( S ( SBAR-ADV ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD stabilized ) ) ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN disappointment ) ) ) )

When stocks stabilized that was a disappointment


( S ( ADVP-TMP ( RB Meanwhile ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ second ) ( JJ straight ) ( NN day ) ) ) ( NP-SBJ ( DT the ) ( NN bond ) ( NN market ) ) ( VP ( VBD paid ) ( NP ( JJ little ) ( NN attention ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( POS 's ) ) ( JJ open ) ( NN market ) ( NNS operations ) ) ) ) )

Meanwhile for the second straight day the bond market paid little attention to the Federal Reserve 's open market operations


( S ( NP-SBJ ( NNP Fed ) ( NNS officials ) ) ( VP ( VBD injected ) ( NP ( JJR more ) ( NN cash ) ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN banking ) ( NN system ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG arranging ) ( NP ( NP ( QP ( CD 1.5 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( VBN repurchase ) ( NNS agreements ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ usual ) ( NN pre-noon ) ( NN intervention ) ( NN period ) ) ) ) ) ) ) )

Fed officials injected more cash into the banking system by arranging 1.5 billion of repurchase agreements during the usual pre-noon intervention period


( S ( NP-SBJ-1 ( DT The ) ( NN move ) ) ( VP ( VBD was ) ( VP ( VBN meant ) ( S ( VP ( VP ( TO to ) ( VP ( VB keep ) ( NP ( DT a ) ( NN lid ) ) ( PP-CLR ( IN on ) ( NP ( NN interest ) ( NNS rates ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NN investor ) ( NN confidence ) ) ) ) ) ) ) ) )

The move was meant to keep a lid on interest rates and to boost investor confidence


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN intervention ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ friendly ) ) ( S-ADV ( VP ( VBG meaning ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP they ) ) ( ADVP ( RB really ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Maria ) ( NNP Fiorini ) ( NNP Ramirez ) ) ( NP ( NP ( NN money-market ) ( NN economist ) ) ( PP-LOC ( IN at ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc ) ) ) ) ) )

The intervention has been friendly meaning that they really did n't have to do it said Maria Fiorini Ramirez money-market economist at Drexel Burnham Lambert Inc


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( ADJP ( RBR more ) ( JJ aggressive ) ) ( NN move ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN needed ) ) ) ) ) ) )

She said a more aggressive move was n't needed


( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( ADVP ( RB also ) ) ( VP ( VBZ appears ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NN credit ) ( NNS conditions ) ) ( ADVP ( RB further ) ) ) ) ) ) ) )

The Fed also appears reluctant to ease credit conditions further


( S ( NP-SBJ ( PRP It ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ has ) ( VP ( VBN allowed ) ( S ( NP-SBJ ( DT the ) ( ADJP ( RB closely ) ( VBN watched ) ) ( JJ federal ) ( NNS funds ) ( NN rate ) ) ( VP ( TO to ) ( VP ( VB decline ) ( NP-EXT ( CD 1\/4 ) ( NN percentage ) ( NN point ) ) ( PP-DIR ( TO to ) ( NP ( QP ( IN about ) ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( PRP$ its ) ( JJ previous ) ( NN target ) ( NN level ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 9 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) )

It already has allowed the closely watched federal funds rate to decline 1\/4 percentage point to about 8 3\/4 % from its previous target level of about 9 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN rate ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NNS banks ) ) ( VP ( VBP charge ) ( NP ( DT each ) ( JJ other ) ) ( PP ( IN on ) ( NP ( JJ overnight ) ( NNS loans ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( NP ( NP ( DT an ) ( JJ early ) ( NN signal ) ) ( PP ( IN of ) ( NP ( NP ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NNP Fed ) ( NN policy ) ) ) ) ) ) ) ) )

The rate which banks charge each other on overnight loans is considered an early signal of changes in Fed policy


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( IN about ) ( CD 8 ) ( CD 11\/16 ) ( NN % ) ) ) ( NP-TMP ( NN yesterday ) ) ) ( CC but ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( RB as ) ( JJ low ) ( PP ( IN as ) ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) )

It ended at about 8 11\/16 % yesterday but was as low as 8 1\/2 % Monday


( S ( NP-SBJ ( NP ( DT The ) ( NNP Treasury ) ( POS 's ) ) ( NN benchmark ) ( JJ 30-year ) ( NN bond ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( QP ( JJR more ) ( IN than ) ( CD 1\/2 ) ) ( NN point ) ) ( CC or ) ( NP ( NP ( QP ( IN over ) ( CD 5 ) ) ) ( PP ( IN for ) ( NP ( DT each ) ( ADJP ( CD 1,000 ) ) ( NN face ) ( NN amount ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN yield ) ) ( VP ( VBD moved ) ( PP-DIR ( IN above ) ( NP ( CD 8 ) ( NN % ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN since ) ( NP ( NNP Thursday ) ) ) ) ) ) ) ) ) )

The Treasury 's benchmark 30-year bond fell more than 1\/2 point or over 5 for each 1,000 face amount while the yield moved above 8 % for the first time since Thursday


( S ( NP-SBJ ( JJ Investment-grade ) ( ADJP ( JJ corporate ) ( JJ municipal ) ( CC and ) ( JJ mortgage-backed ) ) ( NNS securities ) ) ( ADVP ( RB also ) ) ( VP ( VBD fell ) ) )

Investment-grade corporate municipal and mortgage-backed securities also fell


( S ( CC But ) ( NP-SBJ ( JJS most ) ( NN junk ) ( NNS bonds ) ) ( VP ( VBD closed ) ( ADJP-CLR ( JJ unchanged ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG opening ) ( ADJP-CLR ( RB slightly ) ( JJR higher ) ) ( PP ( IN on ) ( NP ( NP ( NN bargain-hunting ) ) ( PP ( IN by ) ( NP ( JJ institutional ) ( NNS investors ) ) ) ) ) ) ) ) ) )

But most junk bonds closed unchanged after opening slightly higher on bargain-hunting by institutional investors


( S ( NP-SBJ ( NP ( DT Some ) ( JJ so-called ) ( NN high-quality ) ( NN junk ) ( NNS issues ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP R.H. ) ( NNP Macy ) ( CC & ) ( NNP Co. ) ( POS 's ) ) ( ADJP ( CD 14 ) ( CD 1\/2 ) ( NN % ) ) ( VBN subordinated ) ( NNS debentures ) ) ) ) ( VP ( VBD rose ) ) )

Some so-called high-quality junk issues such as R.H. Macy & Co. 's 14 1\/2 % subordinated debentures rose


( S ( NP-SBJ ( NP ( DT The ) ( NNP Macy ) ( POS 's ) ) ( NN issue ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB up ) ( NP ( QP ( IN about ) ( CD one ) ) ( NN point ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN bid ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 97 ) ) ) ) ) ) )

The Macy 's issue closed up about one point at a bid price of 97


( S ( NP-SBJ ( NP ( DT The ) ( NNP TVA ) ( POS 's ) ) ( JJ public ) ( NN debt ) ( VBG offering ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( PRP$ its ) ( JJ first ) ) ( PP-TMP ( IN in ) ( NP ( CD 15 ) ( NNS years ) ) ) ) ) )

The TVA 's public debt offering was its first in 15 years


( S ( NP-SBJ ( JJ Strong ) ( NN investor ) ( NN demand ) ) ( VP ( VBD prompted ) ( NP-1 ( PRP it ) ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN issue ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3 ) ( CD billion ) ) ) ) ) ) ) ) )

Strong investor demand prompted it to boost the size of the issue from 3 billion


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( VBG hedging ) ) ( VP ( VBN related ) ( PP ( TO to ) ( NP ( DT the ) ( NNP TVA ) ( NN pricing ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD pressured ) ( NP ( NN Treasury ) ( NNS bonds ) ) ) ) ) ) )

Traders said hedging related to the TVA pricing also pressured Treasury bonds


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNS Underwriters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP TVA ) ( NNS bonds ) ) ) ) ( VP ( VBD reduced ) ( NP ( PRP$ their ) ( NN market ) ( NN risk ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NNS Treasurys ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNP TVA ) ( NNS holdings ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP R. ) ( NNP Capra ) ) ( NP ( NP ( DT a ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Government ) ( NNPS Securities ) ( NNP Inc ) ) ) ) ) )

Underwriters of the TVA bonds reduced their market risk by selling Treasurys to cover at least part of their TVA holdings said James R. Capra a senior vice president at Shearson Lehman Government Securities Inc


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNP TVA ) ( NNS bonds ) ) ( ADVP ( RB also ) ) ( VP ( VBD served ) ( S ( VP ( TO to ) ( VP ( VB remind ) ( NP ( DT the ) ( NN market ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( ADJP ( RB even ) ( RBR more ) ) ( JJ new ) ( NN supply ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Lawrence ) ( NNP N. ) ( NNP Leuzzi ) ) ( NP ( NP ( DT a ) ( VBG managing ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NNP S.G. ) ( NNP Warburg ) ( NNPS Securities ) ( CC & ) ( NNP Co ) ) ) ) ) )

The TVA bonds also served to remind the market that there will be even more new supply said Lawrence N. Leuzzi a managing director at S.G. Warburg Securities & Co


( S ( NP-TMP ( NN Today ) ) ( S ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( MD will ) ( VP ( VB announce ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ next ) ( JJ two-year ) ( NN note ) ( NN sale ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Resolution ) ( NNP Funding ) ( NNP Corp. ) ) ( VP ( MD will ) ( VP ( VB announce ) ( NP ( NP ( NNS details ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ first ) ( NN bond ) ( NN offering ) ) ) ) ) ) ) )

Today the Treasury will announce the size of its next two-year note sale and Resolution Funding Corp. will announce details of its first bond offering


( S ( S ( NP-SBJ ( DT Some ) ( NNS traders ) ) ( VP ( VBP estimate ) ( SBAR ( S ( NP-SBJ-1 ( NP ( CD 9.75 ) ( CD billion ) ) ( PP ( IN of ) ( NP ( JJ new ) ( JJ two-year ) ( NNS Treasurys ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( NP-TMP-CLR ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NNP Refcorp ) ) ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NP ( QP ( CD 4 ) ( CD billion ) ( TO to ) ( CD 6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ long-term ) ( NN bailout ) ( NNS bonds ) ) ) ) ) ) ) ) ) )

Some traders estimate 9.75 billion of new two-year Treasurys will be sold next week and they expect Refcorp to offer 4 billion to 6 billion of long-term bailout bonds


( S ( NP-SBJ-1 ( NNP Refcorp ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB fund ) ( NP ( DT the ) ( NN thrift ) ( NN bailout ) ) ) ) ) ) ) ) )

Refcorp was created to help fund the thrift bailout


( S ( NP-SBJ ( DT Another ) ( NN agency ) ( NN issue ) ) ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( NN market ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

Another agency issue came to market yesterday


( S ( NP-SBJ ( NP ( DT The ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Finance ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNPS Banks ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD priced ) ( NP ( NP ( DT a ) ( JJ four-part ) ( ADJP ( QP ( CD 2.27 ) ( CD billion ) ) ) ( NN bond ) ( VBG offering ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNS banks ) ) ( VP ( TO to ) ( VP ( VB yield ) ( NP ( QP ( IN from ) ( CD 8.125 ) ( NN % ) ( TO to ) ( CD 8.375 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) )

The Office of Finance of the Federal Home Loan Banks said it priced a four-part 2.27 billion bond offering for the banks to yield from 8.125 % to 8.375 %


( S ( NP-SBJ ( NP ( DT The ) ( NN release ) ) ( PP ( IN of ) ( NP ( NP ( JJ several ) ( JJ economic ) ( NNS reports ) ) ) ) ) ( VP ( VBD had ) ( NP ( JJ little ) ( NN impact ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ( PP-1 ( VBG including ) ( NP ( NP ( DT a ) ( NN report ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN deficit ) ) ( VP ( VBN expanded ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( ADJP ( RB surprisingly ) ( JJ wide ) ) ( QP ( CD 10.77 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( ADVP ( IN up ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( VBN revised ) ( QP ( CD 8.24 ) ( CD billion ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ) )

