( S ( NP-SBJ ( DT That ) ( NN analysis ) ) ( VP ( VBZ matches ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NN stock ) ( NNS traders ) ( POS ' ) ) ( NNS reports ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ huge ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ) ) ) ) ( NP-SBJ ( NNP UAL ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN returned ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN level ) ) ( SBAR ( WHPP-1 ( IN at ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB attract ) ( NP ( NP ( NN buying ) ) ( PP ( IN by ) ( NP-LGS ( NNS institutions ) ) ) ) ( PP ( ADVP ( RB solely ) ) ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That analysis matches up with stock traders ' reports that despite the huge drop in the stock UAL has n't returned to the level at which it could attract buying by institutions solely on the basis of earnings


( S ( CC So ) ( NP-SBJ ( NP ( NN anyone ) ) ( VP ( VBG buying ) ( NP ( DT the ) ( NN stock ) ) ( ADVP-TMP ( RB now ) ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG betting ) ( PP-CLR ( IN on ) ( NP ( NP ( DT some ) ( JJ special ) ( NN transaction ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT a ) ( NN recapitalization ) ( CC or ) ( NN takeover ) ) ) ) ) ) ) ( CC and ) ( VP ( MD must ) ( VP ( VB do ) ( ADVP-CLR ( RB so ) ) ( S-ADV ( VP ( VBG using ) ( NP ( NP ( DT some ) ( NN guesswork ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN likelihood ) ) ( PP ( IN of ) ( NP ( JJ such ) ( DT an ) ( NN event ) ) ) ) ) ) ) ) ) ) ) )

So anyone buying the stock now is betting on some special transaction such as a recapitalization or takeover and must do so using some guesswork about the likelihood of such an event


( S ( NP-SBJ ( NP ( CD One ) ( NN analyst ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD asked ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN identified ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NNS pilots ) ( CC and ) ( NN management ) ) ( VP ( MD can ) ( VP ( VB put ) ( ADVP-CLR ( RB together ) ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( CD 225 ) ) ( NN area ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP ( QP ( CD three ) ( TO to ) ( CD four ) ) ( NNS months ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ) ) ) ) ) ) ) ) ) ) ) ) )

One analyst who asked not to be identified said he believes that the UAL pilots and management can put together a bid in the 225 area but that it could take three to four months to close


( S ( PP ( PP ( IN At ) ( NP ( DT that ) ( NN level ) ) ) ( CC and ) ( PP ( VBN given ) ( NP ( DT the ) ( NN uncertainty ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( MD should ) ( VP ( VB trade ) ( ADVP ( RBR closer ) ( PP ( TO to ) ) ) ) ) ) ) ) )

At that level and given the uncertainty he believes UAL stock should trade closer to


( S ( NP-SBJ ( JJ Other ) ( NNS observers ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NN board ) ) ( VP ( VBG having ) ( VP ( VBN accepted ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN of ) ( NP ( NP ( CD 300 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ( VP ( MD might ) ( VP ( VB hold ) ( PRT ( RP out ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ new ) ( NN bid ) ) ( ADJP ( RB much ) ( JJR closer ) ( PP ( TO to ) ( NP ( DT the ) ( NN original ) ( NN level ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN management ) ) ( VP ( VP ( VBZ goes ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( S-NOM ( VP ( VBG running ) ( NP ( DT the ) ( NN company ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ lets ) ( S ( NP-SBJ ( NNS things ) ) ( VP ( VB return ) ( PP-CLR ( TO to ) ( ADJP ( JJ normal ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Other observers note that UAL 's board having accepted a bid of 300 a share might hold out for a new bid much closer to the original level even if it means that the management goes back to running the company for a while and lets things return to normal


( S ( PP ( IN By ) ( NP ( DT that ) ( NN logic ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN closing ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN deal ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADVP-PRD ( ADVP ( RB much ) ( RB further ) ( RB away ) ) ( PP ( IN than ) ( NP ( QP ( CD three ) ( TO to ) ( CD four ) ) ( NNS months ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( JJ eventual ) ( NN price ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJR higher ) ) ) ) ) ) ) ) )

By that logic the closing of a deal could be much further away than three to four months even though the eventual price might be higher


( S ( NP-SBJ ( NP ( NN Investment ) ( NNS bankers ) ) ( VP ( VBG following ) ( NP ( NNP UAL ) ) ) ) ( VP ( VBP agree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJS strongest ) ( NN impetus ) ) ( PP ( IN for ) ( NP ( DT an ) ( JJ eventual ) ( NN deal ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS pilots ) ) ( VP ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG attempting ) ( NP ( DT a ) ( NN buy-out ) ) ( PP-TMP ( IN for ) ( NP ( QP ( JJR more ) ( IN than ) ( CD two ) ) ( NNS years ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB stop ) ) ) ) ) ) ( S-ADV ( VP ( VBG having ) ( VP ( VBN come ) ( ADJP-PRD ( RB so ) ( RB close ) ( PP ( TO to ) ( NP ( NN success ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Investment bankers following UAL agree that the strongest impetus for an eventual deal is that the pilots have been attempting a buy-out for more than two years and are n't likely to stop having come so close to success


( S ( NP-SBJ ( DT The ) ( NNS pilots ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ strong ) ( NN financing ) ( NN tool ) ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NN willingness ) ( S ( VP ( VP ( TO to ) ( VP ( VB cut ) ( NP ( PRP$ their ) ( JJ annual ) ( NN compensation ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB commit ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( PRP$ their ) ( NN retirement ) ( NNS funds ) ) ) ) ) ) ) ) ) ) ) )

The pilots have a strong financing tool in their willingness to cut their annual compensation by 200 million and to commit 200 million from their retirement funds


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( PRP they ) ) ( ADVP ( RB also ) ) ( VP ( VBD persuaded ) ( NP-1 ( DT the ) ( NNP UAL ) ( NN flight ) ( NNS attendants ) ) ( S ( VP ( TO to ) ( VP ( VB join ) ( NP ( PRP them ) ) ) ) ) ) )

On Friday they also persuaded the UAL flight attendants to join them


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NN investment ) ( NNS bankers ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNS banks ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB lend ) ( NP ( NP ( DT the ) ( QP ( RB almost ) ( CD 5 ) ( CD billion ) ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ( PP ( IN for ) ( NP ( DT a ) ( NN takeover ) ) ) ) ( PP ( RB even ) ( IN at ) ( NP ( DT a ) ( JJR lower ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( IN without ) ( S-NOM ( NP-SBJ ( NN someone ) ) ( VP ( VBG putting ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( JJ hefty ) ( NN wad ) ) ( PP ( IN of ) ( NP ( NP ( NN cash ) ) ( ADJP ( ADVP ( RB probably ) ( RB even ) ( JJR greater ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( CD 17 ) ( NN % ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ( VP ( VBD put ) ( PRT ( RP up ) ) ( PP ( IN by ) ( NP-LGS ( NNS investors ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ leveraged ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( NNP Northwest ) ( NNPS Airlines ) ( NN parent ) ( NNP NWA ) ( NNP Corp. ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

However investment bankers say that banks are n't likely to lend the almost 5 billion that would be necessary for a takeover even at a lower price without someone putting up a hefty wad of cash probably even greater than the 17 % in cash put up by investors in the leveraged takeover of Northwest Airlines parent NWA Corp. in July


( S ( NP-SBJ-1 ( NNS Banks ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( NN someone ) ) ( VP ( VBG putting ) ( PRT ( RP up ) ) ( NP ( NP ( JJ real ) ( NN cash ) ) ( PP ( IN at ) ( NP ( NN risk ) ) ) ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ) ) ) ( ADJP ( JJ subordinate ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN bank ) ( NN debt ) ) ( PP-LOC ( IN in ) ( NP ( DT any ) ( NN deal ) ) ) ) ) ) ) ) ) ) ) ) ) )

Banks want to see someone putting up real cash at risk that is subordinate to the bank debt in any deal


( S-1 ( NP-ADV ( DT That ) ( NN way ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP figure ) ) ) ) ( NP-SBJ ( NN someone ) ( RB else ) ) ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( RB even ) ( JJR stronger ) ( NN motivation ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( ADJP-PRD ( JJ sure ) ) ( SBAR-NOM-SBJ ( S ( NP-SBJ-3 ( DT the ) ( NN deal ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB work ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBG losing ) ( NP ( PRP$ their ) ( NN money ) ) ( SBAR ( IN before ) ( S ( NP-SBJ ( DT the ) ( NNS banks ) ) ( VP ( VBD lost ) ( NP ( PRP theirs ) ) ) ) ) ) ) ) ) ) ) )

That way they figure someone else has an even stronger motivation to make sure the deal is going to work because they would be losing their money before the banks lost theirs


( S ( NP-SBJ-3 ( NNS Banks ) ) ( ADVP ( RB also ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB call ) ( NP ( NP ( NN someone ) ) ) ( PP-MNR ( IN on ) ( NP ( DT the ) ( NN telephone ) ) ) ( S-4 ( VP ( TO to ) ( VP ( VB fix ) ( NP ( NP ( DT a ) ( NN problem ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN deal ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ goes ) ( ADJP-PRD ( JJ bad ) ) ) ) ) ) ) ) ) ) ) ( NP-1 ( NP ( RB preferably ) ( NN someone ) ) ( ADJP ( JJ other ) ( PP ( IN than ) ( NP ( DT a ) ( NN union ) ( NN leader ) ) ) ) ) ) ) ) ) ) ) ) ) )

Banks also want to be able to call someone on the telephone to fix a problem with a deal that goes bad preferably someone other than a union leader


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ leaves ) ( S ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( ADVP-TMP ( RB still ) ) ( PP-PRD ( IN in ) ( NP ( NP ( NN need ) ) ( PP ( IN of ) ( NP ( NP ( NN cash ) ) ( VP ( VBG totaling ) ( NP ( NP ( QP ( IN around ) ( CD 1 ) ( CD billion ) ) ) ( ADJP ( ADJP ( RB far ) ( JJR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT either ) ( NP ( PRP they ) ) ( CC or ) ( NP ( DT the ) ( NN flight ) ( NNS attendants ) ) ) ( VP ( MD can ) ( VP ( VB lay ) ( NP ( PRP$ their ) ( NNS hands ) ) ( PP-LOC-CLR ( IN on ) ) ( PP ( IN from ) ( NP ( NP ( NN retirement ) ( NNS funds ) ) ( ADVP ( RB alone ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That leaves the pilots still in need of cash totaling around 1 billion far more than either they or the flight attendants can lay their hands on from retirement funds alone


( S ( NP-SBJ ( NP ( CD One ) ( NN obstacle ) ) ( PP ( TO to ) ( S-NOM ( NP-SBJ ( DT the ) ( NNS pilots ) ( POS ' ) ) ( VP ( VBG finding ) ( NP ( NP ( JJ such ) ( DT a ) ( JJ huge ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN cash ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( PRP$ their ) ( NN insistence ) ) ( PP ( IN on ) ( NP ( NN majority ) ( NN ownership ) ) ) ) ) )

