( S ( NP-SBJ-1 ( NNP DFC ) ) ( VP ( VBZ is ) ( VP ( VP ( VBN held ) ( NP-ADV-2 ( CD 80 ) ( NN % ) ) ( PP-3 ( IN by ) ( NP-LGS ( NP ( NNP National ) ( NNP Provident ) ( NNP Fund ) ) ( NP ( NP ( NNP New ) ( NNP Zealand ) ( POS 's ) ) ( JJS largest ) ( NN pension ) ( NN fund ) ) ) ) ) ( CC and ) ( VP ( NP-ADV=2 ( CD 20 ) ( NN % ) ) ( PP=3 ( IN by ) ( NP-LGS ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( ADJP ( JJ investment-bank ) ( CC and ) ( JJ securities-firm ) ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Salomon ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) )

DFC is held 80 % by National Provident Fund New Zealand 's largest pension fund and 20 % by Salomon Brothers Inc. the investment-bank and securities-firm subsidiary of Salomon Inc. in New York


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( NP ( NNP J.P. ) ( NNP Morgan ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bank ) ( NNP Morgan ) ( NNP Guaranty ) ( NNP Trust ) ( NNP Co. ) ) ) ) ) ) ) ( VP ( VP ( VBD confirmed ) ( NP ( PRP$ its ) ( NN appointment ) ( S ( VP ( TO to ) ( VP ( VB assist ) ( NP ( DT the ) ( NNS managers ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB elaborate ) ) ) ) ) ) )

A spokeswoman for J.P. Morgan parent of the bank Morgan Guaranty Trust Co. confirmed its appointment to assist the managers but declined to elaborate


( S ( NP-SBJ ( DT The ) ( NNS managers ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ brief ) ( NN statement ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( NNP Morgan ) ) ( VP ( MD will ) ( VP ( VP ( VB help ) ( S ( VP ( VB evaluate ) ( NP ( NP ( NNP DFC ) ( POS 's ) ) ( NN position ) ) ) ) ) ( CC and ) ( VP ( VB help ) ( S ( VP ( VB determine ) ( NP ( NNS alternatives ) ) ) ) ) ) ) ) ) ) )

The managers said in a brief statement yesterday that Morgan will help evaluate DFC 's position and help determine alternatives


( S ( NP-SBJ-1 ( DT The ) ( NNS managers ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( S ( VP ( TO to ) ( VP ( VB complete ) ( NP ( DT the ) ( NN evaluation ) ) ( PP-TMP ( IN until ) ( NP ( NNP Nov. ) ( CD 30 ) ) ) ) ) ) ) ) )

The managers do n't expect to complete the evaluation until Nov. 30


( S ( NP-SBJ ( NNS Directors ) ) ( VP ( VBD elected ) ( NP-1 ( NP ( NNP R. ) ( NNP Marvin ) ( NNP Womack ) ) ( ADVP-TMP ( RB currently ) ) ( NP ( NN vice ) ( NN president\/product ) ( NN supply ) ( NN purchasing ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB head ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NAC-LOC ( NNP Washington ) ( NNP D.C. ) ) ( NN office ) ) ) ) ) ) )

Directors elected R. Marvin Womack currently vice president\/product supply purchasing to head the company 's Washington D.C. office


( SINV ( S-TPC-1 ( PP ( IN As ) ( NP ( NN vice ) ( NN president\/national-government ) ( NNS relations ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Womack ) ) ( VP ( MD will ) ( VP ( VB work ) ( PP-CLR ( PP ( IN with ) ( NP ( NP ( NNP P&G ) ( POS 's ) ) ( JJ top ) ( NN management ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS government-relations ) ( NN staff ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB represent ) ( NP ( NP ( NNP P&G ) ( POS 's ) ) ( NNS interests ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ federal ) ( NN level ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP G. ) ( NNP Smale ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( NN chief ) ( NN executive ) ( NN officer ) ) ) ) )

As vice president\/national-government relations Mr. Womack will work with P&G 's top management and with the company 's government-relations staff to represent P&G 's interests at the federal level said John G. Smale chairman and chief executive officer


( S ( NP-SBJ ( NNP Mr. ) ( NNP Smale ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN appointment ) ) ( VP ( VBZ recognizes ) ( NP ( NP ( DT the ) ( VBG growing ) ( NN influence ) ) ( PP ( IN of ) ( NP ( NN government ) ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ our ) ( NN business ) ) ) ) ) ) ) ) )

Mr. Smale said the appointment recognizes the growing influence of government on our business


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Womack ) ) ( ADJP ( NP ( CD 53 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN with ) ( NP ( NP ( DT the ) ( JJ big ) ( NN producer ) ) ( PP ( IN of ) ( NP ( NP ( NN household ) ( NNS products ) ) ( NP ( NN food ) ) ( CC and ) ( NP ( NNS pharmaceuticals ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 30 ) ( NNS years ) ) ) ) ) )

Mr. Womack 53 years old has been with the big producer of household products food and pharmaceuticals for 30 years


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ) ( S-ADV ( VP ( VBG fretting ) ( PP-CLR ( IN about ) ( NP ( NP ( VBG increasing ) ( JJ competitive ) ( NN pressure ) ) ( PP-LOC ( IN on ) ( NP ( NNP Ryder ) ) ) ) ) ) ) ( VP ( VBD placed ) ( NP ( NP ( QP ( IN about ) ( CD 2.8 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN company ) ( NNS securities ) ) ) ) ( PP-LOC-CLR ( IN under ) ( NP ( NP ( NN review ) ) ( PP ( IN for ) ( NP ( JJ possible ) ( NN downgrade ) ) ) ) ) ) )

Moody 's Investors Service Inc. fretting about increasing competitive pressure on Ryder placed about 2.8 billion in company securities under review for possible downgrade


( S ( NP-SBJ ( NP ( NNS Ratings ) ) ( PP ( IN under ) ( NP ( NN review ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Ryder ) ( POS 's ) ) ( NN A-1 ) ( JJ collateral ) ( NN trust ) ( NNS debentures ) ) ( NP ( NN A-2 ) ( JJ senior ) ( NNS notes ) ( CC and ) ( NNS bonds ) ) ( NP ( NN A-2 ) ( VBN preferred ) ( NN stock ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN Prime-1 ) ( NN rating ) ) ( PP ( IN for ) ( NP ( JJ commercial ) ( NN paper ) ) ) ) ) ) )

Ratings under review are Ryder 's A-1 collateral trust debentures A-2 senior notes and bonds A-2 preferred stock and the company 's Prime-1 rating for commercial paper


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG assessing ) ( NP ( NP ( DT the ) ( NNS strategies ) ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Ryder ) ( POS 's ) ) ( NN management ) ) ( VP ( MD may ) ( VP ( VB follow ) ( PP ( IN in ) ( S-NOM ( VP ( VBG addressing ) ( NP ( NP ( JJ significant ) ( NNS challenges ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( JJ major ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moody 's said it is assessing the strategies Ryder 's management may follow in addressing significant challenges in some major markets


( S ( NP-SBJ ( DT The ) ( NN rating ) ( NN agency ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG focusing ) ( ADVP ( RB especially ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN transportation ) ( NN service ) ( NN company ) ( POS 's ) ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VP ( VB control ) ( NP ( NNS costs ) ) ) ( VP ( VB improve ) ( NP ( NNS margins ) ) ) ( CC and ) ( VP ( VB enhance ) ( NP ( NP ( PRP$ its ) ( JJ competitive ) ( NN position ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ primary ) ( NN business ) ) ( NP ( NN vehicle ) ( NN leasing ) ( CC and ) ( NN rental ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The rating agency said it is focusing especially on the transportation service company 's efforts to control costs improve margins and enhance its competitive position in its primary business vehicle leasing and rental


( S ( NP-SBJ ( NP ( NNP UAL ) ) ( NP ( NP ( DT the ) ( JJ hair-trigger ) ( NN stock ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD exploded ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NN bombshell ) ) ) ) ) ) ) ( ADVP-TMP ( NN briefly ) ) ( VP ( VBD traumatized ) ( NP ( NNS traders ) ) ( ADVP-TMP ( RB again ) ) ( NP-TMP ( NN yesterday ) ) ) )

UAL the hair-trigger stock that exploded Friday 's market bombshell briefly traumatized traders again yesterday


( S ( PP-TMP ( IN Within ) ( NP ( CD 10 ) ( NNS minutes ) ) ) ( PP ( IN after ) ( NP ( NP ( DT an ) ( CD 11:13 ) ( NN a.m. ) ( NN trading ) ( NN halt ) ) ( PP ( IN in ) ( NP ( NP ( NNP UAL ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNPS Airlines ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD plunged ) ( NP-EXT ( QP ( RB nearly ) ( CD 27 ) ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ 60.25-point ) ( NN deficit ) ) ) ) )

Within 10 minutes after an 11:13 a.m. trading halt in UAL parent of United Airlines the Dow Jones Industrial Average plunged nearly 27 points to a 60.25-point deficit


( S ( S ( NP-SBJ ( JJ Computer-guided ) ( NN buying ) ) ( ADVP ( RB then ) ) ( VP ( VBD kicked ) ( PRT ( IN in ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS industrials ) ) ( VP ( VBD regained ) ( NP ( CD 27 ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( CD five ) ( NNS minutes ) ) ) ) ) )

Computer-guided buying then kicked in and the industrials regained 27 points in five minutes


( S ( NP-SBJ ( DT The ) ( NN lightning ) ( NNS moves ) ) ( VP ( VBP show ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ fragile ) ( CC and ) ( JJ volatile ) ) ( PRN ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB jump ) ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJS slightest ) ( NN rumor ) ) ) ) ) ( PP-TMP ( NP ( DT a ) ( JJ few ) ( NNS days ) ) ( IN after ) ( NP ( PRP$ its ) ( JJ shocking ) ( JJ 190.58-point ) ( NN plunge ) ) ) ) ) ) ) )

The lightning moves show that the stock market remains fragile and volatile ready to jump at the slightest rumor a few days after its shocking 190.58-point plunge


( S ( NP-SBJ-1 ( JJ Nervous ) ( NNS investors ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB limit ) ( NP ( PRP$ their ) ( NN buying ) ) ( PP-CLR ( TO to ) ( NP ( JJ blue-chip ) ( NNS stocks ) ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S-NOM ( VP ( VBG dumping ) ( NP ( JJ takeover-related ) ( NNS issues ) ) ) ) ) ) )

Nervous investors continued to limit their buying to blue-chip stocks while dumping takeover-related issues


( S ( NP-SBJ ( DT The ) ( JJ industrial ) ( NN average ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 18.65 ) ) ) ( PP ( TO to ) ( NP ( CD 2638.73 ) ) ) ) )

The industrial average closed down 18.65 to 2638.73


( S ( NP-SBJ ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ heavy ) ( CD 224,070,000 ) ( NNS shares ) ) ) )

New York Stock Exchange volume was a heavy 224,070,000 shares


( S ( NP-SBJ ( NP ( NNS Decliners ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBD outnumbered ) ( NP ( NNS advancers ) ) ( ADVP ( CD 931 ) ( TO to ) ( CD 658 ) ) ) )

Decliners on the Big Board outnumbered advancers 931 to 658


( S ( NP-SBJ-1 ( NNP UAL ) ) ( VP ( VBD was ) ( VP ( VP ( VBN watched ) ( ADVP-MNR ( RB closely ) ) ) ( CC and ) ( VP ( VBD traded ) ( ADVP-MNR ( RB heavily ) ) ) ) ) )