The release of several economic reports had little impact on the market including a report that the U.S. trade deficit expanded to a surprisingly wide 10.77 billion in August up from a revised 8.24 billion in July


( S ( NP-SBJ-1 ( DT The ) ( NNP August ) ( NN gap ) ) ( VP ( VBD was ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN expanded ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 9.1 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

The August gap was expected to have expanded to 9.1 billion


( NP-HLN ( NNP Treasury ) ( NNPS Securities ) )

Treasury Securities


( S ( NP-SBJ ( NN Treasury ) ( NNS securities ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( RB essentially ) ( JJ flat ) ) ( PP ( TO to ) ( ADJP ( NP ( QP ( IN about ) ( CD 1\/2 ) ) ( NN point ) ) ( JJR lower ) ) ) ) ) )

Treasury securities were essentially flat to about 1\/2 point lower


( S ( NP-SBJ-1 ( DT The ) ( NN benchmark ) ( JJ 30-year ) ( NN bond ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( ADVP-TMP ( RB late ) ) ( PP-CLR ( IN at ) ( NP-2 ( CD 100 ) ( CD 28\/32 ) ) ) ( S-ADV-3 ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 8.04 ) ( NN % ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( VP ( NP=2 ( QP ( CD 101 ) ( CD 19\/32 ) ) ) ( S-ADV=3 ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 7.97 ) ( NN % ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ) ) ) ) )

The benchmark 30-year bond was quoted late at 100 28\/32 to yield 8.04 % compared with 101 19\/32 to yield 7.97 % Monday


( S ( NP-SBJ-1 ( DT The ) ( JJS latest ) ( JJ 10-year ) ( NNS notes ) ) ( VP ( VBD were ) ( VP ( VBN quoted ) ( ADVP-TMP ( RB late ) ) ( PP-CLR ( IN at ) ( NP-2 ( CD 99 ) ( CD 25\/32 ) ) ) ( S-ADV-3 ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 8.01 ) ( NN % ) ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( VP ( NP=2 ( CD 100 ) ( CD 1\/32 ) ) ( S-ADV=3 ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 7.97 ) ( NN % ) ) ) ) ) ) ) ) )

The latest 10-year notes were quoted late at 99 25\/32 to yield 8.01 % compared with 100 1\/32 to yield 7.97 %


( S ( NP-SBJ ( JJ Short-term ) ( NNS rates ) ) ( VP ( VBD increased ) ) )

Short-term rates increased


( S ( NP-SBJ ( NP ( DT The ) ( NN discount ) ( NN rate ) ) ( PP-LOC ( IN on ) ( NP ( JJ three-month ) ( NNS bills ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 7.52 ) ( NN % ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ bond-equivalent ) ( NN yield ) ) ( PP ( IN of ) ( NP ( CD 7.75 ) ( NN % ) ) ) ) ) ) )

The discount rate on three-month bills rose to 7.52 % for a bond-equivalent yield of 7.75 %


( S ( NP-SBJ ( NP ( DT The ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ six-month ) ( NNS bills ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 7.53 ) ( NN % ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ bond-equivalent ) ( NN yield ) ) ( PP ( IN of ) ( NP ( CD 7.92 ) ( NN % ) ) ) ) ) ) )

The rate on six-month bills rose to 7.53 % for a bond-equivalent yield of 7.92 %


( NP-HLN ( NNP Corporate ) ( NNP Other ) ( NNPS Issues ) )

Corporate Other Issues


( S ( NP-SBJ ( JJ Investment-grade ) ( JJ corporate ) ( NNS bonds ) ) ( VP ( VBD ended ) ( ADJP-CLR ( NP ( QP ( CD 1\/4 ) ( TO to ) ( CD 1\/2 ) ) ( NN point ) ) ( JJR lower ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJS most ) ( NN junk ) ( NNS bonds ) ) ( VP ( VBD ended ) ( ADJP-CLR ( JJ unchanged ) ) ) ) ) ) )

Investment-grade corporate bonds ended 1\/4 to 1\/2 point lower while most junk bonds ended unchanged


( S ( NP-SBJ ( NP ( DT The ) ( NNP TVA ) ( POS 's ) ) ( JJ huge ) ( ADJP ( QP ( CD 4 ) ( CD billion ) ) ) ( NN offering ) ) ( VP ( VBD dominated ) ( NP ( NN attention ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new-issue ) ( NN market ) ) ) ) )

The TVA 's huge 4 billion offering dominated attention in the new-issue market


( S ( NP-SBJ ( NNP TVA ) ) ( VP ( VBD offered ) ( NP ( NP ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ 30-year ) ( NNS bonds ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 9.06 ) ( NN % ) ) ) ) ) ) ) ) ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ 10-year ) ( NNS notes ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 8.42 ) ( NN % ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ five-year ) ( NNS notes ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 8.33 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

TVA offered 2 billion of 30-year bonds priced to yield 9.06 % 1 billion in 10-year notes priced to yield 8.42 % and 1 billion in five-year notes priced to yield 8.33 %


( S ( NP-SBJ ( NP ( DT The ) ( NNP TVA ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ operates ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( JJ electric ) ( NN power ) ( NNS systems ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN corporation ) ) ( VP ( ADVP ( RB wholly ) ) ( VBN owned ) ( PP ( IN by ) ( NP ( DT the ) ( NNP U.S. ) ( NN government ) ) ) ) ) ) )

The TVA which operates one of the nation 's largest electric power systems is a corporation wholly owned by the U.S. government


( S ( NP-SBJ ( NP ( NN Yesterday ) ( POS 's ) ) ( NN bond ) ( NN sale ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( QP ( CD 6.7 ) ( CD billion ) ) ) ( VBG refinancing ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( NP ( NP ( JJ high-interest ) ( NN debt ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP TVA ) ) ( VP ( VBZ owes ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Financing ) ( NNP Bank ) ) ( NP ( NP ( DT an ) ( NN arm ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN Treasury ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday 's bond sale was part of a 6.7 billion refinancing plan to pay off high-interest debt the TVA owes the Federal Financing Bank an arm of the Treasury


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NNP Lockheed ) ( NNP Corp. ) ) ( VP ( VBD priced ) ( NP ( DT a ) ( ADJP ( QP ( CD 300 ) ( CD million ) ) ) ( NN note ) ( VBG offering ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 9.39 ) ( NN % ) ) ) ) ) ) )

Meanwhile Lockheed Corp. priced a 300 million note offering to yield 9.39 %


( NP-HLN ( NNP Mortgage-Backed ) ( NNPS Securities ) )

Mortgage-Backed Securities


( S ( NP-SBJ ( DT The ) ( JJ derivative ) ( JJ mortgage-backed ) ( NN market ) ) ( VP ( VBD revived ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ brief ) ( NN hiatus ) ) ) ( SBAR-TMP ( IN as ) ( S ( S ( NP-SBJ-4 ( NP ( CD two ) ( JJ new ) ( NNS Remics ) ) ( VP ( VBG totaling ) ( NP ( QP ( CD 850 ) ( CD million ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN offered ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN talk ) ) ) ( VP ( VBD circulated ) ) ( PP-3 ( IN about ) ( NP ( NP ( CD two ) ( JJR more ) ( NNS issues ) ) ( SBAR ( WHNP-6 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN priced ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) ) )

The derivative mortgage-backed market revived after a brief hiatus as two new Remics totaling 850 million were offered and talk circulated about two more issues that could be priced today


( S ( NP-SBJ ( NP ( DT The ) ( NN revival ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ real ) ( NN estate ) ( NN mortgage ) ( NN investment ) ( NN conduit ) ( NN market ) ) ) ) ( VP ( VBD reflected ) ( NP ( NP ( DT the ) ( JJ relative ) ( NN calm ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN mortgage ) ( NN market ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD two ) ( NNS days ) ) ( PP ( IN of ) ( NP ( JJ volatile ) ( NN trading ) ) ) ) ) ) ) )

The revival of the real estate mortgage investment conduit market reflected the relative calm in the mortgage market after two days of volatile trading


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB structure ) ( NP ( JJ new ) ( NNS Remics ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG moving ) ( ADVP-MNR ( RB widely ) ) ) ) ) ) ) ) ) ) )

Dealers noted that it 's difficult to structure new Remics when prices are moving widely


( S ( NP-SBJ ( NP ( DT The ) ( CD two ) ( NNS Remics ) ) ( VP ( VBN priced ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 500 ) ( CD million ) ) ) ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Mortgage ) ( NNP Corp. ) ( NN issue ) ) ( VP ( VBN underwritten ) ( PP ( IN by ) ( NP-LGS ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 350 ) ( CD million ) ) ) ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( NN deal ) ) ( VP ( VBN underwritten ) ( PP ( IN by ) ( NP-LGS ( NNP Greenwich ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) ) ) )

The two Remics priced were a 500 million Federal Home Loan Mortgage Corp. issue underwritten by Salomon Brothers Inc. and a 350 million Federal National Mortgage Association deal underwritten by Greenwich Capital Markets


( S ( NP-SBJ ( DT The ) ( NNP Remic ) ( NN issuance ) ) ( VP ( VBD supported ) ( NP ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Freddie ) ( NNP Mac ) ) ( CC and ) ( NP ( NNP Fannie ) ( NNP Mae ) ( NNS securities ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD held ) ( PRT ( RP up ) ) ( ADVP ( ADVP ( RB better ) ) ( PP ( IN than ) ( NP ( NNP Government ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( NNS securities ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT an ) ( NN afternoon ) ( NN sell-off ) ) ) ) ) ) ) ) ) ) )

The Remic issuance supported prices of Freddie Mac and Fannie Mae securities which held up better than Government National Mortgage Association securities during an afternoon sell-off


( S ( S ( NP-SBJ-1 ( NP ( NNP Ginnie ) ( NNP Mae ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBD ended ) ( PP-CLR-2 ( IN at ) ( NP ( CD 97 ) ( CD 29\/32 ) ) ) ( ADVP-3 ( IN down ) ( NP ( CD 7\/32 ) ) ) ) ) ( S ( NP-SBJ=1 ( ADJP ( QP ( CD 9 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS securities ) ) ( PP-CLR=2 ( IN at ) ( NP ( CD 99 ) ( CD 31\/32 ) ) ) ( ADVP=3 ( IN down ) ( NP ( CD 6\/32 ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( ADJP ( CD 10 ) ( JJ % ) ) ( NNS securities ) ) ( PP-CLR=2 ( IN at ) ( NP ( CD 101 ) ( CD 29\/32 ) ) ) ( ADVP=3 ( IN down ) ( NP ( CD 5\/32 ) ) ) ) )

Ginnie Mae 9 % securities for November delivery ended at 97 29\/32 down 7\/32 9 1\/2 % securities at 99 31\/32 down 6\/32 and 10 % securities at 101 29\/32 down 5\/32


( S ( NP-SBJ ( NNP Freddie ) ( NNP Mac ) ( CD 9 ) ( NN % ) ( NNS securities ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( CD 97 ) ( CD 5\/32 ) ) ) ( ADVP ( IN down ) ( NP ( CD 3\/32 ) ) ) ) )

Freddie Mac 9 % securities were at 97 5\/32 down 3\/32


( S ( NP-SBJ ( DT The ) ( NNP Ginnie ) ( NNP Mae ) ( CD 9 ) ( NN % ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBG yielding ) ( NP-EXT ( CD 9.43 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ 12-year ) ( NN average ) ( NN life ) ( NN assumption ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN spread ) ) ( PP-LOC ( IN above ) ( NP ( DT the ) ( NN Treasury ) ( JJ 10-year ) ( NN note ) ) ) ) ( VP ( VBN held ) ( PP-CLR ( IN at ) ( NP ( CD 1.42 ) ( NN percentage ) ( NNS points ) ) ) ) ) ) ) ) )

The Ginnie Mae 9 % issue was yielding 9.43 % to a 12-year average life assumption as the spread above the Treasury 10-year note held at 1.42 percentage points