One obstacle to the pilots ' finding such a huge amount of cash is their insistence on majority ownership


( S ( NP-SBJ ( NP ( NNS Investors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Marvin ) ( NNP Davis ) ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN sought ) ( NP ( NN airline ) ( NN ownership ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN insisted ) ( SBAR ( S ( NP-SBJ ( NP ( PRP they ) ) ( RB not ) ( NP ( DT the ) ( NNS pilots ) ) ) ( VP ( MD must ) ( VP ( VB have ) ( NP ( NN control ) ) ) ) ) ) ) ) )

Investors such as Marvin Davis of Los Angeles who have sought airline ownership this year have insisted they not the pilots must have control


( S ( NP-SBJ ( NP ( CD One ) ( NN way ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT that ) ( NN dilemma ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ partial ) ( NN recapitalization ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NNS pilots ) ) ( VP ( MD would ) ( VP ( VB wind ) ( PRT ( RP up ) ) ( S ( VP ( VBG sharing ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS concessions ) ) ) ) ( PP-CLR ( IN with ) ( NP ( JJ public ) ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) )

One way out of that dilemma could be a partial recapitalization in which the pilots would wind up sharing the value of their concessions with public shareholders


( S ( NP-SBJ ( DT The ) ( NNS pilots ) ) ( VP ( MD could ) ( VP ( VB borrow ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS concessions ) ) ) ) ) ( S-ADV ( VP ( VBG using ) ( NP-2 ( DT the ) ( NNS proceeds ) ) ( S-CLR ( VP ( TO to ) ( VP ( VP ( VB buy ) ( ADVP-CLR ( RB back ) ) ( NP ( NN stock ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN public ) ) ) ) ( CC and ) ( VP ( VB give ) ( NP ( PRP themselves ) ) ( NP ( NP ( DT the ) ( NN majority ) ( NN control ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG seeking ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The pilots could borrow against the value of their concessions using the proceeds to buy back stock from the public and give themselves the majority control they have been seeking


( S ( CC But ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( MD would ) ( VP ( VB lend ) ( NP ( JJ sufficient ) ( NN money ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB deliver ) ( NP ( DT a ) ( JJ big ) ( JJ enough ) ( NN price ) ) ( PP-DTV ( TO to ) ( NP ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) )

But it is n't clear that banks would lend sufficient money to deliver a big enough price to shareholders


( S ( NP-SBJ ( NP ( DT The ) ( NN lack ) ) ( PP ( IN of ) ( NP ( DT any ) ( JJ new ) ( NN cash ) ) ) ) ( ADVP ( RB probably ) ) ( VP ( MD would ) ( ADVP-TMP ( RB still ) ) ( VP ( VB leave ) ( S ( NP-SBJ ( DT the ) ( NNS banks ) ) ( ADJP-PRD ( JJ dissatisfied ) ) ) ) ) )

The lack of any new cash probably would still leave the banks dissatisfied


( S ( PP ( IN In ) ( S-NOM ( VP ( VBG advising ) ( NP ( DT the ) ( NNP UAL ) ( NN board ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( JJ various ) ( NNS bids ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN airline ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG starting ) ( PP-CLR ( IN with ) ( NP ( NP ( CD one ) ) ( PP ( IN for ) ( NP ( NP ( CD 240 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN from ) ( NP ( NNP Mr. ) ( NNP Davis ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN investment ) ( NN bank ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Boston ) ) ) ) ( VP ( VBD came ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ wide ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( JJ potential ) ( NNS values ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ( PP ( VBG depending ) ( PP-CLR ( IN on ) ( NP ( NN appraisal ) ( NNS methods ) ( CC and ) ( NNS assumptions ) ) ) ) ) )

In advising the UAL board on the various bids for the airline starting with one for 240 a share from Mr. Davis the investment bank of First Boston came up with a wide range of potential values for the company depending on appraisal methods and assumptions


( S ( S-ADV ( VP ( VBG Using ) ( NP ( DT the ) ( DT the ) ( NNP NWA ) ( NN takeover ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN benchmark ) ) ) ) ) ( NP-SBJ-3 ( NNP First ) ( NNP Boston ) ) ( PP-TMP ( IN on ) ( NP ( NNP Sept. ) ( CD 14 ) ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( JJ worth ) ( NP-1 ( NP ( QP ( CD 250 ) ( TO to ) ( CD 344 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-2 ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NNS results ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBG ending ) ( NP-TMP-CLR ( JJ last ) ( NNP June ) ( CD 30 ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( NP=1 ( QP ( RB only ) ( CD 235 ) ( TO to ) ( CD 266 ) ) ) ( PP=2 ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN management ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( NNS results ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) )

Using the the NWA takeover as a benchmark First Boston on Sept. 14 estimated that UAL was worth 250 to 344 a share based on UAL 's results for the 12 months ending last June 30 but only 235 to 266 based on a management estimate of results for 1989


( S ( NP-SBJ ( NP ( RB First ) ( NNP Boston ) ( POS 's ) ) ( NNS estimates ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJR higher ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NN management ) ) ( VP ( VBD supplied ) ( NP ( DT a ) ( CD 1989 ) ( NN projection ) ) ) ) ) ) ) )

First Boston 's estimates had been higher before management supplied a 1989 projection


( S ( S-ADV ( VP ( VBG Using ) ( NP ( NP ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ future ) ( NNS earnings ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NNS scenarios ) ) ) ) ) ) ) ( NP-SBJ-1 ( RB First ) ( NNP Boston ) ) ( VP ( VBD estimated ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( NN value ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( QP ( CD 248 ) ( TO to ) ( CD 287 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( SBAR ( IN if ) ( S ( NP-SBJ ( PRP$ its ) ( JJ future ) ( NN labor ) ( NNS costs ) ) ( VP ( VBP conform ) ( PP-CLR ( TO to ) ( NP ( NNP Wall ) ( NNP Street ) ( NNS projections ) ) ) ) ) ) ) ( NP ( NP ( QP ( CD 237 ) ( TO to ) ( CD 275 ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ reaches ) ( NP ( NP ( DT a ) ( NN settlement ) ) ( PP ( IN with ) ( NP ( NNS pilots ) ) ) ( ADJP ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( CD one ) ) ( PP-LOC ( IN at ) ( NP ( NNP NWA ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( QP ( CD 98 ) ( TO to ) ( CD 121 ) ) ) ( PP-LOC ( IN under ) ( NP ( DT an ) ( JJ adverse ) ( NN labor ) ( NN settlement ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 229 ) ( TO to ) ( CD 270 ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT a ) ( NN pilot ) ( NN contract ) ) ( VP ( VBN imposed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ( PP-TMP ( VBG following ) ( NP ( DT a ) ( NN strike ) ) ) ) ) ) ) ) ) ) )

Using estimates of the company 's future earnings under a variety of scenarios First Boston estimated UAL 's value at 248 to 287 a share if its future labor costs conform to Wall Street projections 237 to 275 if the company reaches a settlement with pilots similar to one at NWA 98 to 121 under an adverse labor settlement and 229 to 270 under a pilot contract imposed by the company following a strike


( S ( CC And ) ( S-ADV ( VP ( VBG using ) ( NP ( NP ( NN liquidation ) ( NN value ) ) ( VP ( VBG assuming ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNP UAL ) ( NNS assets ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP First ) ( NNP Boston ) ) ( VP ( VBD estimated ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN airline ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worth ) ( NP ( NP ( QP ( CD 253 ) ( TO to ) ( CD 303 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

And using liquidation value assuming the sale of all UAL assets First Boston estimated the airline is worth 253 to 303 a share


( S ( ADVP ( RB Unfortunately ) ) ( NP-SBJ ( PDT all ) ( DT those ) ( NNS estimates ) ) ( VP ( VBD came ) ( SBAR-TMP-PRD ( IN before ) ( S ( NP-SBJ ( NN airline ) ( NN industry ) ( NNS fundamentals ) ) ( VP ( VBN deteriorated ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( NN month ) ) ) ) ) ) ) )

Unfortunately all those estimates came before airline industry fundamentals deteriorated during the past month


( S ( NP-SBJ ( NP ( NP ( NNP American ) ( NNPS Airlines ) ( NN parent ) ( NNP AMR ) ) ( CC and ) ( NP ( NNP USAir ) ( NNP Group ) ) ) ( NP ( NP ( DT both ) ) ( ADJP ( JJ subject ) ( PP ( TO to ) ( NP ( NN takeover ) ( NNS efforts ) ) ) ) ( ADVP ( PRP themselves ) ) ) ) ( VP ( VBP have ) ( S ( NP-SBJ ( DT each ) ) ( VP ( VBN warned ) ( PP-CLR ( IN of ) ( NP ( VBG declining ) ( NNS results ) ) ) ) ) ) )

American Airlines parent AMR and USAir Group both subject to takeover efforts themselves have each warned of declining results


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( NP ( NP ( DT a ) ( JJ quick ) ( NN revival ) ) ( PP ( IN of ) ( NP ( NP ( DT any ) ( NN takeover ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNS pilots ) ) ) ) ) ) ) ) )

Some analysts do n't expect a quick revival of any takeover by the pilots


( S ( NP-SBJ ( DT The ) ( NN deal ) ) ( VP ( VBZ has ) ( PRN ( SBAR ( IN as ) ( S ( NP-SBJ ( CD one ) ( NN takeover ) ( NN expert ) ) ( VP ( VBZ puts ) ( NP ( PRP it ) ) ) ) ) ) ( NP ( ADJP ( RB so ) ( JJ many ) ) ( VBG moving ) ( NNS parts ) ) ) )

The deal has as one takeover expert puts it so many moving parts


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( S ( NP-SBJ ( NP ( NN anybody ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( JJ sophisticated ) ) ) ) ) ) ( VP ( VBG getting ) ( S ( NP-SBJ ( PRP$ his ) ( NN name ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( DT this ) ( NN mess ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-2 ( DT the ) ( VBG moving ) ( NNS parts ) ) ( VP ( VBP stop ) ( S ( VP ( VBG moving ) ) ) ) ) ) ) ) ) ) )

I do n't see anybody who 's sophisticated getting his name associated with this mess until the moving parts stop moving


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN need ) ) ( PP ( IN for ) ( NP ( DT another ) ( NN cash ) ( NN equity ) ( NN investor ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ other ) ( VBG moving ) ( NNS parts ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( DT the ) ( NNS pilots ) ) ( NP ( PRP themselves ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD can ) ( VP ( VB scuttle ) ( NP ( JJ rival ) ( NNS deals ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG threatening ) ( S ( VP ( TO to ) ( VP ( VB strike ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( NNS machinists ) ( NN union ) ) ( NP ( NP ( DT the ) ( NNS pilots ) ( POS ' ) ) ( JJ longtime ) ( NNS rivals ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD helped ) ( S ( VP ( VB scuttle ) ( NP ( NP ( DT the ) ( NNS pilots ) ( POS ' ) ) ( NN deal ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS regulators ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ( SBAR ( WHNP-3 ( NP ( WP$ whose ) ( NN opposition ) ) ( PP ( TO to ) ( NP ( JJ foreign ) ( NN airline ) ( NN investment ) ) ) ) ( S ( VP ( VBD helped ) ( S ( VP ( VB throw ) ( NP ( DT the ) ( NN deal ) ) ( PP-CLR ( IN into ) ( NP ( NN doubt ) ) ) ) ) ) ) ) ) ) ) )