UAL was watched closely and traded heavily


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD tumbled ) ( NP-EXT ( QP ( CD 24 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 198 ) ) ) ( PP-DIR ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.8 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

The stock tumbled 24 7\/8 to 198 on volume of 2.8 million shares


( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( RB very ) ( JJ touchy ) ( PP ( IN about ) ( NP ( NP ( NNS rumors ) ) ( CC and ) ( NP ( NP ( NN news ) ) ( PP ( IN on ) ( NP ( VBG pending ) ( NNS takeovers ) ) ) ) ) ) ) ) )

The market is still very touchy about rumors and news on pending takeovers


( S ( NP-SBJ ( NP ( NNP UAL ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB reconstruct ) ( NP ( NP ( DT a ) ( NN buy-out ) ( NN bid ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB finance ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ represents ) ( NP ( NP ( DT the ) ( NN future ) ) ( PP ( IN of ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ powerful ) ) ( NNS ingredients ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN bull ) ( NN market ) ) ) ) ) ( NP ( JJ corporate ) ( NN restructuring ) ) ) ) ) ) )

UAL which is trying to reconstruct a buy-out bid that banks would n't finance represents the future of one of the most powerful ingredients in the bull market corporate restructuring


( S ( NP-SBJ-1 ( NP ( DT An ) ( JJ important ) ( NN element ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN phenomenon ) ) ) ( NP ( NP ( DT the ) ( JJ now-shaky ) ( NN market ) ) ( PP ( IN for ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( VP ( VBN used ) ( ADVP-TMP ( RB often ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NNS restructurings ) ( CC and ) ( NNS takeovers ) ) ) ) ) ) ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB cast ) ( NP ( DT a ) ( NN pall ) ) ( PP-LOC-CLR ( IN over ) ( NP ( NNS stocks ) ) ) ) ) ) ) )

An important element of this phenomenon the now-shaky market for junk bonds used often to finance restructurings and takeovers continued to cast a pall over stocks


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( ADJP ( RB very ) ( JJ nervous ) ) ( NN day ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Geary ) ) ( NP ( NP ( NN partner ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NN specialist ) ( NN firm ) ( NNP Ziebarth ) ( NNP Geary ) ) ) ) ) )

It was a very nervous day said John Geary partner of the Big Board specialist firm Ziebarth Geary


( S ( NP-SBJ ( DT The ) ( NN volatility ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB end ) ( ADVP-TMP ( RB soon ) ) ) ) )

The volatility wo n't end soon


( S ( NP-SBJ ( DT This ) ( NNP Friday ) ) ( VP ( VBZ brings ) ( NP ( NP ( DT the ) ( JJ double ) ( NN witching ) ( NN hour ) ) ( NP ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN nickname ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ monthly ) ( JJ simultaneous ) ( NN expiration ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NP ( NN stock ) ( NN index ) ( NNS futures ) ) ( NP ( NN index ) ( NNS options ) ) ( CC and ) ( NP ( NP ( NNS options ) ) ( PP ( IN on ) ( NP ( JJ individual ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) )

This Friday brings the double witching hour Wall Street 's nickname for the monthly simultaneous expiration of a variety of stock index futures index options and options on individual stocks


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB already ) ) ( VP ( VBG buckling ) ( NP ( PRP$ their ) ( NN seat ) ( NNS belts ) ) ) ) )

Traders are already buckling their seat belts


( S ( NP-SBJ ( NP ( JJ Previous ) ( JJ monthly ) ( NNS expirations ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Major ) ( NNP Market ) ( NNP Index ) ( NNS futures ) ) ( CC and ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 100-stock ) ( NN index ) ( NNS options ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN produced ) ( NP ( JJ spectacular ) ( NN volatility ) ) ) ) )

Previous monthly expirations of the Major Market Index futures and Standard & Poor 's 100-stock index options have produced spectacular volatility


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ( NNS phases ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-3 ( PRP you ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ volatile ) ( NN expiration ) ( NN action ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Donald ) ( NNP Selkin ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( JJ stock-index ) ( NN research ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Prudential-Bache ) ( NNPS Securities ) ) ) ) ) )

We are in one of those phases where you are going to get a lot of volatile expiration action said Donald Selkin head of stock-index research at Prudential-Bache Securities


( S ( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBD were ) ( VP ( VBG buying ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG running ) ( ADVP-MNR ( VBN scared ) ) ( PP ( TO to ) ( NP ( NP ( JJ premier ) ( JJ blue ) ( NNS chips ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 3 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 127 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors were buying yesterday but they were running scared to premier blue chips such as Procter & Gamble which jumped 3 3\/8 to 127


( SINV ( S-TPC-2 ( NP-SBJ ( NNS Investors ) ) ( VP ( VBP are ) ( VP ( VBG buying ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( JJ predictable ) ( NNS earnings ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Edward ) ( NNP J. ) ( NNP Laux ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NN block ) ( NN trading ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Kidder ) ( NNP Peabody ) ) ) ) ) )

Investors are buying stocks that have predictable earnings said Edward J. Laux head of block trading at Kidder Peabody


( S ( PP-LOC ( IN Along ) ( NP ( DT the ) ( NN way ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBD dumped ) ( NP ( NP ( NN takeover ) ( NNS stocks ) ) ( CC and ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( NNS banks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( NP ( JJ leveraged-buy-out ) ( NN debt ) ) ( CC and ) ( NP ( JJ risky ) ( JJ real ) ( NN estate ) ( NNS loans ) ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NNS books ) ) ) ) ) ) ) ) ) ) ) )

Along the way investors dumped takeover stocks and shares of banks that have leveraged-buy-out debt and risky real estate loans on their books


( SINV ( S-TPC-1 ( NP-SBJ ( DT These ) ( NNS loans ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN focus ) ) ) ( PP ( IN than ) ( NP ( JJ lesser-developed-country ) ( NN debt ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Bee ) ) ( NP ( NP ( JJ senior ) ( NN block ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NNP Prudential-Bache ) ( NNPS Securities ) ) ) ) ) )

These loans are more of a focus than lesser-developed-country debt now said William Bee senior block trader at Prudential-Bache Securities


( S ( NP-SBJ ( NP ( NNP Chase ) ( NNP Manhattan ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD sold ) ( NP ( QP ( CD 14 ) ( CD million ) ) ( JJ additional ) ( NNS shares ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 40 ) ( CD 1\/8 ) ) ) ) ( NP-TMP ( NNP Monday ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT an ) ( VBG underwriting ) ( NN group ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Goldman ) ( NNP Sachs ) ) ) ) ) ) ) ) ) ) ( VP ( VBN closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 1\/8 ) ) ) ( PP ( TO to ) ( NP ( CD 40 ) ) ) ) )

Chase Manhattan which sold 14 million additional shares at 40 1\/8 Monday through an underwriting group led by Goldman Sachs closed down 1\/8 to 40


( S ( S ( NP-SBJ ( NNP Citicorp ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 32 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNPS Manufacturers ) ( NNP Hanover ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ( CD 1\/4 ) ) ) ) ) )

Citicorp fell 1\/2 to 32 and Manufacturers Hanover slipped 3\/8 to 40 1\/4


( S ( NP-SBJ-1 ( NP ( NNP Chase ) ) ( CC and ) ( NP ( NP ( NNP Citicorp ) ( POS 's ) ) ( NNP Citibank ) ) ) ( VP ( VBP are ) ( VP ( VBN involved ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP UAL ) ( NN buy-out ) ( NN financing ) ) ) ) ) )

Chase and Citicorp 's Citibank are involved in the UAL buy-out financing


( S ( NP-SBJ ( DT Both ) ( NP ( NP ( NNP Citicorp ) ) ( CC and ) ( NP ( NNPS Manufacturers ) ( NNP Hanover ) ) ) ) ( VP ( VBD reported ) ( NP ( NNS earnings ) ) ( NP-TMP ( NN yesterday ) ) ) )

Both Citicorp and Manufacturers Hanover reported earnings yesterday


( S ( PP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( NN hour ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ( NP-SBJ ( NP ( QP ( IN about ) ( CD one ) ( CD million ) ) ( NNS shares ) ) ( NP-ADV ( DT a ) ( NN minute ) ) ) ( VP ( VBD changed ) ( NP ( NNS hands ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ big ) ( JJ stock-index ) ( NN arbitrage ) ( NN sell ) ( NNS programs ) ) ( VP ( VBD pushed ) ( S ( NP-SBJ ( NNS prices ) ) ( ADJP-PRD ( JJR lower ) ) ) ) ) ) ) )

In the first hour of trading about one million shares a minute changed hands on the Big Board as big stock-index arbitrage sell programs pushed prices lower


( S ( PP-LOC ( IN In ) ( NP ( JJ stock-index ) ( NN arbitrage ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP buy ) ( CC or ) ( VBP sell ) ( NP ( NP ( JJ big ) ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( PP ( IN against ) ( NP ( NP ( VBG offsetting ) ( NNS positions ) ) ( PP ( IN in ) ( NP ( NNS futures ) ) ) ) ) ) )

In stock-index arbitrage traders buy or sell big baskets of stocks against offsetting positions in futures


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN sell ) ( NNS programs ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS positions ) ) ( VP ( VBG being ) ( VP ( VBN established ) ( ADVP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NNP Friday ) ( POS 's ) ) ( NN expiration ) ) ) ) ) ) ) ) ) ) ) )

Traders said many of the sell programs are positions being established ahead of this Friday 's expiration


( S ( ADVP ( RB Aside ) ( PP ( IN from ) ( NP ( JJ computer-guided ) ( NN selling ) ) ) ) ( NP-SBJ ( NN airline ) ( NNS stocks ) ) ( VP ( VBD took ) ( NP ( DT a ) ( NN beating ) ) ( ADVP ( RB as ) ( RB well ) ) ) )

Aside from computer-guided selling airline stocks took a beating as well


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Transportation ) ( NNP Average ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 49.96 ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 1254.27 ) ) ) ) ) ) ) )

The Dow Jones Transportation Average fell 49.96 to close at 1254.27


( S ( NP-SBJ-1 ( NP ( NNP AMR ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNPS Airlines ) ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB retreat ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NNP New ) ( NNP York ) ( NN developer ) ( NNP Donald ) ( NNP Trump ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB withdraw ) ( NP ( PRP$ his ) ( ADJP ( JJ 120-a-share ) ) ( NN takeover ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) )

AMR the parent of American Airlines continued to retreat in the wake of New York developer Donald Trump 's decision to withdraw his 120-a-share takeover bid


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 73 ) ( CD 1\/4 ) ) ) ( PP-LOC ( IN on ) ( NP ( QP ( CD 3.4 ) ( CD million ) ) ( NNS shares ) ) ) ) )

The stock fell 3 1\/4 to 73 1\/4 on 3.4 million shares


( S ( S ( NP-SBJ ( NNP Delta ) ( NNP Air ) ( NNPS Lines ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 67 ) ( CD 7\/8 ) ) ) ) ) ( S ( NP-SBJ ( NNP USAir ) ( NNP Group ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ( CD 1\/4 ) ) ) ) ) ( S ( NP-SBJ ( NNP Southwest ) ( NNPS Airlines ) ) ( VP ( VBD dipped ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 25 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Alaska ) ( NNP Air ) ( NNP Group ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 24 ) ( CD 1\/4 ) ) ) ) ) )

