( S ( S-ADV ( VP ( VBN Rated ) ( ADJP ( JJ triple-A ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NNP S&P ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP BT ) ( NNPS Securities ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNPS Bankers ) ( NNP Trust ) ( NNP New ) ( NNP York ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) )

Rated triple-A by Moody 's and S&P the issue will be sold through underwriters led by BT Securities a subsidiary of Bankers Trust New York Corp


( S ( NP-SBJ ( NP ( NN Law ) ( NNS firms ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN feasted ) ( CC and ) ( VBN grown ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN revenue ) ) ( PP ( IN from ) ( NP ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ( NN work ) ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG feeling ) ( NP ( DT the ) ( NN squeeze ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT that ) ( NN work ) ) ( VP ( VBZ declines ) ) ) ) ) ) )

Law firms that have feasted and grown on the revenue from mergers and acquisitions work are feeling the squeeze as that work declines


( S ( NP-SBJ ( NP ( DT The ) ( NN disarray ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT a ) ( NN credit ) ( NN crunch ) ) ( PP-LOC ( IN at ) ( NP ( NNP Campeau ) ( NNP Corp. ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB deliver ) ( NP ( NP ( NN financing ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ leveraged ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNPS Airlines ) ( NN parent ) ( NNP UAL ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN reverberated ) ( PP ( IN through ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN law ) ( NNS firms ) ) ) ) ) ) ) )

The disarray in the junk-bond market that began last month with a credit crunch at Campeau Corp. and the failure of banks to deliver financing for a leveraged buy-out of United Airlines parent UAL Corp. has reverberated through some of the nation 's largest law firms


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( ADJP-PRD ( RB too ) ( JJ early ) ( S ( VP ( TO to ) ( VP ( VB tell ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NN dearth ) ) ( PP ( IN of ) ( NP ( NN takeover ) ( NN activity ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB only ) ( JJ temporary ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS lawyers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS firms ) ) ( VP ( VBP are ) ( VP ( VBG bracing ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR lower ) ( NN revenue ) ) ( PP ( IN from ) ( NP ( NP ( NN merger ) ( NN work ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( RB so ) ( JJ lucrative ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

While it is still too early to tell whether the dearth of takeover activity is only temporary many lawyers say their firms are bracing for lower revenue from merger work which has been so lucrative in the past


( S ( NP-SBJ-1 ( NP ( RB Much ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN work ) ) ) ) ( VP ( VP ( VBD was ) ( VP ( VBN done ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR higher ) ( NNS fees ) ) ( PP ( IN than ) ( NP ( JJ other ) ( JJ legal ) ( NN work ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( RB not ) ( ADVP ( RB generally ) ) ( VP ( VBN billed ) ( PP-MNR ( IN by ) ( NP ( DT the ) ( NN hour ) ) ) ) ) ) )

Much of this work was done for higher fees than other legal work and was not generally billed by the hour


( SINV ( S-TPC-3 ( SBAR-ADV ( IN If ) ( S ( S ( NP-SBJ ( NNS deals ) ) ( VP ( VBP take ) ( ADVP-CLR ( RBR longer ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB complete ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJR fewer ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB bill ) ( NP ( NP ( DT the ) ( JJ same ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN premium ) ) ) ( PP ( IN as ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNS deals ) ) ( VP ( VBD took ) ( NP ( DT a ) ( JJ few ) ( NNS weeks ) ) ( PP ( PP ( IN from ) ( NP ( NN start ) ) ) ( PP ( TO to ) ( NP ( VB finish ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( CD one ) ( NN lawyer ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ large ) ( NNP New ) ( NNP York ) ( NN firm ) ) ) ) )

If deals take longer to complete and there are fewer of them to do you ca n't bill the same kind of premium as when deals took a few weeks from start to finish says one lawyer at a large New York firm


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG planning ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ rip-roaring ) ( NN year ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ) ) ) ( CC but ) ( S ( NP-TMP ( JJ next ) ( NN year ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( NP-PRD ( DT another ) ( NN story ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Freedman ) ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( NNP Simpson ) ( NNP Thacher ) ( CC & ) ( NNP Bartlett ) ) ) ) ) )

We 're planning on a rip-roaring year in 1989 but next year we 'll be another story said Robert Freedman a partner at Simpson Thacher & Bartlett


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG settling ) ( PRT ( RP down ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( ADJP ( RBR less ) ( JJ active ) ) ( NN period ) ) ) ) ) )

We 're settling down to a less active period


( S ( NP-SBJ ( NP ( NNS Lawyers ) ) ( PP-LOC ( IN at ) ( NP ( NP ( JJ such ) ( NNS firms ) ) ( PP ( IN as ) ( NP ( NP ( NNP Sullivan ) ( CC & ) ( NNP Cromwell ) ) ( NP ( NNP Willkie ) ( NNP Farr ) ( CC & ) ( NNP Gallagher ) ) ( NP ( NNP Wachtell ) ( NNP Lipton ) ( NNP Rosen ) ( CC & ) ( NNP Katz ) ) ( CC and ) ( NP ( NNP Fried ) ( NNP Frank ) ( NNP Harris ) ( NNP Shriver ) ( CC & ) ( NNP Jacobson ) ) ) ) ) ) ) ( DT all ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB too ) ) ( VP ( VBP have ) ( VP ( VBN experienced ) ( NP ( DT a ) ( JJ significant ) ( NN slowdown ) ) ( PP-TMP ( ADVP ( RB particularly ) ) ( IN during ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS weeks ) ) ) ) ) ) ) ) )

Lawyers at such firms as Sullivan & Cromwell Willkie Farr & Gallagher Wachtell Lipton Rosen & Katz and Fried Frank Harris Shriver & Jacobson all say they too have experienced a significant slowdown particularly during the past few weeks


( SINV ( S-TPC-3 ( NP-SBJ-2 ( NN Everyone ) ) ( VP ( VBZ is ) ( VP ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( SBAR ( IN if ) ( S ( NP-SBJ-1 ( NNS deals ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN done ) ( PP-LOC-CLR ( IN at ) ( NP ( NN sensible ) ( NNS prices ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN if ) ( S ( NP-SBJ ( NN money ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ available ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Nusbaum ) ) ( NP ( NP ( NN co-chairman ) ) ( PP ( IN of ) ( NP ( NNP Willkie ) ( NNP Farr ) ) ) ) ) )

Everyone is waiting to see if deals can be done at sensible prices and if money is available said Jack Nusbaum co-chairman of Willkie Farr


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-1 ( VP ( TO to ) ( VP ( VB know ) ( ADVP-TMP ( RB right ) ( RB now ) ) ( SBAR ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN change ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ fundamental ) ( CC or ) ( JJ cyclical ) ) ) ) ) ) ) ) ) )

It 's hard to know right now if the change is fundamental or cyclical


( S ( NP-SBJ ( DT Some ) ( NNS lawyers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN slump ) ) ( SBAR-ADV ( IN while ) ( S ( ADJP-PRD ( RBR more ) ( JJ obvious ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ( VP ( VBD began ) ( NP-TMP ( RB earlier ) ( DT this ) ( NN year ) ) ) ) ) ) )

Some lawyers say the slump while more obvious in recent weeks began earlier this year


( S ( NP-SBJ ( NP ( NNP Dennis ) ( NNP Block ) ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Weil ) ( NNP Gotshal ) ( CC & ) ( NNP Manges ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ-1 ( CD 89 ) ( JJ hostile ) ( NNS offers ) ) ( VP ( VBD were ) ( VP ( VBN launched ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 157 ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ( X ( IN of ) ) ) ) ) ) ) ) ) ) ) ) )