In addition to the need for another cash equity investor the other moving parts include the pilots themselves who can scuttle rival deals by threatening to strike the machinists union the pilots ' longtime rivals who helped scuttle the pilots ' deal and regulators in Washington whose opposition to foreign airline investment helped throw the deal into doubt


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN meantime ) ) ) ( NP-SBJ ( DT the ) ( NNS arbs ) ) ( VP ( VBP are ) ( VP ( VBG bleeding ) ) ) )

In the meantime the arbs are bleeding


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS traders ) ( CC and ) ( NNS analysts ) ) ( VP ( VBP estimate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN takeover ) ( NN stock ) ( NNS traders ) ) ( VP ( VBP own ) ( NP ( NP ( NNP UAL ) ( NN stock ) ( CC and ) ( NNS options ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( RB as ) ( JJ many ) ) ( PP ( IN as ) ( NP ( NP ( QP ( CD 6.5 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 30 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN total ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wall Street traders and analysts estimate that takeover stock traders own UAL stock and options equal to as many as 6.5 million shares or about 30 % of the total outstanding


( S ( NP-SBJ ( NP ( NNP Frank ) ( NNP Gallagher ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP Phoenix ) ( NNP Capital ) ( NNP Corp. ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS arbs ) ) ( VP ( VBD paid ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 280 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( NNP UAL ) ( NNS positions ) ) ) ) ) ) ) )

Frank Gallagher an analyst with Phoenix Capital Corp. in New York estimates that the arbs paid an average of about 280 a share for their UAL positions


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB indicate ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS arbs ) ) ( VP ( VBP have ) ( NP ( NP ( NN paper ) ( NNS losses ) ) ( PP ( IN on ) ( NP ( NP ( NNP UAL ) ) ( ADVP ( JJ alone ) ) ) ) ( VP ( VBG totalling ) ( NP ( QP ( CD 725 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

That would indicate that the arbs have paper losses on UAL alone totalling 725 million


( NP ( NP ( NNP UAL ) ( NNP Corp ) ) ( PRN ( NP ( NNP NYSE ) ) ( NP ( NP ( NN Symbol ) ) ( NP ( NNP UAL ) ) ) ) )

UAL Corp NYSE Symbol UAL


( NP ( NP ( NN Business ) ) ( NP ( NN Airline ) ) )

Business Airline


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

Year ended Dec. 31 1988


( NP ( NP ( NNS Sales ) ) ( NP ( QP ( CD 8.98 ) ( CD billion ) ) ) )

Sales 8.98 billion


( NP ( NP ( JJ Net ) ( NN income ) ) ( X ( SYM \* ) ) ( NP ( NP ( QP ( CD 599.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 20.20 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) )

Net income \* 599.9 million or 20.20 a share


( NP ( NP-TMP ( NP ( JJ Second ) ( NN quarter ) ) ( NP ( NNP June ) ( CD 30 ) ( CD 1989 ) ) ) ( NP ( NP ( JJ Per-share ) ( NNS earnings ) ) ( NP ( NP ( CD 6.52 ) ) ( PP ( FW vs. ) ( NP ( CD 5.77 ) ) ) ) ) )

Second quarter June 30 1989 Per-share earnings 6.52 vs. 5.77


( NP ( NP ( JJ Average ) ( JJ daily ) ( NN trading ) ( NN volume ) ) ( NP ( CD 881,969 ) ( NNS shares ) ) )

Average daily trading volume 881,969 shares


( NP ( NP ( NP ( JJ Common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( QP ( CD 21.6 ) ( CD million ) ) )

Common shares outstanding 21.6 million


( NP-TMP-HLN ( NP ( NNP Friday ) ) ( NP ( NNP October ) ( CD 20 ) ( CD 1989 ) ) )

Friday October 20 1989


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( JJ annual ) ( NN interest ) ( NNS rates ) ) ( ADVP-LOC ( RB below ) ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN guide ) ) ( PP ( TO to ) ( NP ( JJ general ) ( NNS levels ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB represent ) ( NP ( JJ actual ) ( NNS transactions ) ) ) ) ) )

The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions


( NP ( NP ( JJ PRIME ) ( NN RATE ) ) ( NP ( QP ( CD 10 ) ( CD 1\/2 ) ) ( NN % ) ) )

PRIME RATE 10 1\/2 %


( NP ( NP ( DT The ) ( NN base ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NNS loans ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ large ) ( NNP U.S. ) ( NN money ) ( NN center ) ( JJ commercial ) ( NNS banks ) ) ) )

The base rate on corporate loans at large U.S. money center commercial banks


( NP ( NP ( JJ FEDERAL ) ( NNS FUNDS ) ) ( NP ( NP ( NP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ) ( ADJP ( JJ high ) ) ) ( NP ( NP ( CD 8 ) ( CD 5\/8 ) ( NN % ) ) ( ADJP ( JJ low ) ) ) ( NP ( NP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ) ( PP ( IN near ) ( NP ( NN closing ) ( NN bid ) ) ) ) ( NP ( NP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ) ( VP ( VBN offered ) ) ) ) )

FEDERAL FUNDS 8 3\/4 % high 8 5\/8 % low 8 11\/16 % near closing bid 8 3\/4 % offered


( S ( NP-SBJ ( NNS Reserves ) ) ( VP ( VBD traded ) ( PP ( IN among ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ( PP-CLR ( IN for ) ( NP ( JJ overnight ) ( NN use ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ( CC or ) ( JJR more ) ) ) ) ) ) ) )

Reserves traded among commercial banks for overnight use in amounts of 1 million or more


( NP ( NP ( NN Source ) ) ( NP ( NP ( NNP Fulton ) ( NNP Prebon ) ) ( PRN ( NP ( NN U.S.A ) ) ) ( NP ( NNP Inc ) ) ) )

Source Fulton Prebon U.S.A Inc


( NP ( NP ( NN DISCOUNT ) ( NN RATE ) ) ( NP ( CD 7 ) ( NN % ) ) )

DISCOUNT RATE 7 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NN depository ) ( NNS institutions ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ) ) ) )

The charge on loans to depository institutions by the New York Federal Reserve Bank


( NP ( NP ( JJ CALL ) ( NN MONEY ) ) ( NP ( QP ( CD 9 ) ( CD 3\/4 ) ( NN % ) ( TO to ) ( CD 10 ) ( NN % ) ) ) )

CALL MONEY 9 3\/4 % to 10 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NNS loans ) ) ) ( PP ( TO to ) ( NP ( NNS brokers ) ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN exchange ) ( NN collateral ) ) ) )

The charge on loans to brokers on stock exchange collateral


( NP ( NP ( NP ( NN COMMERCIAL ) ( NNS PAPER ) ) ( VP ( VBN placed ) ( ADVP-MNR ( RB directly ) ) ( PP ( IN by ) ( NP-LGS ( NNP General ) ( NNPS Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ) ) ( NP ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( QP ( CD 15 ) ( TO to ) ( CD 44 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.25 ) ( NN % ) ) ( NP ( QP ( CD 45 ) ( TO to ) ( CD 72 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.375 ) ( NN % ) ) ( NP ( QP ( CD 73 ) ( TO to ) ( CD 96 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.125 ) ( NN % ) ) ( NP ( QP ( CD 97 ) ( TO to ) ( CD 119 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( QP ( CD 120 ) ( TO to ) ( CD 149 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( QP ( CD 150 ) ( TO to ) ( CD 179 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( QP ( CD 180 ) ( TO to ) ( CD 270 ) ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. 8.50 % 15 to 44 days 8.25 % 45 to 72 days 8.375 % 73 to 96 days 8.125 % 97 to 119 days 8 % 120 to 149 days 7.875 % 150 to 179 days 7.50 % 180 to 270 days


( NP ( NP ( NN COMMERCIAL ) ( NN PAPER ) ) ( NP ( NP ( NP ( JJ High-grade ) ( JJ unsecured ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NNS dealers ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS multiples ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 8.55 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ) ) )

COMMERCIAL PAPER High-grade unsecured notes sold through dealers by major corporations in multiples of 1,000 8.55 % 30 days 8.45 % 60 days 8.40 % 90 days


( NP ( NP ( NP ( NNS CERTIFICATES ) ) ( PP ( IN OF ) ( NP ( NN DEPOSIT ) ) ) ) ( NP ( NP ( NP ( CD 8.05 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.02 ) ( NN % ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 7.98 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( CD 7.95 ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

CERTIFICATES OF DEPOSIT 8.05 % one month 8.02 % two months 8 % three months 7.98 % six months 7.95 % one year


( NP ( NP ( JJ Average ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ primary ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ negotiable ) ( NNS C.D.s ) ) ) ) ) ( PP ( RB usually ) ( IN on ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC and ) ( JJR more ) ) ) ) ) ) ) ) ) )

Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s usually on amounts of 1 million and more


( S ( NP-SBJ ( DT The ) ( NN minimum ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 100,000 ) ) ) )

The minimum unit is 100,000


( NP ( NP ( NP ( JJ Typical ) ( NNS rates ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ( NP ( NP ( NP ( CD 8.55 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

Typical rates in the secondary market 8.55 % one month 8.50 % three months 8.40 % six months


( NP ( NP ( NNS BANKERS ) ( NNS ACCEPTANCES ) ) ( NP ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.33 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.32 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.15 ) ( NN % ) ) ( NP ( CD 120 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.06 ) ( NN % ) ) ( NP ( CD 150 ) ( NNS days ) ) ) ( NP ( NP ( CD 7.96 ) ( NN % ) ) ( NP ( CD 180 ) ( NNS days ) ) ) ) )

BANKERS ACCEPTANCES 8.45 % 30 days 8.33 % 60 days 8.32 % 90 days 8.15 % 120 days 8.06 % 150 days 7.96 % 180 days


( NP ( NP ( JJ Negotiable ) ( JJ bank-backed ) ( NN business ) ( NN credit ) ( NNS instruments ) ) ( VP ( ADVP ( RB typically ) ) ( VBG financing ) ( NP ( DT an ) ( NN import ) ( NN order ) ) ) )

Negotiable bank-backed business credit instruments typically financing an import order


( NP ( NP ( NNP LONDON ) ( JJ LATE ) ( NNS EURODOLLARS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 1\/2 ) ( NN % ) ) ) ( NP ( CD four ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 7\/16 ) ( NN % ) ) ) ( NP ( CD five ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 3\/8 ) ( NN % ) ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

LONDON LATE EURODOLLARS 8 11\/16 % to 8 9\/16 % one month 8 11\/16 % to 8 9\/16 % two months 8 11\/16 % to 8 9\/16 % three months 8 5\/8 % to 8 1\/2 % four months 8 9\/16 % to 8 7\/16 % five months 8 1\/2 % to 8 3\/8 % six months