Municipals


( S ( NP-SBJ ( NP ( NN Confusion ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( JJ near-term ) ( NN trend ) ) ( PP ( IN for ) ( NP ( NNS rates ) ) ) ) ) ) ( VP ( VBD dominated ) ( NP ( DT the ) ( JJ municipal ) ( NN arena ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NP ( NNS gyrations ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB buffet ) ( NP ( NNS bonds ) ) ) ) ) ) ) ) ) )

Confusion over the near-term trend for rates dominated the municipal arena as gyrations in the stock market continued to buffet bonds


( S ( NP-SBJ ( JJ Long ) ( JJ tax-exempt ) ( NN dollar ) ( NNS bonds ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB mostly ) ( JJ flat ) ( PP ( TO to ) ( ADJP ( NP ( CD 3\/8 ) ( NN point ) ) ( JJR lower ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN whipsaw ) ( NN session ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG moving ) ( ADVP-MNR ( RB inversely ) ) ( PP-DIR ( TO to ) ( NP ( NNS stocks ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ modest ) ( JJ dealer-led ) ( NN trading ) ) ) ) ) ) ) ) ) )

Long tax-exempt dollar bonds were mostly flat to 3\/8 point lower after a whipsaw session of moving inversely to stocks in modest dealer-led trading


( S ( NP-SBJ-1 ( NP ( NNS Prices ) ) ( PP ( IN of ) ( NP ( JJ pre-refunded ) ( JJ municipal ) ( NNS bonds ) ) ) ) ( VP ( VBD were ) ( VP ( VBN capped ) ( PP ( IN by ) ( NP-LGS ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Chemical ) ( NNPS Securities ) ( NNP Inc. ) ) ( PP ( IN as ) ( NP ( NP ( NN agent ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN customer ) ) ) ) ) ( VP ( MD will ) ( VP ( VB accept ) ( NP ( NNS bids ) ) ( NP-TMP ( NN today ) ) ( PP ( IN for ) ( NP ( NP ( NP ( CD two ) ( JJ large ) ( NNS lists ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP include ) ( NP ( JJ many ) ( JJ such ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Prices of pre-refunded municipal bonds were capped by news that Chemical Securities Inc. as agent for a customer will accept bids today for two large lists of bonds that include many such issues


( S ( NP-SBJ ( DT The ) ( NNS lists ) ) ( VP ( VBP total ) ( NP ( QP ( CD 654.5 ) ( CD million ) ) ) ) )

The lists total 654.5 million


( S ( NP-SBJ-1 ( JJ Pre-refunded ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN called ) ( PP-TMP-CLR ( IN at ) ( NP ( PRP$ their ) ( JJS earliest ) ( NN call ) ( NN date ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( VBN escrowed ) ( NNS proceeds ) ) ( PP ( IN of ) ( NP ( DT another ) ( NN bond ) ( NN issue ) ) ) ) ) ) ) )

Pre-refunded bonds are called at their earliest call date with the escrowed proceeds of another bond issue


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( JJ several ) ( JJ new ) ( NNS issues ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ) ) )

Meanwhile several new issues were priced


( S ( NP-SBJ ( NP ( NNS Underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP PaineWebber ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD set ) ( NP ( JJ preliminary ) ( NN pricing ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 144.4 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP California ) ( NNP Health ) ( NNPS Facilities ) ( NNP Financing ) ( NNP Authority ) ( NN revenue ) ( NNS bonds ) ) ) ) ) ( PP ( IN for ) ( NP ( NNP Kaiser ) ( NNP Permanente ) ) ) ) )

Underwriters led by PaineWebber Inc. set preliminary pricing for 144.4 million of California Health Facilities Financing Authority revenue bonds for Kaiser Permanente


( S ( NP-SBJ-1 ( JJ Tentative ) ( NN reoffering ) ( NNS yields ) ) ( VP ( VBD were ) ( VP ( VBN set ) ( PP-CLR ( PP ( IN from ) ( NP ( CD 6.25 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1993 ) ) ) ) ( PP ( TO to ) ( NP ( CD 7.227 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2018 ) ) ) ) ) ) ) )

Tentative reoffering yields were set from 6.25 % in 1993 to 7.227 % in 2018


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP College ) ( NNP Savings ) ( NNP Plan ) ) ) ) ) ( NP-SBJ ( NNP Connecticut ) ) ( VP ( VBD offered ) ( NP ( NP ( QP ( CD 100.4 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ general ) ( NN obligation ) ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( PP ( TO to ) ( NP ( NN maturity ) ) ) ( PP-EXT ( PP ( IN from ) ( NP ( CD 6.25 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1994 ) ) ) ) ( PP ( TO to ) ( NP ( CD 6.90 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2006 ) ( CD 2007 ) ( CC and ) ( CD 2009 ) ) ) ) ) ) ) ) ) ) ) ) ) )

As part of its College Savings Plan Connecticut offered 100.4 million of general obligation capital appreciation bonds priced to yield to maturity from 6.25 % in 1994 to 6.90 % in 2006 2007 and 2009


( S ( NP-SBJ ( DT A ) ( NNP Chemical ) ( NNPS Securities ) ( NN group ) ) ( VP ( VBD won ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 100 ) ( CD million ) ) ) ( NNP Oregon ) ( JJ general ) ( NN obligation ) ( NP ( NNS veterans ) ( POS ' ) ) ( NN tax ) ( NN note ) ( NN issue ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1990 ) ) ) ) ) )

A Chemical Securities group won a 100 million Oregon general obligation veterans ' tax note issue due Nov. 1 1990


( S ( NP-SBJ ( DT The ) ( ADJP ( QP ( CD 6 ) ( CD 3\/4 ) ) ( NN % ) ) ( NNS notes ) ) ( VP ( VBP yield ) ( NP-EXT ( CD 6.25 ) ( NN % ) ) ) )

The 6 3\/4 % notes yield 6.25 %


( NP-HLN ( NNP Foreign ) ( NNPS Bonds ) )

Foreign Bonds


( S ( NP-SBJ ( NNP West ) ( NNP German ) ( NN government ) ( NN bond ) ( NNS prices ) ) ( VP ( VBD took ) ( NP ( DT a ) ( JJ wild ) ( NN roller-coaster ) ( NN ride ) ) ( S-ADV ( VP ( VP ( VBD pulled ) ( ADVP-CLR-1 ( IN down ) ) ( PP-2 ( IN by ) ( NP-LGS ( NP ( NNP Monday ) ( POS 's ) ) ( NNP U.S. ) ( NN stock ) ( NN market ) ( NNS gains ) ) ) ) ( VP ( ADVP ( RB then ) ) ( ADVP-CLR=1 ( IN up ) ) ( PP=2 ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ wider-than-expected ) ( NNP U.S. ) ( NN trade ) ( NN deficit ) ) ( CC and ) ( NP ( VBG falling ) ( NNP U.S. ) ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) )

West German government bond prices took a wild roller-coaster ride pulled down by Monday 's U.S. stock market gains then up by a wider-than-expected U.S. trade deficit and falling U.S. stock prices


( S ( NP-SBJ ( NP ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( ADJP ( CD 7 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP October ) ( CD 1999 ) ) ) ) ( VP ( VBD was ) ( PP-PRD ( IN at ) ( NP ( CD 99.95 ) ) ) ( NP-TMP ( JJ late ) ( NN yesterday ) ) ( PP ( IN off ) ( NP ( CD 0.10 ) ( NN point ) ) ( PP-TMP ( IN from ) ( NP ( NNP Monday ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 7.01 ) ( NN % ) ) ) ) ) ) )

West Germany 's 7 % bond due October 1999 was at 99.95 late yesterday off 0.10 point from Monday to yield 7.01 %


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( QP ( CD 6 ) ( CD 3\/4 ) ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP April ) ( CD 1994 ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN up ) ( NP ( CD 0.10 ) ( NN point ) ) ) ( PP ( TO to ) ( NP ( CD 97.85 ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 7.31 ) ( NN % ) ) ) ) ) ) )

The 6 3\/4 % notes due April 1994 were up 0.10 point to 97.85 to yield 7.31 %


( S ( NP-SBJ ( JJ British ) ( NN government ) ( NNS bonds ) ) ( VP ( VBD surged ) ( PRT ( RP on ) ) ( NP ( NP ( VBN renewed ) ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) )

British government bonds surged on renewed volatility in the stock market


( S ( NP-SBJ ( NP ( DT The ) ( NNP Treasury ) ( ADJP ( QP ( CD 11 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003\/2007 ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 23\/32 ) ) ( PP-DIR ( TO to ) ( NP ( CD 112 ) ( CD 10\/32 ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB yield ) ( NP-EXT ( CD 10.03 ) ( NN % ) ) ) ) ) ) )

The Treasury 11 3\/4 % bond due 2003\/2007 rose 23\/32 to 112 10\/32 to yield 10.03 %


( S ( CC But ) ( NP-SBJ ( JJ Japanese ) ( NNS bonds ) ) ( VP ( VBD ended ) ( ADJP-CLR ( JJR weaker ) ) ) )

But Japanese bonds ended weaker


( S ( NP-SBJ ( NP ( DT The ) ( NN benchmark ) ( NN No. ) ( CD 111 ) ( CD 4.6 ) ( NN % ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998 ) ) ) ) ( VP ( VBD ended ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( NNS brokers ) ( POS ' ) ) ( NNS screens ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 96 ) ) ) ) ( ADVP ( IN off ) ( NP ( CD 0.15 ) ( NN point ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 5.27 ) ( NN % ) ) ) ) ) ) )

The benchmark No. 111 4.6 % bond due 1998 ended on brokers ' screens at a price of 96 off 0.15 point to yield 5.27 %


( S ( NP-SBJ ( NNP Bankers ) ( NNP Trust ) ( NNP New ) ( NNP York ) ( NNP Corp. ) ) ( VP ( VBD became ) ( NP-PRD ( NP ( DT the ) ( JJS latest ) ( JJ major ) ( NNP U.S. ) ( NN bank ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG making ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1.6 ) ( CD billion ) ) ) ( NN third-quarter ) ( NN addition ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NN provision ) ) ) ) ) ) ) )

Bankers Trust New York Corp. became the latest major U.S. bank to increase reserves for its loans to less-developed countries making a 1.6 billion third-quarter addition to its provision


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1.42 ) ( CD billion ) ) ) ( NN loss ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ full ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

The bank also said it expects to report a 1.42 billion loss for the third quarter and a loss for the full year


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NNS reserves ) ) ( VP ( VBP bring ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN provision ) ) ( PP ( IN for ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNP Third ) ( NNP World ) ( NNS countries ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( CD 2.6 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 85 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Bankers ) ( NNP Trust ) ( POS 's ) ) ( ADJP ( NN medium ) ( CC and ) ( JJ long-term ) ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( DT these ) ( NNS countries ) ) ) ) ) ) ) ) ) )

The new reserves bring the company 's provision for loans to Third World countries to 2.6 billion or 85 % of Bankers Trust 's medium and long-term loans to these countries


( S ( VP ( VP ( VB Step ) ( ADVP-CLR ( RB up ) ( PP ( TO to ) ( NP ( DT the ) ( NN plate ) ) ) ) ) ( CC and ) ( VP ( VB take ) ( NP ( DT the ) ( JJ big ) ( NN swing ) ) ) ) )

Step up to the plate and take the big swing


( SINV ( S-TPC-1 ( S ( VP ( VB Get ) ( NP ( DT the ) ( NN problem ) ) ( PP-CLR ( IN behind ) ( NP ( PRP you ) ) ) ) ) ( CC and ) ( S ( VP ( VB do ) ( RB n't ) ( VP ( VB look ) ( ADVP-CLR ( RB back ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP J. ) ( NNP McDermott ) ) ( NP ( NP ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Keefe ) ( NNP Bruyette ) ( CC & ) ( NNP Woods ) ) ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG approving ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN move ) ) ) ) ) ) )

Get the problem behind you and do n't look back said James J. McDermott analyst at Keefe Bruyette & Woods in approving of the move