Dennis Block a partner at the New York firm of Weil Gotshal & Manges said that in the first eight months of this year 89 hostile offers were launched compared with 157 for the first eight months of


( S-2 ( SBAR-ADV ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ 's ) ( ADJP-PRD ( JJR more ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( S ( NP-SBJ ( NNS transactions ) ) ( VP ( VBP are ) ( VP ( VBG taking ) ( NP ( DT a ) ( ADJP ( RB much ) ( JJR longer ) ) ( NN time ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB conclude ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ many ) ) ( VP ( VBP fall ) ( PRT ( RP apart ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( NN financing ) ) ) ) ( CC and ) ( NP ( NP ( ADJP ( RBR more ) ( JJ stringent ) ) ( NN scrutiny ) ) ( PP ( IN by ) ( NP ( NN state ) ( NNS courts ) ) ) ) ) ) ) ) )

What 's more he said transactions are taking a much longer time to conclude and many fall apart for lack of financing and more stringent scrutiny by state courts


( S ( NP-SBJ ( NNS Lawyers ) ) ( ADVP ( RB also ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT an ) ( JJ erratic ) ( NN stock ) ( NN market ) ) ( CC and ) ( NP ( JJ uncertain ) ( NN financing ) ( NNS conditions ) ) ) ( VP ( VBP have ) ( ADVP-EXT ( RB sharply ) ) ( VP ( VBN reduced ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ lucrative ) ( JJ big ) ( NNS deals ) ) ) ( ADJP ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN proposed ) ) ) ) ) ) ) ) ) ) ) ) )

Lawyers also say an erratic stock market and uncertain financing conditions have sharply reduced the number of lucrative big deals likely to be proposed


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( DT some ) ( NNS lawyers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS mergers ) ( NN slowdown ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN affected ) ( NP ( JJ foreign ) ( NNS buyers ) ) ( ADVP-EXT ( ADVP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( JJ domestic ) ( NNS ones ) ) ) ) ) ) ) ) ) )

Still some lawyers say the mergers slowdown has n't affected foreign buyers as much as domestic ones


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( ADVP ( RB just ) ) ( VP ( VBD took ) ( NP ( DT another ) ( NN floor ) ) ( PP ( IN for ) ( NP ( PRP$ our ) ( NNP London ) ( NNS offices ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joseph ) ( NNP Flom ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Skadden ) ( NNP Arps ) ( NNP Slate ) ( NNP Meagher ) ( CC & ) ( NNP Flom ) ) ) ) ) ) )

We just took another floor for our London offices said Joseph Flom of the New York firm of Skadden Arps Slate Meagher & Flom


( S ( NP-SBJ ( NNP Davis ) ( NNP Polk ) ( CC & ) ( NNP Wardwell ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ international ) ( NNS clients ) ) ( VP ( VBP are ) ( VP ( VBG keeping ) ( S ( NP-SBJ ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ( NNS partners ) ) ( ADJP-PRD ( JJ busy ) ) ) ) ) ) ) ) )

Davis Polk & Wardwell also said its international clients are keeping mergers and acquisitions partners busy


( SINV ( S-TPC-2 ( NP-SBJ-1 ( JJ European ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( JJ American ) ( NNS ones ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Henry ) ( NNP King ) ) ( NP ( NP ( DT the ) ( NN managing ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( DT that ) ( NN firm ) ) ) ) ) )

European companies are looking to buy American ones said Henry King the managing partner at that firm


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN question ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN whether ) ( S ( NP-SBJ ( NP ( NNS things ) ) ( SBAR ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ) ) ) ) ) ) ( VP ( MD will ) ( ADVP ( RB actually ) ) ( VP ( VB surface ) ( PP-LOC ( IN in ) ( NP ( JJ live ) ( NNS transactions ) ) ) ( PP ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ current ) ( NN market ) ( NNS conditions ) ) ) ) ) ) ) ) ) ) )

But the question is whether things people are looking at will actually surface in live transactions in light of the current market conditions


( S-HLN ( NP-SBJ ( NN MURDER ) ( NN THREAT ) ) ( VP ( VBN charged ) ( PP-LOC ( IN in ) ( NP ( NNP Haas ) ( NNPS Securities ) ( NNP Corp ) ( NN stock-manipulation ) ( NN trial ) ) ) ) )

MURDER THREAT charged in Haas Securities Corp stock-manipulation trial


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN trial ) ) ( PP ( IN of ) ( NP ( JJ former ) ( NNP Haas ) ( NNPS Securities ) ( NNP Chairman ) ( NNP Eugene ) ( NNP Laff ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN defense ) ) ( VP ( VBD accused ) ( NP-1 ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ chief ) ( NNS witnesses ) ) ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG threatening ) ( S ( VP ( TO to ) ( VP ( VB kill ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ) ) ) ) ) ) ) )

In the trial of former Haas Securities Chairman Eugene Laff the defense accused one of the government 's chief witnesses of threatening to kill Mr. Laff


( S ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Laff ) ( POS 's ) ) ( NN attorney ) ) ( NP ( NNP John ) ( NNP Lang ) ) ) ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( NN memorandum ) ) ( VP ( VBG asking ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN trial ) ( NN record ) ) ( VP ( VB include ) ( NP ( NP ( DT a ) ( ADJP ( RB secretly ) ( VBN taped ) ) ( NN conversation ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN witness ) ) ( NP ( NNP Henry ) ( NNP Lorin ) ) ) ( VP ( VBD told ) ( NP ( DT a ) ( NNP Haas ) ( NN stockbroker ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Laff ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN killed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Laff 's attorney John Lang filed a memorandum asking that the trial record include a secretly taped conversation in which the witness Henry Lorin told a Haas stockbroker that Mr. Laff should be killed


( S ( NP-SBJ-1 ( DT The ) ( NN conversation ) ) ( VP ( VBD was ) ( VP ( VBN taped ) ( PP ( IN by ) ( NP-LGS ( JJ federal ) ( NNS investigators ) ) ) ( PP ( IN in ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lang ) ) ( VP ( VBD said ) ( S ( VP ( VBD was ) ( NP-PRD ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lorin ) ) ( VP ( TO to ) ( VP ( VB implicate ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The conversation was taped by federal investigators in what Mr. Lang said was an effort to get Mr. Lorin to implicate Mr. Laff


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ his ) ( VBG opening ) ( NNS arguments ) ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ federal ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lang ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NN jury ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lorin ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ real ) ( NN master ) ( NN criminal ) ) ( PP ( IN behind ) ( NP ( DT the ) ( NN stock ) ( NN manipulation ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Laff ) ) ( VP ( VBD knew ) ( NP ( NN nothing ) ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

In his opening arguments last week in federal court in New York Mr. Lang told the jury that Mr. Lorin was the real master criminal behind the stock manipulation and that Mr. Laff knew nothing about it


( S ( PP-TMP ( IN In ) ( NP ( NNP March ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Laff ) ) ( VP ( VBD was ) ( VP ( VBN indicted ) ( PP-CLR ( IN on ) ( NP ( NP ( CD 15 ) ( NNS counts ) ) ( PP ( IN of ) ( NP ( NP ( NN conspiracy ) ) ( NP ( NN mail ) ( CC and ) ( NNS securities ) ( NN fraud ) ) ( CC and ) ( S-NOM ( VP ( VBG obstructing ) ( NP ( NP ( DT an ) ( NN investigation ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) ) ) ) ) ) )