( NP ( NP ( NP ( NNP LONDON ) ( NNP INTERBANK ) ( NNP OFFERED ) ( NNPS RATES ) ) ( PRN ( NP ( NNP LIBOR ) ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

LONDON INTERBANK OFFERED RATES LIBOR 8 3\/4 % one month 8 11\/16 % three months 8 9\/16 % six months 8 1\/2 % one year


( NP ( NP ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NN interbank ) ( VBN offered ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( NP ( NN dollar ) ( NNS deposits ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS quotations ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( JJ major ) ( NNS banks ) ) ) ) ) ) )

The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks


( NP ( NP ( JJ FOREIGN ) ( JJ PRIME ) ( NNS RATES ) ) ( NP ( NP ( NP ( NNP Canada ) ) ( NP ( CD 13.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Germany ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Japan ) ) ( NP ( CD 4.875 ) ( NN % ) ) ) ( NP ( NP ( NNP Switzerland ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Britain ) ) ( NP ( CD 15 ) ( NN % ) ) ) ) )

FOREIGN PRIME RATES Canada 13.50 % Germany 8.50 % Japan 4.875 % Switzerland 8.50 % Britain 15 %


( S ( S ( NP-SBJ ( DT These ) ( NN rate ) ( NNS indications ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ( S ( NP-SBJ ( NN lending ) ( NNS practices ) ) ( VP ( VBP vary ) ( ADVP-MNR ( RB widely ) ) ( PP-CLR ( IN by ) ( NP ( NN location ) ) ) ) ) )

These rate indications are n't directly comparable lending practices vary widely by location


( NP ( NP ( NN TREASURY ) ( NNS BILLS ) ) ( NP ( NP ( NP ( NNS Results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Monday ) ( NNP October ) ( CD 16 ) ( CD 1989 ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ short-term ) ( NNP U.S. ) ( NN government ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( IN from ) ( NP ( NN face ) ( NN value ) ) ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( QP ( CD 10,000 ) ( TO to ) ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 7.37 ) ( NN % ) ) ( NP ( CD 13 ) ( NNS weeks ) ) ) ( NP ( NP ( CD 7.42 ) ( NN % ) ) ( NP ( CD 26 ) ( NNS weeks ) ) ) ) ) )

TREASURY BILLS Results of the Monday October 16 1989 auction of short-term U.S. government bills sold at a discount from face value in units of 10,000 to 1 million 7.37 % 13 weeks 7.42 % 26 weeks


( NP ( NP ( NP ( NNP FEDERAL ) ( NNP HOME ) ( NNP LOAN ) ( NNP MORTGAGE ) ( NNP CORP ) ) ( PRN ( NP ( NNP Freddie ) ( NNP Mac ) ) ) ) ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( JJ 30-year ) ( NN mortgage ) ( NNS commitments ) ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NN days. ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.84 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( ADJP ( CD 2 ) ( NN % ) ) ( NN rate ) ( VBD capped ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) ) )

FEDERAL HOME LOAN MORTGAGE CORP Freddie Mac Posted yields on 30-year mortgage commitments for delivery within 30 days. 9.84 % standard conventional fixed-rate mortgages 7.875 % 2 % rate capped one-year adjustable rate mortgages


( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNPS Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc


( NP ( NP ( NP ( NNP FEDERAL ) ( NNP NATIONAL ) ( NNP MORTGAGE ) ( NNP ASSOCIATION ) ) ( PRN ( NP ( NNP Fannie ) ( NNP Mae ) ) ) ) ( NP ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( CD 30 ) ( NN year ) ( NN mortgage ) ( NNS commitments ) ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ) ( PRN ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.78 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 8.75 ) ( NN % ) ) ( NP ( CD 6\/2 ) ( NN rate ) ( VBD capped ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) ) )

FEDERAL NATIONAL MORTGAGE ASSOCIATION Fannie Mae Posted yields on 30 year mortgage commitments for delivery within 30 days priced at par 9.78 % standard conventional fixed-rate mortgages 8.75 % 6\/2 rate capped one-year adjustable rate mortgages


Source Telerate Systems Inc


( NP ( NP ( NNP MERRILL ) ( NNP LYNCH ) ( JJ READY ) ( NNS ASSETS ) ( NN TRUST ) ) ( NP ( CD 8.52 ) ( NN % ) ) )

MERRILL LYNCH READY ASSETS TRUST 8.52 %


( NP ( NP ( NP ( JJ Annualized ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN return ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNS expenses ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ( NP ( NP ( RB not ) ( DT a ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( JJ future ) ( NNS returns ) ) ) ) )

Annualized average rate of return after expenses for the past 30 days not a forecast of future returns


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Canada ) ( POS 's ) ) ( NN consumer ) ( NN price ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( DT a ) ( RB seasonally ) ( JJ adjusted ) ( CD 0.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-TMP ( IN from ) ( NP ( NNP August ) ) ) ) ) ( NP-SBJ ( NP ( NNPS Statistics ) ( NNP Canada ) ) ( NP ( DT a ) ( JJ federal ) ( NN agency ) ) ) ( VP ( VBD said ) ) )

Canada 's consumer price index rose a seasonally adjusted 0.2 % in September from August Statistics Canada a federal agency said


( S ( NP-SBJ ( DT The ) ( NN rise ) ) ( VP ( VBD followed ) ( NP ( NP ( NNS boosts ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 0.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( NP ( NP ( CD 0.7 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ( CC and ) ( NP ( NP ( CD 0.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) ) ) ) ) )

The rise followed boosts of 0.1 % in August 0.7 % in July and 0.6 % in June


Ducks


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ spots ) ( NP ( CD one ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB fire ) ( NP ( DT a ) ( NN veto ) ) ( PP-DIR ( IN at ) ( NP ( PRP it ) ) ) ) ) ) ) )

If the White House spots one it intends to fire a veto at it


( S ( NP-SBJ ( NNS Ducks ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( DT this ) ( NN season ) ( POS 's ) ) ( NN word ) ) ( PP ( IN for ) ( NP ( JJ new ) ( NNS taxes ) ) ) ) ( PP ( IN under ) ( NP ( NP ( NNP OMB ) ( NNP Director ) ( NNP Richard ) ( NNP Darman ) ( POS 's ) ) ( NN formulation ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ looks ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ( VP ( VBZ walks ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ( CC and ) ( VP ( NNS quacks ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NN duck ) ) ) ) ) ) ) ) )

Ducks are this season 's word for new taxes under OMB Director Richard Darman 's formulation that if it looks like a duck walks like a duck and quacks like a duck it 's a duck


( S ( NP-SBJ ( NNP George ) ( NNP Bush ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB quite ) ( JJ clear ) ) ( NP-ADV ( DT No ) ( JJ new ) ( NNS ducks ) ) ) )

George Bush is quite clear No new ducks


( SQ ( CC But ) ( FRAG ( WHNP ( WP what ) ) ( PP ( IN about ) ( NP ( NP ( PDT all ) ( DT those ) ( JJ non-duck ) ( NNS ducks ) ) ( VP ( VBG flapping ) ( PP-CLR ( IN over ) ( NP ( NNP Washington ) ) ) ) ) ) ) )

But what about all those non-duck ducks flapping over Washington


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP see ) ( NP ( NP ( DT a ) ( JJ whole ) ( NN flock ) ) ( PP ( IN of ) ( NP ( NP ( NNS programs ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB impose ) ( NP ( JJ significant ) ( NNS costs ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ American ) ( NN economy ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( NP ( JJ burdensome ) ( NN regulation ) ) ( CC and ) ( NP ( JJR higher ) ( NNS liabilities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We see a whole flock of programs that will impose significant costs on the American economy in the form of burdensome regulation and higher liabilities


( NP ( NP ( JJ Federal ) ( NN child ) ( NN care ) ) ( PRN ( INTJ ( UH quack ) ) ) )

Federal child care quack


( NP ( NP ( DT The ) ( JJ Clean ) ( NN Air ) ( NN bill ) ) ( PRN ( INTJ ( UH quack ) ) ) )

The Clean Air bill quack


( NP ( NP ( DT The ) ( NNS disabled-workers ) ( NN bill ) ) ( PRN ( INTJ ( INTJ ( UH quack ) ) ( INTJ ( UH quack ) ) ) ) )

The disabled-workers bill quack quack


( S ( S ( NP-SBJ ( DT The ) ( NNP Bush ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ is ) ( VP ( VBG breeding ) ( NP ( JJ non-duck ) ( NNS ducks ) ) ( NP-MNR ( NP ( DT the ) ( JJ same ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Nixon ) ( NNP White ) ( NNP House ) ) ( VP ( VBD did ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ hops ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( DT an ) ( NN issue ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ unopposable ) ) ) ) ) ) ( NP ( NP ( JJR cleaner ) ( NN air ) ) ( NP ( NP ( JJR better ) ( NN treatment ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ disabled ) ) ) ) ( NP ( JJR better ) ( NN child ) ( NN care ) ) ) ) ) ) ) )

The Bush White House is breeding non-duck ducks the same way the Nixon White House did It hops on an issue that is unopposable cleaner air better treatment of the disabled better child care


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ comes ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ toned-down ) ( NN version ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ Democratic ) ( NN proposal ) ) ) ) ) ) )

It comes up with a toned-down version of a Democratic proposal


( S ( S ( NP-SBJ-3 ( DT The ) ( NN bill ) ) ( VP ( VBZ gets ) ( VP ( VBN signed ) ( PP-CLR ( IN into ) ( NP ( NN law ) ) ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB then ) ) ( NP-SBJ-1 ( DT the ) ( NN administration ) ) ( VP ( VBZ watches ) ( ADVP-MNR ( RB helplessly ) ) ( S-ADV ( VP ( VBG wondering ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PDT all ) ( DT the ) ( JJ unexpected ) ( NNS costs ) ) ( VP ( VBD came ) ( PP-CLR ( IN from ) ) ) ) ) ) ) ) ) )

The bill gets signed into law and then the administration watches helplessly wondering where all the unexpected costs came from


( S ( VP ( VB Consider ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP ( NP ( DT the ) ( ADJP ( RB very ) ( JJ fat ) ) ( NN fowl ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( JJ federalized ) ( NN child ) ( NN care ) ) ) ) ) ) )

Consider for instance the very fat fowl known as federalized child care


( S ( NP-SBJ-1 ( DT The ) ( NNP President ) ) ( VP ( VP ( VBD came ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ good ) ( NN bill ) ) ) ) ( CC but ) ( VP ( ADVP-TMP ( RB now ) ) ( MD may ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S-ADV ( VP ( VBG signing ) ( NP ( NP ( DT the ) ( JJ awful ) ( JJ bureaucratic ) ( NN creature ) ) ( VP ( VBN hatched ) ( PP-LOC ( IN on ) ( NP ( NNP Capitol ) ( NNP Hill ) ) ) ) ) ) ) ) ) ) )

The President came up with a good bill but now may end up signing the awful bureaucratic creature hatched on Capitol Hill