Delta Air Lines fell 1 7\/8 to 67 7\/8 USAir Group dropped 3\/4 to 40 1\/4 Southwest Airlines dipped 1\/2 to 25 and Alaska Air Group slid 3\/8 to 24 1\/4


( S ( CC But ) ( NP-SBJ ( NP ( NNP Texas ) ( NNP Air ) ) ( NP ( NP ( DT the ) ( NN owner ) ) ( PP ( IN of ) ( NP ( NP ( NNP Continental ) ) ( CC and ) ( NP ( NNP Eastern ) ( NNS airlines ) ) ) ) ) ) ( VP ( VBD bucked ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( NN decline ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG rising ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 14 ) ( CD 5\/8 ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ) ) ) ) )

But Texas Air the owner of Continental and Eastern airlines bucked the group 's decline by rising 7\/8 to 14 5\/8 in American Stock Exchange trading


( S ( NP-SBJ ( NNP Eastern ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB ahead ) ( PP ( IN of ) ( NP ( NN schedule ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG resuming ) ( NP ( PRP$ its ) ( NNS operations ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG filing ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN year ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN Chapter ) ( CD 11 ) ( NN bankruptcy ) ( NN protection ) ) ( SBAR ( WHPP-1 ( IN from ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB emerge ) ( NP-TMP ( JJ early ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Eastern said it is ahead of schedule in resuming its operations after filing earlier this year for Chapter 11 bankruptcy protection from which it expects to emerge early next year


( S ( NP-SBJ ( NP ( NNP Philip ) ( NNP Morris ) ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( NNP Big ) ( NNP Board ) ( NN issue ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ second ) ( JJ consecutive ) ( NN session ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 43 ) ( CD 1\/4 ) ) ( PP-LOC ( IN on ) ( NP ( QP ( CD 3.9 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

Philip Morris the most active Big Board issue for the second consecutive session was unchanged at 43 1\/4 on 3.9 million shares


( S ( S ( NP-SBJ ( JJ Other ) ( JJ blue-chip ) ( NN consumer ) ( NNS issues ) ) ( ADVP ( RB also ) ) ( VP ( VBD fared ) ( ADVP-MNR ( RB relatively ) ( RB well ) ) ) ) ( S ( NP-SBJ ( NNP PepsiCo ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 58 ) ( CD 1\/2 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Coca-Cola ) ( NNP Co. ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( CD 66 ) ( CD 3\/4 ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNP McDonald ) ( POS 's ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD closed ) ( ADJP-CLR ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 30 ) ( CD 1\/2 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Merck ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 75 ) ( CD 1\/4 ) ) ) ) ) ) )

Other blue-chip consumer issues also fared relatively well PepsiCo rose 1 3\/8 to 58 1\/2 Coca-Cola Co. was unchanged at 66 3\/4 McDonald 's also closed unchanged at 30 1\/2 and Merck rose 1\/2 to 75 1\/4


( S ( NP-SBJ ( JJR Broader ) ( NNS averages ) ) ( ADVP ( RB also ) ) ( VP ( VBD fell ) ) )

Broader averages also fell


( S ( S ( NP-SBJ ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ( JJ 500-stock ) ( NN index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.69 ) ) ( PP-DIR ( TO to ) ( NP ( CD 341.16 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.88 ) ) ( PP-DIR ( TO to ) ( NP ( CD 188.89 ) ) ) ) ) )

Standard & Poor 's 500-stock index fell 1.69 to 341.16 and the New York Stock Exchange Composite Index fell 0.88 to 188.89


( SINV ( PP-LOC-PRD-TPC-3 ( IN Among ) ( NP ( NP ( DT the ) ( JJ takeover-related ) ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD sold ) ( IN off ) ) ( NP ( NN yesterday ) ) ) ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NNP Disney ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 121 ) ( CD 1\/4 ) ) ) ) ) ) ) ) )

Among the takeover-related stocks that sold off yesterday were Disney which closed down 2 1\/8 to 121 1\/4


( S ( S ( NP-SBJ ( NNP Philips ) ( NNPS Industries ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 22 ) ( CD 7\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Hilton ) ( NNPS Hotels ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 92 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Holiday ) ( NNP Corp. ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 69 ) ( CD 7\/8 ) ) ) ) ) ) )

Philips Industries tumbled 3\/8 to 22 7\/8 Hilton Hotels fell 2 1\/2 to 92 and Holiday Corp. fell 2 1\/8 to 69 7\/8


( S ( PP-LOC ( IN Among ) ( NP ( JJ other ) ( JJ blue ) ( NNS chips ) ) ) ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBD gained ) ( NP-EXT ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 45 ) ( CD 1\/2 ) ) ) ) ) )

Among other blue chips Exxon gained 1\/8 to 45 1\/2


( S ( S ( NP-SBJ ( NNP International ) ( NNP Paper ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 51 ) ( CD 1\/2 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Union ) ( NNP Carbide ) ) ( VP ( VBD eased ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 25 ) ) ) ) ) ( S ( NP-SBJ ( NNP Chevron ) ) ( VP ( VBD gained ) ( NP-EXT ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 64 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Eastman ) ( NNP Kodak ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 3\/4 ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 44 ) ( CD 1\/4 ) ) ) ) ) ) )

International Paper fell 1 3\/8 to 51 1\/2 Union Carbide eased 7\/8 to 25 Chevron gained 1\/8 to 64 and Eastman Kodak closed down 3\/4 to 44 1\/4


( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN industry ) ( NN group ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( JJ industrial ) ( NN average ) ( POS 's ) ) ( NN record ) ( JJ high ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 9 ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NNS restaurants ) ) ) )

The only industry group to show a gain from the industrial average 's record high on Oct. 9 is restaurants


( SINV ( PP-LOC-TPC-1 ( IN Among ) ( NP ( DT the ) ( CD three ) ( JJ worst-performing ) ( NNS groups ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS declines ) ) ( PP ( IN of ) ( NP ( QP ( CD 10 ) ( NN % ) ( TO to ) ( CD 20 ) ( NN % ) ) ) ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NNS airlines ) ) ( NP ( NNS casinos ) ) ( CC and ) ( NP ( NNS securities ) ( NNS brokers ) ) ) )

Among the three worst-performing groups with declines of 10 % to 20 % are airlines casinos and securities brokers


( S ( NP-SBJ ( NN Trading ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ heavy ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ) )

Trading also was heavy in the over-the-counter market


( S ( NP-SBJ ( DT The ) ( NNP Nasdaq ) ( JJ composite ) ( NN index ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 1.05 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 459.93 ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 161.5 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

The Nasdaq composite index closed down 1.05 to 459.93 on volume of 161.5 million shares


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN environment ) ) ( VP ( VBZ is ) ( ADJP-PRD ( NP ( DT a ) ( NN lot ) ) ( RBR more ) ( JJ trading-oriented ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Gary ) ( NNP Rosenbach ) ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( NN equity ) ( NN trading ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP OTC ) ( NN stock ) ( NN firm ) ( NNP Needham ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

The environment is a lot more trading-oriented said Gary Rosenbach manager of equity trading at the OTC stock firm Needham & Co. in New York


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( ADJP ( NP ( DT a ) ( RB lot ) ) ( JJR more ) ) ( NN volatility ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS guys ) ) ( VP ( VBP see ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB make ) ( NP ( DT a ) ( JJ quick ) ( ADJP ( QP ( CD 10 ) ( NN % ) ( CC or ) ( CD 15 ) ( NN % ) ) ) ( NN profit ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD 'll ) ( VP ( VB take ) ( NP ( PRP it ) ) ) ) )

Because there is a lot more volatility now if guys see that they can make a quick 10 % or 15 % profit they 'll take it


( S ( NP-SBJ ( NNP Compaq ) ( NNP Computer ) ) ( VP ( VBD gained ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 103 ) ( CD 3\/4 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( CD two ) ( CD million ) ( NNS shares ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NN market ) ( NN optimism ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNS prospects ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( ADJP ( RB newly ) ( VBN introduced ) ) ( JJ notebook-sized ) ( NN computer ) ) ) ) ) ) ) ) ) )

Compaq Computer gained 2 1\/8 to 103 3\/4 on two million shares reflecting market optimism about the prospects for its newly introduced notebook-sized computer


( S ( NP-SBJ ( NNP B.F. ) ( NNP Goodrich ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 49 ) ( CD 1\/8 ) ) ) ) )

B.F. Goodrich dropped 1 3\/8 to 49 1\/8


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN third-quarter ) ( NNS earnings ) ) ( VP ( VBD were ) ( PP-PRD ( IN below ) ( NP ( DT both ) ( NP ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS forecasts ) ) ( CC and ) ( NP ( DT the ) ( JJ year-earlier ) ( NN level ) ) ) ) ) ) )

The company 's third-quarter earnings were below both analysts ' forecasts and the year-earlier level


( S ( NP-SBJ ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBD added ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( CD 17 ) ( CD 1\/4 ) ) ) ) )

Blue Arrow added 1\/2 to 17 1\/4


( S ( NP-SBJ-1 ( DT The ) ( JJ British ) ( NN company ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB change ) ( NP ( PRP$ its ) ( NN name ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Manpower ) ) ( NP ( NP ( DT the ) ( NN name ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP U.S. ) ( NN unit ) ) ) ) ) ) ) ( CC and ) ( VP ( VB write ) ( PRT ( RP off ) ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB nearly ) ( CD 1.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ good ) ( NN will ) ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ possible ) ( NN prelude ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG reincorporating ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) )

The British company plans to change its name to Manpower the name of its U.S. unit and write off part of nearly 1.2 billion in good will as a possible prelude to reincorporating in the U.S.


( S ( NP-SBJ ( NNP Dravo ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 1\/8 ) ) ) ) ) )

Dravo rose 5\/8 to 16 1\/8


( S ( NP-SBJ ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ( VP ( VBD began ) ( NP ( NP ( PRP$ its ) ( NN coverage ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ( PP ( IN with ) ( NP ( JJ favorable ) ( NNS ratings ) ) ) ) )

Shearson Lehman Hutton began its coverage of the company with favorable ratings


( S ( NP-SBJ ( NNP Intertan ) ) ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 56 ) ( CD 7\/8 ) ) ) ) ) )

Intertan jumped 2 1\/4 to 56 7\/8


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS earnings ) ) ( PP ( IN from ) ( NP ( NNS operations ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP September ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN up ) ( NP ( QP ( IN about ) ( CD 25 ) ) ( NN % ) ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

The company reported that earnings from operations for the September quarter were up about 25 % from a year earlier


( S ( NP-SBJ ( NP ( NNP Bay ) ( NNP Financial ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB file ) ( PP-LOC ( IN under ) ( NP ( NN Chapter ) ( CD 11 ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB reach ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( NNS lenders ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB relieve ) ( NP ( PRP$ its ) ( NN debt ) ( NN burden ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD plunged ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ) ) )

Bay Financial which said it may be forced to file under Chapter 11 if it ca n't reach an agreement with its lenders to relieve its debt burden plunged 1 3\/8 to 2 1\/8


( S ( NP-SBJ ( DT The ) ( NNP Amex ) ( NNP Market ) ( NNP Value ) ( NNP Index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.25 ) ) ( PP-DIR ( TO to ) ( NP ( CD 375.16 ) ) ) ) )

The Amex Market Value Index fell 1.25 to 375.16


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD totaled ) ( NP ( CD 16,800,000 ) ( NNS shares ) ) ) )