In March Mr. Laff was indicted on 15 counts of conspiracy mail and securities fraud and obstructing an investigation by the Securities and Exchange Commission


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBN charged ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Lorin ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN conspiracy ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNS stocks ) ) ) ) ( PP-LOC-CLR ( IN at ) ( NP ( ADJP ( RB artificially ) ( JJ high ) ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The government has charged that Mr. Lorin and Mr. Laff were part of a conspiracy to maintain the prices of certain stocks at artificially high prices


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Lorin ) ) ( NP ( DT a ) ( NN stock ) ( NN promoter ) ) ) ( VP ( VP ( VBD pleaded ) ( ADJP ( JJ guilty ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN stock-manipulation ) ( NNS charges ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ( CC and ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB cooperate ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN investigation ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ) ) ) ) ) ) ) ) )

Mr. Lorin a stock promoter pleaded guilty to the stock-manipulation charges in April and agreed to cooperate with the government 's investigation of Mr. Laff


( S ( PP-TMP ( IN During ) ( NP ( NP ( PRP$ his ) ( NN cross ) ( NN examination ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Lorin ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lang ) ) ( VP ( VBD read ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NNS transcripts ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN conversation ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN taped ) ( NP-TMP ( NNP Oct. ) ( CD 20 ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) )

During his cross examination of Mr. Lorin Mr. Lang read from the transcripts of a conversation that was taped Oct. 20 1988


( S ( NP-SBJ-3 ( NP ( NNP Stanley ) ( NNP Aslanian ) ) ( NP ( NP ( DT the ) ( NNP Haas ) ( NN broker ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB carry ) ( NP ( DT a ) ( JJ hidden ) ( NN microphone ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN conversation ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN pleaded ) ( ADJP ( JJ guilty ) ) ( PP-CLR ( TO to ) ( NP ( NN conspiracy ) ( S ( VP ( TO to ) ( VP ( VB commit ) ( NP ( NNS securities ) ( NNS violations ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN manipulation ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB cooperate ) ) ) ) ) ) ) )

Stanley Aslanian the Haas broker who agreed to carry a hidden microphone during the conversation also has pleaded guilty to conspiracy to commit securities violations in the stock manipulation and agreed to cooperate


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( DT the ) ( NN transcript ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lorin ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Laff ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN killed ) ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Aslanian ) ) ( VP ( VBD told ) ( NP ( PRP him ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN information ) ) ( VP ( VBN given ) ( PP-DTV ( TO to ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ) ( PP ( IN by ) ( NP-LGS ( DT another ) ( NN conspirator ) ) ) ) ) ( VP ( MD could ) ( VP ( VB jeopardize ) ( NP ( DT the ) ( NN stock ) ( NN scheme ) ) ) ) ) ) ) ) ) ) )

According to the transcript Mr. Lorin said Mr. Laff should be killed after Mr. Aslanian told him that information given to Mr. Laff by another conspirator could jeopardize the stock scheme


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lorin ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBD repeated ) ( NP ( DT the ) ( NN threat ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Aslanian ) ) ( VP ( VBD urged ) ( NP-1 ( PRP him ) ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB say ) ( NP ( JJ such ) ( NNS things ) ) ) ) ) ) ) )

Mr. Lorin then repeated the threat and Mr. Aslanian urged him not to say such things


( S ( PP ( IN From ) ( NP ( NP ( DT the ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transcript ) ) ) ( VP ( VBN read ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Lang ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unclear ) ) ( SBAR-2 ( WHNP-1 ( WHNP ( WP what ) ) ( ADVP ( RB exactly ) ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lorin ) ) ( VP ( VBD feared ) ( SBAR ( S ( VP ( MD might ) ( VP ( VB happen ) ) ) ) ) ) ) ) ) )

From the parts of the transcript read by Mr. Lang it was unclear what exactly Mr. Lorin feared might happen


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( VP ( VBN asked ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN copy ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transcript ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Lang ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Judge ) ( NNP Thomas ) ( NNP P. ) ( NNP Griesa ) ) ( VP ( VBD had ) ( VP ( VBN instructed ) ( NP-4 ( PRP him ) ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB release ) ( NP ( NP ( PRP it ) ) ( CC or ) ( NP ( DT the ) ( NN memorandum ) ) ) ) ) ) ) ) ) ) ) )

When asked for a copy of the transcript Mr. Lang said Judge Thomas P. Griesa had instructed him not to release it or the memorandum


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( NN trial ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Lang ) ) ( VP ( VBD asked ) ( NP ( NNP Mr. ) ( NNP Lorin ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( RB so ) ( JJ upset ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBD considered ) ( S ( VP ( VBG killing ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ) ) ) ) ) ) ) ) ) ) ) )

During the trial Mr. Lang asked Mr. Lorin whether he had been so upset that you considered killing Mr. Laff


( SQ ( VBZ Is ) ( RB n't ) ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ true ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB so ) ( VBN worked ) ( PRT ( RP up ) ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG framing ) ( NP ( NNP Mr. ) ( NNP Laff ) ) ( PP-CLR ( IN for ) ( NP ( DT this ) ( NN crime ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJS least ) ) ( SBAR ( WHNP-4 ( IN that ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD planned ) ( PP-CLR ( IN for ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Is n't it true that you were so worked up that framing Mr. Laff for this crime was the least that you planned for him


( S ( NP-SBJ ( NNP Mr. ) ( NNP Lorin ) ) ( VP ( VBD responded ) ( INTJ ( UH No ) ) ) )

Mr. Lorin responded No


( S ( SBAR-TPC ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Lang ) ) ( VP ( VBD asked ) ( NP ( NNP Mr. ) ( NNP Lorin ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN taken ) ( NP ( NP ( NNS steps ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Laff ) ) ( VP ( VBD killed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN witness ) ) ( ADVP ( RB again ) ) ( VP ( VBD said ) ( INTJ ( UH no ) ) ) )

When Mr. Lang asked Mr. Lorin whether he had taken steps to have Mr. Laff killed the witness again said no


( S ( NP-SBJ-1 ( NP ( NNP Peter ) ( NNP Lieb ) ) ( NP ( NP ( DT the ) ( JJ assistant ) ( NNP U.S. ) ( NN attorney ) ) ( VP ( VBG prosecuting ) ( NP ( DT the ) ( NN case ) ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN trial ) ) ) ) ) ) ) )

Peter Lieb the assistant U.S. attorney prosecuting the case declined to comment on the trial


( S-HLN ( NP-SBJ ( NP ( NN TRUSTEE ) ) ( SBAR ( WHNP-1 ( WP WHO ) ) ( S ( VP ( VBD MONITORED ) ( NP ( NP ( NN settlement ) ( NNS payments ) ) ( PP ( TO to ) ( NP ( NNP Dalkon ) ( NNP Shield ) ( NNS claimants ) ) ) ) ) ) ) ) ( VP ( VBZ quits ) ) )

TRUSTEE WHO MONITORED settlement payments to Dalkon Shield claimants quits


( S ( NP-SBJ-1 ( NP ( NNP Stephen ) ( NN A. ) ( NNP Saltzburg ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( CD five ) ( NNS trustees ) ) ( VP ( VBN appointed ) ( S ( VP ( TO to ) ( VP ( VB monitor ) ( NP ( NP ( NNS payments ) ) ( PP ( TO to ) ( NP ( NP ( NNS women ) ) ( VP ( VBN injured ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Dalkon ) ( NNP Shield ) ( JJ intrauterine ) ( NN contraceptive ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD resigned ) ( S-ADV ( VP ( VBG citing ) ( NP ( JJ personal ) ( NNS reasons ) ) ) ) ) )