( S ( S-TPC-1 ( NP-SBJ ( NNP Bankers ) ( NNP Trust ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( DT the ) ( NN capacity ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT this ) ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NN time ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN analyst ) ) ( VP ( VBD said ) ) )

Bankers Trust has had the capacity to do this for some time the analyst said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNP Citicorp ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT a ) ( JJ similar ) ( NN step ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) )

He expects Citicorp to take a similar step this year


( S ( NP-SBJ ( NNP Citicorp ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 9 ) ( NN % ) ) ( NN third-quarter ) ( NNS earnings ) ( NN drop ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD called ) ( S ( ADJP-PRD ( DT a ) ( NN bit ) ( JJ disappointing ) ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Manufacturers ) ( NNP Hanover ) ( NNP Corp. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 789 ) ( CD million ) ) ) ( NN loss ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG adding ) ( NP ( QP ( CD 950 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ its ) ( NN reserve ) ) ( PP ( IN for ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Citicorp yesterday reported a 9 % third-quarter earnings drop which analysts called a bit disappointing while Manufacturers Hanover Corp. posted a 789 million loss for the quarter after adding 950 million to its reserve for loans to less-developed countries


( S ( NP-SBJ ( CD Three ) ( JJ other ) ( JJ major ) ( NNP U.S. ) ( NNS banks ) ) ( VP ( VBD posted ) ( NP ( NNS earnings ) ( NNS increases ) ) ) )

Three other major U.S. banks posted earnings increases


( S ( NP-SBJ ( NP ( NNP Wells ) ( NNP Fargo ) ( CC & ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( ADJP ( CD 17 ) ( NN % ) ) ( NN jump ) ) ) )

Wells Fargo & Co. of San Francisco posted a 17 % jump


( S ( NP-SBJ ( NP ( NNP PNC ) ( NNP Financial ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP Pittsburgh ) ( NNP National ) ( NNP Bank ) ) ) ) ) ( VP ( VBD reported ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 9.8 ) ( NN % ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( NN net ) ) ( PP ( IN for ) ( NP ( NP ( NNP Banc ) ( NNP One ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Columbus ) ) ( NP ( NNP Ohio ) ) ) ) ) ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 3.8 ) ( NN % ) ) ) ) ) ) )

PNC Financial Corp. the parent of Pittsburgh National Bank reported net income climbed 9.8 % while net for Banc One Corp. of Columbus Ohio grew 3.8 %


Citicorp


( S ( NP-SBJ-1 ( NNS Analysts ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB only ) ( RB slightly ) ) ( VBN disappointed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Citicorp ) ( POS 's ) ) ( NNS numbers ) ) ) ) ) )

Analysts were only slightly disappointed by Citicorp 's numbers


( SINV ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NP ( NP ( NN nothing ) ) ( PP-LOC ( IN in ) ( NP ( RB here ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( JJ horrible ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG setting ) ( S ( NP-SBJ ( DT the ) ( NN world ) ) ( PP-PRD ( IN on ) ( NP ( NN fire ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Carole ) ( NNP Berger ) ) ( NP ( NP ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP C.J. ) ( NNP Lawrence ) ( NNP Morgan ) ( NNP Grenfell ) ( NNP Inc ) ) ) ) ) )

There 's nothing in here that 's horrible and nothing to make you think they 're setting the world on fire said Carole Berger analyst for C.J. Lawrence Morgan Grenfell Inc


( S ( NP-SBJ ( NP ( NNS Earnings ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( JJ global ) ( NN consumer ) ( NN business ) ) ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 27 ) ( NN % ) ) ) )

Earnings from the bank 's global consumer business grew 27 %


( SINV ( S ( NP-SBJ-1 ( DT The ) ( NN consumer ) ( NN business ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB drive ) ( NP ( DT the ) ( NNS earnings ) ( NN stream ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP McDermott ) ) ( PP ( IN of ) ( NP ( NNP Keefe ) ( NNP Bruyette ) ( CC & ) ( NNP Woods ) ) ) ) )

The consumer business continues to drive the earnings stream said Mr. McDermott of Keefe Bruyette & Woods


( S-1 ( S ( NP-SBJ ( NP ( JJ Corporate ) ( NN finance ) ( CC and ) ( NN trading ) ( NNS results ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN member ) ( NNS countries ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Organization ) ) ( PP ( IN for ) ( NP ( NNP Economic ) ( NNP Cooperation ) ( CC and ) ( NNP Development ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB relatively ) ( JJ flat ) ) ( ADJP-PRD ( RB sometimes ) ( JJ choppy ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN profit ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN area ) ) ) ) ( VP ( VBD sank ) ( NP-EXT ( CD 27 ) ( NN % ) ) ) ) )

Corporate finance and trading results in member countries of the Organization for Economic Cooperation and Development were relatively flat sometimes choppy the bank said and profit for the area sank 27 %


( S-1 ( NP-SBJ ( DT The ) ( JJ cross-border ) ( NN loan ) ( NN portfolio ) ) ( VP ( VBD reflected ) ( NP ( NP ( NP ( NN adjustment ) ( NNS problems ) ) ( CC and ) ( NP ( JJ episodic ) ( NN payment ) ( NNS patterns ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBD said ) ) ) ) ( NP ( NP ( NP ( DT no ) ( NN interest ) ( NNS payments ) ) ( PP ( IN from ) ( NP ( NNP Argentina ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ) ( CC and ) ( NP ( NP ( NN none ) ) ( PP ( IN from ) ( NP ( NNP Brazil ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Venezuela ) ) ( VP ( VBD brought ) ( S ( NP-SBJ ( PRP itself ) ) ( ADJP-PRD ( RB substantially ) ( JJ current ) ) ) ) ) ) ) )

The cross-border loan portfolio reflected adjustment problems and episodic payment patterns the bank said no interest payments from Argentina in the nine months and none from Brazil in the third quarter while Venezuela brought itself substantially current


( S ( ADVP ( RB Overall ) ) ( NP-SBJ ( DT the ) ( NN portfolio ) ) ( VP ( VBD narrowed ) ( NP ( PRP$ its ) ( JJ quarterly ) ( NN loss ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 70 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 80 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Overall the portfolio narrowed its quarterly loss to 70 million from 80 million a year earlier


( S ( S-TPC-1 ( NP-SBJ-2 ( NNS People ) ) ( VP ( VBD were ) ( VP ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( IN if ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD would ) ( VP ( VB take ) ( NP ( NP ( DT an ) ( JJ additional ) ( NN provision ) ) ( PP ( IN for ) ( NP ( NP ( ADJP ( JJ medium-term ) ( CC and ) ( JJ long-term ) ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Citicorp ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

People were waiting to see if we would take an additional provision for medium-term and long-term loans to less-developed countries a Citicorp spokesman said


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD reiterated ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN position ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ comfortable ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ current ) ( NN level ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.6 ) ( CD billion ) ) ) ) ( VP ( VBG covering ) ( NP ( NP ( QP ( IN about ) ( CD 30 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( QP ( CD 8.9 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NNS loans ) ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he reiterated the bank 's position that it is comfortable with the current level of 2.6 billion covering about 30 % of the 8.9 billion of such loans outstanding


( S ( NP-SBJ ( NP ( NNP Ronald ) ( NNP I. ) ( NNP Mandle ) ) ( NP ( NP ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Sanford ) ( NNP C. ) ( NNP Bernstein ) ( CC & ) ( NNP Co. ) ) ) ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( NP ( NP ( NNP Citicorp ) ( POS 's ) ) ( JJ venture-capital ) ( NNS gains ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 93 ) ( CD million ) ) ) ( PP-TMP ( IN before ) ( NP ( NNS taxes ) ) ) ) ) ) ( ADJP-PRD ( JJ strong ) ) ) ) )

Ronald I. Mandle analyst at Sanford C. Bernstein & Co. called Citicorp 's venture-capital gains of 93 million before taxes strong


( S ( NP-SBJ ( NP ( DT A ) ( VBG concerning ) ( NN item ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN analyst ) ) ( VP ( VBD cited ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT the ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN jump ) ) ( PP ( IN in ) ( NP ( NNS expenses ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ attributes ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS costs ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG expanding ) ( NP ( PDT both ) ( NP ( PRP$ its ) ( NN consumer ) ( NN credit-card ) ( NNS operations ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ overseas ) ( NN branch ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) )

A concerning item the analyst cited was the 10 % jump in expenses which the bank attributes to costs of expanding both its consumer credit-card operations and its overseas branch business


( S ( NP-SBJ ( NP ( NNP Citicorp ) ( POS 's ) ) ( NN spokesman ) ) ( VP ( VBD said ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ is ) ( VP ( VBG maintaining ) ( NP ( DT those ) ( NNS expenses ) ) ( PP ( IN in ) ( NP ( NP ( NN proportion ) ) ( PP ( TO to ) ( NP ( NN revenue ) ( NN growth ) ) ) ) ) ) ) ) ) ) )

Citicorp 's spokesman said however that the bank is maintaining those expenses in proportion to revenue growth


Wells Fargo


( S ( NP-SBJ-1 ( NNP Wells ) ( NNP Fargo ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB generate ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS highest ) ( NN profit ) ( NNS margins ) ) ( PP-LOC ( IN among ) ( NP ( JJ major ) ( NNS banks ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG minimizing ) ( NP ( NP ( DT a ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( JJ net ) ( NN interest ) ( NN margin ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NP ( CD 13 ) ( NN % ) ( NN third-quarter ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( JJ high-yielding ) ( NN business ) ( NNS loans ) ) ) ) ( CC and ) ( NP ( NP ( JJ similar ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NNS mortgages ) ) ) ) ) ) ) ) )

Wells Fargo continued to generate one of the highest profit margins among major banks minimizing a drop in net interest margin with 13 % third-quarter growth in high-yielding business loans and similar growth in mortgages


( S ( NP-SBJ ( PRP$ Its ) ( NN margin ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( QP ( RB only ) ( CD seven ) ) ( NN basis ) ( NNS points ) ) ( CC or ) ( NP ( NP ( CD 7\/100ths ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ) ( PP-TMP ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( DT a ) ( JJ 13-point ) ( NN drop ) ) ( PP-LOC ( IN at ) ( NP ( NNP Security ) ( NNP Pacific ) ( NNP Corp. ) ) ) ) ( CC and ) ( NP ( NP ( ADJP ( JJ much ) ( JJR larger ) ) ( NNS declines ) ) ( PP-LOC ( IN among ) ( NP ( NP ( NNS banks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ other ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) )

Its margin fell only seven basis points or 7\/100ths of a percentage point from a year ago compared with a 13-point drop at Security Pacific Corp. and much larger declines among banks in other parts of the country


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NP ( NNP Wells ) ( NNP Fargo ) ( POS 's ) ) ( JJ net ) ( NN interest ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( QP ( CD 36.3 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 7 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 537 ) ( CD million ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) )

As a result Wells Fargo 's net interest income rose 36.3 million or 7 % to 537 million for the quarter


( S ( NP-SBJ ( JJ Non-interest ) ( NN income ) ) ( VP ( VBD fell ) ( ADVP ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 191.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 193.3 ) ( CD million ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NNP Wells ) ( NNP Fargo ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB rigorously ) ) ( VB control ) ( NP ( NP ( JJ non-interest ) ( NN expense ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( RB almost ) ( JJ flat ) ) ( PP ( IN at ) ( NP ( QP ( CD 393.4 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Non-interest income fell slightly to 191.9 million from 193.3 million while Wells Fargo continued to rigorously control non-interest expense which was almost flat at 393.4 million


( S ( NP-SBJ ( NP ( DT The ) ( NN combination ) ) ( PP ( IN of ) ( NP ( JJ solid ) ( NN loan ) ( NN growth ) ) ) ( PP ( IN with ) ( NP ( JJ tight ) ( NN expense ) ( NN control ) ) ) ) ( VP ( VBD gave ) ( NP ( NNP Wells ) ( NNP Fargo ) ) ( NP ( NP ( NP ( NP ( DT a ) ( CD 1.25 ) ( NN % ) ( NN return ) ) ( PP ( IN on ) ( NP ( JJ average ) ( NNS assets ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( ADJP ( ADJP ( NP ( QP ( IN about ) ( CD 40 ) ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( NNP Security ) ( NNP Pacific ) ( POS 's ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN profit ) ( NN ratio ) ) ( VP ( VBN matched ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( RB only ) ( CD two ) ( CC or ) ( CD three ) ) ( JJ other ) ( JJ major ) ( NNS banks ) ) ( NP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) )

The combination of solid loan growth with tight expense control gave Wells Fargo a 1.25 % return on average assets for the quarter about 40 % higher than Security Pacific 's and a profit ratio matched by only two or three other major banks in the U.S.