Volume totaled 16,800,000 shares


( S ( PP-LOC ( IN Among ) ( NP ( JJ active ) ( NNP Amex ) ( NNS issues ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP American ) ( NN depositary ) ( NNS receipts ) ) ( PP ( IN of ) ( NP ( NNP B.A.T ) ( NNPS Industries ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 11 ) ( CD 3\/4 ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN turnover ) ) ( PP ( IN of ) ( NP ( CD 885,800 ) ) ) ) ) ) )

Among active Amex issues the American depositary receipts of B.A.T Industries fell 1\/4 to 11 3\/4 on turnover of 885,800


( S ( NP-SBJ ( NP ( NN Investment ) ( NNS bankers ) ) ( CC and ) ( NP ( NNS retailers ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN turmoil ) ) ( PP ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( VP ( MD may ) ( VP ( VB benefit ) ( NP ( NP ( NNS managers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP U.S. ) ( NN retailing ) ( NNS units ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ British ) ( NN firm ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN takeover ) ( NNS prices ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( RB as ) ( JJ high ) ( PP ( IN as ) ( FRAG ( PP ( IN before ) ( NP ( DT the ) ( JJ recent ) ( NN correction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investment bankers and retailers said the turmoil on Wall Street may benefit managers who plan to bid for U.S. retailing units of the British firm because takeover prices may not be as high as before the recent correction


( S ( NP-SBJ ( NP ( NNP Fruit ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Loom ) ) ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 12 ) ( CD 3\/8 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( CD 501,200 ) ( NNS shares ) ) ) ) )

Fruit of the Loom slipped 1\/8 to 12 3\/8 on 501,200 shares


( S ( NP-SBJ ( NNP DWG ) ( NNP Corp. ) ) ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 15 ) ) ) ( PP-LOC ( IN on ) ( NP ( CD 454,100 ) ( NNS shares ) ) ) ) )

DWG Corp. jumped 1 1\/4 to 15 on 454,100 shares


( S ( NP-SBJ ( NNP Carnival ) ( NNP Cruise ) ( NNPS Lines ) ( NNP Class ) ( NNP A ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD 1\/8 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( CD 331,400 ) ( NNS shares ) ) ) ) )

Carnival Cruise Lines Class A dropped 1 to 21 1\/8 on 331,400 shares


( S ( NP-SBJ ( NP ( NNP Amex ) ( NNS issues ) ) ( PP ( IN with ) ( NP ( JJ big ) ( NN percentage ) ( NN price ) ( NNS gains ) ) ) ) ( VP ( VBD included ) ( NP ( NP ( CD two ) ( NNP Eastern ) ( NNP Air ) ( NNPS Lines ) ( VBN preferred ) ( NNS stocks ) ) ( S ( VP ( VBG reacting ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN news ) ) ( PP ( IN about ) ( NP ( NP ( VBN improved ) ( NN recovery ) ) ( PP-LOC ( IN in ) ( NP ( NN flight ) ( NNS schedules ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD filed ) ( PP-CLR ( IN for ) ( NP ( NN bankruptcy ) ( NN protection ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Amex issues with big percentage price gains included two Eastern Air Lines preferred stocks reacting to the news about improved recovery in flight schedules after the company filed for bankruptcy protection


( S ( S ( NP-SBJ ( NP ( NNP Eastern ) ( POS 's ) ) ( NNP Class ) ( NNP F ) ( VBN preferred ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD 12 ) ( NN % ) ) ( CC or ) ( NP ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 11 ) ( CD 3\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Class ) ( NNP E ) ( VBN preferred ) ) ( VP ( VBD gained ) ( NP-EXT ( NP ( CD 7 ) ( NN % ) ) ( CC or ) ( NP ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10 ) ( CD 1\/4 ) ) ) ) ) ) )

Eastern 's Class F preferred rose 12 % or 1 1\/4 to 11 3\/4 the Class E preferred gained 7 % or 5\/8 to 10 1\/4


( S ( NP-SBJ ( NP ( DT The ) ( JJS biggest ) ( NN percentage ) ( NN gainer ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Amex ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NNP Enviropact ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD jumped ) ( NP-EXT ( NP ( CD 23 ) ( NN % ) ) ( CC or ) ( NP ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 3 ) ( CD 3\/8 ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 29,000 ) ( NNS shares ) ) ) ) ) ) ) ) ) ) )

The biggest percentage gainer on the Amex was Enviropact which jumped 23 % or 5\/8 to 3 3\/8 on volume of 29,000 shares


( S ( PP-TMP ( IN On ) ( NP ( NNP Monday ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN company ) ) ( NP ( NP ( DT a ) ( NN provider ) ) ( PP ( IN of ) ( NP ( JJ environmental ) ( VBG consulting ) ( NNS services ) ) ) ) ) ( VP ( VP ( VBD reported ) ( NP ( DT a ) ( JJR wider ) ( JJ fiscal ) ( NN fourth-quarter ) ( NN loss ) ) ) ( CC and ) ( VP ( VBD predicted ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ fiscal ) ( CD 1990 ) ( JJ first ) ( NN quarter ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( JJ fiscal ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) )

On Monday the company a provider of environmental consulting services reported a wider fiscal fourth-quarter loss and predicted a loss for its fiscal 1990 first quarter but said a profit is expected for all of fiscal 1990


( S ( CC But ) ( NP-SBJ ( NP ( PRP$ its ) ( NN auditor ) ) ( NP ( NNP Ernst ) ( CC & ) ( NNP Young ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Enviropact ) ( POS 's ) ) ( JJ financial ) ( NN situation ) ) ( VP ( VBZ raises ) ( NP ( NP ( JJ substantial ) ( NN doubt ) ) ( PP ( IN about ) ( NP ( PRP$ its ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( VBG going ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) ) ) )

But its auditor Ernst & Young said Enviropact 's financial situation raises substantial doubt about its ability to continue as a going concern


( S ( NP-SBJ ( NNP Mission ) ( NNP Resource ) ( NNPS Partners ) ) ( VP ( VBD advanced ) ( NP-EXT ( NP ( CD 8 ) ( NN % ) ) ( CC or ) ( NP ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18 ) ( CD 7\/8 ) ) ) ) ) )

Mission Resource Partners advanced 8 % or 1 3\/8 to 18 7\/8


( S ( NP-SBJ ( NP ( NNP Sonja ) ( NNP Steptoe ) ) ( CC and ) ( NP ( NNP David ) ( NNP Wilson ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Sonja Steptoe and David Wilson contributed to this article


( S ( NP-SBJ ( NNP Investor ) ( NNP Asher ) ( NNP Edelman ) ) ( VP ( VP ( VBD increased ) ( NP ( NP ( PRP$ his ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Intelogic ) ( NNP Trace ) ( NNP Inc. ) ) ) ) ) ( CC and ) ( VP ( VBD cleared ) ( NP ( DT the ) ( NN way ) ) ( PP-CLR ( IN for ) ( NP ( JJ additional ) ( NNS purchases ) ) ) ) ) )

Investor Asher Edelman increased his stake in Intelogic Trace Inc. and cleared the way for additional purchases


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ clear ) ) ( ADVP ( RB however ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ-2 ( DT the ) ( NNS actions ) ) ( VP ( VBD were ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN battle ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( JJ corporate ) ( NN raider ) ) ( CC and ) ( NP ( NNP New ) ( NNP York ) ( NN attorney ) ( NNP Martin ) ( NNP Ackerman ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( NNP Datapoint ) ( NNP Corp. ) ) ( NP ( DT a ) ( ADJP ( NNP San ) ( NNP Antonio ) ( JJ Texas-based ) ) ( NN data-processing ) ( NNS systems ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was n't clear however whether the actions were related to a battle between the corporate raider and New York attorney Martin Ackerman for control of Datapoint Corp. a San Antonio Texas-based data-processing systems maker


( S ( NP-SBJ-1 ( NP ( NNP Intelogic ) ( NNP Trace ) ) ( NP ( DT a ) ( NN computer ) ( NNS services ) ( NN company ) ) ) ( VP ( VBD was ) ( VP ( VBN spun ) ( PRT ( RP off ) ) ( PP-CLR ( TO to ) ( NP ( NNP Datapoint ) ( NNS holders ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Edelman ) ) ( VP ( VBD gained ) ( NP ( NN control ) ) ) ) ) ) ) )

Intelogic Trace a computer services company was spun off to Datapoint holders in 1985 after Mr. Edelman gained control


( S ( SBAR-TMP ( IN After ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Ackerman ) ) ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG soliciting ) ( NP ( NNS consents ) ) ( PP-CLR ( IN from ) ( NP ( NNS shareholders ) ) ) ( SBAR-PRP ( PP ( IN in ) ( NP ( NN order ) ) ) ( S ( VP ( TO to ) ( VP ( VB wrest ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NNP Datapoint ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Edelman ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ corporate ) ( NN raider ) ) ( VP ( VBD purchased ) ( NP ( NP ( CD 30 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Datapoint ) ( POS 's ) ) ( NNS shares ) ) ) ) ) )

After Mr. Ackerman announced he was soliciting consents from shareholders in order to wrest control of Datapoint from Mr. Edelman the corporate raider purchased 30 % of Datapoint 's shares


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NN filing ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Edelman ) ) ( VP ( VBD said ) ( SBAR ( S ( PP-TMP ( PP ( IN from ) ( NP ( NNP Sept. ) ( CD 29 ) ) ) ( PP ( TO to ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD acquired ) ( NP ( NP ( CD 309,500 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Intelogic ) ( JJ common ) ( NNS shares ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 2.25 ) ( TO to ) ( CD 2.375 ) ) ) ( NP-ADV ( DT each ) ) ) ) ) ) ) ) )

In a Securities and Exchange Commission filing Mr. Edelman said from Sept. 29 to Oct. 13 he acquired 309,500 shares of Intelogic common shares for 2.25 to 2.375 each


( S ( NP-SBJ ( DT The ) ( NNS purchases ) ) ( VP ( VBD increased ) ( NP ( PRP$ his ) ( NN stake ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 16.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) )

The purchases increased his stake to 16.2 % of the shares outstanding


( S ( NP-SBJ ( DT The ) ( NN filing ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( JJ certain ) ( NNS provisions ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP apply ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS persons ) ) ( SBAR ( S ( VP ( VBG acquiring ) ( NP ( NP ( CD 20 ) ( NN % ) ( QP ( CC or ) ( JJR more ) ) ) ( PP ( IN of ) ( NP ( NNP Intelogic ) ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN waived ) ( PP ( IN by ) ( NP-LGS ( NNP Intelogic ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Mr. ) ( NNP Edelman ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The filing also said certain provisions which apply to persons acquiring 20 % or more of Intelogic common stock were waived by Intelogic for Mr. Edelman who is chairman of the company


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

Mr. Edelman could n't be reached for comment


( S ( NP-SBJ-1 ( DT The ) ( NNP Internal ) ( NNP Revenue ) ( NNP Service ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB restructure ) ( NP ( PRP itself ) ) ( PP-CLR ( ADVP ( RBR more ) ) ( IN like ) ( NP ( DT a ) ( JJ private ) ( NN corporation ) ) ) ) ) ) ) )

The Internal Revenue Service plans to restructure itself more like a private corporation