Stephen A. Saltzburg one of five trustees appointed to monitor payments to women injured by the Dalkon Shield intrauterine contraceptive resigned citing personal reasons


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Saltzburg ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBZ teaches ) ( NP ( NN evidence ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NAC ( NNP University ) ( PP ( IN of ) ( NP ( NNP Virginia ) ) ) ) ( NNP School ) ) ( PP ( IN of ) ( NP ( NNP Law ) ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN deputy ) ( NN assistant ) ( NN attorney ) ( NN general ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Justice ) ( NNP Department ) ) ) ) ( PP-TMP ( IN until ) ( NP ( NNP August ) ) ) ) ) ) ) ) ( VP ( VBD submitted ) ( NP ( PRP$ his ) ( NN resignation ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ federal ) ( NNP Judge ) ( NNP Robert ) ( NNP R. ) ( NNP Merhige ) ( NNP Jr. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Richmond ) ( NNP Va ) ) ) ) ) ) )

Mr. Saltzburg who teaches evidence at the University of Virginia School of Law and was a deputy assistant attorney general in the U.S. Justice Department until August submitted his resignation earlier this month to federal Judge Robert R. Merhige Jr. in Richmond Va


( S ( NP-SBJ ( NNP Judge ) ( NNP Merhige ) ) ( VP ( VBZ is ) ( VP ( VBG overseeing ) ( NP ( NP ( DT the ) ( NN bankruptcy-law ) ( NN reorganization ) ) ( PP ( IN of ) ( NP ( NP ( NNP A.H. ) ( NNP Robins ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD manufactured ) ( NP ( DT the ) ( NN shield ) ) ) ) ) ) ) ) ) ) ) )

Judge Merhige is overseeing the bankruptcy-law reorganization of A.H. Robins Co. the company that manufactured the shield


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN letter ) ) ( NP-TMP ( NNP Monday ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Saltzburg ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN judge ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( ADVP-MNR ( RB reluctantly ) ) ( VP ( VB accept ) ( NP ( DT the ) ( NN resignation ) ) ) ) ) ) ) )

In a letter Monday to Mr. Saltzburg the judge said he would reluctantly accept the resignation


( S ( NP-SBJ-1 ( DT The ) ( ADJP ( QP ( CD 2.38 ) ( CD billion ) ) ) ( NNP Dalkon ) ( NNP Shield ) ( NNPS Claimants ) ( NNP Trust ) ) ( VP ( VBD was ) ( VP ( VBN established ) ( PP-MNR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP A.H. ) ( NNP Robins ) ( POS ' ) ) ( NN bankruptcy-reorganization ) ( NN plan ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( NP ( NN injury ) ( NNS claims ) ) ( VP ( VBG arising ) ( PP-CLR ( IN from ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN shield ) ) ) ) ) ) ) ) ) ) ) ) )

The 2.38 billion Dalkon Shield Claimants Trust was established as part of A.H. Robins ' bankruptcy-reorganization plan to resolve injury claims arising from use of the shield


( S ( NP-SBJ-1 ( NNP American ) ( NNP Home ) ( NNPS Products ) ( NNP Corp. ) ) ( VP ( VBZ proposes ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) )

American Home Products Corp. proposes to acquire the company


( S ( NP-SBJ ( NP ( DT The ) ( VBG remaining ) ( CD four ) ( NNS trustees ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNPS Claimants ) ( NNP Trust ) ) ) ) ( VP ( VBP have ) ( NP ( NP ( CD 60 ) ( NNS days ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB nominate ) ( NP ( NP ( DT a ) ( NN successor ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Saltzburg ) ) ) ) ) ) ) ) ) ) )

The remaining four trustees on the Claimants Trust have 60 days to nominate a successor to Mr. Saltzburg


( S ( NP-SBJ ( NNP Judge ) ( NNP Merhige ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( DT the ) ( NN appointment ) ) ) ) )

Judge Merhige will make the appointment


( S-HLN ( NP-SBJ ( NNP CHICAGO ) ( NN LAW ) ( NN FIRM ) ) ( VP ( VBZ recruits ) ( NP ( NNP American ) ( NNP Express ) ( NNP Co. ) ( NN vice ) ( NN president ) ) ) )

CHICAGO LAW FIRM recruits American Express Co. vice president


( S ( NP-SBJ ( NNP Coffield ) ( NNP Ungaretti ) ( NNP Harris ) ( CC & ) ( NNP Slavin ) ) ( VP ( VBD brought ) ( PRT ( RBR in ) ) ( NP ( RP Howard ) ( NN A. ) ( NNP Menell ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( NNP Washington ) ( NNP D.C. ) ( NN office ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBN opened ) ( NP-TMP ( NNP Oct. ) ( CD 1 ) ) ) ) ) ) ) ) ) ) )

Coffield Ungaretti Harris & Slavin brought in Howard A. Menell as a partner in its Washington D.C. office which opened Oct. 1


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ past ) ( CD six ) ( NNS years ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Menell ) ) ( ADJP ( NP ( CD 43 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD served ) ( PP-CLR ( IN as ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( NN government ) ( NNS affairs ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP American ) ( NNP Express ) ) ) ) ) ) )

For the past six years Mr. Menell 43 years old served as vice president for government affairs at American Express


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB previously ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN staff ) ( NN director ) ( CC and ) ( NN counsel ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Senate ) ( NN committee ) ) ( PP ( IN on ) ( NP ( NP ( NN banking ) ) ( NP ( NN housing ) ) ( CC and ) ( NP ( JJ urban ) ( NNS affairs ) ) ) ) ) ) ) ) )

He previously was staff director and counsel for the Senate committee on banking housing and urban affairs


( S ( NP-SBJ ( NP ( DT The ) ( JJ other ) ( NN lawyer ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN office ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN partner ) ( NNP Robert ) ( NN A. ) ( NNP Macari ) ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( JJ legislative ) ( NN director ) ) ) ) )

The other lawyer in the office is partner Robert A. Macari the firm 's legislative director


( S-HLN ( NP-SBJ ( NP ( DT THE ) ( NNP PHILADELPHIA ) ( NN law ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Ballard ) ( NNP Spahr ) ( NNP Andrews ) ( CC & ) ( NNP Ingersoll ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( CD three ) ( NNS partners ) ) ( VP ( VBP have ) ( VP ( VBN joined ) ( NP ( PRP$ its ) ( NN business ) ( CC and ) ( NN finance ) ( NN department ) ) ) ) ) ) ) )

THE PHILADELPHIA law firm of Ballard Spahr Andrews & Ingersoll said three partners have joined its business and finance department


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Ake ) ) ( NP ( CD 48 ) ) ( NP ( NP ( DT a ) ( JJ former ) ( NN vice-president ) ) ( PP ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( JJ legal ) ( NN compliance ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP American ) ( NNP Capital ) ( NNP Management ) ( CC & ) ( NNP Research ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Houston ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB join ) ( NP ( NP ( NNP Ballard ) ( NNP Spahr ) ( POS 's ) ) ( JJ corporate-securities ) ( NN practice ) ) ) ) )

John Ake 48 a former vice-president in charge of legal compliance at American Capital Management & Research Inc. in Houston will join Ballard Spahr 's corporate-securities practice