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( CD 38,000 ) ( JJ local ) ( NN day-care ) ( NNS commissions ) ) ( ADJP ( JJ answerable ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Health ) ( CC and ) ( NNP Human ) ( NNPS Services ) ) ) ) ) ) ) ) ) )

It would create 38,000 local day-care commissions answerable to the Department of Health and Human Services


( S ( S ( NP-SBJ ( PRP They ) ) ( VP ( MD 'd ) ( VP ( VB determine ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNS parents ) ) ( VP ( MD could ) ( VP ( VB store ) ( NP ( PRP$ their ) ( NNS kids ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD 'd ) ( VP ( VB regulate ) ( NP ( DT the ) ( NN storage ) ( NNS facilities ) ) ) ) ) )

They 'd determine where parents could store their kids during the day and they 'd regulate the storage facilities


( S ( S ( NP-SBJ-1 ( DT The ) ( JJ initial ) ( NNS costs ) ) ( VP ( VBP are ) ( VP ( VBN said ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( DT the ) ( ADJP ( ADJP ( QP ( CD 2 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( NN range ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( RB only ) ( DT the ) ( NN beginning ) ) ) ) )

The initial costs are said to be in the 2 billion a year range but that 's only the beginning


( S ( NP-SBJ-1 ( JJ New ) ( NNS entitlements ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB grow ) ( S-ADV ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( NN rationale ) ) ( PP ( IN for ) ( NP ( JJ new ) ( NNS taxes ) ) ) ) ) ) ) ) ) ) )

New entitlements tend to grow creating a rationale for new taxes


Quack


( S ( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBZ claims ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ its ) ( JJ Clean ) ( NN Air ) ( NN bill ) ) ( VP ( MD will ) ( VP ( VB cost ) ( NP ( NNS businesses ) ) ( PP ( IN between ) ( NP ( QP ( CD 14 ) ( CD billion ) ( CC and ) ( CD 19 ) ( CD billion ) ) ) ) ( ADVP-TMP ( RB annually ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN economist ) ( NNP Michael ) ( NNP Evans ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( NNS firms ) ) ) ) ( VP ( MD will ) ( ADVP ( RB actually ) ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( DT the ) ( ADJP ( ADJP ( QP ( CD 60 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( NN range ) ) ) ) ) ) ) ) ) )

The administration claims that its Clean Air bill will cost businesses between 14 billion and 19 billion annually but economist Michael Evans estimates that the costs for firms will actually be in the 60 billion a year range


( S ( NP-SBJ ( DT The ) ( NNP House ) ( NN bill ) ) ( ADVP ( RB also ) ) ( VP ( VBZ distorts ) ( NP ( JJ economic ) ( NN efficiency ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT all ) ( NNS sorts ) ) ( PP ( IN of ) ( NP ( JJ perverse ) ( NNS ways ) ) ) ) ) ) )

The House bill also distorts economic efficiency in all sorts of perverse ways


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( DT the ) ( NN administration ) ( NN proposal ) ) ( VP ( VBZ imposes ) ( NP ( RB extremely ) ( JJ tough ) ( NNS emissions ) ( NNS standards ) ) ( PP-LOC ( IN on ) ( NP ( JJ new ) ( NN power ) ( NNS plants ) ) ) ) )

For example the administration proposal imposes extremely tough emissions standards on new power plants


( S ( CC So ) ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG building ) ( NP ( RBR more ) ( JJ efficient ) ( JJ modern ) ( NNS plants ) ) ) ) ) ( NP-SBJ-1 ( NNS utilities ) ) ( VP ( VBP stick ) ( NP ( NNS scrubbers ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( JJ old ) ( NNS plants ) ) ) ) )

So instead of building more efficient modern plants utilities stick scrubbers on the old plants


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN money ) ) ( VP ( VBN spent ) ( PP-LOC ( IN on ) ( NP ( NNS scrubbers ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN diverted ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ planned ) ( NN research ) ) ( PP ( IN on ) ( NP ( JJ new ) ( JJR cleaner ) ( NN technology ) ) ) ) ) ) ) )

The money spent on scrubbers is diverted from planned research on new cleaner technology


( S ( NP-SBJ ( DT The ) ( NN bill ) ) ( ADVP ( RB also ) ) ( VP ( VBZ imposes ) ( NP ( DT the ) ( NNP California ) ( NNS auto-emissions ) ( NNS standards ) ) ( PP-CLR ( IN on ) ( NP ( DT all ) ( NNS cars ) ) ) ( ADVP-LOC ( RB nationwide ) ) ( SBAR-ADV ( IN as ) ( IN if ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( NN car ) ) ( VP ( VBN registered ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Big ) ( NNP Sky ) ) ( NP ( NNP Montana ) ) ) ) ) ) ( VP ( VBN needed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ clean ) ) ( PP ( IN as ) ( NP ( NP ( CD one ) ) ( VP ( VBN driven ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bill also imposes the California auto-emissions standards on all cars nationwide as if a car registered in Big Sky Montana needed to be as clean as one driven in Los Angeles


( S ( NP-SBJ ( NP ( NNS Proponents ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ nationwide ) ( NNS standards ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN for ) ( NP ( NN car ) ( NNS buyers ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( QP ( IN about ) ( CD 500 ) ) ) ( PP ( IN per ) ( NP ( NN car ) ) ) ) ) ) ) ) ) )

Proponents of the nationwide standards say the cost for car buyers would be about 500 per car


( S ( NP-SBJ ( JJ Other ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT that ) ( NN estimate ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ low ) ) ) ) ) ) )

Other analysts say that estimate is low


( S ( NP-SBJ ( NN Nobody ) ) ( VP ( VBZ knows ) ( SBAR ( WHNP-1 ( NP ( WRB how ) ( JJ many ) ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNPS Americans ) ) ( PP ( IN With ) ( NP ( NNPS Disabilities ) ( NNP Act ) ) ) ) ( VP ( MD will ) ( VP ( VB cost ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN nobody ) ) ( VP ( VBZ knows ) ( SBAR ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN bill ) ) ( VP ( VBZ entails ) ) ) ) ) ) ) ) )

Nobody knows how many billions of dollars the Americans With Disabilities Act will cost because nobody knows what the bill entails


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( ADJP ( RB intentionally ) ( JJ vague ) ) ( NN document ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NN litigation ) ) ) ) ) ) ) ) ) ) )

It is an intentionally vague document that will create a wave of litigation


( S ( NP-SBJ ( NNS Judges ) ) ( VP ( MD will ) ( VP ( VB write ) ( NP ( DT the ) ( JJ real ) ( NN bill ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS suits ) ) ( VP ( VBP roll ) ( PP-LOC-CLR ( IN through ) ( NP ( DT the ) ( NNS courts ) ) ) ) ) ) ) ) )

Judges will write the real bill as suits roll through the courts


( S ( NP-SBJ ( NNS Lawyers ) ) ( VP ( MD will ) ( VP ( VB benefit ) ) ) )

Lawyers will benefit


( S ( NP-SBJ-1 ( NP ( JJ Private ) ( NNS companies ) ) ( CC and ) ( ADVP ( RB ultimately ) ) ( NP ( PRP$ their ) ( NNS customers ) ) ) ( VP ( MD will ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S-ADV ( VP ( VBG footing ) ( NP ( DT the ) ( JJ huge ) ( NN bill ) ) ) ) ) ) )

Private companies and ultimately their customers will end up footing the huge bill


( S ( NP-SBJ ( NP ( DT The ) ( NN effect ) ) ( PP ( IN of ) ( NP ( NNP Nixon ) ( NN era ) ( JJ non-duck ) ( NNS ducks ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN economy ) ) ( VP ( VBN clogged ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NNS regulations ) ( CC and ) ( NNS distortions ) ) ) ) ) ) )

The effect of Nixon era non-duck ducks was an economy clogged up with regulations and distortions


( S ( NP-SBJ-1 ( PDT All ) ( DT this ) ) ( VP ( VBD was ) ( VP ( VBN recognized ) ( CC and ) ( VBN documented ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( VBG succeeding ) ( NNS years ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS economists ) ) ( NP ( SBAR ( WHNP-2 ( NP ( DT some ) ) ( PP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBD worked ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Reagan ) ( NN administration ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB lift ) ( NP ( DT this ) ( NN burden ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ American ) ( NNS people ) ) ( NP ( NNS states ) ) ( CC and ) ( NP ( JJ local ) ( NNS governments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

All this was recognized and documented in the succeeding years by economists some of whom worked in the Reagan administration to lift this burden from the American people states and local governments


( S ( S-ADV ( VP ( VBG Running ) ( PP-CLR ( IN for ) ( NP ( NNP President ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ( CC and ) ( CD 1988 ) ) ) ) ) ( NP-SBJ-1 ( NNP George ) ( NNP Bush ) ) ( ADVP ( RB also ) ) ( VP ( ADVP-MNR ( RB persuasively ) ) ( VBD diagnosed ) ( NP ( NP ( DT the ) ( JJ economic ) ( NN stagnation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS 1970s ) ) ) ) ) )

Running for President in 1980 and 1988 George Bush also persuasively diagnosed the economic stagnation of the 1970s


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( PP ( IN during ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( NN campaign ) ) ) ( NP-SBJ ( DT the ) ( JJ entire ) ( NN nation ) ) ( ADVP-TMP ( RB constantly ) ) ( VP ( VBD heard ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VB tout ) ( NP ( NP ( PRP$ his ) ( NNS accomplishments ) ) ( PP ( IN as ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Task ) ( NNP Force ) ) ( PP ( IN on ) ( NP ( NNP Regulatory ) ( NNP Relief ) ) ) ) ) ) ) ) ) ) ) )

In fact during last year 's campaign the entire nation constantly heard Mr. Bush tout his accomplishments as head of the Task Force on Regulatory Relief


( S ( S-TPC-3 ( NP-SBJ-1 ( NN Government ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB inhibit ) ( NP ( NP ( NP ( DT the ) ( NN productivity ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN citizenry ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ international ) ( NN competitiveness ) ) ( PP ( IN of ) ( NP ( JJ American ) ( NN business ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN vice ) ( NN president ) ) ( VP ( VBD declared ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN task ) ( NN force ) ) ) ) ) ) ) ) )

Government continues to inhibit the productivity of our citizenry and the international competitiveness of American business the vice president declared when he was head of the task force


( S ( CC But ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ impending ) ( NN passage ) ) ( PP ( IN of ) ( NP ( DT these ) ( JJ new ) ( NNS programs ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( MD will ) ( ADVP ( RB surely ) ) ( VP ( VB be ) ( VP ( VBG sending ) ( S ( NP-SBJ ( JJ many ) ( NNS people ) ) ( VP ( VBG hurtling ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( IN into ) ( NP ( NP ( DT the ) ( JJ regulatory ) ( NN thicket ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN helped ) ( S ( VP ( VB cut ) ( ADVP-CLR ( RB back ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But with the impending passage of these new programs Mr. Bush will surely be sending many people hurtling back into the regulatory thicket that he had helped cut back