( S ( NP-SBJ ( NP ( NP ( NNP Wells ) ( NNP Fargo ) ( POS 's ) ) ( NN return ) ) ( PP-LOC ( IN on ) ( NP ( NN equity ) ) ) ) ( VP ( VBD increased ) ( PP-DIR ( TO to ) ( NP ( CD 24.4 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 23.8 ) ( NN % ) ) ) ) )

Wells Fargo 's return on equity increased to 24.4 % from 23.8 %


( S ( NP-SBJ-2 ( NNP Wells ) ( NNP Fargo ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ non-trade ) ( NNS loans ) ) ( VP ( VBN made ) ( PP-CLR ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( ADVP-MNR ( RB partly ) ) ( VB reverse ) ( NP ( NP ( DT the ) ( JJ sharp ) ( NN rise ) ) ( PP ( IN in ) ( NP ( NP ( JJ domestic ) ( JJ non-accrual ) ( NNS loans ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 8 ) ( NN % ) ) ( PP-TMP ( IN from ) ( NP ( DT the ) ( JJ previous ) ( NN quarter ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 806.8 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 880.9 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wells Fargo has sold all of its non-trade loans made to less-developed countries and managed to partly reverse the sharp rise in domestic non-accrual loans which fell 8 % from the previous quarter to 806.8 million from 880.9 million


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN amount ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( ADJP ( RB still ) ( NP ( CD 39 ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ year-ago ) ( NN level ) ) ) ) ( CC and ) ( ADJP ( ADJP ( NP ( CD 25 ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NNS loans ) ) ) ) ) ) ) ) )

But the amount was still 39 % higher than the year-ago level and 25 % higher as a percentage of total loans


( S ( NP-SBJ ( NP ( DT That ) ( NN trend ) ) ( CC and ) ( NP ( NP ( NP ( NNP Wells ) ( NNP Fargo ) ( POS 's ) ) ( JJ heavy ) ( NN exposure ) ) ( PP ( TO to ) ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( IN about ) ( DT the ) ( JJ only ) ( NNS worries ) ) ( SBAR ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP have ) ( PP ( IN about ) ( NP ( NP ( NNP Wells ) ( NNP Fargo ) ( POS 's ) ) ( JJ financial ) ( NN picture ) ) ) ) ) ) ) ) )

That trend and Wells Fargo 's heavy exposure to leveraged buy-outs are about the only worries analysts have about Wells Fargo 's financial picture


( S ( NP-SBJ ( NNP Wells ) ( NNP Fargo ) ) ( VP ( VBZ is ) ( VP ( VBG rebuilding ) ( NP ( NP ( PRP$ its ) ( NN loan-loss ) ( NN reserve ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD increased ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 711 ) ( CD million ) ) ) ( PP-TMP ( IN at ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 664 ) ( CD million ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN quarter ) ) ) ) ) ( CC but ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( PP ( IN from ) ( NP ( QP ( CD 852 ) ( CD million ) ) ) ( NP-TMP ( ADVP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBD had ) ( NP ( DT some ) ( JJ shaky ) ( JJ foreign ) ( NNS loans ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wells Fargo is rebuilding its loan-loss reserve which increased to 711 million at Sept. 30 from 664 million the previous quarter but was down from 852 million a year ago when the bank still had some shaky foreign loans


( NP-HLN ( NNPS Manufacturers ) ( NNP Hanover ) )

Manufacturers Hanover


( S ( NP-SBJ ( NNPS Manufacturers ) ( NNP Hanover ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( VBG excluding ) ( NP ( NP ( NP ( DT the ) ( NN addition ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NNS reserves ) ) ) ) ( NP ( JJ certain ) ( NN tax ) ( NNS benefits ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ one-time ) ( ADJP ( QP ( CD 16 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN interest ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ foreign ) ( NN leasing ) ( NN company ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN third-quarter ) ( NNS earnings ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 75 ) ( CD million ) ) ) ) ) ) ) )

Manufacturers Hanover said that excluding the addition to its reserves certain tax benefits and a one-time 16 million gain on the sale of an interest in a foreign leasing company third-quarter earnings were 75 million


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ comparable ) ( JJ year-earlier ) ( NN number ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 56 ) ( CD million ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The comparable year-earlier number was 56 million a spokesman said


( S ( NP-SBJ ( NP ( DT The ) ( NN bank ) ( POS 's ) ) ( JJ additional ) ( NNS provisions ) ) ( VP ( VBD brought ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN for ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.4 ) ( CD billion ) ) ) ) ( S-ADV ( VP ( VBG covering ) ( NP ( NP ( CD 36 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN medium ) ( CC and ) ( JJ long-term ) ( NNS loans ) ) ( ADJP ( JJ outstanding ) ( PP ( TO to ) ( NP ( DT these ) ( NNS nations ) ) ) ) ) ) ) ) ) ) )

The bank 's additional provisions brought reserves for loans to less-developed countries to 2.4 billion covering 36 % of its medium and long-term loans outstanding to these nations


( S ( NP-SBJ ( NP ( DT The ) ( JJ net ) ( NN interest ) ( NN margin ) ) ( NP ( NP ( DT the ) ( NN difference ) ) ( PP ( IN between ) ( NP ( NP ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ( CC and ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ receives ) ( PP-CLR ( IN as ) ( NP ( NN interest ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ( VP ( VBD improved ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( SBAR ( IN as ) ( SINV ( VBD did ) ( NP-SBJ ( NP ( JJ certain ) ( NNS areas ) ) ( PP ( IN of ) ( NP ( JJ wholesale ) ( NN banking ) ) ) ) ) ) ) )

The net interest margin the difference between the bank 's cost of funds and what it receives as interest payments improved in the quarter as did certain areas of wholesale banking


( S ( NP-SBJ ( NP ( NNS Fees ) ) ( PP ( IN from ) ( NP ( VBG syndicating ) ( NNS loans ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 48 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD million ) ) ) ) ) )

Fees from syndicating loans dropped 48 % to 21 million


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB take ) ( NP ( NN part ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS deals ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP$ their ) ( NN credit ) ( NN quality ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ poor ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

We did n't take part in a lot of deals in the quarter because their credit quality was poor the spokesman said


( S ( NP-SBJ ( NP ( NNS Expenses ) ) ( ADJP ( JJ unrelated ) ( PP ( TO to ) ( NP ( NN interest ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 541 ) ( CD million ) ) ) ) ) )

Expenses unrelated to interest rose 5.4 % to 541 million


( NP-HLN ( NNP PNC ) ( NNP Financial ) )

PNC Financial


( S ( NP-SBJ ( NNP PNC ) ( NNP Financial ) ) ( VP ( VP ( VBD cited ) ( NP ( NP ( JJR higher ) ( NN income ) ) ( PP ( IN from ) ( NP ( NP ( NNS sources ) ) ( ADJP ( JJ unrelated ) ( PP ( TO to ) ( NP ( NN interest ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ) ) ) ) ) ) ) )

PNC Financial cited higher income from sources unrelated to interest and said it continues to cut costs


( S ( NP-SBJ ( NP ( JJ Net ) ( NN interest ) ( NN income ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( VP ( VBD edged ) ( PRT ( RP up ) ) ( NP-EXT ( CD 1.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 317.7 ) ( CD million ) ) ) ) ) )

Net interest income in the third quarter edged up 1.4 % to 317.7 million


( S ( NP-SBJ ( NN Trust ) ( NN income ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 15 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 49.9 ) ( CD million ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( NN service ) ( NNS charges ) ) ( NP ( NNS fees ) ) ( CC and ) ( NP ( NNS commissions ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 22 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 79.4 ) ( CD million ) ) ) ) ) ) ) ) )

Trust income grew 15 % to 49.9 million while service charges fees and commissions increased 22 % to 79.4 million


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN bank ) ( POS 's ) ) ( JJ total ) ( NN allowance ) ) ( PP ( IN for ) ( NP ( NN credit ) ( NNS losses ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 502.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.82 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NNS loans ) ) ) ) ) ) )

The bank 's total allowance for credit losses was 502.1 million or 1.82 % of total loans


( NP ( NNP SHEARSON ) ( NNP LEHMAN ) ( NNP HUTTON ) ( NNP Inc ) )

SHEARSON LEHMAN HUTTON Inc


( S ( NP-SBJ-2 ( NP ( NNP Thomas ) ( NNP E. ) ( NNP Meador ) ) ( ADJP ( NP ( CD 42 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN president ) ) ) ( CC and ) ( NP ( NP ( NN chief ) ( VBG operating ) ( NN officer ) ) ) ( PP-1 ( IN of ) ( NP ( NP ( NNP Balcor ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Skokie ) ( NNP Ill. ) ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNP New ) ( NNP York ) ( NN investment ) ( NN banking ) ( NN firm ) ) ) ) ) ) ) ) ) ) )

Thomas E. Meador 42 years old was named president and chief operating officer of Balcor Co. a Skokie Ill. subsidiary of this New York investment banking firm


( S ( NP-SBJ ( NP ( NNP Balcor ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( NNS interests ) ) ( PP-LOC ( IN in ) ( NP ( JJ real ) ( NN estate ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN position ) ) ( VP ( VBZ is ) ( ADVP ( RB newly ) ) ( VP ( VBN created ) ) ) ) ) ) )

Balcor which has interests in real estate said the position is newly created


( S ( NP-SBJ ( NNP Mr. ) ( NNP Meador ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Balcor ) ) ) ) ) ) )

Mr. Meador had been executive vice president of Balcor


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( PRP$ his ) ( JJ previous ) ( NN real-estate ) ( NN investment ) ( CC and ) ( NN asset-management ) ( NNS duties ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Meador ) ) ( VP ( VBZ takes ) ( NP ( NN responsibility ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN development ) ) ( CC and ) ( NP ( NN property ) ( NN management ) ) ) ) ) )

In addition to his previous real-estate investment and asset-management duties Mr. Meador takes responsibility for development and property management


( S ( NP-SBJ-1 ( DT Those ) ( NNS duties ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Van ) ( NNP Pell ) ) ( NP ( CD 44 ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD resigned ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) ) ) ) ) ) ) ) ) )

Those duties had been held by Van Pell 44 who resigned as an executive vice president


( S ( NP-SBJ ( NNP Shearson ) ) ( VP ( VBZ is ) ( ADJP-PRD ( IN about ) ( JJ 60%-held ) ( PP ( IN by ) ( NP ( NNP American ) ( NNP Express ) ( NNP Co ) ) ) ) ) )

Shearson is about 60%-held by American Express Co


( S ( NP-SBJ ( NP ( NNP Rep. ) ( NNP Lee ) ( NNP Hamilton ) ) ( PRN ( NP ( NNP D. ) ) ( NP ( NNP Ind ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( NP ( NNP Rep. ) ( NNP Byron ) ( NNP Dorgan ) ) ( PRN ( NP ( NNP D. ) ) ( NP ( NNP N.D ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG backing ) ( ADVP-DIR ( RB away ) ( PP ( IN from ) ( NP ( PRP$ their ) ( NN proposal ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NNP Treasury ) ( NNP Secretary ) ) ( NP-PRD ( NP ( DT a ) ( VBG voting ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NN panel ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ sets ) ( NP ( JJ monetary ) ( NN policy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rep. Lee Hamilton D. Ind said he and Rep. Byron Dorgan D. N.D are backing away from their proposal to make the Treasury Secretary a voting member of the Federal Reserve panel that sets monetary policy