( S ( NP-SBJ ( NP ( NNP Kent ) ( NNP Walker ) ) ( NP ( CD 45 ) ) ( NP ( NP ( DT a ) ( JJ former ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Philadelphia ) ( NN law ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Mesirov ) ( NNP Gelman ) ( NNP Jaffe ) ( NNP Cramer ) ( CC & ) ( NNP Jamieson ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB specialize ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ antitrust ) ) ( NP ( JJ real ) ( NN estate ) ) ( CC and ) ( NP ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ) ) ) ) ) )

Kent Walker 45 a former partner at the Philadelphia law firm of Mesirov Gelman Jaffe Cramer & Jamieson will specialize in antitrust real estate and mergers and acquisitions


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP L. ) ( NNP Sherman ) ) ( NP ( CD 42 ) ) ) ( VP ( MD will ) ( VP ( VB advise ) ( NP ( JJ midsized ) ( NNS businesses ) ) ) ) )

Richard L. Sherman 42 will advise midsized businesses


( S ( NP-SBJ ( NNP Mr. ) ( NNP Sherman ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ former ) ( NN deputy ) ( JJ general ) ( NN counsel ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP SmithKline ) ( NNP Beckman ) ( NNP Corp. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ) ) ) ( RRC ( ADVP-TMP ( RB now ) ) ( NP ( NP ( NNP SmithKline ) ( NNP Beecham ) ( NNP PLC ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) ) ) )

Mr. Sherman is former deputy general counsel for SmithKline Beckman Corp. in Philadelphia now SmithKline Beecham PLC in London


( S ( NP-SBJ ( NP ( NP ( DT A ) ( NN round ) ) ( PP ( IN of ) ( NP ( JJ futures-related ) ( NN program ) ( NN selling ) ) ) ) ( PP-TMP ( IN near ) ( NP ( DT the ) ( NN close ) ) ) ) ( VP ( VBD sent ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( ADVP-DIR ( RBR lower ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB otherwise ) ( JJ directionless ) ) ( NN trading ) ) ) ) )

A round of futures-related program selling near the close sent the stock market lower in otherwise directionless trading


( S ( NP-SBJ ( NN Nervousness ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN seen ) ( NP ( NP ( DT the ) ( JJ last ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ recent ) ( NN volatility ) ) ) ) ) ) ) ) ) ( VP ( VBD kept ) ( S ( NP-SBJ ( NN trading ) ) ( PP-PRD ( IN at ) ( NP ( DT a ) ( JJ moderate ) ( NN pace ) ) ) ) ( SBAR-ADV ( IN as ) ( SINV ( VBD did ) ( NP-SBJ ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN report ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( JJ third-quarter ) ( NN performance ) ) ) ) ) ) ) ) ) )

Nervousness that the market has n't seen the last of its recent volatility kept trading at a moderate pace as did anticipation of a report on the economy 's third-quarter performance


( S ( NP-SBJ ( NP ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD plunged ) ( NP-EXT ( QP ( JJR more ) ( IN than ) ( CD 80 ) ) ( NNS points ) ) ( PP-LOC ( IN in ) ( NP ( JJ early ) ( NN trading ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ( CC and ) ( ADVP ( RB then ) ) ( VP ( VBD recovered ) ( NP ( NP ( RB nearly ) ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS losses ) ) ) ) ( PP-TMP ( IN by ) ( NP ( DT the ) ( NN close ) ) ) ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 5.94 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2653.28 ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJS latest ) ( NN session ) ) ) ) )

The Dow Jones Industrial Average which plunged more than 80 points in early trading Tuesday and then recovered nearly all of its losses by the close fell 5.94 to 2653.28 in the latest session


( S ( NP-SBJ ( DT The ) ( NN average ) ) ( VP ( VBD drifted ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN trading ) ( NN range ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 30 ) ) ( NNS points ) ) ) ) ) ( PP-TMP ( IN throughout ) ( NP ( DT the ) ( NN day ) ) ) ) )

The average drifted in a trading range of about 30 points throughout the day


( S ( S ( NP-SBJ-1 ( DT The ) ( JJR lower ) ( NN boundary ) ) ( VP ( VBD was ) ( VP ( VBN established ) ( PP-TMP ( ADVP ( RB just ) ) ( IN after ) ( NP ( DT the ) ( NN opening ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ brief ) ( NN round ) ) ( PP ( IN of ) ( NP ( NN selling ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( DT the ) ( JJ upper ) ( NN boundary ) ) ( VP ( VBD was ) ( VP ( VBN set ) ( PP-TMP ( IN at ) ( NP ( NN midday ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ scattered ) ( NN bargain-hunting ) ) ( VP ( VBD pushed ) ( NP ( NNS prices ) ) ( ADVP-DIR ( RBR higher ) ) ) ) ) ) ) ) )

The lower boundary was established just after the opening in a brief round of selling the upper boundary was set at midday as scattered bargain-hunting pushed prices higher


( S ( NP-SBJ ( NP ( NN Buying ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( NP ( NNP Du ) ( NNP Pont ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD declared ) ( NP ( NP ( DT a ) ( NN stock ) ( NN split ) ) ( CC and ) ( NP ( DT a ) ( NN dividend ) ( NN boost ) ) ) ) ) ) ) ( CC and ) ( NP ( JJ certain ) ( JJ other ) ( JJ blue-chip ) ( NNS issues ) ) ) ) ) ( VP ( VBD gave ) ( NP ( DT the ) ( JJ industrial ) ( NN average ) ) ( NP ( NP ( DT a ) ( JJR better ) ( NN performance ) ) ( PP ( IN than ) ( NP ( JJR broader ) ( NNS indexes ) ) ) ) ) )

Buying interest in Du Pont which declared a stock split and a dividend boost and certain other blue-chip issues gave the industrial average a better performance than broader indexes


( S ( S ( NP-SBJ ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP 500-Stock ) ( NNP Index ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 1.20 ) ) ( PP-DIR ( TO to ) ( NP ( CD 342.50 ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN decline ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ nine-point ) ( NN setback ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ 30-stock ) ( NN average ) ) ) ) ) ) ) ) )

Standard & Poor 's 500-Stock Index dropped 1.20 to 342.50 the decline was the equivalent of a nine-point setback in the 30-stock average


( S ( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Equity ) ( NNP Market ) ( NNP Index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.16 ) ) ( PP-DIR ( TO to ) ( NP ( CD 320.94 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 0.53 ) ) ( PP-DIR ( TO to ) ( NP ( CD 189.52 ) ) ) ) ) )

The Dow Jones Equity Market Index fell 1.16 to 320.94 and the New York Stock Exchange Composite Index slid 0.53 to 189.52


( S ( CC But ) ( NP-SBJ ( VBG advancing ) ( NNS issues ) ) ( VP ( VBD topped ) ( NP ( NNS decliners ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 784 ) ) ( PP ( TO to ) ( NP ( CD 700 ) ) ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT the ) ( JJ late ) ( NN sell ) ( NNS programs ) ) ( VP ( VBG resulting ) ( PP-CLR ( IN from ) ( NP ( NN stock-index ) ( NN arbitrage ) ) ) ) ) ) ) )

But advancing issues topped decliners by 784 to 700 on the Big Board despite the late sell programs resulting from stock-index arbitrage


( S ( NP-SBJ ( DT The ) ( NNS programs ) ) ( VP ( VBD occurred ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NN backdrop ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ late ) ( NN pullback ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP UAL ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN held ) ( PP-CLR ( IN at ) ( NP ( ADJP ( RB slightly ) ( JJR lower ) ) ( NNS levels ) ) ) ( PP-TMP ( IN through ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN session ) ) ) ) ) ( PP ( IN amid ) ( NP ( NN optimism ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT another ) ( NN bidder ) ) ( VP ( MD might ) ( VP ( VB surface ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The programs occurred against the backdrop of a late pullback in UAL which had held at slightly lower levels through most of the session amid optimism that another bidder might surface