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( JJ tax-collecting ) ( NN agency ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( NP ( DT the ) ( JJ unusual ) ( NN step ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG looking ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ private ) ( NN sector ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fill ) ( NP ( NP ( NP ( CD two ) ( JJ new ) ( JJ high-level ) ( NNS positions ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB guide ) ( NP ( DT the ) ( JJ 120,000-employee ) ( NN agency ) ) ) ) ) ) ) ( NP ( NP ( NP ( DT a ) ( NN comptroller ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB oversee ) ( NP ( JJ daily ) ( NNS finances ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN chief ) ( NN information ) ( NN officer ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB update ) ( NP ( NP ( DT the ) ( NN information ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( RB probably ) ( DT the ) ( JJS largest ) ( NN computer ) ( NNS data ) ( NN base ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition the tax-collecting agency says that it will take the unusual step of looking to the private sector to fill two new high-level positions to guide the 120,000-employee agency a comptroller to oversee daily finances and a chief information officer to update the information system which includes probably the largest computer data base in the world


( S ( NP-SBJ ( DT The ) ( NNP IRS ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT the ) ( NN position ) ) ( PP ( IN of ) ( NP ( NP ( NN chief ) ( JJ financial ) ( NN officer ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN hired ) ( PP-LOC ( IN from ) ( PP ( IN within ) ( NP ( DT the ) ( NN agency ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The IRS also said that it would create the position of chief financial officer who will be hired from within the agency


( S ( NP-SBJ ( NNP IRS ) ( NNP Commissioner ) ( NNP Fred ) ( NNP T. ) ( NNP Goldberg ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NNS changes ) ) ( VP ( VBP are ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( NP ( NN accountability ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NN agency ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN budget ) ) ( PP ( IN of ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 5 ) ( CD billion ) ) ) ) ) ) ( CC and ) ( VP ( VBZ collects ) ( NP ( NP ( QP ( IN about ) ( CD 1 ) ( CD trillion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

IRS Commissioner Fred T. Goldberg said the changes are intended to bring accountability to the agency which has an annual budget of more than 5 billion and collects about 1 trillion a year


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP$ My ) ( NN assessment ) ) ( CC and ) ( NP ( NP ( NN everyone ) ( POS 's ) ) ( NN assessment ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB not ) ( VP ( VB have ) ( NP ( NP ( NP ( DT the ) ( NNS kinds ) ) ( PP ( IN of ) ( NP ( NN information ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD let ) ( S ( NP-SBJ ( PRP us ) ) ( VP ( ADVP-MNR ( RB responsibly ) ( CC and ) ( RB effectively ) ) ( VB formulate ) ( CC and ) ( VB execute ) ( NP ( PRP$ our ) ( NN budget ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Goldberg ) ) ( VP ( VBD said ) ) )

My assessment and everyone 's assessment is that we do not have the kinds of information that let us responsibly and effectively formulate and execute our budget Mr. Goldberg said


( S ( CC And ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( JJ internal ) ( NNS controls ) ( CC and ) ( NN discipline ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB have ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB spend ) ( NP ( QP ( CD 5 ) ( CD billion ) ) ) ( ADVP-MNR ( RB properly ) ) ) ) ) ) ) ) ) ) ) )

And we do n't have internal controls and discipline that we need to have to spend 5 billion properly


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Goldberg ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD took ) ( PRT ( RP over ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP IRS ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN disturbed ) ( PP ( IN by ) ( SBAR-NOM-LGS ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ considers ) ( S ( NP-PRD ( NP ( DT the ) ( NN inefficiency ) ( NN waste ) ( CC and ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NN coordination ) ) ) ( PP-LOC ( IN among ) ( NP ( NP ( DT the ) ( NNS branches ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ vast ) ( JJ federal ) ( NN agency ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Goldberg who took over as head of the IRS in July has been disturbed by what he considers the inefficiency waste and lack of coordination among the branches of the vast federal agency


( S ( NP-SBJ ( DT The ) ( NNP IRS ) ) ( VP ( VBZ operates ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN computer ) ( NN system ) ) ( VP ( VBN designed ) ( PP-TMP ( IN in ) ( NP ( CD 1961 ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB modernize ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

The IRS operates on a computer system designed in 1961 which it has been trying to modernize for years


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NN agency ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD operated ) ( PP-TMP ( IN throughout ) ( NP ( JJ fiscal ) ( CD 1989 ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( CD 360 ) ( CD million ) ) ( NN budget ) ( NN shortfall ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN under ) ( NP ( DT a ) ( VBG hiring ) ( NN freeze ) ) ) ( PP-TMP ( IN since ) ( NP ( JJ last ) ( NN fall ) ) ) ) ) )

And the agency which operated throughout fiscal 1989 with a 360 million budget shortfall has been under a hiring freeze since last fall


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN commissioner ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJR closer ) ( NN scrutiny ) ) ( PP ( IN of ) ( SBAR ( WHADVP ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBZ uses ) ( NP ( PRP$ its ) ( NNS resources ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB go ) ( NP ( NP ( DT a ) ( JJ long ) ( NN way ) ) ( PP ( IN toward ) ( S-NOM ( VP ( VBG enhancing ) ( NP ( PRP$ its ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB collect ) ( NP ( JJR more ) ( NN tax ) ( NN revenue ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The new commissioner says that closer scrutiny of how the agency uses its resources will go a long way toward enhancing its ability to collect more tax revenue


( S ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD will ) ( VP ( VB see ) ( NP ( NP ( NP ( DT a ) ( JJ significant ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN budget ) ( NN formulation ) ( CC and ) ( NN execution ) ( NN process ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP ( IN in ) ( NP ( NN turn ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I think that you will see a significant improvement in the budget formulation and execution process which in turn I believe will result in a significant increase in revenue he said


( S ( NP-SBJ-1 ( DT The ) ( NNP IRS ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB fill ) ( NP ( DT the ) ( JJ new ) ( NNS positions ) ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) )

The IRS hopes to fill the new positions soon


( S ( S ( ADVP ( RB Customarily ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB appoint ) ( NP ( NN career ) ( JJ civil ) ( NNS servants ) ) ( PP-LOC ( IN from ) ( NP ( IN within ) ( NP ( DT the ) ( NN agency ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Goldberg ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB scour ) ( NP ( DT the ) ( NN world ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN chief ) ( NN information ) ( NN officer ) ) ( CC and ) ( NP ( DT the ) ( NN comptroller ) ) ) ) ) ) ) ) ) ) ) ) )

Customarily it would appoint career civil servants from within the agency but Mr. Goldberg said he plans to scour the world for the chief information officer and the comptroller


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NNS jobs ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB pay ) ( NP ( NP ( QP ( IN between ) ( CD 70,000 ) ( CC and ) ( CD 80,000 ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ( NP-SBJ ( NNP IRS ) ( NNS officials ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ confident ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB attract ) ( NP ( NP ( JJ top-notch ) ( NNS candidates ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ private ) ( NN sector ) ) ) ) ) ) ) ) ) ) )

Although the jobs will probably pay between 70,000 and 80,000 a year IRS officials are confident that they can attract top-notch candidates from the private sector


( S ( S-TPC-2 ( NP-SBJ ( PRP You ) ) ( VP ( VBP 're ) ( VP ( VBG telling ) ( NP ( NN someone ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD can ) ( VP ( VB spend ) ( NP ( NP ( QP ( DT the ) ( JJ next ) ( CD three ) ( CC or ) ( CD four ) ( CC or ) ( CD five ) ( CC or ) ( CD six ) ) ( NNS years ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN life ) ) ) ) ( S ( VP ( VBG bringing ) ( PRT ( RP about ) ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ difficult ) ( CC and ) ( JJ costly ) ) ( NN modernization ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN information ) ( NN system ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ civil ) ( NN side ) ) ) ) ) ( X ( RB ever ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Goldberg ) ) ( VP ( VBD said ) ) )

You 're telling someone they can spend the next three or four or five or six years of their life bringing about the most difficult and costly modernization of an information system on the civil side ever Mr. Goldberg said


( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( NN comptroller ) ( NN side ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VP ( VBG developing ) ) ( CC and ) ( VP ( VBG making ) ( S ( VP ( VB work ) ) ) ) ( NP-1 ( NP ( JJ financial ) ( NNS controls ) ) ( VP ( VBG governing ) ( NP ( DT a ) ( ADJP ( QP ( CD 6 ) ( CD billion ) ) ) ( NN budget ) ) ) ) ) ) )

On the comptroller side you 're developing and making work financial controls governing a 6 billion budget


( S ( NP-SBJ-1 ( NNS Banks ) ) ( VP ( VBP are ) ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-CLR ( IN after ) ( NP ( JJ individual ) ( NNS investors ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( VBG falling ) ( NN interest ) ( NNS rates ) ) ) ) ) )

Banks are continuing to go after individual investors despite falling interest rates


( S ( NP-SBJ ( NP ( NNS Yields ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN small-denomination ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN deposit ) ) ) ) ) ) ( VP ( VBD fell ) ( PP ( IN at ) ( NP ( NP ( QP ( IN about ) ( PDT half ) ) ( DT the ) ( NN rate ) ) ( PP ( IN of ) ( NP ( JJ so-called ) ( JJ jumbo ) ( NNS CDs ) ) ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Banxquote ) ( NNP Money ) ( NNPS Markets ) ) ( NP ( NP ( DT an ) ( NN information ) ( NN service ) ) ( VP ( VBN based ) ( ADVP-LOC-CLR ( RB here ) ) ) ) ) ) ) ) )

Yields on small-denomination certificates of deposit fell at about half the rate of so-called jumbo CDs this week according to Banxquote Money Markets an information service based here


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( MD can ) ( VP ( VB get ) ( NP ( NP ( NP ( ADJP ( RB slightly ) ( JJR higher ) ) ( NNS yields ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS deposits ) ) ( PP ( IN below ) ( NP ( CD 50,000 ) ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( PP ( IN on ) ( NP ( NP ( NNS deposits ) ) ( PP ( IN of ) ( NP ( CD 90,000 ) ( QP ( CC and ) ( IN up ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investors can get slightly higher yields on deposits below 50,000 than they can on deposits of 90,000 and up


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NNS Banks ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( JJ competitive ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Norberto ) ( NNP Mehl ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Banxquote ) ) ) ) ) )

Banks want to remain competitive said Norberto Mehl chairman of Banxquote


( S ( S ( NP-SBJ ( NNP October ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ big ) ( NN rollover ) ( NN month ) ) ) ) ( CC and ) ( S ( ADVP ( RB perhaps ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP anticipate ) ( NP ( NP ( JJR greater ) ( NN demand ) ) ( PP-LOC ( IN among ) ( NP ( NP ( NNS people ) ) ( VP ( VBG leaving ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) )

October is a big rollover month and perhaps they anticipate greater demand among people leaving the stock market


( S ( NP-SBJ ( DT Some ) ( NNS bankers ) ) ( VP ( VBP are ) ( VP ( VBG reporting ) ( NP ( NP ( NP ( JJR more ) ( NNS inquiries ) ) ) ( PP ( IN than ) ( ADJP ( JJ usual ) ) ) ( PP-1 ( IN about ) ( NP ( NNS CDs ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP Friday ) ) ) ) ) )

Some bankers are reporting more inquiries than usual about CDs since Friday


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNS Reports ) ) ( PP ( IN from ) ( NP ( NNS branches ) ) ) ) ( VP ( VBP are ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( JJR greater ) ( NN interest ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ last ) ( NN day ) ) ( CC or ) ( ADVP ( RB so ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Steven ) ( NNP Braitman ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Chemical ) ( NNP Bank ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