( S ( NP-SBJ ( NNP Rep. ) ( NNP Hamilton ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN bill ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN modified ) ( ADVP ( RB substantially ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB call ) ( PP-CLR ( IN for ) ( NP ( NP ( CD two ) ( NNS meetings ) ) ( NP-TMP ( DT each ) ( NN year ) ) ( PP ( IN between ) ( NP ( NP ( NP ( DT the ) ( NNP Fed ) ( POS 's ) ) ( JJ open ) ( NN market ) ( NN committee ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( NNP Secretary ) ) ( NP ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Council ) ) ( PP ( IN of ) ( NP ( NNP Economic ) ( NNPS Advisers ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Management ) ( CC and ) ( NNP Budget ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rep. Hamilton said the bill will be modified substantially to call for two meetings each year between the Fed 's open market committee and the Treasury Secretary the chairman of the Council of Economic Advisers and the director of the Office of Management and Budget


( S ( NP-SBJ ( DT The ) ( JJ original ) ( NN bill ) ) ( VP ( VBD was ) ( VP ( VP ( ADVP-MNR ( RB strongly ) ) ( VBN opposed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Fed ) ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB publicly ) ) ( VBN criticized ) ( PP-LGS ( IN by ) ( NP ( NP ( NNS friends ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Fed ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB undermine ) ( NP ( NP ( DT the ) ( JJ central ) ( NN bank ) ( POS 's ) ) ( NN independence ) ) ) ) ) ) ) ) ) ) )

The original bill was strongly opposed by the Fed and publicly criticized by friends of the Fed as an attempt to undermine the central bank 's independence


( S ( NP-SBJ ( NNP Fed ) ( NNS critics ) ) ( ADVP ( RB however ) ) ( VP ( VBD hailed ) ( NP ( PRP it ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( ADJP ( JJ long ) ( JJ overdue ) ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( NP ( NP ( DT a ) ( NN measure ) ) ( PP ( IN of ) ( NP ( NN openness ) ( CC and ) ( NN democracy ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN setting ) ) ( PP ( IN of ) ( NP ( JJ monetary ) ( NN policy ) ) ) ) ) ) ) ) ) ) ) )

Fed critics however hailed it as a long overdue attempt to bring a measure of openness and democracy to the setting of monetary policy


( S ( NP-SBJ ( NNP Rep. ) ( NNP Hamilton ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN purpose ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS meetings ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( S-PRD ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NP ( NP ( NNS communications ) ) ( CC and ) ( ADVP ( RB perhaps ) ) ( NP ( NN coordination ) ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( JJ executive ) ( NN branch ) ) ( CC and ) ( NP ( DT the ) ( NNP Fed ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rep. Hamilton said the purpose of the meetings would be to improve communications and perhaps coordination between the executive branch and the Fed


( S ( NP-SBJ ( NNP Fed ) ( NNP Chairman ) ( NNP Alan ) ( NNP Greenspan ) ) ( VP ( VP ( VBZ meets ) ( ADVP-TMP ( RB regularly ) ) ( PP-CLR ( IN for ) ( NP ( NN lunch ) ) ) ( PP ( IN with ) ( NP ( NNP Treasury ) ( NNP Secretary ) ( NNP Nicholas ) ( NNP Brady ) ) ) ) ( CC and ) ( VP ( VBZ talks ) ( ADVP-TMP ( RB frequently ) ) ( PP ( IN with ) ( NP ( NP ( NNP Budget ) ( NNP Director ) ( NNP Richard ) ( NNP Darman ) ) ( CC and ) ( NP ( NP ( NNP Michael ) ( NNP Boskin ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Council ) ) ( PP ( IN of ) ( NP ( NNP Economic ) ( NNPS Advisers ) ) ) ) ) ) ) ) ) ) ) )

Fed Chairman Alan Greenspan meets regularly for lunch with Treasury Secretary Nicholas Brady and talks frequently with Budget Director Richard Darman and Michael Boskin chairman of the Council of Economic Advisers


( S ( NP-SBJ ( DT The ) ( NN administration ) ( NNS officials ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB ordinarily ) ) ( VP ( VB meet ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ entire ) ( NN membership ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ open ) ( NN market ) ( NN committee ) ) ) ) ) ) ) )

The administration officials do n't ordinarily meet with the entire membership of the open market committee


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNS days ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN numbered ) ( PP-2 ( IN for ) ( NP ( NP ( VBN animated ) ( NNS shows ) ) ( VP ( VBG featuring ) ( NP ( NP ( NNP Alf ) ) ( NP ( DT the ) ( NNP Karate ) ( NNP Kid ) ) ( CC and ) ( NP ( DT the ) ( NNPS Chipmunks ) ) ) ) ) ) ) ) ) )

The days may be numbered for animated shows featuring Alf the Karate Kid and the Chipmunks


( S ( NP-SBJ-2 ( NP ( NNP NBC ) ) ( NP ( NP ( NP ( DT a ) ( NN leader ) ) ( PP-LOC ( IN in ) ( NP ( NN morning ) ( JJ prime-time ) ( CC and ) ( JJ late ) ( NN night ) ( NNS programs ) ) ) ) ( CC but ) ( NP ( NP ( DT an ) ( NN also-ran ) ) ( PP-TMP ( IN on ) ( NP ( NP ( NNP Saturday ) ( NNS mornings ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS children ) ) ( VP ( VB rule ) ( NP ( DT the ) ( NN TV ) ( NN set ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG contemplating ) ( S ( VP ( VBG getting ) ( ADVP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN cartoon ) ( NN business ) ) ) ) ) ) ) ) )

NBC a leader in morning prime-time and late night programs but an also-ran on Saturday mornings when children rule the TV set is contemplating getting out of the cartoon business


( S-2 ( ADVP ( RB Instead ) ) ( PRN ( NP-SBJ ( NN network ) ( NNS officials ) ) ( VP ( VBP say ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB counterprogram ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS shows ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN audience ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB virtually ) ) ( VP ( VBN ignored ) ( PP-TMP ( IN in ) ( NP ( DT that ) ( NN time ) ( NN period ) ) ) ) ) ) ) ( NP ( NNS adults ) ) ) ) ) ) ) ) )

Instead network officials say it may counterprogram with shows for an audience that is virtually ignored in that time period adults


( SINV ( S-TPC-1 ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN talk ) ) ( PP ( IN of ) ( NP ( DT some ) ( VBG revamping ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADVP ( RB certainly ) ) ( VP ( VBG heading ) ( PP-DIR ( IN in ) ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN of ) ( NP ( ADJP ( JJR less ) ( CC and ) ( JJR less ) ) ( NN animation ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joseph ) ( NNP S. ) ( NNP Cicero ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NN finance ) ( CC and ) ( NN administration ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP National ) ( NNP Broadcasting ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP General ) ( NNP Electric ) ( NNP Co ) ) ) ) ) ) ) ) )

There is talk of some revamping and we 're certainly heading in the direction of less and less animation said Joseph S. Cicero vice president of finance and administration for National Broadcasting Co. a unit of General Electric Co


( S ( NP-SBJ ( NNP Mr. ) ( NNP Cicero ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP NBC ) ( NNP Entertainment ) ( NN president ) ( NNP Brandon ) ( NNP Tartikoff ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN interviewed ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NNS options ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB put ) ( NP ( DT some ) ( NNS things ) ) ( PP-PUT ( IN into ) ( NP ( DT the ) ( NN schedule ) ) ) ( PP-TMP ( IN by ) ( NP ( NN mid-season ) ) ) ) ) ) ) ) ) )

Mr. Cicero said that NBC Entertainment president Brandon Tartikoff who declined to be interviewed is looking at options now and may put some things into the schedule by mid-season


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB elaborate ) ) ) ) ) )

He declined to elaborate


( S ( NP-SBJ ( NP ( NNP NBC ) ( POS 's ) ) ( NNS options ) ) ( VP ( MD could ) ( VP ( VB range ) ( PP ( PP ( IN from ) ( NP ( JJ news-oriented ) ( NN programming ) ) ) ( PP ( TO to ) ( NP ( NNS sports ) ( NNS shows ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( DT the ) ( NN network ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ) ) ) )

NBC 's options could range from news-oriented programming to sports shows although the network declined to comment


( S ( NP-SBJ-1 ( NP ( CD One ) ( JJ major ) ( NNP NBC ) ( NN affiliate ) ) ( NP ( NP ( NNP KCRA ) ) ( PP-LOC ( IN in ) ( NP ( NNP Sacramento ) ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB cancel ) ( NP ( DT the ) ( NNP NBC ) ( NNP Saturday ) ( NN morning ) ( NN line-up ) ) ( PP-TMP ( IN as ) ( IN of ) ( NP ( NNP January ) ) ) ) ( CC and ) ( VP ( VB replace ) ( NP ( PRP it ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ local ) ( NN newscast ) ) ) ) ) ) ) ) )

One major NBC affiliate KCRA in Sacramento plans to cancel the NBC Saturday morning line-up as of January and replace it with a local newscast


( S ( NP-SBJ-1 ( DT The ) ( JJ one-hour ) ( NN program ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN repeated ) ( PP-MNR ( IN with ) ( NP ( NNS updates ) ) ) ( PP-TMP ( IN throughout ) ( NP ( NNP Saturday ) ( NNS mornings ) ) ) ) ) ) )

The one-hour program will be repeated with updates throughout Saturday mornings


( SINV ( S-TPC-3 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP feel ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN opportunity ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN audience ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( RB not ) ( VP ( VBG being ) ( VP ( VBN served ) ( PP ( IN by ) ( NP-LGS ( DT any ) ( NN network ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT the ) ( NN lead ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NP ( NNP KCRA ) ( POS 's ) ) ( JJ general ) ( NN manager ) ) ( NP ( NNP John ) ( NNP Kueneke ) ) ) )

We feel there is an opportunity for an audience that is not being served by any network so we want to take the lead says KCRA 's general manager John Kueneke


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB need ) ( NP ( NNS cartoons ) ) ( ADVP-TMP ( RB anymore ) ) ) ) )

We do n't need cartoons anymore


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB only ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 5 ) ( NN % ) ) ( ADVP ( IN at ) ( JJS best ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN station ) ( POS 's ) ) ( JJ total ) ( NNS revenues ) ) ) ) ) ) )

They only accounted for 5 % at best of the station 's total revenues


( S ( NP-SBJ ( DT An ) ( NNP NBC ) ( NN spokesman ) ) ( VP ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN network ) ) ( VP ( MD will ) ( VP ( ADVP-MNR ( RB closely ) ) ( VB monitor ) ( NP ( DT the ) ( NNP Sacramento ) ( NN situation ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN station ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB defect ) ) ) ) ) ) ) ) ) ) ) )

An NBC spokesman says the network will closely monitor the Sacramento situation and says it is the only station to defect


( S ( NP-SBJ ( NP ( NNS Spokesmen ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN television ) ( NNS networks ) ) ( PP ( IN of ) ( NP ( NP ( NNP CBS ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Capital ) ( NNP Cities\/ABC ) ( NNP Inc. ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( DT no ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB alter ) ( NP ( NP ( NP ( DT the ) ( NNS children ) ( POS 's ) ) ( NN line-up ) ) ( PP-TMP ( IN on ) ( NP ( NNP Saturday ) ( NNS mornings ) ) ) ) ) ) ) ) ) ) ) ) )

Spokesmen for the television networks of CBS Inc. and Capital Cities\/ABC Inc. say there are no plans to alter the children 's line-up on Saturday mornings


( S ( NP-SBJ ( NP ( DT The ) ( JJ youthful ) ( NN audience ) ) ( PP ( IN for ) ( NP ( NNP Saturday ) ( NN programming ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( DT no ) ( RB longer ) ) ( ADJP-PRD ( JJ dependent ) ( PP ( IN on ) ( NP ( DT the ) ( NNS networks ) ) ) ) ) )