( S ( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN program ) ( NN activity ) ) ( VP ( VBD was ) ( RB n't ) ( PP-PRD ( IN in ) ( NP ( NN evidence ) ) ) ( PP-TMP ( IN through ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN session ) ) ) ) ) ( ADVP ( RB however ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Big ) ( NNP Board ) ( NN volume ) ) ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( CD 155,650,000 ) ( NNS shares ) ) ) ( PP-DIR ( IN from ) ( NP ( IN about ) ( CD 238 ) ( CD million ) ) ( NP-TMP ( NNP Tuesday ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN potential ) ) ( PP ( IN for ) ( NP ( NP ( JJ additional ) ( JJ sharp ) ( NNS swings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ( VP ( VBD kept ) ( S ( NP-SBJ ( JJ other ) ( NN trading ) ) ( PP-PRD ( IN in ) ( NP ( NN check ) ) ) ) ) ) ) ) ) )

Traders said program activity was n't in evidence through most of the session however and Big Board volume dropped to 155,650,000 shares from about 238 million Tuesday as concerns about the potential for additional sharp swings in the market kept other trading in check


( S ( NP-SBJ-1 ( NNS People ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADVP ( RB sort ) ( RB of ) ) ( JJ nervous ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NN anything ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) )

People are sort of nervous to do anything in the market now


( SINV ( S-TPC-1 ( NP-SBJ ( PRP$ Our ) ( NNS phones ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ quiet ) ) ( PP-LOC ( IN around ) ( ADVP ( RB here ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Don ) ( NNP R. ) ( NNP Hays ) ) ( NP ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN investment ) ( NN strategy ) ) ) ) ( PP ( IN at ) ( NP-LOC ( NP ( NNP Wheat ) ( NNP First ) ( NNP Butcher ) ( CC & ) ( NNP Singer ) ( NNP Inc. ) ) ( NP-LOC ( NNP Richmond ) ( NNP Va ) ) ) ) ) ) )

Our phones are quiet around here said Don R. Hays director of investment strategy at Wheat First Butcher & Singer Inc. Richmond Va


( S ( NP-SBJ-2 ( NP ( DT The ) ( JJ gross ) ( JJ national ) ( NN product ) ( NN report ) ) ( ADJP ( JJ due ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN released ) ( PP-TMP ( IN before ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN opening ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB show ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN economy ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( JJ moderate ) ( NN pace ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The gross national product report due to be released before today 's opening is expected to show that the economy continued to expand in the third quarter at a moderate pace


( S ( NP-SBJ ( NP ( DT The ) ( NN consensus ) ) ( PP ( IN of ) ( NP ( NP ( NNS economists ) ) ( VP ( VBN polled ) ( PP ( IN by ) ( NP-LGS ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNPS Markets ) ( NNP Report ) ) ) ) ) ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( ADJP ( CD 2.5 ) ( NN % ) ) ( JJ annual ) ( NN growth ) ( NN rate ) ) ( PP ( IN for ) ( NP ( NNP GNP ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) )

The consensus of economists polled by Dow Jones Capital Markets Report calls for a 2.5 % annual growth rate for GNP during the quarter


( S ( NP-SBJ ( NP ( NNP Du ) ( NNP Pont ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( VBD announced ) ( NP ( NP ( NNS plans ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ 3-for-1 ) ( NN stock ) ( NN split ) ) ) ) ) ( CC and ) ( VP ( VBD raised ) ( NP ( PRP$ its ) ( JJ quarterly ) ( NN dividend ) ) ( PP-EXT ( IN by ) ( NP ( CD 14 ) ( NN % ) ) ) ) ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 2 ) ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 117 ) ( CD 3\/8 ) ) ) ) ) )

Du Pont which announced plans for a 3-for-1 stock split and raised its quarterly dividend by 14 % jumped 2 1\/2 to 117 3\/8


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ third-quarter ) ( NNS earnings ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NP ( NN line ) ) ( PP ( IN with ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS forecasts ) ) ) ) ) ) ) ) ) ) )

The company also posted third-quarter earnings that were in line with analysts ' forecasts


( S ( NP-SBJ ( JJ Blue-chip ) ( NN consumer ) ( NNS stocks ) ) ( ADVP ( RB also ) ) ( VP ( VBD provided ) ( NP ( DT a ) ( NN lift ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( JJ industrial ) ( NN average ) ) ) ) )

Blue-chip consumer stocks also provided a lift to the industrial average


( S ( S ( NP-SBJ ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 1\/2 ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Big ) ( NNP Board ) ( JJ composite ) ( NN trading ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.5 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Chevron ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 1 ) ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 66 ) ( CD 5\/8 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 2.3 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( S ( NP-SBJ ( NNP Woolworth ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 58 ) ( CD 5\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Coca-Cola ) ( NNP Co. ) ) ( VP ( VBD gained ) ( NP ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 72 ) ( CD 1\/2 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Eastman ) ( NNP Kodak ) ) ( VP ( VBD added ) ( NP ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44 ) ( CD 1\/2 ) ) ) ) ) ) )

American Telephone & Telegraph rose 3\/8 to 43 1\/2 in Big Board composite trading of 1.5 million shares Chevron advanced 1 3\/4 to 66 5\/8 on 2.3 million shares Woolworth rose 1 to 58 5\/8 Coca-Cola Co. gained 5\/8 to 72 1\/2 and Eastman Kodak added 3\/8 to 44 1\/2


( S ( CC But ) ( NP-SBJ ( NNP General ) ( NNPS Motors ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 7\/8 ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 44 ) ( CD 7\/8 ) ) ) ) ) )

But General Motors dropped 1 7\/8 to 44 7\/8


( S ( NP-SBJ ( PRP$ Its ) ( NNP GM ) ( NNP Hughes ) ( NNPS Electronics ) ( CC and ) ( NNS financial-services ) ( NNS units ) ) ( DT both ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ) )

Its GM Hughes Electronics and financial-services units both reported that third-quarter earnings were down from a year earlier


( S ( NP-SBJ ( NNP Anheuser-Busch ) ) ( VP ( VBD plunged ) ( NP-EXT ( QP ( CD 4 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 38 ) ( CD 1\/2 ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 3.5 ) ( CD million ) ) ( NNS shares ) ) ) ) )

Anheuser-Busch plunged 4 3\/8 to 38 1\/2 on 3.5 million shares


( S ( S ( NP-SBJ ( PRP$ Its ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( JJR lower ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD had ) ( VP ( VBN forecast ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN lowered ) ( NP ( NP ( PRP$ its ) ( NNS projections ) ) ( PP ( IN for ) ( NP ( NP ( NNS earnings ) ( NN growth ) ) ( PP-TMP ( IN through ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ planned ) ( NN price ) ( NNS cuts ) ) ) ) ) ) ) ) ) )

Its third-quarter earnings were lower than analysts had forecast and the company said it had lowered its projections for earnings growth through the end of 1990 because of planned price cuts


( S ( NP-SBJ ( NNP Xerox ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 59 ) ( CD 5\/8 ) ) ) ) ) )

Xerox fell 3 1\/8 to 59 5\/8


( S ( NP-SBJ ( NP ( NN Disappointment ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS earnings ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ( VP ( VBD led ) ( S ( NP-SBJ ( NNP Prudential-Bache ) ( NNPS Securities ) ) ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( PRP$ its ) ( CD 1989 ) ( CC and ) ( CD 1990 ) ( NNS earnings ) ( NNS estimates ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Professional ) ( NNP Investor ) ( NNP Report ) ) ) ) ) )