Reports from branches are that there has been greater interest in the last day or so said Steven Braitman a vice president at Chemical Bank in New York


( S ( NP-SBJ ( NNP Chemical ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( NNS deposits ) ) ( NP-TMP ( NNP Monday ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( NP ( QP ( IN about ) ( CD 5 ) ( CD million ) ) ) ( JJR higher ) ) ( PP ( IN than ) ( ADJP ( JJ usual ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( JJR more ) ( NN activity ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP receive ) ( NP ( DT the ) ( NNS proceeds ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) )

Chemical said deposits Monday were about 5 million higher than usual and it expects more activity as investors receive the proceeds from sales of stock


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG playing ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN street ) ) ) ) ) ) ) ) ) ) )

This is no time to be playing in the street


( SINV ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBZ has ) ( NP ( NP ( JJR more ) ( NNS ups ) ( CC and ) ( NNS downs ) ) ( PP ( IN than ) ( NP ( DT an ) ( NN elevator ) ) ) ) ) ) ( VP ( VBD proclaimed ) ) ( NP-SBJ ( NP ( DT an ) ( NN advertisement ) ) ( NP-TMP ( NNP Monday ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNS newspapers ) ) ) ) ( S-ADV ( VP ( VBG touting ) ( NP ( NP ( NNP Lincoln ) ( NNP Savings ) ( NNP Bank ) ( POS 's ) ) ( JJ one-year ) ( NN CD ) ) ) ) )

the Dow has more ups and downs than an elevator proclaimed an advertisement Monday in New York newspapers touting Lincoln Savings Bank 's one-year CD


( S ( NP-SBJ ( NP ( NNP Harold ) ( NNP Jones ) ) ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( NN chief ) ( JJ retail ) ( NN banking ) ( NN officer ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ has ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN been ) ( NP-PRD ( DT a ) ( JJ discernible ) ( NN response ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT the ) ( NN ad ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( NN coupon ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB arrive ) ( ADVP-TMP-CLR ( RB later ) ( PP ( IN in ) ( NP ( DT the ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Harold Jones Lincoln 's chief retail banking officer said there has n't yet been a discernible response although the ad included a coupon that could arrive later in the week


( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NN rout ) ) ( VP ( VBD came ) ( PP ( ADVP ( RB smack ) ) ( IN in ) ( NP ( NP ( DT the ) ( NN middle ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS heaviest ) ( NN month ) ) ( PP ( IN for ) ( NP ( NN CD ) ( NNS rollovers ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS banks ) ( CC and ) ( NNS thrifts ) ) ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP have ) ( S ( NP-SBJ ( NNS promotions ) ) ( PP-PRD ( IN under ) ( NP ( NN way ) ) ) ) ) ) ) ) ) ) ) ) )

Friday 's market rout came smack in the middle of the heaviest month for CD rollovers when a number of banks and thrifts already have promotions under way


( S ( NP-SBJ ( NP ( NNP First ) ( NNP National ) ( NNP Bank ) ) ( PP-LOC ( IN of ) ( NP ( NNP Boston ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ is ) ( VP ( VBG offering ) ( NP ( JJ certain ) ( JJ new ) ( NNS depositors ) ) ( NP ( NP ( DT an ) ( JJ extra ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ( PP-LOC ( IN on ) ( NP ( JJ six-month ) ( CC and ) ( JJ 12-month ) ( NNS CDs ) ) ) ) ) )

First National Bank of Boston for example is offering certain new depositors an extra quarter of a percentage point on six-month and 12-month CDs


( S ( NP-SBJ ( DT Some ) ( NNS banks ) ) ( ADVP ( RB actually ) ) ( VP ( VBD boosted ) ( NP ( NP ( NNS yields ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJS shortest ) ( NN term ) ( NNS CDs ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN week ) ) ) ) )

Some banks actually boosted yields on the shortest term CDs in the latest week


( S ( NP-SBJ ( NP ( NNP New ) ( NNP York ) ( POS 's ) ) ( NNP Citibank ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( VP ( VBD increased ) ( NP ( NP ( DT the ) ( NN yield ) ) ( PP-LOC ( IN on ) ( NP ( NN small-denomination ) ( JJ three-month ) ( NNS CDs ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 8 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.9 ) ( NN % ) ) ) ) )

New York 's Citibank for instance increased the yield on small-denomination three-month CDs to 8 % from 7.9 %


( S ( PP ( IN On ) ( NP ( NN average ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NP ( JJ three-month ) ( NNS CDs ) ) ( PP-LOC ( IN at ) ( NP ( JJ major ) ( NNS banks ) ) ) ) ( VP ( VBP are ) ( VP ( VBG yielding ) ( ADJP ( ADJP ( NP ( NP ( DT a ) ( JJ tenth ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ( JJR less ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( ADVP-TMP ( NP ( DT a ) ( NN week ) ) ( IN ago ) ) ) ) ) ) ) ) ) )

On average however three-month CDs at major banks are yielding a tenth of a percentage point less than they were a week ago


( S ( NP-SBJ ( NP ( JJ Average ) ( NNS yields ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS CDs ) ) ( VP ( VBD aimed ) ( PP-DIR ( IN at ) ( NP ( JJ individual ) ( NNS investors ) ) ) ) ) ) ) ( VP ( VBD fell ) ( ADJP ( ADJP ( JJR less ) ) ( PP ( IN than ) ( NP ( NP ( QP ( DT half ) ( RB as ) ( JJ much ) ) ) ( PP ( IN as ) ( NP ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( NN Treasury ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN auction ) ) ) ) ) ) ) ) ) ) ) ) )

Average yields on CDs aimed at individual investors fell less than half as much as yields on Treasury bills sold at Monday 's auction


( S ( NP-SBJ ( NP ( JJ Six-month ) ( NNS CDs ) ) ( PP ( IN of ) ( NP ( NP ( CD 50,000 ) ) ( QP ( CC and ) ( RBR less ) ) ) ) ) ( VP ( VBD yielded ) ( NP ( DT an ) ( JJ average ) ( CD 8.02 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( CD 8.10 ) ( NN % ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Banxquote ) ) ) ) ) )

Six-month CDs of 50,000 and less yielded an average 8.02 % in the week ended Tuesday down from 8.10 % according to Banxquote


( S ( NP-SBJ ( NP ( DT The ) ( NN yield ) ) ( PP ( IN on ) ( NP ( JJ six-month ) ( NNS T-bills ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 7.82 ) ( NN % ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 8.01 ) ( NN % ) ) ( NP ( NP ( DT the ) ( NN week ) ) ( ADVP ( IN before ) ) ) ) ) )

The yield on six-month T-bills fell to 7.82 % on Monday from 8.01 % the week before


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( DT the ) ( JJ average ) ( NN yield ) ) ( PP ( IN on ) ( NP ( NP ( JJ six-month ) ( NNS CDs ) ) ( PP ( IN of ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 90,000 ) ) ) ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 7.93 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN week ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Banxquote ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 8.10 ) ( NN % ) ) ( NP ( NP ( DT the ) ( NN week ) ) ( ADVP ( IN before ) ) ) ) ) )

Meanwhile the average yield on six-month CDs of more than 90,000 fell to 7.93 % in the latest week according to Banxquote from 8.10 % the week before


( S ( NP-SBJ ( NNP Mr. ) ( NNP Mehl ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( JJ actual ) ( NNS rates ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB almost ) ( JJ identical ) ) ( PP-LOC ( IN on ) ( NP ( JJ small ) ( CC and ) ( NN large-denomination ) ( NNS CDs ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NP ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( NNS CDs ) ) ( VP ( VBD aimed ) ( PP-DIR ( IN at ) ( NP ( DT the ) ( JJ individual ) ( NN investor ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN boosted ) ( PP ( IN by ) ( NP-LGS ( ADJP ( RBR more ) ( JJ frequent ) ) ( NN compounding ) ) ) ) ) ) ) ) ) )

Mr. Mehl noted that actual rates are almost identical on small and large-denomination CDs but yields on CDs aimed at the individual investor are boosted by more frequent compounding


( S ( NP-SBJ ( NP ( NNS CDs ) ) ( VP ( VBD sold ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ major ) ( NN brokerage ) ( NNS houses ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP ( IN like ) ( NP ( JJ jumbo ) ( NNS CDs ) ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB closely ) ) ( VB follow ) ( NP ( NN interest ) ( NN rate ) ( NNS trends ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBN posted ) ( NP ( NP ( JJR larger ) ( NNS drops ) ) ( PP-LOC ( IN in ) ( NP ( NNS yields ) ) ) ) ) )

CDs sold by major brokerage houses which like jumbo CDs tend to closely follow interest rate trends also posted larger drops in yields


( S ( NP-SBJ ( DT A ) ( JJ six-month ) ( JJ broker-sold ) ( NN CD ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBD was ) ( VP ( VBG yielding ) ( NP ( NP ( DT an ) ( JJ average ) ( CD 8.09 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN week ) ) ) ( ADJP-1 ( ADJP ( NP ( NP ( DT a ) ( JJ fifth ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ( JJR lower ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN week ) ) ( ADVP ( IN before ) ) ) ) ) ) ) )

A six-month broker-sold CD for example was yielding an average 8.09 % in the latest week a fifth of a percentage point lower than the week before


( S ( PP-TMP ( IN In ) ( NP ( NP ( JJ late ) ( NNP April ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( PRP$ their ) ( JJ recent ) ( NNS highs ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP short-term ) ( NNS CDs ) ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( NNS brokers ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG offering ) ( NP ( NP ( NNS yields ) ) ( ADJP ( ADJP ( NP ( NP ( QP ( PDT half ) ) ( DT a ) ( NN percentage ) ( NN point ) ) ( QP ( CC or ) ( RBR more ) ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( NNS banks ) ) ) ) ) ) ) )

In late April when interest rates were at their recent highs short-term CDs sold by brokers were offering yields half a percentage point or more higher than banks


( S ( NP-SBJ-1 ( NN CD ) ( NNS yields ) ) ( VP ( VBP are ) ( ADVP ( RB generally ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-CLR ( RB further ) ) ) ) ( PP-TMP ( IN in ) ( NP ( VBG coming ) ( NNS weeks ) ) ) ) ) ) )

CD yields are generally expected to fall further in coming weeks


( SINV ( S-TPC-1 ( NP-SBJ ( SBAR-NOM ( WHNP-3 ( WP What ) ) ( S ( VP ( VBD happened ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJR bigger ) ( NN trade ) ( NN deficit ) ) ( VP ( VBN reported ) ( NP-TMP ( NN yesterday ) ) ) ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ unlikely ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( JJ short-term ) ( NN interest ) ( NNS rates ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-TMP ( NP ( DT any ) ( NN time ) ) ( ADVP ( RB soon ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mehl ) ) ( PP ( IN of ) ( NP ( NNP Banxquote ) ) ) ) )

What happened in the stock market and the bigger trade deficit reported yesterday make it unlikely that short-term interest rates will rise any time soon said Mr. Mehl of Banxquote


( SINV ( S-TPC-1 ( PP ( ADVP ( RB Even ) ) ( IN before ) ( NP ( DT the ) ( NN market ) ( NN drop ) ) ) ( NP-SBJ ( NNS rates ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN down ) ( NP ( ADVP ( IN about ) ( PDT half ) ) ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP J. ) ( NNP Hutchinson ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( JJ retail ) ( NN marketing ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNPS Manufacturers ) ( NNP Hanover ) ( NNP Trust ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