( S ( PP-TMP ( IN By ) ( NP ( CD 1986 ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NNS regulators ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( PP ( TO to ) ( NP ( IN about ) ( CD 103,000 ) ) ) ) ) )

By 1986 the number of federal regulators was down to about 103,000


( S ( S ( ADVP-TMP ( RB Then ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD turned ) ( PRT ( RB up ) ) ) ) ( CC and ) ( S ( PP ( IN by ) ( NP ( CD one ) ( NN estimate ) ) ) ( NP-SBJ ( DT the ) ( NN number ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-PRD ( RB up ) ( PP ( TO to ) ( NP ( QP ( IN about ) ( CD 109,000 ) ) ( NNS regulators ) ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) )

Then it turned up and by one estimate the number will be up to about 109,000 regulators by next year


( S ( S-NOM-SBJ ( VP ( VBG Holding ) ( NP ( NP ( DT the ) ( NN dam ) ) ( PP ( IN on ) ( NP ( NNS taxes ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ important ) ) ( NN task ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Bush ) ( NN presidency ) ) ) ) ) )

Holding the dam on taxes is the most important task of the Bush presidency


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBD thought ) ( PP-TMP ( IN by ) ( NP ( RB now ) ) ) ( ADVP ( IN though ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ significant ) ( NN core ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ) ( VP ( VBN involved ) ( PP-LOC ( IN in ) ( NP ( NN government ) ( NN life ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD understood ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ direct ) ( NN taxation ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB slow ) ( ADVP-CLR ( RB down ) ) ( NP ( DT an ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We would have thought by now though that there was a significant core of people involved in government life who understood that direct taxation is n't the only way to slow down an economy


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB merely ) ) ( NP-PRD ( DT the ) ( RBS most ) ( JJ obvious ) ) ) )

It is merely the most obvious


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB even ) ( RBR more ) ( JJ ironic ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( PP-LOC ( DT all ) ( IN over ) ( NP ( DT the ) ( NN world ) ) ) ( NP-SBJ ( NNS nations ) ) ( VP ( VBP are ) ( VP ( VBG learning ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ well-intentioned ) ( JJ public ) ( NNS programs ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP backfire ) ) ) ) ) ) ) ) ) )

What is even more ironic is that all over the world nations are learning that well-intentioned public programs often backfire


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG unloading ) ( NP ( DT these ) ( NNS burdens ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP United ) ( NNPS States ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ close ) ( PP ( TO to ) ( S-NOM ( VP ( VBG creating ) ( NP ( QP ( CD three ) ( JJR more ) ) ( JJ big ) ( NNS ones ) ) ) ) ) ) ) )

But while they are unloading these burdens the United States is close to creating three more big ones


( S ( NP-SBJ-1 ( DT The ) ( NNP Bush ) ( NN administration ) ) ( VP ( MD ought ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG setting ) ( ADVP-CLR ( RB aside ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN buckshot ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ non-duck ) ( NNS ducks ) ) ) ) ) ) ) ) )

The Bush administration ought to be setting aside some of its buckshot for the non-duck ducks


( S ( NP-SBJ ( NNP Dow ) ( NNP Chemical ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( NNP Destec ) ( NNP Energy ) ( NNP Inc. ) ( NN unit ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP PSE ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNP Houston ) ( NN energy ) ( NN company ) ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN deal ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 115 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dow Chemical Co. said its Destec Energy Inc. unit has agreed to buy PSE Inc. a Houston energy company in a deal valued at about 115 million


( S ( NP-SBJ ( NP ( NNP Dow ) ) ( PP ( IN of ) ( NP ( NP ( NNP Midland ) ) ( NP ( NNP Mich. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN unit ) ) ( VP ( MD will ) ( VP ( VB begin ) ( PP-TMP ( IN by ) ( NP ( NNP Thursday ) ) ) ( NP ( NP ( DT a ) ( NN tender ) ( NN offer ) ) ( PP ( IN of ) ( NP ( NP ( CD 12.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ( NNP PSE ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) )

Dow of Midland Mich. said its unit will begin by Thursday a tender offer of 12.25 a share for all PSE common shares outstanding


( S ( S-TPC-1 ( PP ( IN Among ) ( NP ( JJ other ) ( NNS conditions ) ) ) ( NP-SBJ ( DT the ) ( NN offer ) ) ( VP ( VBZ depends ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNP Dow ) ( NN unit ) ) ( VP ( VBG acquiring ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 66 ) ( CD 2\/3 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP PSE ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS companies ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ joint ) ( NN statement ) ) ) ( NP-TMP ( NNP Friday ) ) ) )

Among other conditions the offer depends on the Dow unit acquiring at least 66 2\/3 % of the PSE shares outstanding the companies said in a joint statement Friday


( S ( NP-SBJ ( NNP PSE ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( IN about ) ( CD 9.2 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

PSE has about 9.2 million shares outstanding


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( ADJP ( QP ( RB approximately ) ( CD 115 ) ( CD million ) ) ) ( NN acquisition ) ( NN price ) ) ( VP ( VBZ includes ) ( NP ( NP ( PRP$ its ) ( QP ( NN total ) ( CD 33 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ long-term ) ( NN debt ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) )

The company said the approximately 115 million acquisition price includes its total 33 million of long-term debt outstanding


( S ( NP-SBJ ( NNP Dow ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS agreements ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNP Albert ) ( NNP J. ) ( NNP Smith ) ( NNP Jr. ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP PSE ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ certain ) ( JJ other ) ( NNS officers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ( SBAR-LOC ( WHPP-1 ( IN under ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Dow ) ) ( VP ( MD may ) ( VP ( VB buy ) ( NP ( NP ( QP ( IN about ) ( CD 40 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP PSE ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dow said it already has agreements with Albert J. Smith Jr. chairman and chief executive officer of PSE and certain other officers of the company under which Dow may buy about 40 % of the PSE common shares outstanding


( S ( NP-SBJ ( NNP PSE ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN designer ) ( CC and ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NN energy-cogeneration ) ( NNS facilities ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( NP ( CD 1988 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 234 ) ( CD million ) ) ) ) ) ) ) )

PSE is a designer and operator of energy-cogeneration facilities and had 1988 sales of 234 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN owner ) ( CC and ) ( NN operator ) ) ( CC or ) ( NP ( DT an ) ( NN equity ) ( NN partner ) ) ( PP ( IN in ) ( NP ( NP ( CD six ) ( NN cogeneration ) ( NNS facilities ) ) ( NP ( NP ( NP ( CD two ) ) ( PP-LOC ( IN in ) ( NP ( NNP Texas ) ) ) ) ( CC and ) ( NP ( NP ( CD four ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ) ) ) )

The company is owner and operator or an equity partner in six cogeneration facilities two in Texas and four in California


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( ADVP-TMP ( RB recently ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( SBAR ( S ( NP-SBJ ( NN third-quarter ) ( NNS earnings ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( NP ( NN range ) ) ( PP ( IN from ) ( NP ( NP ( NP ( QP ( CD 1.3 ) ( CD million ) ( TO to ) ( CD 1.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( QP ( CD 14 ) ( NNS cents ) ( TO to ) ( CD 18 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( NP ( CD 326,000 ) ) ( CC or ) ( NP ( NP ( CD four ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said recently it expects third-quarter earnings will be in range from 1.3 million to 1.7 million or 14 cents to 18 cents a share compared with 326,000 or four cents a share a year ago


( S ( NP-SBJ ( DT The ) ( JJ following ) ) ( VP ( VBD were ) ( PP-PRD ( IN among ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NNS offerings ) ( CC and ) ( NNS pricings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ non-U.S. ) ) ( NN capital ) ( NNS markets ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS terms ) ( CC and ) ( NN syndicate ) ( NN manager ) ) ( SBAR ( IN as ) ( S ( VP ( VBN compiled ) ( PP ( IN by ) ( NP-LGS ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNPS Markets ) ( NNP Report ) ) ) ) ) ) ) ) ) )

The following were among Friday 's offerings and pricings in the U.S. and non-U.S. capital markets with terms and syndicate manager as compiled by Dow Jones Capital Markets Report


( NP ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( NNP Acquisition ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 475 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ senior ) ( JJ subordinated ) ( JJ resettable ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Oct. ) ( CD 15 ) ( CD 2001 ) ) ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( ADJP ( JJ par ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 14.75 ) ( NN % ) ) ) ) ) ) ) )

Chicago & North Western Acquisition Corp. 475 million of senior subordinated resettable debentures due Oct. 15 2001 priced at par to yield 14.75 %


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

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


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( DT the ) ( NN maximum ) ( NN coupon ) ( NN rate ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN issue ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( NN reset ) ) ) ) ) ) ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VB be ) ( NP-PRD ( CD 15.5 ) ( NN % ) ) ) ) )

However the maximum coupon rate on the issue when it is reset can only be 15.5 %


( S ( NP-SBJ ( NN Debenture ) ( NNS holders ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB receive ) ( NP ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP CNW ) ( NNPS Holdings ) ) ) ) ) ) ) ) ) ) )

Debenture holders will also receive the equivalent of 10 % of the common stock of CNW Holdings


( S ( S ( NP-SBJ ( DT The ) ( NN equity ) ( NN kicker ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBN attached ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN offering ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS underwriters ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN offered ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( DT a ) ( NN filing ) ) ( PP ( IN for ) ( NP ( NP ( CD 68,548 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP CNW ) ( NNPS Holdings ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN declared ) ( S ( ADJP-PRD ( JJ effective ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNPS Securities ) ( CC & ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The equity kicker is not attached to the offering but underwriters said it will be offered after a filing for 68,548 common shares of CNW Holdings is declared effective by the Securities & Exchange Commission


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( JJ noncallable ) ( PP ( IN for ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( VBG sinking ) ( NN fund ) ) ( VP ( VBG starting ) ( PP-TMP-CLR ( IN in ) ( NP ( CD 2000 ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB retire ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN issue ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NN maturity ) ) ) ) ) ) ) ) ) ) )

The issue is noncallable for five years and has a sinking fund starting in 2000 to retire 50 % of the issue before maturity


( S ( S-ADV ( VP ( VBN Rated ) ( S ( S ( ADJP-PRD-1 ( JJ single-B-2 ) ) ( PP-2 ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ) ) ) ( CC and ) ( S ( ADJP-PRD=1 ( JJ single-B-minus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp. ) ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNPS Securities ) ( NNP Corp ) ) ) ) ) ) ) ) ) )

Rated single-B-2 by Moody 's Investors Service Inc. and single-B-minus by Standard & Poor 's Corp. the issue will be sold through underwriters led by Donaldson Lufkin & Jenrette Securities Corp


( FRAG ( NP ( NP ( NP ( NNP Tokuyama ) ( NNP Soda ) ( NNP Co ) ) ( PRN ( NP ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS Eurobonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 9 ) ( CD 1993 ) ) ) ( PP ( IN with ) ( NP ( JJ equity-purchase ) ( NNS warrants ) ) ) ( S-ADV ( VP ( VBG indicating ) ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( ADJP ( JJ par ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Nomura ) ( NNP International ) ( NNP Ltd ) ) ) ) ) )