Disappointment with the company 's earnings for the quarter led Prudential-Bache Securities to reduce its 1989 and 1990 earnings estimates according to Dow Jones Professional Investor Report


( S ( NP-SBJ ( NP ( NNP Computer ) ( NNPS Associates ) ( NNP International ) ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( NNP Big ) ( NNP Board ) ( NN issue ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT another ) ( NN victim ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ earnings-related ) ( NN sell-off ) ) ) ) ) )

Computer Associates International the most active Big Board issue was another victim of an earnings-related sell-off


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 12 ) ( CD 7\/8 ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( QP ( CD 3.6 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBD were ) ( VP ( VBN traded ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN report ) ( SBAR ( DT that ) ( S ( NP-SBJ ( ADJP ( JJ fiscal ) ( JJ second-quarter ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 66 ) ( NN % ) ) ( PP-CLR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The stock fell 3\/4 to 12 7\/8 as 3.6 million shares were traded in the wake of its report that fiscal second-quarter net income fell 66 % from a year ago


( S ( NP-SBJ ( NN Insurance ) ( NNS stocks ) ) ( VP ( VBD moved ) ( ADVP-CLR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( JJ strong ) ( JJ third-quarter ) ( NNS earnings ) ( NN report ) ) ( PP ( IN from ) ( NP ( NNP Chubb ) ) ) ) ( VP ( VBG coming ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( NNS heels ) ) ( PP ( IN of ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( JJ devastating ) ( NN earthquake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN area ) ) ) ) ( VP ( MD would ) ( VP ( VB lead ) ( PP-CLR ( TO to ) ( NP ( JJR higher ) ( JJ premium ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Insurance stocks moved higher in the wake of a strong third-quarter earnings report from Chubb coming on the heels of speculation that last week 's devastating earthquake in the San Francisco area would lead to higher premium rates


( S ( NP-SBJ ( NP ( NNP Chubb ) ) ( SBAR ( WHNP-1 ( NP ( WP$ whose ) ( JJ net ) ( NN income ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( S ( VP ( VBD exceeded ) ( NP ( NP ( JJS most ) ( NNS analysts ) ( POS ' ) ) ( NNS expectations ) ) ) ) ) ) ( VP ( VBD rallied ) ( NP-EXT ( QP ( CD 3 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 86 ) ( CD 1\/2 ) ) ) ) ) )

Chubb whose net income for the quarter exceeded most analysts ' expectations rallied 3 3\/4 to 86 1\/2


( S ( S ( NP-SBJ ( NNP Aetna ) ( NNP Life ) ( CC & ) ( NNP Casualty ) ) ( VP ( VBD gained ) ( NP ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 61 ) ( CD 1\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Cigna ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 64 ) ( CD 3\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Travelers ) ) ( VP ( VBD added ) ( NP ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 40 ) ( CD 3\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP American ) ( NNP International ) ( NNP Group ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 107 ) ( CD 3\/4 ) ) ) ) ) ) )

Aetna Life & Casualty gained 1 3\/8 to 61 1\/8 Cigna advanced 7\/8 to 64 3\/4 Travelers added 1\/2 to 40 3\/8 and American International Group rose 3 1\/8 to 107 3\/4


( S ( NP-SBJ ( NNP Comprehensive ) ( NNP Care ) ) ( VP ( VBD plunged ) ( NP-EXT ( QP ( CD 4 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3 ) ( CD 5\/8 ) ) ) ) ( PP ( IN on ) ( NP ( QP ( CD 1.2 ) ( CD million ) ) ( NNS shares ) ) ) ) )

Comprehensive Care plunged 4 3\/4 to 3 5\/8 on 1.2 million shares


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VP ( VBD reported ) ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG holding ) ( NP ( NNS talks ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NN bank ) ( NNS lenders ) ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN extension ) ) ( PP ( IN on ) ( NP ( DT some ) ( JJ overdue ) ( NN debt ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) )

The company reported a third-quarter loss and said it is holding talks with its bank lenders for an extension on some overdue debt payments


( S ( NP-SBJ ( NNP TW ) ( NNPS Services ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 31 ) ( CD 1\/4 ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( DT the ) ( NN postponement ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 1.4 ) ( CD billion ) ) ) ( NN junk-bond ) ( NN offering ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN permitted ) ( S ( NP-SBJ ( NNP Coniston ) ( NNPS Partners ) ) ( VP ( TO to ) ( VP ( VB complete ) ( NP ( NP ( PRP$ its ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

TW Services dropped 1 1\/4 to 31 1\/4 following the postponement of a 1.4 billion junk-bond offering that would have permitted Coniston Partners to complete its takeover of the company


( S ( NP-SBJ ( NNP Coniston ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB pursue ) ( NP ( JJ various ) ( VBG financing ) ( NNS alternatives ) ) ) ) ) ) ) )

Coniston said it would pursue various financing alternatives


( S ( NP-SBJ ( NNP UAL ) ( NN stock ) ) ( VP ( VBD declined ) ( PP-EXT ( IN by ) ( NP ( CD 9 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 161 ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-2 ( NN nobody ) ) ( VP ( VBD surfaced ) ( S-PRP ( VP ( TO to ) ( VP ( VB claim ) ( NP ( NN credit ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ aggressive ) ( NN buying ) ) ( NP-TMP ( NNP Tuesday ) ) ( PP ( IN by ) ( NP ( NNP Bear ) ( NNP Stearns ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD sent ) ( NP ( NNP UAL ) ( NN stock ) ) ( ADVP-DIR ( RB up ) ( NP ( CD 35 ) ( NNS points ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT a ) ( NN matter ) ) ( PP ( IN of ) ( NP ( NNS hours ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

UAL stock declined by 9 to 161 after nobody surfaced to claim credit for aggressive buying Tuesday by Bear Stearns that sent UAL stock up 35 points in a matter of hours


( S ( NP-SBJ ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( VBN rumored ) ( NN buyer ) ) ( NP ( NNP Coniston ) ( NNPS Partners ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ( PP ( IN on ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Coniston ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD battled ) ( NP ( DT the ) ( NNP UAL ) ( NN board ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ( VP ( MD might ) ( VP ( VB challenge ) ( NP ( NP ( NP ( DT the ) ( NN board ) ( POS 's ) ) ( NN decision ) ) ( NP-TMP ( NNP Monday ) ) ( S-2 ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Tuesday 's rumored buyer Coniston Partners would n't comment on speculation that Coniston which battled the UAL board in 1987 might challenge the board 's decision Monday to remain independent


( S ( NP-SBJ ( JJ Other ) ( NN airline ) ( NNS stocks ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ mixed ) ) ) )

Other airline stocks were mixed


( S ( S ( NP-SBJ ( NP ( NNP AMR ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NNP American ) ( NNPS Airlines ) ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 3 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 72 ) ( CD 1\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP USAir ) ( NNP Group ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 38 ) ( CD 5\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NNP Delta ) ( NNP Air ) ( NNPS Lines ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1\/2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 66 ) ( CD 1\/2 ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG posting ) ( NP ( NP ( JJR higher ) ( NNS earnings ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NNP September ) ( NN quarter ) ) ) ) ) ) ) ) ) )

AMR which owns American Airlines rose 3 3\/8 to 72 1\/4 USAir Group fell 1 1\/2 to 38 5\/8 and Delta Air Lines rose 1\/2 to 66 1\/2 after posting higher earnings for the September quarter