Even before the market drop rates were down about half a percentage point said Robert J. Hutchinson senior vice president for retail marketing at Manufacturers Hanover Trust Co. in New York


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ puts ) ( NP ( NN pressure ) ) ( PP-PUT ( IN on ) ( NP ( NN CD ) ( NNS rates ) ) ) ) )

That puts pressure on CD rates


( S ( S ( NP-SBJ ( NP ( DT An ) ( ADJP ( RB unexpectedly ) ( JJ sharp ) ) ( NN widening ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN gap ) ) ( PP ( IN for ) ( NP ( NNP August ) ) ) ) ) ) ( VP ( VBD dragged ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( ADVP-PRD ( JJR lower ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNS profit-taking ) ) ( PP-LOC ( IN on ) ( NP ( JJ short ) ( NNS positions ) ) ) ) ( VP ( VBD helped ) ( S ( NP-SBJ-1 ( DT the ) ( NN currency ) ) ( VP ( NN rebound ) ( S ( VP ( TO to ) ( VP ( VB close ) ( ADJP ( VBN mixed ) ) ( PP ( IN against ) ( NP ( JJ major ) ( NNS counterparts ) ) ) ) ) ) ) ) ) ) )

An unexpectedly sharp widening in the U.S. trade gap for August dragged the dollar lower Tuesday but profit-taking on short positions helped the currency rebound to close mixed against major counterparts


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD kept ) ( NP ( NP ( JJ careful ) ( NNS tabs ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NNS gyrations ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD shrugged ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( JJ modest ) ( NN downturn ) ) ( PP-LOC ( IN in ) ( NP ( NNS equities ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB bid ) ( NP ( DT the ) ( NN dollar ) ) ( PP ( ADVP ( RB well ) ) ( IN above ) ( NP ( NP ( DT the ) ( NN day ) ( POS 's ) ) ( NNS lows ) ) ) ) ) ) ) )

While the market kept careful tabs on Wall Street 's gyrations it shrugged off a modest downturn in equities to bid the dollar well above the day 's lows


( S ( PP-TMP ( ADVP ( RB Soon ) ) ( IN after ) ( NP ( NP ( DT the ) ( NN release ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN trade ) ( NNS figures ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD plunged ) ( PP-DIR ( TO to ) ( NP ( NP ( DT an ) ( NN intraday ) ( JJ low ) ) ( PP ( IN of ) ( NP ( CD 140.95 ) ( NN yen ) ) ) ) ) ) )

Soon after the release of the U.S. trade figures the dollar plunged to an intraday low of 140.95 yen


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD declined ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NN mark ) ) ) ) ) ( CC but ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( VB reach ) ( NP ( NP ( PRP$ its ) ( NN intraday ) ( JJ low ) ) ( PP ( IN of ) ( NP ( CD 1.8435 ) ( NNS marks ) ) ) ) ( PP-TMP ( IN until ) ( ADVP ( NP ( CD two ) ( NNS hours ) ) ( RB later ) ) ) ) ) ) )

It also declined against the mark but did n't reach its intraday low of 1.8435 marks until two hours later


( S ( NP-SBJ ( DT The ) ( NN unit ) ) ( VP ( VBD stabilized ) ( NP-TMP ( NP ( IN about ) ( NN midday ) ) ( NP ( NNP New ) ( NNP York ) ( NN time ) ) ) ( PP ( IN at ) ( NP ( NP ( QP ( IN around ) ( CD 1.85 ) ) ( NNS marks ) ) ( CC and ) ( NP ( CD 141 ) ( NN yen ) ) ) ) ( S-ADV ( VP ( VBG prompting ) ( NP ( JJ unconfirmed ) ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP U.S. ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBD had ) ( VP ( VBN intervened ) ( S-PRP ( VP ( TO to ) ( VP ( VB blunt ) ( NP ( NP ( DT the ) ( NN unit ) ( POS 's ) ) ( NN tumble ) ) ) ) ) ) ) ) ) ) ) ) ) )

The unit stabilized about midday New York time at around 1.85 marks and 141 yen prompting unconfirmed rumors that the U.S. Federal Reserve had intervened to blunt the unit 's tumble


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( VBD finished ) ( PP-CLR ( IN at ) ( NP ( PRP$ its ) ( NN intraday ) ( NNS highs ) ) ) ) )

The dollar finished at its intraday highs


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NP ( DT the ) ( JJ foreign ) ( NN exchange ) ( NN market ) ( POS 's ) ) ( JJ initial ) ( JJ bearish ) ( NN reaction ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ( NN trade ) ( NNS figures ) ) ) ) ( VP ( VBD was ) ( VP ( VBN tempered ) ( ADVP-TMP ( RB later ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJR calmer ) ( NN reassessment ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS data ) ) ) ) ) ) ) ) ) ) )

Dealers noted that the foreign exchange market 's initial bearish reaction to the U.S. trade figures was tempered later by a calmer reassessment of the data


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ( NNP Commerce ) ( NNP Department ) ) ( VP ( VBD reported ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 10.77 ) ( CD billion ) ) ) ( NN deficit ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( VBN revised ) ( NNP July ) ( NN deficit ) ) ( PP ( IN of ) ( NP ( QP ( CD 8.24 ) ( CD billion ) ) ) ) ) ) ) ) ) )

The U.S. Commerce Department reported a 10.77 billion deficit in August compared with a revised July deficit of 8.24 billion


( S ( NP-SBJ ( NNS Economists ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( NP ( DT a ) ( ADJP ( QP ( CD 9.1 ) ( CD billion ) ) ) ( NN gap ) ) ) ) )

Economists had expected a 9.1 billion gap


( S ( NP-SBJ ( DT The ) ( NNP August ) ( NN figure ) ) ( VP ( VBD reflected ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 6.4 ) ( NN % ) ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( NNS imports ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 0.2 ) ( NN % ) ) ( NN drop ) ) ( PP ( IN in ) ( NP ( NNS exports ) ) ) ) ) ) )

The August figure reflected a 6.4 % rise in imports and a 0.2 % drop in exports


( S ( NP-SBJ ( NP ( NNP Marc ) ( NNP M. ) ( NNP Goloven ) ) ( NP ( NP ( DT an ) ( NN economist ) ) ( PP ( IN with ) ( NP ( NP ( NNPS Manufacturers ) ( NNP Hanover ) ( NNP Trust ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( DT the ) ( NNS figures ) ) ( VP ( VBP appear ) ( S ( VP ( TO to ) ( VP ( VB indicate ) ( NP ( DT a ) ( ADJP ( RB sadly ) ( VBG deteriorating ) ) ( NNP U.S. ) ( NN trade ) ( NN performance ) ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB still ) ) ( NP-PRD ( NP ( NP ( RB enough ) ( JJ positive ) ( NN news ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS data ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB justify ) ( S ( VP ( VBG buying ) ( NP ( NNS dollars ) ) ) ) ) ) ) ) ) ) ) ) )

Marc M. Goloven an economist with Manufacturers Hanover Trust in New York said that while the figures appear to indicate a sadly deteriorating U.S. trade performance there 's still enough positive news in the data to justify buying dollars


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN gap ) ) ( PP ( IN with ) ( NP ( NNP Canada ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN widened ) ( ADVP ( RB significantly ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN trade ) ( NN deficit ) ) ( PP ( IN with ) ( NP ( NP ( NNP Western ) ( NNP Europe ) ) ( CC and ) ( NP ( NNP Japan ) ) ) ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB narrow ) ) ) ) ) ) ) ) )

He said that while the U.S. trade gap with Canada has widened significantly the trade deficit with Western Europe and Japan continues to narrow


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( VBN manufactured ) ( NNS goods ) ( NNS exports ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG rising ) ) ) ) ) ) )

And he added that manufactured goods exports are still rising


( S ( NP-SBJ ( NP ( DT The ) ( NN dollar ) ( POS 's ) ) ( JJ near-term ) ( NN path ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ foggy ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NN currencny ) ( NNS analysts ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP characterize ) ( NP ( DT the ) ( NN market ) ) ( PP-CLR ( IN as ) ( ADJP ( VBG bewildering ) ) ) ) ) ) ) ) ) ) )

The dollar 's near-term path remains foggy according to currencny analysts who characterize the market as bewildering


( S ( PP-LOC ( IN In ) ( NP ( JJ late ) ( NNP New ) ( NNP York ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( PP ( IN at ) ( NP ( NP ( CD 1.8667 ) ( NNS marks ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( CD 1.8685 ) ( NNS marks ) ) ( NP-TMP ( JJ late ) ( NNP Monday ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( CD 142.75 ) ( NN yen ) ) ( ADVP ( IN up ) ( PP ( IN from ) ( NP ( CD 141.85 ) ( NN yen ) ) ( NP-TMP ( JJ late ) ( NNP Monday ) ) ) ) ) ) ) ) ) )

In late New York trading yesterday the dollar was quoted at 1.8667 marks down from 1.8685 marks late Monday and at 142.75 yen up from 141.85 yen late Monday


( S ( NP-SBJ ( NN Sterling ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( CD 1.5753 ) ) ) ) )

Sterling was unchanged at 1.5753


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Wednesday ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBD opened ) ( PP-CLR ( IN for ) ( NP ( VBG trading ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 142.55 ) ( NN yen ) ) ( ADJP ( JJ unchanged ) ( PP ( IN from ) ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNP Tokyo ) ( NN close ) ) ) ) ) ) ) )

In Tokyo Wednesday the U.S. currency opened for trading at 142.55 yen unchanged from Tuesday 's Tokyo close


( S ( ADVP-TMP ( RB Later ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( IN about ) ( CD 142.25 ) ) ( NN yen ) ) ) ( PP ( IN on ) ( NP ( NP ( NN news ) ( NNS reports ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN earthquake ) ) ) ) ) ) )

Later the U.S. currency fell to about 142.25 yen on news reports of the San Francisco earthquake


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VP ( VBP remain ) ( ADJP-PRD ( JJ bullish ) ) ) ( CC and ) ( VP ( NN point ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB well ) ( VBN bid ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( NP ( JJ key ) ( NN rate ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ( CC and ) ( NNP Japan ) ) ) ) ( NP ( NP ( NP ( JJ several ) ( NNS weeks ) ) ( PP ( IN of ) ( NP ( NP ( JJ aggressive ) ( NN dollar ) ( NNS sales ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN world ) ( JJ central ) ( NNS banks ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT some ) ( NNS traders ) ) ( VP ( VBP estimate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN barrage ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ( VP ( VBD topped ) ( NP ( QP ( CD 12 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ 190-point ) ( NN plunge ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ) ) ) ) ) ) )

Some analysts remain bullish and point out that the dollar continues to be well bid despite key rate increases in Europe and Japan several weeks of aggressive dollar sales by the world central banks some traders estimate that the barrage of sales topped 12 billion and a 190-point plunge on the New York Stock Exchange


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( VP ( VBZ is ) ( VP ( VBG trading ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( JJ upper ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBN presumed ) ( NN target ) ( NNS zones ) ) ( VP ( VBN established ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NX-TTL ( NP ( NNP Group ) ) ( PP ( IN of ) ( NP ( CD Seven ) ) ) ) ( NN trading ) ( NNS partners ) ) ) ) ) ) ) ) ) ) ) ) ) )