Tokuyama Soda Co Japan 200 million of Eurobonds due Nov. 9 1993 with equity-purchase warrants indicating a 4 % coupon at par via Nomura International Ltd


( S ( NP-SBJ ( DT Each ) ( ADJP ( CD 5,000 ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( CD one ) ( NN warrant ) ) ( ADJP ( JJ exercisable ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Nov. ) ( CD 28 ) ( CD 1989 ) ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 28 ) ( CD 1993 ) ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN company ) ( NNS shares ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NN % ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ) ) ) ) ) ( SBAR-ADV ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Oct. ) ( CD 27 ) ) ) ) ) ) ) ) ) ) ) )

Each 5,000 bond carries one warrant exercisable from Nov. 28 1989 through Oct. 28 1993 to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 27


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Better ) ( NNP Business ) ( NNP Bureau ) ) ( PP ( IN of ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN state ) ( NNP Attorney ) ( NNP General ) ( POS 's ) ) ( NN office ) ) ) ( VP ( VBD entered ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( NN settlement ) ) ( VP ( VBG stemming ) ( PP-CLR ( IN from ) ( NP ( NP ( DT an ) ( NN investigation ) ) ( PP ( IN of ) ( NP ( NP ( JJ bureau-sponsored ) ( NN business ) ( NNS directories ) ) ( VP ( VBN published ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( JJ outside ) ( NN firm ) ) ( NP ( NNP Better ) ( NNP Book ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Better Business Bureau of San Diego and the state Attorney General 's office entered into a settlement stemming from an investigation of bureau-sponsored business directories published by an outside firm Better Book Inc


( S ( NP-SBJ ( DT The ) ( NN settlement ) ) ( VP ( VBZ stems ) ( PP-CLR ( IN from ) ( NP ( NNS charges ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Better ) ( NNP Book ) ) ( ADJP ( RB now ) ( JJ defunct ) ) ) ( VP ( VBD made ) ( NP ( NP ( NNS misrepresentations ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NP ( NN advertising ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS directories ) ) ) ) ( CC and ) ( NP ( NP ( NNS memberships ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN bureau ) ) ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1984 ) ) ) ( PP ( TO to ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The settlement stems from charges that Better Book now defunct made misrepresentations in selling advertising for the directories and memberships in the bureau from 1984 to 1986


( S ( PP ( IN Without ) ( S-NOM ( VP ( VBG admitting ) ( NP ( DT any ) ( NN guilt ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN bureau ) ) ( VP ( VBD agreed ) ( PP-CLR ( TO to ) ( NP ( JJ several ) ( NNS conditions ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB again ) ) ( VP ( VBZ contracts ) ( PP-CLR ( IN with ) ( NP ( DT an ) ( JJ outside ) ( NN firm ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB publish ) ( NP ( PRP$ its ) ( NNS directories ) ) ) ) ) ) ) ) ) )

Without admitting any guilt the bureau agreed to several conditions if it again contracts with an outside firm to publish its directories


( S ( NP-SBJ ( DT The ) ( NNS conditions ) ) ( VP ( VBP include ) ( S ( VP ( VP ( RB not ) ( VBG misrepresenting ) ( SBAR ( WHNP-3 ( WHADJP ( WRB how ) ( JJ many ) ) ( NNS directories ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN distributed ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG agreeing ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS refunds ) ) ( PP-CLR ( TO to ) ( NP ( NN directory ) ( NNS advertisers ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( DT any ) ( NNS misrepresentations ) ) ( VP ( VBP are ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The conditions include not misrepresenting how many directories will be distributed and agreeing to make refunds to directory advertisers if any misrepresentations are involved in the sale


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Attorney ) ( NNP General ) ( POS 's ) ) ( NN investigation ) ) ( VP ( VBD was ) ( VP ( VBN sparked ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS lawsuits ) ) ( CC and ) ( NP ( NP ( NNS charges ) ) ( PP ( IN by ) ( NP ( JJ angry ) ( NNP California ) ( NN businesspeople ) ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN swindled ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ bureau-sponsored ) ( NN directory ) ( NN project ) ) ( VP ( VBN contracted ) ( PP ( IN by ) ( NP-LGS ( NNP Better ) ( NNP Book ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Attorney General 's investigation was sparked by lawsuits and charges by angry California businesspeople that they were swindled in a bureau-sponsored directory project contracted by Better Book


( S ( NP-SBJ ( DT The ) ( NN uproar ) ) ( VP ( VBD led ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN closing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NNP Better ) ( NNP Business ) ( NNP Bureau ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( CD 1987 ) ) ) ) ) ) )

The uproar led to the closing of the Los Angeles Better Business Bureau in late 1987


( S ( NP-SBJ ( NP ( NNP Pittston ) ( NNP Co. ) ( POS 's ) ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VP ( VBD plunged ) ( NP-EXT ( CD 79 ) ( NN % ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( JJ prolonged ) ( CC and ) ( JJ bitter ) ) ( NN labor ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NN coal ) ( NNS operations ) ) ) ) ) ) ) ) ) )

Pittston Co. 's third-quarter net income plunged 79 % reflecting the impact of a prolonged and bitter labor strike at its coal operations


( S ( NP-SBJ ( NN Net ) ) ( VP ( VBD sank ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 3.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD eight ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( S-ADV ( VP ( VBG including ) ( NP ( NP ( CD 789,000 ) ) ( CC or ) ( NP ( NP ( CD two ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( DT a ) ( JJ tax-loss ) ( NN carry-forward ) ) ) ) ) )

Net sank to 3.1 million or eight cents a share including 789,000 or two cents a share reflecting a tax-loss carry-forward


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ( NP-SBJ ( NN net ) ) ( VP ( VBD totaled ) ( NP ( NP ( QP ( CD 14.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 38 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( S-ADV ( VP ( VBG including ) ( NP ( NP ( QP ( CD 4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 10 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( DT a ) ( JJ tax-loss ) ( NN carry-forward ) ) ) ) ) )

In the year-ago quarter net totaled 14.7 million or 38 cents a share including 4 million or 10 cents a share reflecting a tax-loss carry-forward


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 0.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 395.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 398.3 ) ( CD million ) ) ) ) ) )

Revenue slipped 0.7 % to 395.3 million from 398.3 million


( S ( NP-SBJ ( NNP Pittston ) ) ( ADVP ( RB also ) ) ( VP ( VBZ owns ) ( NP ( NP ( NP ( NP ( NNP Brink ) ( POS 's ) ) ( NN Inc. ) ) ( NP ( DT the ) ( NN security ) ( NN service ) ) ) ( CC and ) ( NP ( NP ( NNP Burlington ) ( NNP Air ) ( NNP Express ) ) ( NP ( DT the ) ( JJ air-freight ) ( NN concern ) ) ) ) ) )

Pittston also owns Brink 's Inc. the security service and Burlington Air Express the air-freight concern


( S ( S-TPC-1 ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( JJ expected ) ( NNS losses ) ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN labor ) ( NN strike ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN coal ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN spent ) ( NP ( QP ( RB almost ) ( CD 20 ) ( CD million ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN strike ) ) ( VP ( VBD began ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NN security ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

In addition to expected losses tied to the labor strike the coal group has spent almost 20 million since the strike began for security the company said


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ third-quarter ) ( NN loss ) ) ( VP ( VBD widened ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9.8 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ second ) ( NN quarter ) ( POS 's ) ) ( QP ( CD 3.6 ) ( CD million ) ) ) ) ) )

As a result the group 's third-quarter loss widened to 9.8 million from the second quarter 's 3.6 million


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Pittston ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB hire ) ( NP ( NN replacement ) ( NNS workers ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Pittston continues to hire replacement workers the company said


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Burlington ) ( POS 's ) ) ( NN operating ) ( NN profit ) ) ( VP ( VBD grew ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9.2 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3.8 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ( NP-SBJ ( NNP Pittston ) ) ( VP ( VBD said ) ) )

Burlington 's operating profit grew to 9.2 million from 3.8 million a year earlier Pittston said


( S ( S-TPC-1 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NP ( DT the ) ( NN tone ) ) ( PP ( IN of ) ( NP ( JJ domestic ) ( CC and ) ( JJ international ) ( JJ air-freight ) ( NNS markets ) ) ) ) ( VP ( VBZ remains ) ( NP-PRD ( JJ sound ) ) ) ) ) ( NP-SBJ-2 ( JJ seasonal ) ( NNS factors ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB hinder ) ( NP-3 ( NNP Burlington ) ( NNP Air ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG matching ) ( NP ( JJ third-quarter ) ( NNS results ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Pittston ) ) ( VP ( VBD said ) ) )

While the tone of domestic and international air-freight markets remains sound seasonal factors are likely to hinder Burlington Air from matching third-quarter results in the fourth quarter Pittston said


( S ( NP-SBJ ( NP ( NNP Brink ) ( POS 's ) ) ( NN operating ) ( NN profit ) ) ( VP ( VBD was ) ( ADJP-PRD ( IN about ) ( RB flat ) ( PP ( IN with ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( JJ continued ) ( NN pricing ) ( CC and ) ( NN cost ) ( NNS pressures ) ) ) ) ) )

Brink 's operating profit was about flat with the year-earlier period reflecting continued pricing and cost pressures


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( NNP Pittston ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 18.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading Friday Pittston closed at 18.50 a share down 12.5 cents


( S ( NP-SBJ ( NNP Wisconsin ) ( NNP Toy ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP ( RB definitively ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( RB closely ) ( JJ held ) ( NNP Everything ) ( VBZ 's ) ( DT a ) ( NNP Dollar ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Virginia ) ( NNP Beach ) ) ( NP ( NNP Va. ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NN stock ) ) ( VP ( ADVP-TMP ( RB currently ) ) ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 4.7 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wisconsin Toy Co. said it definitively agreed to acquire closely held Everything 's a Dollar Inc. of Virginia Beach Va. for stock currently valued at about 4.7 million


( S ( NP-SBJ ( DT The ) ( NNP Milwaukee ) ( NN toy ) ( NN retailer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP Everything ) ( VBZ 's ) ( DT a ) ( NNP Dollar ) ( NNS holders ) ) ( VP ( TO to ) ( VP ( VB receive ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( NNS holdings ) ) ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( CD 354,600 ) ( ADJP ( RB newly ) ( VBN issued ) ) ( NNP Wisconsin ) ( NNP Toy ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) )

The Milwaukee toy retailer said the agreement calls for Everything 's a Dollar holders to receive for their holdings a total of 354,600 newly issued Wisconsin Toy shares


( S ( NP-SBJ ( NNP Wisconsin ) ( NNP Toy ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( IN about ) ( CD 4.7 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

Wisconsin Toy currently has about 4.7 million shares outstanding


( S ( NP-SBJ ( DT A ) ( NN company ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Arthur ) ( NNP Borie ) ) ( NP ( PP ( IN until ) ( NP ( NNP January ) ) ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ( PP ( IN of ) ( NP ( NNP Pic ) ( CC 'N ) ( NNP Save ) ( NNP Inc. ) ) ) ) ) ( VP ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new ) ( NNP Wisconsin ) ( NNP Toy ) ( NN subsidiary ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB act ) ( PP-CLR ( IN as ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NNP Everything ) ( VBZ 's ) ( DT a ) ( NNP Dollar ) ) ) ) ) ) ) ) ) ) ) )