The youthful audience for Saturday programming is no longer dependent on the networks


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( NP ( DT a ) ( NN surge ) ) ( PP ( IN in ) ( NP ( NP ( VBN syndicated ) ( NP ( NNS children ) ( POS 's ) ) ( NNS shows ) ) ( PP ( TO to ) ( NP ( JJ independent ) ( NNS stations ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( NN competition ) ) ( PP ( PP ( IN from ) ( NP ( NP ( NNS videocassettes ) ) ( PP ( IN for ) ( NP ( NNS kids ) ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NP ( NN cable ) ( NNS outlets ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Nickelodeon ) ) ( CC and ) ( NP ( DT the ) ( NNP Disney ) ( NNP Channel ) ) ) ) ) ) ) ) ) ) ) )

There has been a surge in syndicated children 's shows to independent stations as well as competition from videocassettes for kids and from cable outlets such as Nickelodeon and the Disney Channel


( S ( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ news-oriented ) ( NN programming ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNP Turner ) ( NNP Broadcasting ) ( NNP System ) ( NNP Inc. ) ( POS 's ) ) ( NNP Cable ) ( NNP News ) ( NNP Network ) ) ( VP ( VBZ has ) ( NP ( PRP$ its ) ( JJS highest ) ( NNS ratings ) ) ( PRN ( ADVP ( IN outside ) ( PP ( IN of ) ( NP ( JJ prime ) ( NN time ) ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Saturday ) ( NNS mornings ) ) ) ) ) )

At the same time there appears to be a market for news-oriented programming Turner Broadcasting System Inc. 's Cable News Network has its highest ratings outside of prime time on Saturday mornings


( S ( NP-SBJ ( NNP NBC ) ) ( VP ( VBZ has ) ( PP-TMP ( IN on ) ( NP ( JJ previous ) ( NNS occasions ) ) ) ( VP ( VBN considered ) ( VP ( VBG replacing ) ( NP ( NNS cartoons ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NNP Saturday ) ( NN version ) ) ( PP ( IN of ) ( NP ( NP ( NNP Today ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NNP NBC ) ( NNP News ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

NBC has on previous occasions considered replacing cartoons with a Saturday version of Today which is produced by NBC News


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN network ) ( POS 's ) ) ( JJ own ) ( NN production ) ( NN company ) ) ( NP ( NNP NBC ) ( NNPS Productions ) ) ) ( VP ( VBZ supplies ) ( NP ( NP ( DT a ) ( JJ half-hour ) ( JJ family-oriented ) ( NN show ) ) ( VP ( VBN titled ) ( S ( NP-TTL-PRD ( S ( VP ( NNP Saved ) ( PP ( NNP By ) ( NP-LGS ( NNP The ) ( NNP Bell ) ) ) ) ) ) ) ) ) ) )

The network 's own production company NBC Productions supplies a half-hour family-oriented show titled Saved By The Bell


( S ( NP-SBJ ( NP ( NNP NBC ) ( NNPS Productions ) ) ( CC or ) ( NP ( NNP NBC ) ( NNP News ) ) ) ( VP ( MD could ) ( VP ( VP ( VB supply ) ( NP ( DT the ) ( NN network ) ) ( PP-CLR ( IN with ) ( NP ( JJ other ) ( NNP Saturday ) ( NN morning ) ( NNS shows ) ) ) ) ( NP ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB control ) ( NP ( NNS costs ) ) ) ) ) ) ) ) ) )

NBC Productions or NBC News could supply the network with other Saturday morning shows a move that would control costs


( S ( NP-SBJ ( NP ( JJ Animated ) ( NNS shows ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( JJ outside ) ( NN production ) ( NNS companies ) ) ) ) ) ) ) ) ( VP ( VBD cost ) ( NP ( DT the ) ( NN network ) ) ( NP-CLR ( NP ( QP ( IN about ) ( CD 300,000 ) ) ) ( PP ( IN per ) ( NP ( NN episode ) ) ) ) ) )

Animated shows which are made by outside production companies cost the network about 300,000 per episode


( S ( NP-SBJ ( NP ( NNP BroadBeach ) ( NNPS Associates ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NN investment ) ( NN partnership ) ) ( SBAR ( WHNP-2 ( NP ( WP$ whose ) ( ADJP ( JJ 62-a-share ) ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP McGill ) ( NNP Manufacturing ) ( NNP Co. ) ) ) ) ( S ( VP ( VBD was ) ( VP ( VBN topped ) ( ADVP-TMP ( RB recently ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( VBG competing ) ( NN offer ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ Swedish ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD disclosed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( PRP$ its ) ( JJ entire ) ( ADJP ( CD 7 ) ( NN % ) ) ( NNP McGill ) ( NN stake ) ) ) ) ) ) )

BroadBeach Associates Inc. the Los Angeles investment partnership whose 62-a-share bid for McGill Manufacturing Co. was topped recently by a competing offer from a Swedish concern disclosed that it sold its entire 7 % McGill stake


( S ( NP-SBJ ( NP ( NNP McGill ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Valparaiso ) ( NNP Ind. ) ) ( NN ball-bearing ) ( NN manufacturer ) ) ) ( VP ( VBD had ) ( VP ( VBN rebuffed ) ( NP ( NP ( NNP BroadBeach ) ( POS 's ) ) ( NN proposal ) ) ) ) )

McGill a Valparaiso Ind. ball-bearing manufacturer had rebuffed BroadBeach 's proposal


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( ADVP-TMP ( IN since ) ) ( VP ( VBN asked ) ( NP-1 ( NNS holders ) ) ( S ( RB not ) ( VP ( TO to ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VB tender ) ( NP ( PRP$ their ) ( NNS shares ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT a ) ( JJ recent ) ( ADJP ( ADJP ( JJ 72-a-share ) ) ( CC or ) ( ADJP ( CD 104 ) ( CD million ) ) ) ( NN bid ) ) ( PP ( IN from ) ( NP ( NP ( NNP AB ) ( NNP SKF ) ) ( PP ( IN of ) ( NP ( NNP Sweden ) ) ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP McGill ) ( NNS directors ) ) ( VP ( VBP have ) ( VP ( VBN completed ) ( NP ( PRP$ their ) ( NN evaluation ) ) ) ) ) ) ) ) ) ) ) )

It has since asked holders not to immediately tender their shares under a recent 72-a-share or 104 million bid from AB SKF of Sweden until McGill directors have completed their evaluation


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NP ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ( NN filing ) ) ) ( NP-SBJ ( NNP BroadBeach ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( DT the ) ( CD 101,000 ) ( NNP McGill ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 7.3 ) ( CD million ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ private ) ( NN transaction ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 12 ) ) ) ) ) ) ) )

In a Securities and Exchange Commission filing BroadBeach said it sold the 101,000 McGill shares for 7.3 million in a private transaction on Oct. 12


( S ( S ( NP-SBJ ( NNP BroadBeach ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB identify ) ( NP ( NP ( DT the ) ( NN buyer ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS shares ) ) ) ) ) ) ) ( CC but ) ( S ( S ( NP-SBJ ( NP ( DT the ) ( NN date ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN selloff ) ) ) ) ( VP ( VBN followed ) ( PP-CLR ( IN by ) ( NP ( CD one ) ( NN day ) ) ) ( NP ( NP ( DT the ) ( JJ Swedish ) ( NN concern ) ( POS 's ) ) ( NN tender ) ( NN offer ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( VBN indicated ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( VP ( VBN sold ) ) ) ) ) ( VP ( VBZ equals ) ( NP ( NP ( NNP SKF ) ( POS 's ) ) ( ADJP ( JJ 72-a-share ) ) ( NN tender ) ( NN offer ) ( NN price ) ) ) ) ) )

BroadBeach did n't identify the buyer of the shares but the date of the selloff followed by one day the Swedish concern 's tender offer and the indicated price of the shares sold equals SKF 's 72-a-share tender offer price


( S ( NP-SBJ ( DT A ) ( NNP BroadBeach ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VP ( VBD sold ) ( NP ( DT the ) ( NN stock ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ) ( CC and ) ( ADVP ( RB thus ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB identify ) ( NP ( DT the ) ( NN buyer ) ( CC or ) ( NNS buyers ) ) ) ) ) ) ) ) )

A BroadBeach spokeswoman said the company sold the stock in the open market and thus could n't identify the buyer or buyers


( S ( NP-SBJ ( DT A ) ( NNP House-Senate ) ( NN conference ) ) ( VP ( VBD approved ) ( NP ( NP ( DT an ) ( VBN estimated ) ( ADJP ( QP ( CD 67 ) ( CD billion ) ) ) ( JJ fiscal ) ( CD 1990 ) ( NN spending ) ( NN bill ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBZ provides ) ( NP ( DT a ) ( ADJP ( CD 28 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN for ) ( NP ( NN space ) ( NN research ) ( CC and ) ( NN development ) ) ) ) ( CC and ) ( VP ( VBZ incorporates ) ( NP ( NP ( JJ far-reaching ) ( NNS provisions ) ) ( VP ( VBG affecting ) ( NP ( DT the ) ( JJ federal ) ( NN mortgage ) ( NN market ) ) ) ) ) ) ) ) ) ) )

A House-Senate conference approved an estimated 67 billion fiscal 1990 spending bill that provides a 28 % increase for space research and development and incorporates far-reaching provisions affecting the federal mortgage market


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ current ) ( NN ceiling ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN home ) ( NNS loans ) ) ( VP ( VBN insured ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Federal ) ( NNP Housing ) ( NNP Administration ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN increased ) ( PP-CLR ( TO to ) ( NP ( CD 124,875 ) ) ) ) ) ) )

The current ceiling on home loans insured by the Federal Housing Administration would be increased to 124,875


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( DT the ) ( NN bill ) ) ( VP ( VBZ gives ) ( NP ( NN authority ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ) ) ( S-1 ( VP ( TO to ) ) ( VP ( VB facilitate ) ( NP ( NP ( DT the ) ( NN refinancing ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB federally ) ( VBN subsidized ) ) ( NNS loans ) ) ( PP ( IN for ) ( NP ( NN low-income ) ( CC and ) ( NN moderate-income ) ( NNS homeowners ) ) ) ) ) ) ) ) ) )

Separately the bill gives authority to the Bush administration to facilitate the refinancing of federally subsidized loans for low-income and moderate-income homeowners


( S ( NP-SBJ ( NP ( DT The ) ( JJ second ) ( NN provision ) ) ( VP ( VBG affecting ) ( NP ( JJ so-called ) ( CD 235 ) ( NNS mortgages ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN met ) ( NP ( NP ( JJ strong ) ( NN opposition ) ) ( PP ( IN from ) ( NP ( NP ( NN investment ) ( NNS bankers ) ) ( VP ( VBN represented ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Public ) ( NNPS Securities ) ( NNP Association ) ) ) ) ) ) ) ) ) )

The second provision affecting so-called 235 mortgages has met strong opposition from investment bankers represented by the Public Securities Association


( S ( CC And ) ( NP-SBJ ( NP ( DT a ) ( NN squad ) ) ( PP ( IN of ) ( NP ( NP ( JJ influential ) ( JJ former ) ( NNP Senate ) ( NNS aides ) ) ( VP ( VBN employed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Wall ) ( NNP Street ) ( NN firm ) ( NNP Salomon ) ( NNPS Brothers ) ) ) ) ) ) ) ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN Capitol ) ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ vain ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB strip ) ( NP ( DT the ) ( NN provision ) ) ) ) ) ) ) ) )

And a squad of influential former Senate aides employed by the Wall Street firm Salomon Brothers came to the Capitol in a vain attempt to strip the provision