They note that the U.S. unit is trading at the upper end of the presumed target zones established by the Group of Seven trading partners


( S ( NP-SBJ ( DT The ) ( NN G-7 ) ) ( VP ( VBZ comprises ) ( NP ( NP ( NNP West ) ( NNP Germany ) ) ( NP ( DT the ) ( NNP U.S. ) ) ( NP ( NNP France ) ) ( NP ( DT the ) ( NNP U.K. ) ) ( NP ( NNP Italy ) ) ( NP ( NNP Canada ) ) ( CC and ) ( NP ( NNP Japan ) ) ) ) )

The G-7 comprises West Germany the U.S. France the U.K. Italy Canada and Japan


( S ( NP-SBJ-1 ( DT The ) ( JJ so-called ) ( NNP Louvre ) ( NN accord ) ) ( VP ( VBD was ) ( VP ( VBN seen ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN set ) ( NP ( NP ( NNS ranges ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 1.70 ) ( NNS marks ) ) ( PP ( TO to ) ( NP ( CD 1.90 ) ( NNS marks ) ) ) ) ( CC and ) ( NP ( NP ( CD 120 ) ( NN yen ) ) ( PP ( TO to ) ( NP ( CD 140 ) ( NN yen ) ) ) ) ) ) ) ) ) ) ) ) ) )

The so-called Louvre accord was seen to have set ranges of 1.70 marks to 1.90 marks and 120 yen to 140 yen


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( DT the ) ( JJ recent ) ( NN injection ) ) ( PP ( IN of ) ( NP ( NN liquidity ) ) ) ( PP ( IN into ) ( NP ( DT the ) ( NNP U.S. ) ( NN banking ) ( NN system ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ modest ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB anticipate ) ( NP ( NP ( JJ significant ) ( NN easing ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Federal ) ( NNP Reserve ) ) ) ) ) ) ) ) ) ) )

They say that the recent injection of liquidity into the U.S. banking system has been modest and they do n't anticipate significant easing by the U.S. Federal Reserve


( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( VP ( VBD arranged ) ( NP ( NP ( NP ( QP ( CD 1.5 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN customer ) ( VBD repurchase ) ( NNS agreements ) ) ) ) ) ( NP-TMP ( NNP Tuesday ) ) ( NP ( NP ( DT the ) ( JJ second ) ( JJ repurchase ) ( NN agreement ) ) ( PP-TMP ( IN in ) ( NP ( CD two ) ( NNS days ) ) ) ) ) )

The Fed arranged 1.5 billion of customer repurchase agreements Tuesday the second repurchase agreement in two days


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN move ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ injects ) ( NP ( NN capital ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN system ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN seen ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB reassure ) ( NP ( DT the ) ( JJ finanicial ) ( NNS markets ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( JJ central ) ( NN bank ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( DT the ) ( JJ ample ) ( NN liquidity ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The move which injects capital into the system is seen as an effort to reassure the finanicial markets that the U.S. central bank is ready to provide the ample liquidity


( S ( CC But ) ( NP-SBJ ( JJ other ) ( NNS analysts ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( SBAR ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Fed ) ( POS 's ) ) ( NN move ) ( S ( VP ( TO to ) ( VP ( VB loosen ) ( NP ( NN credit ) ) ) ) ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( ADJP-PRD ( JJ aggressive ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB nevertheless ) ) ( VP ( VBZ sends ) ( NP ( DT a ) ( JJ clear ) ( NN signal ) ( SBAR ( IN that ) ( S ( PP-TMP ( PP ( IN at ) ( JJS least ) ) ( IN for ) ( NP ( RB now ) ) ) ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ has ) ( VP ( VBN relaxed ) ( NP ( NP ( PRP$ its ) ( NN grip ) ) ( PP-LOC ( IN on ) ( NP ( NN credit ) ) ) ) ) ) ) ) ) ) ) ) ) )

But other analysts contend that while the Fed 's move to loosen credit has n't been aggressive it nevertheless sends a clear signal that at least for now the Fed has relaxed its grip on credit


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP add ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBZ has ) ( VP ( VBN allowed ) ( NP-1 ( DT the ) ( JJ key ) ( JJ federal ) ( NNS funds ) ( NN interest ) ( NN rate ) ) ( S ( VP ( TO to ) ( VP ( VB dip ) ( PP-DIR ( TO to ) ( NP ( QP ( IN about ) ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( PRP$ its ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( QP ( RB just ) ( IN below ) ( CD 9 ) ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) )

They add that the Fed has allowed the key federal funds interest rate to dip to about 8 5\/8 % from its levels of just below 9 % last week


( S ( NP-SBJ ( DT The ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ overnight ) ( NN lending ) ( NN rate ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( VBP charge ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) )

The federal funds rate is the overnight lending rate that banks charge each other


( S ( NP-SBJ ( NN Market ) ( NNS participants ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN mark ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ significant ) ) ( NNS gains ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ) ) ) )

Market participants said that the mark continues to post the most significant gains against the dollar


( S ( PP-LOC ( IN On ) ( NP ( NP ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( NP-SBJ ( NP ( NN gold ) ) ( PP ( IN for ) ( NP ( JJ current ) ( NN delivery ) ) ) ) ( VP ( VBN settled ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 367.40 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 10 ) ( NNS cents ) ) ) ) )

On the Commodity Exchange in New York gold for current delivery settled at 367.40 an ounce up 10 cents


( S ( NP-SBJ ( VBN Estimated ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ moderate ) ( QP ( CD 3.5 ) ( CD million ) ) ( NNS ounces ) ) ) )

Estimated volume was a moderate 3.5 million ounces


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ early ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ( NP-TMP ( NNP Wednesday ) ) ( NP-SBJ ( NN gold ) ) ( VP ( VBD was ) ( PP-PRD ( IN at ) ( NP ( NP ( CD 366.55 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) )

In early trading in Hong Kong Wednesday gold was at 366.55 an ounce


( S ( NP-SBJ ( NN Stock-market ) ( NNS tremors ) ) ( ADVP-TMP ( RB again ) ) ( VP ( VBD shook ) ( NP ( NN bond ) ( NNS prices ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD turned ) ( PRT ( RP in ) ) ( NP-PRD ( DT a ) ( VBN mixed ) ( NN performance ) ) ) ) ) ) )

Stock-market tremors again shook bond prices while the dollar turned in a mixed performance


( S ( NP-TMP ( RB Early ) ( NN yesterday ) ) ( NP-SBJ-2 ( NNS investors ) ) ( VP ( VBD scrambled ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Treasury ) ( NNS bonds ) ) ( PP-PRP ( IN for ) ( NP ( NN safety ) ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBD plummeted ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS fears ) ) ) ( VP-3 ( VBD mounted ) ( PP-1 ( IN of ) ( NP ( NP ( DT a ) ( NN replay ) ) ( PP ( IN of ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) ) ) )

Early yesterday investors scrambled to buy Treasury bonds for safety as stock prices plummeted and fears mounted of a replay of Friday


( S ( CC But ) ( NP-SBJ ( NNS stocks ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VBD recovered ) ( S-ADV ( VP ( VBG erasing ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ early ) ( NNS declines ) ) ) ) ) ) ) )

But stocks later recovered erasing most of their early declines


( S ( NP-SBJ ( DT That ) ) ( VP ( VP ( VBD cut ) ( S ( ADJP-PRD ( RB short ) ) ( NP-SBJ ( NP ( DT the ) ( NN rally ) ) ( PP-LOC ( IN in ) ( NP ( NNP Treasury ) ( NNS bonds ) ) ) ) ) ) ( CC and ) ( VP ( VBN depressed ) ( NP ( NNS prices ) ) ( PP-LOC ( ADVP ( RB moderately ) ) ( IN below ) ( NP ( NP ( JJ late ) ( NNP Monday ) ( POS 's ) ) ( NNS levels ) ) ) ) ) )

That cut short the rally in Treasury bonds and depressed prices moderately below late Monday 's levels


( S ( NP-SBJ ( NP ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( ADVP ( IN down ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 60.25 ) ) ( NNS points ) ) ( ADVP-TMP ( RB early ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ( VP ( VBD finished ) ( ADVP-CLR ( NP ( CD 18.65 ) ( NNS points ) ) ( JJR lower ) ) ( PP-CLR ( IN at ) ( NP ( CD 2638.73 ) ) ) ) )

The Dow Jones Industrial Average down more than 60.25 points early in the day finished 18.65 points lower at 2638.73


( S ( NP-SBJ ( JJ Long-term ) ( NNP Treasury ) ( NNS issues ) ) ( VP ( VBD declined ) ( NP-EXT ( NP ( IN about ) ( PDT half ) ( DT a ) ( NN point ) ) ( CC or ) ( NP ( NP ( CD 5 ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ) )

Long-term Treasury issues declined about half a point or 5 for each 1,000 face amount


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN stock ) ( NN market ) ) ( ADVP ( RB clearly ) ) ( VP ( VBZ is ) ( VP ( VBG leading ) ( NP ( DT the ) ( NN bond ) ( NNS markets ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Conlon ) ) ( NP ( NP ( DT an ) ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Nikko ) ( NNPS Securities ) ) ) ) ) )

The stock market clearly is leading the bond markets said Jack Conlon an executive vice president at Nikko Securities


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( VP ( VBG breathing ) ( NP ( NP ( DT a ) ( JJ major ) ( NN sigh ) ) ( PP ( IN of ) ( NP ( NN relief ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN world ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB end ) ( NP-TMP ( NP ( NNP Monday ) ( NN morning ) ) ( CC or ) ( NP ( NN yesterday ) ) ) ) ) ) ) ) ) ) )

People are breathing a major sigh of relief that the world did n't end Monday morning or yesterday


( S ( NP-SBJ ( NP ( NN Gold ) ) ( NP ( NP ( DT a ) ( ADJP ( RB closely ) ( VBN watched ) ) ( NN barometer ) ) ( PP ( IN of ) ( NP ( NN investor ) ( NN anxiety ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB little ) ( VBN changed ) ) ) )

Gold a closely watched barometer of investor anxiety was little changed


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD fell ) ( PP-CLR ( IN against ) ( NP ( JJ other ) ( JJ major ) ( NNS currencies ) ) ) ( PP ( IN on ) ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN deficit ) ) ( VP ( VBD surged ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10.77 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

The dollar initially fell against other major currencies on news that the U.S. trade deficit surged in August to 10.77 billion


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VBD rebounded ) ( S-ADV ( VP ( VBG finishing ) ( ADJP-CLR ( ADJP ( RB slightly ) ( JJR higher ) ( PP ( IN against ) ( NP ( DT the ) ( NN yen ) ) ) ) ( IN although ) ( ADJP ( RB slightly ) ( JJR lower ) ( PP ( IN against ) ( NP ( DT the ) ( NN mark ) ) ) ) ) ) ) ) )

But the dollar later rebounded finishing slightly higher against the yen although slightly lower against the mark


( S ( NP-SBJ ( NNP Federal ) ( NNP Reserve ) ( NNS officials ) ) ( VP ( VBD sent ) ( NP ( NP ( DT another ) ( NN signal ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN determination ) ( S ( VP ( TO to ) ( VP ( VB shore ) ( PRT ( RP up ) ) ( NP ( NN investor ) ( NN confidence ) ) ) ) ) ) ) ) ) )

Federal Reserve officials sent another signal of their determination to shore up investor confidence