A company official said Arthur Borie until January chief operating officer of Pic 'N Save Inc. will buy a 20 % stake in the new Wisconsin Toy subsidiary and will act as head of Everything 's a Dollar


( S ( NP-SBJ ( NNP Wisconsin ) ( NNP Toy ) ) ( VP ( VBZ has ) ( NP ( CD 71 ) ( JJ retail ) ( NNS stores ) ) ( PP-LOC ( ADVP ( RB primarily ) ) ( IN in ) ( NP ( NN discount ) ( NNS settings ) ) ) ) )

Wisconsin Toy has 71 retail stores primarily in discount settings


( S ( NP-SBJ ( NNP Everything ) ( VBZ 's ) ( DT a ) ( NNP Dollar ) ) ( VP ( VBZ operates ) ( NP ( CD 60 ) ( JJ specialty-retail ) ( NNS stores ) ) ) )

Everything 's a Dollar operates 60 specialty-retail stores


( S ( NP-SBJ ( DT The ) ( JJ following ) ( NNS issues ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) )

The following issues were recently filed with the Securities and Exchange Commission


( NP ( NP ( NP ( NNP Heller ) ( NNP Financial ) ( NNP Inc. ) ) ( NP ( NP ( DT an ) ( JJ indirect ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP Fuji ) ( NNP Bank ) ( NNP Ltd. ) ) ) ) ) ( NP ( NP ( NN shelf ) ( NN offering ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( IN up ) ( TO to ) ( CD 1 ) ( CD billion ) ) ) ( NN debt ) ( NNS securities ) ( CC and ) ( NNS warrants ) ) ) ) )

Heller Financial Inc. an indirect subsidiary of Fuji Bank Ltd. shelf offering of up to 1 billion debt securities and warrants


( NP ( NP ( NNP Jason ) ( NNP Overseas ) ( NNP Ltd. ) ) ( NP ( NP ( NP ( VBN proposed ) ( VBG offering ) ) ( PP ( IN of ) ( NP ( QP ( CD five ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Smith ) ( NNP Barney ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Mabon ) ( NNP Nugent ) ( CC & ) ( NNP Co ) ) ) ) ) )

Jason Overseas Ltd. proposed offering of five million common shares via Smith Barney & Co. and Mabon Nugent & Co


( NP ( NP ( NNP MCI ) ( NNPS Communications ) ( NNP Corp. ) ) ( NP ( NP ( NP ( NN shelf ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 750 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN debt ) ( NNS securities ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) ) ) )

MCI Communications Corp. shelf offering of up to 750 million of debt securities via Merrill Lynch Capital Markets Drexel Burnham Lambert Inc. Goldman Sachs & Co. and Salomon Brothers Inc


( NP ( NP ( NNP Millicom ) ( NNP Inc. ) ) ( NP ( NP ( NP ( NN offering ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 60 ) ( CD million ) ) ) ( JJ subordinated ) ( JJ exchangeable ) ( NNS debentures ) ) ) ) ( PP ( IN via ) ( NP ( NNP Bear ) ( NNPS Stearns ) ( CC & ) ( NNP Co. ) ( NNP Inc ) ) ) ) )

Millicom Inc. offering of 60 million subordinated exchangeable debentures via Bear Stearns & Co. Inc


( NP ( NP ( NNP Union ) ( NNP Tank ) ( NNP Car ) ( NNP Co. ) ) ( NP ( NP ( NP ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN equipment ) ( NN trust ) ( NNS certificates ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ) ) ) )

Union Tank Car Co. offering of 100 million of equipment trust certificates via Salomon Brothers


( S ( NP-SBJ ( NNP MCI ) ( NNPS COMMUNICATIONS ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD filed ) ( NP ( DT a ) ( NN shelf ) ( NN registration ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN issuance ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 750 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN debt ) ( NNS securities ) ) ) ) ) ) ) ) ) ) ) )

MCI COMMUNICATIONS Corp. said it filed a shelf registration with the Securities and Exchange Commission for issuance of as much as 750 million of debt securities


( S ( NP-SBJ ( DT The ) ( NN debt ) ) ( VP ( MD will ) ( VP ( VB include ) ( NP ( NP ( JJ medium-term ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) ) ) ) ) ) )

The debt will include medium-term notes sold through Merrill Lynch Capital Markets Drexel Burnham Lambert Inc. Goldman Sachs & Co. and Salomon Brothers Inc


( S ( NP-SBJ-1 ( DT The ) ( NNS funds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( PP-CLR ( PP ( IN for ) ( S-NOM ( VP ( VBG refinancing ) ( NP ( NP ( VBG existing ) ( NN debt ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC-LOC ( NNP Washington ) ( NNP D.C. ) ) ( NN concern ) ) ) ) ( PP-CLR ( IN at ) ( NP ( JJR lower ) ( NN interest ) ( NNS rates ) ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( JJ other ) ( JJ general ) ( NNS purposes ) ) ) ) ) ) ) )

The funds will be used for refinancing existing debt of the Washington D.C. concern at lower interest rates and for other general purposes


( S ( NP-SBJ-2 ( NP ( DT The ) ( JJ effective ) ( NN date ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN registration ) ) ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN determined ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP SEC ) ) ) ) ) ) ) ) )

The effective date of the registration is to be determined by the SEC


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lowered ) ( NP ( NP ( DT the ) ( NNS ratings ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ( QP ( CD 145 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Pinnacle ) ( NN debt ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( VBG accelerating ) ( NN deficiency ) ) ( PP ( IN in ) ( NP ( NN liquidity ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBD was ) ( VP ( VBN evidenced ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Pinnacle ) ( POS 's ) ) ( NN elimination ) ) ( PP ( IN of ) ( NP ( NN dividend ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moody 's Investors Service Inc. said it lowered the ratings of some 145 million of Pinnacle debt because of accelerating deficiency in liquidity which it said was evidenced by Pinnacle 's elimination of dividend payments


( S ( NP-SBJ ( NP ( NNP Henry ) ( NNP Sargent ) ( NNP Jr. ) ) ( NP ( NNP Pinnacle ) ( NN executive ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN action ) ) ( VP ( MD wo ) ( RB n't ) ( ADVP ( RB really ) ) ( VP ( VB have ) ( NP ( DT any ) ( NN effect ) ) ( PP-CLR ( IN on ) ( NP ( PRP us ) ) ) ) ) ) ) ) )

Henry Sargent Jr. Pinnacle executive vice president said the action wo n't really have any effect on us


( S ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG selling ) ( NP ( NNS bonds ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB affect ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( VBG existing ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) )

We are n't selling bonds right now and I do n't think it will affect the value of our existing bonds


( S ( NP-SBJ ( DT The ) ( NN rating ) ( NN agency ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lowered ) ( NP ( NP ( DT the ) ( NNS ratings ) ) ( PP ( IN on ) ( NP ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBG holding ) ( NN company ) ( POS 's ) ) ( JJ convertible ) ( JJ subordinated ) ( NNS Eurodebentures ) ) ) ) ) ) ( PP-DIR ( TO to ) ( ADJP ( JJ B-3 ) ) ) ( PP-DIR ( IN from ) ( ADJP ( JJ B-1 ) ) ) ) ) ) ) )

The rating agency said it lowered the ratings on 75 million of the holding company 's convertible subordinated Eurodebentures to B-3 from B-1


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD lowered ) ( NP ( NP ( DT the ) ( NNS ratings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 70 ) ( CD million ) ) ) ( PP-3 ( IN of ) ( NP ( NP ( NNP Pinnacle ) ( POS 's ) ) ( NNP MeraBank ) ( NN thrift ) ( NN unit ) ( JJ long-term ) ( NNS deposits ) ) ) ) ) ) ( PP-DIR-1 ( TO to ) ( ADJP ( JJ B-3 ) ) ) ( PP-DIR-2 ( IN from ) ( ADJP ( JJ B-2 ) ) ) ) ( CC and ) ( VP ( PP=3 ( IN on ) ( NP ( PRP$ its ) ( JJ subordinated ) ( NN debt ) ) ) ( PP-DIR=1 ( TO to ) ( ADJP ( JJ Ca ) ) ) ( PP-DIR=2 ( IN from ) ( ADJP ( JJ Caa ) ) ) ) ) ) ) ) )

Moody 's said it also lowered the ratings of 70 million of Pinnacle 's MeraBank thrift unit long-term deposits to B-3 from B-2 and on its subordinated debt to Ca from Caa


( S ( NP-SBJ ( NP ( NP ( NNP MeraBank ) ( POS 's ) ) ( NN rating ) ) ( PP ( IN for ) ( NP ( JJ short-term ) ( NNS deposits ) ) ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( RB Not ) ( JJ Prime ) ) ) )

MeraBank 's rating for short-term deposits remains Not Prime


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Securities ) ) ( PP ( IN of ) ( NP ( NNP MeraBank ) ) ) ) ( VP ( VP ( VBD were ) ( VP ( VBN placed ) ( PP-LOC-CLR ( IN under ) ( NP ( NN review ) ) ) ( NP-TMP ( JJ last ) ( MD May ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-PRD ( IN under ) ( NP ( NN review ) ) ) ( PP ( IN for ) ( NP ( NN downgrade ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBD said ) ) )

Securities of MeraBank were placed under review last May and will remain under review for downgrade the agency said


( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ wants ) ( S ( NP-SBJ ( DT the ) ( NNP Pentagon ) ) ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( JJ special ) ( NN treatment ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG coping ) ( PP-CLR ( IN with ) ( NP-CLR ( NP ( DT the ) ( JJ across-the-board ) ( NN spending ) ( NNS cuts ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD took ) ( NP-CLR ( NN effect ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

President Bush wants the Pentagon to get special treatment in coping with the across-the-board spending cuts that took effect last week


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD asked ) ( NP-3 ( NNP Congress ) ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 6 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3 ) ( CD billion ) ) ) ) ( NP ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN money ) ) ) ( SBAR ( S ( NP-SBJ ( NNP Defense ) ( NNP Secretary ) ( NNP Dick ) ( NNP Cheney ) ) ( VP ( MD may ) ( VP ( VB shift ) ( PP-LOC ( IN among ) ( NP ( NP ( DT the ) ( NNP Pentagon ) ( POS 's ) ) ( JJ individual ) ( NNS programs ) ( NNS projects ) ( CC and ) ( NNS activities ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG allowing ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NP ( DT the ) ( NN pain ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NNP Gramm-Rudman ) ( NN budget ) ( NN law ) ) ( VP ( VBD was ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB inflict ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Bush asked Congress to raise to 6 billion from 3 billion the amount of money Defense Secretary Dick Cheney may shift among the Pentagon 's individual programs projects and activities allowing him to ease the pain that the Gramm-Rudman budget law was intended to inflict