) ( JJ mutual ) ( NN fund ) ( NN performance ) ( NNS figures ) ) ( VP ( VBP do ) ( VP ( VB show ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( MD can ) ( VP ( VB happen ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( VBG going ) ) ( VP ( VBZ gets ) ( ADJP-PRD ( JJ rough ) ) ) ) ) ) ) ) ) ) ) )

But the latest mutual fund performance figures do show what can happen when the going gets rough


( SINV ( S-TPC-4 ( NP-SBJ-1 ( PRP You ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB know ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( DT a ) ( NN fund ) ) ( VP ( VBD did ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD got ) ( VP ( VBN hammered ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kurt ) ( NNP Brouwer ) ) ( NP ( NP ( DT an ) ( NN investment ) ( NN adviser ) ) ( PP ( IN with ) ( NP ( NP ( NNP Brouwer ) ( CC & ) ( NNP Janachowski ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) )

You want to know how a fund did when the market got hammered said Kurt Brouwer an investment adviser with Brouwer & Janachowski in San Francisco


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG kicking ) ( NP ( NP ( DT the ) ( NNS tires ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN car ) ) ) ) ) ) ) ) )

It 's like kicking the tires of a car


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB know ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBARQ-PRD ( SBAR-TMP ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN road ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ rough ) ) ) ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NN snow ) ( CC and ) ( NN ice ) ) ) ) ) ) ( WHADVP-6 ( WRB how ) ) ( SQ ( VBZ 's ) ( NP-SBJ-5 ( DT this ) ( NN car ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB perform ) ) ) ) ) ) ) ) )

What you want to know is when the road 's rough when there 's snow and ice how 's this car going to perform


( S ( NP-SBJ ( JJ General ) ( NN equity ) ( NNS funds ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 2.35 ) ( NN % ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Thursday ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( CD 2.32 ) ( NN % ) ) ( NN slide ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ) ) ) ) ) ) )

General equity funds fell an average of 2.35 % in the week ended Thursday compared with a 2.32 % slide for the Standard & Poor 's 500-stock index


( S ( CC But ) ( NP-SBJ ( NP ( NNP Lipper ) ( NNP Analytical ) ( POS 's ) ) ( NNS figures ) ) ( VP ( VBP show ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN cushioned ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NNS gyrations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But Lipper Analytical 's figures show that there were a number of ways investors could have cushioned themselves from the stock market 's gyrations


( S ( NP-SBJ ( NP ( JJ Gold-oriented ) ( NNS funds ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP invest ) ( PP-CLR ( IN in ) ( NP ( NP ( NNS companies ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP mine ) ( CC and ) ( VBP process ) ( NP ( DT the ) ( JJ precious ) ( NN metal ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD posted ) ( NP ( NP ( DT an ) ( JJ average ) ( NN decline ) ) ( PP ( IN of ) ( NP ( CD 1.15 ) ( NN % ) ) ) ) ) )

Gold-oriented funds for instance which invest in companies that mine and process the precious metal posted an average decline of 1.15 %


( S ( NP-SBJ ( NP ( JJ Flexible ) ( NN portfolio ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP allocate ) ( NP ( NNS investments ) ) ( PP-LOC-CLR ( IN among ) ( NP ( NP ( NNS stocks ) ) ( NP ( NNS bonds ) ( CC and ) ( NN money-market ) ( NNS instruments ) ) ( CC and ) ( NP ( JJ other ) ( NNS investments ) ) ) ) ) ) ) ) ( VP ( VBD declined ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( QP ( IN about ) ( PDT half ) ) ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ( NP ( NP ( DT an ) ( JJ average ) ( NN drop ) ) ( PP ( IN of ) ( NP ( CD 1.27 ) ( NN % ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Lipper ) ) ) ) ) )

Flexible portfolio funds which allocate investments among stocks bonds and money-market instruments and other investments declined at about half the rate of stock funds an average drop of 1.27 % according to Lipper


( S ( NP-SBJ-1 ( JJ Global ) ( NN allocation ) ( NNS funds ) ) ( VP ( VBP take ) ( NP-CLR ( DT the ) ( JJ asset-allocation ) ( NN concept ) ) ( ADVP-CLR ( NP ( CD one ) ( NN step ) ) ( RBR further ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG investing ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 25 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS portfolios ) ) ) ) ( PP-LOC-CLR ( IN outside ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) )

Global allocation funds take the asset-allocation concept one step further by investing at least 25 % of their portfolios outside the U.S.


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ gives ) ( NP ( PRP them ) ) ( NP ( NP ( DT the ) ( VBN added ) ( NNS benefits ) ) ( PP ( IN of ) ( NP ( JJ international ) ( NN diversification ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( NN foreign-exchange ) ( NN boost ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NNS periods ) ) ( PP ( IN like ) ( NP ( DT the ) ( NN past ) ( NN week ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ declines ) ( PP ( IN against ) ( NP ( JJ other ) ( JJ major ) ( NNS currencies ) ) ) ) ) ) ) ) ) ) ) )

This gives them the added benefits of international diversification including a foreign-exchange boost during periods like the past week when the dollar declines against other major currencies


( S ( PP ( IN With ) ( S-NOM ( NP-SBJ ( PDT all ) ( DT that ) ) ( VP ( VBG going ) ( PP-CLR ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ( NP-SBJ ( JJ global ) ( JJ flexible ) ( NN portfolio ) ( NNS funds ) ) ( VP ( VBD declined ) ( NP-EXT ( QP ( RB only ) ( CD 1.07 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( PP-TMP ( IN through ) ( NP ( JJ last ) ( NNP Thursday ) ) ) ) ) ) )

With all that going for them global flexible portfolio funds declined only 1.07 % in the week through last Thursday


( S ( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS merits ) ) ( PP ( IN of ) ( NP ( NN diversification ) ) ) ) ( VP ( VBP shine ) ( ADVP-CLR ( RB through ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS times ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ tough ) ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT a ) ( NN price ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB pay ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT A ) ( JJ diversified ) ( NN portfolio ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBZ underperforms ) ( NP ( DT an ) ( JJ undiversified ) ( NN portfolio ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT those ) ( NNS times ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ undiversified ) ( NN portfolio ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB truly ) ( JJ hot ) ) ) ) ) ) ) ) ) )

But while the merits of diversification shine through when times are tough there 's also a price to pay A diversified portfolio always underperforms an undiversified portfolio during those times when the investment in the undiversified portfolio is truly hot


( S ( CC And ) ( PP ( NP ( NNP Friday ) ( DT the ) ( NN 13th ) ) ( IN notwithstanding ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ hot ) ( NN investment ) ) ) ) )

And Friday the 13th notwithstanding stocks have been this year 's hot investment


( S ( S-TPC-1 ( ADVP ( RB Thus ) ) ( PP ( ADVP ( RB even ) ) ( VBG including ) ( NP ( DT the ) ( JJS latest ) ( NN week ) ) ) ( NP-SBJ ( DT the ) ( JJ average ) ( JJ general ) ( NN stock ) ( NN fund ) ) ( VP ( VBZ has ) ( VP ( VBN soared ) ( NP-EXT ( QP ( JJR more ) ( IN than ) ( CD 24 ) ) ( NN % ) ) ( NP-TMP ( ADVP ( RB so ) ( RB far ) ) ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Lipper ) ( NNP Analytical ) ( NNS figures ) ) ( VP ( VBP show ) ) )

Thus even including the latest week the average general stock fund has soared more than 24 % so far this year the Lipper Analytical figures show