( S ( S ( PP ( IN By ) ( NP ( DT an ) ( CD 11-2 ) ( NN margin ) ) ) ( NP-SBJ-1 ( NNP Senate ) ( NNS negotiators ) ) ( VP ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( DT the ) ( CD 235 ) ( NN mortgage ) ( NN refinancing ) ( NN plan ) ) ) ) ) ) ) ( CC and ) ( S ( PP ( IN despite ) ( NP ( JJ powerful ) ( NNS allies ) ) ) ( NP-SBJ ( DT the ) ( NN opposition ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( PRP itself ) ) ( ADJP-PRD ( JJ undercut ) ( PP ( IN by ) ( NP ( NP ( DT an ) ( JJ unusual ) ( NN alliance ) ) ( PP ( IN of ) ( NP ( NNS liberals ) ( CC and ) ( NNS conservatives ) ) ) ) ) ) ) ) ) )

By an 11-2 margin Senate negotiators voted to preserve the 235 mortgage refinancing plan and despite powerful allies the opposition found itself undercut by an unusual alliance of liberals and conservatives


( S ( S ( NP-SBJ ( DT The ) ( NN government ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ is ) ( VP ( VBG subsidizing ) ( NP ( NP ( DT an ) ( VBN estimated ) ( CD 23,000 ) ( NNS loans ) ) ( PP ( IN above ) ( NP ( CD 11 ) ( NN % ) ) ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( CD 235 ) ( NN program ) ) ) ) ) ) ( CC and ) ( S ( ADJP ( RB however ) ( JJ disruptive ) ( PP ( TO to ) ( NP ( JJ private ) ( NNS investors ) ) ) ) ( NP-SBJ-1 ( DT the ) ( VBG refinancing ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 15 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS savings ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1990 ) ) ) ) ) ) ) ) ) )

The government currently is subsidizing an estimated 23,000 loans above 11 % under the 235 program and however disruptive to private investors the refinancing is expected to yield at least 15 million in savings in fiscal 1990


( S ( S ( NP-SBJ-1 ( DT This ) ( NN sum ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN guarded ) ( ADVP-MNR ( RB jealously ) ) ( PP ( IN by ) ( NP ( NP ( NNS appropriators ) ) ( ADJP ( JJ anxious ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( VBG spending ) ) ( ADVP-LOC ( RB elsewhere ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ conservative ) ( NNP Sen. ) ( NNP Phil ) ( NNP Gramm ) ) ( VP ( VBD cast ) ( NP ( DT the ) ( NN fight ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ populist ) ( NN stand ) ) ( PP ( IN against ) ( NP ( JJ monied ) ( NNS interests ) ) ) ) ) ) ) )

This sum has been guarded jealously by appropriators anxious to offset spending elsewhere and conservative Sen. Phil Gramm cast the fight as a populist stand against monied interests


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS stewards ) ) ) ( ADVP-LOC ( RB here ) ) ( PP ( RB not ) ( PP ( IN of ) ( NP-2 ( DT the ) ( NN mortgage ) ( NNS companies ) ) ) ( CC but ) ( PP ( NP=2 ( DT the ) ( NNS taxpayers ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT the ) ( NNP Texas ) ( NNP Republican ) ) )

We are stewards here not of the mortgage companies but the taxpayers said the Texas Republican


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( VBD came ) ( SBAR-TMP-CLR ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBD won ) ( NP ( NP ( JJ final ) ( JJ congressional ) ( NN approval ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 9 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN assistance ) ) ( PP ( IN for ) ( NP ( NP ( NNS elections ) ) ( VP ( VBN scheduled ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Nicaragua ) ) ) ( PP-TMP-CLR ( IN in ) ( NP ( NNP February ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The action came as the administration won final congressional approval of 9 million in assistance for elections scheduled in Nicaragua in February


( S ( S ( NP-SBJ-1 ( NP ( DT The ) ( NN bulk ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN funneled ) ( PP-CLR ( IN through ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Endowment ) ) ( PP ( IN for ) ( NP ( NNP Democracy ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN legislation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( ADVP ( RB so ) ( RB vaguely ) ) ( VBN written ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN dogged ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS questions ) ) ( VP ( VBG regarding ) ( NP ( NP ( NP ( DT the ) ( NN money ) ( POS 's ) ) ( JJ true ) ( NN purpose ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ ultimate ) ( NN destination ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bulk of the money would be funneled through the National Endowment for Democracy but the legislation is so vaguely written that it has been dogged by questions regarding the money 's true purpose and its ultimate destination


( S ( S ( NP-SBJ-1 ( DT The ) ( NNP Senate ) ) ( VP ( VBD had ) ( VP ( VBN refused ) ( NP-TMP ( JJ late ) ( NNP Friday ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB invoke ) ( NP ( NN cloture ) ) ) ( CC and ) ( VP ( VB limit ) ( NP ( NN debate ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( PP-LOC ( IN behind ) ( NP ( DT the ) ( JJ bipartisan ) ( NN leadership ) ) ) ( NP-SBJ ( DT a ) ( JJ solid ) ( NN majority ) ) ( VP ( VP ( VBD took ) ( NP ( NN shape ) ) ( NP-TMP ( NN yesterday ) ) ) ( CC and ) ( VP ( VBD brushed ) ( ADVP-CLR ( RB aside ) ) ( NP ( NP ( NNS amendments ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VP ( VB cut ) ( NP ( DT the ) ( JJ total ) ( NN package ) ) ) ( CC or ) ( VP ( VB steer ) ( NP ( PRP it ) ) ( ADVP-CLR ( RB away ) ( PP ( IN from ) ( NP ( NP ( JJ direct ) ( NN aid ) ) ( PP ( TO to ) ( NP ( JJ political ) ( NNS parties ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Senate had refused late Friday to invoke cloture and limit debate but behind the bipartisan leadership a solid majority took shape yesterday and brushed aside amendments seeking to cut the total package or steer it away from direct aid to political parties


( S ( S ( NP-SBJ ( JJ Final ) ( NN approval ) ) ( PRN ( PP ( IN on ) ( NP ( DT a ) ( CD 64-35 ) ( NN roll ) ( NN call ) ) ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB never ) ) ( PP-PRD ( IN in ) ( NP ( NN doubt ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN opposition ) ) ( VP ( VBD drew ) ( NP ( NP ( DT an ) ( JJ unusual ) ( NN mix ) ) ( PP ( IN of ) ( NP ( NNS senators ) ) ) ( PP ( VBG including ) ( NP ( NP ( NNPS Republicans ) ( NNP Jesse ) ( NNP Helms ) ( CC and ) ( NNP Warren ) ( NNP Rudman ) ) ( CC and ) ( NP ( NNPS Democrats ) ( NNP Bill ) ( NNP Bradley ) ( CC and ) ( NNP John ) ( NNP Glenn ) ) ) ) ) ) ) )

Final approval on a 64-35 roll call was never in doubt but the opposition drew an unusual mix of senators including Republicans Jesse Helms and Warren Rudman and Democrats Bill Bradley and John Glenn


( S ( S ( NP-SBJ-1 ( DT The ) ( NN money ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN applied ) ( PP-CLR ( IN for ) ( NP ( NP ( NN voter ) ( NN registration ) ) ( CC and ) ( NP ( NN election ) ( NN monitoring ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( QP ( RBR more ) ( IN than ) ( DT half ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP Union ) ( NNP Nacional ) ( NNP Opositora ) ( NN party ) ) ) ) ) ) ) ) ) )

The money will be applied for voter registration and election monitoring but more than half is likely to go to the Union Nacional Opositora party


( S ( S ( NP-SBJ ( NNS Critics ) ) ( VP ( VBD warned ) ( SBAR ( S ( NP-SBJ ( JJ such ) ( NN cash ) ( NNS contributions ) ) ( VP ( MD may ) ( VP ( ADVP ( RB only ) ) ( VB undercut ) ( NP ( NP ( DT the ) ( NN opposition ) ( NN party ) ( POS 's ) ) ( NN standing ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( CD one ) ( NN irony ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( PP-LOC ( IN under ) ( NP ( JJ Nicaraguan ) ( NN law ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( JJ major ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN opposition ) ( NN party ) ( POS 's ) ) ( NNS funds ) ) ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN shared ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NNP Supreme ) ( NNP Electoral ) ( NNP Council ) ) ) ) ) ) ) ) ) ) )

Critics warned such cash contributions may only undercut the opposition party 's standing and one irony is that under Nicaraguan law a major portion of the opposition party 's funds must be shared with the government 's Supreme Electoral Council


( S ( PP-LOC ( IN Within ) ( NP ( DT the ) ( NNS appropriations ) ( NN conference ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( DT the ) ( ADJP ( QP ( CD 67 ) ( CD billion ) ) ) ( NN measure ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( RB second ) ( JJS largest ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ annual ) ( JJ domestic ) ( NN spending ) ( NNS bills ) ) ) ) ) ( CC and ) ( VP ( VBZ covers ) ( NP ( NP ( DT a ) ( JJ disparate ) ( NN collection ) ) ( PP ( IN of ) ( NP ( NP ( NNS accounts ) ) ( PP ( IN for ) ( NP ( NP ( NN science ) ) ( NP ( NN housing ) ) ( NP ( NNS veterans ) ) ( CC and ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) ) ) )

Within the appropriations conference yesterday the 67 billion measure is the second largest of the annual domestic spending bills and covers a disparate collection of accounts for science housing veterans and the environment


( S ( NP-SBJ ( DT The ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NP ( DT the ) ( NN ceiling ) ) ( PP ( IN on ) ( NP ( NNP FHA ) ( NN home ) ( NNS loans ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ faces ) ( NP ( NP ( JJ strong ) ( NN opposition ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN House ) ) ) ) ) )

The decision to raise the ceiling on FHA home loans still faces strong opposition in the House


( S ( CC But ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN driven ) ( PP-LGS ( IN by ) ( NP ( NP ( DT the ) ( JJ same ) ( JJ fiscal ) ( NNS pressures ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN forced ) ( S ( NP-SBJ ( NNS lawmakers ) ) ( VP ( TO to ) ( VP ( VB resort ) ( PP-CLR ( TO to ) ( NP ( JJ various ) ( NN bookkeeping ) ( NNS devices ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB juggle ) ( NP ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN spending ) ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD would ) ( ADVP ( RB otherwise ) ) ( VP ( VB put ) ( NP ( DT the ) ( NN bill ) ) ( PP-PUT ( IN over ) ( NP ( NN budget ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it is driven by the same fiscal pressures that have forced lawmakers to resort to various bookkeeping devices to juggle as much as 1 billion in spending that would otherwise put the bill over budget


( S ( S ( NP-SBJ ( DT These ) ( NNS costs ) ) ( VP ( MD will ) ( VP ( VB complicate ) ( NP ( DT the ) ( NN budget ) ( NN picture ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1991 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN measure ) ) ( VP ( ADVP ( RB further ) ) ( VBZ commits ) ( NP ( NNP Congress ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN set ) ) ( PP ( IN of ) ( NP ( JJ costly ) ( NNS projects ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT the ) ( JJ first ) ( NN construction ) ( NNS funds ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN space ) ( NN station ) ) ) ) ) ) ) ) ) )

These costs will complicate the budget picture in fiscal 1991 and the measure further commits Congress to a set of costly projects including the first construction funds for the space station


( S ( S ( NP-SBJ-1 ( DT The ) ( NN station ) ) ( VP ( VBZ is ) ( VP ( VBN promised ) ( NP ( NP ( QP ( CD 1.8 ) ( CD billion ) ) ) ( PP ( IN within ) ( NP ( NP ( DT the ) ( QP ( CD 5.36 ) ( CD billion ) ) ) ( VP ( VBN provided ) ( PP-CLR ( IN for ) ( NP ( NN research ) ( CC and ) ( NN development ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP National ) ( NNP Aeronautics ) ( CC and ) ( NNP Space ) ( NNP Administration ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ high-speed ) ( NN aerospace ) ( NN plane ) ) ( PRN ( VP ( VBN cut ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Senate ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB receive ) ( NP ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD 60 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ new ) ( NNS funds ) ) ( CC or ) ( NP ( NNS transfers ) ) ) ) ) ) ) ) )

The station is promised 1.8 billion within the 5.36 billion provided for research and development in the National Aeronautics and Space Administration and the nation 's high-speed aerospace plane cut by the Senate could receive as much as 60 million in new funds or transfers