( S ( NP-SBJ ( NP ( NNS Stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB reportedly ) ) ( VP ( VBD benefited ) ( NP-TMP ( NNP Tuesday ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( JJ Japanese ) ( NN buy ) ( NN program ) ) ( VP ( VBN handled ) ( PP ( IN by ) ( NP-LGS ( NNP PaineWebber ) ) ) ) ) ) ) ) ) ) ( VP ( VBD gave ) ( ADVP-CLR ( RB back ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS gains ) ) ) ) ) )

Stocks that reportedly benefited Tuesday from a Japanese buy program handled by PaineWebber gave back some of their gains


( S ( S ( NP-SBJ ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ( VP ( VBD went ) ( ADVP-DIR ( RB down ) ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 130 ) ) ) ) ) ( S ( NP-SBJ ( NNP Dow ) ( NNP Jones ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 3 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 37 ) ( CD 1\/2 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Rockwell ) ( NNP International ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 25 ) ) ) ) ) )

Procter & Gamble went down 3 1\/2 to 130 Dow Jones fell 3 1\/2 to 37 1\/2 and Rockwell International dropped 2 1\/8 to 25


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NNP Atlantic ) ( NNP Richfield ) ) ( VP ( VP ( VBD preserved ) ( NP ( NP ( PRP$ its ) ( NN twopoint ) ( NN advance ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ previous ) ( NN session ) ) ) ) ) ( CC and ) ( VP ( VBD added ) ( NP ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 103 ) ( CD 7\/8 ) ) ) ) ) ) )

However Atlantic Richfield preserved its twopoint advance in the previous session and added 1\/8 to 103 7\/8


( S ( NP-SBJ ( NNP General ) ( NNPS Mills ) ) ( VP ( VBD gained ) ( NP ( CD 2 ) ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 72 ) ( CD 7\/8 ) ) ) ) ) )

General Mills gained 2 1\/4 to 72 7\/8


( S ( NP-SBJ ( NNP Goldman ) ( NNP Sachs ) ) ( VP ( VP ( VBD placed ) ( NP ( DT the ) ( NN stock ) ) ( PP-CLR ( ADVP ( RB back ) ) ( IN on ) ( NP ( NP ( PRP$ its ) ( NN list ) ) ( PP ( IN of ) ( NP ( JJ recommended ) ( NNS issues ) ) ) ) ) ) ( VP ( VBD raised ) ( NP ( PRP$ its ) ( CD 1990 ) ( NNS earnings ) ( NN estimate ) ) ) ( CC and ) ( VP ( VBD recommended ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ its ) ( NNS clients ) ) ( VP ( VB shift ) ( NP ( NNS funds ) ) ( PP-DIR ( IN from ) ( NP ( NNP Kellogg ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP General ) ( NNPS Mills ) ) ) ) ) ) ) ) )

Goldman Sachs placed the stock back on its list of recommended issues raised its 1990 earnings estimate and recommended that its clients shift funds from Kellogg to General Mills


( S ( NP-SBJ ( NNP Kellogg ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 73 ) ( CD 1\/4 ) ) ) ) ) )

Kellogg dropped 1 3\/4 to 73 1\/4


( S ( NP-SBJ ( NNP Manville ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( CD 10 ) ) ) ) )

Manville advanced 3\/4 to 10


( S ( NP-SBJ-2 ( DT The ) ( NN company ) ) ( VP ( VBD offered ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ convertible ) ( JJ preferred ) ( NN stock ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN trust ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ handles ) ( NP ( NP ( PRP$ its ) ( NNS payments ) ) ( PP ( TO to ) ( NP ( NN asbestos ) ( NNS victims ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company offered to purchase 500 million of convertible preferred stock from the trust that handles its payments to asbestos victims


( S ( NP-SBJ ( NNP Di ) ( NNP Giorgio ) ) ( VP ( VBD gained ) ( NP-ADV ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 30 ) ( CD 3\/4 ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG starting ) ( NP ( NP ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( NP ( JJ unidentified ) ( NNS parties ) ) ( ADJP ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( PRP$ its ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Di Giorgio gained 1 to 30 3\/4 after the company said it is starting negotiations with unidentified parties interested in acquiring its units


( S ( NP-SBJ ( NNP Investor ) ( NNP Arthur ) ( NNP Goldberg ) ) ( VP ( VBZ is ) ( VP ( VBG pursuing ) ( NP ( DT a ) ( ADJP ( JJ 32-a-share ) ) ( NN takeover ) ( NN offer ) ) ) ) )

Investor Arthur Goldberg is pursuing a 32-a-share takeover offer


( S ( NP-SBJ ( NNP Esselte ) ( NNP Business ) ( NNPS Systems ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 1\/2 ) ) ) ) ) )

Esselte Business Systems rose 1 to 43 1\/2


( S ( NP-SBJ ( NP ( NNP Esselte ) ( NNP AB ) ) ( PP ( IN of ) ( NP ( NNP Sweden ) ) ) ) ( VP ( VBD offered ) ( NP ( NP ( CD 43.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT the ) ( CD 22 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP-TMP ( RB already ) ) ( VP ( VB own ) ) ) ) ) ) ) ) )

Esselte AB of Sweden offered 43.50 a share for the 22 % of the company it does n't already own


( S ( NP-SBJ ( NP ( NNP Public ) ( NNP Service ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP Hampshire ) ) ) ) ( VP ( VBD went ) ( ADVP-DIR ( RB up ) ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 4 ) ) ) ) )

Public Service of New Hampshire went up 3\/8 to 4


( S ( NP-SBJ ( NNP Northeast ) ( NNPS Utilities ) ) ( VP ( VBD boosted ) ( NP ( PRP$ its ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ( PP ( IN by ) ( NP ( QP ( CD 400 ) ( CD million ) ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 2.25 ) ( CD billion ) ) ) ) ) )

Northeast Utilities boosted its offer to acquire the company by 400 million to 2.25 billion


( S ( NP-SBJ ( NP ( NNP Newell ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( VBD declared ) ( NP ( DT a ) ( JJ 2-for-1 ) ( NN stock ) ( NN split ) ) ) ( CC and ) ( VP ( VBD boosted ) ( NP ( PRP$ its ) ( JJ quarterly ) ( NN dividend ) ) ( PP-EXT ( IN by ) ( NP ( CD 14 ) ( NN % ) ) ) ) ) ) ) ) ( VP ( VBD added ) ( NP ( CD 7\/8 ) ) ( PP ( TO to ) ( NP ( QP ( CD 49 ) ( CD 3\/8 ) ) ) ) ) )

Newell which declared a 2-for-1 stock split and boosted its quarterly dividend by 14 % added 7\/8 to 49 3\/8


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD posted ) ( NP ( JJ improved ) ( JJ third-quarter ) ( NNS earnings ) ) ) )

Also the company posted improved third-quarter earnings


( S ( NP-SBJ ( DT The ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( NNP Market ) ( NNP Value ) ( NNP Index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.44 ) ) ( PP ( TO to ) ( NP ( CD 375.92 ) ) ) ) )

The American Stock Exchange Market Value Index fell 0.44 to 375.92


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD totaled ) ( NP ( CD 8,930,000 ) ( NNS shares ) ) ) )

Volume totaled 8,930,000 shares


( S ( NP-SBJ ( NNP Mission ) ( NNP Resource ) ( NNPS Partners ) ) ( VP ( VBD lost ) ( NP ( QP ( CD 5 ) ( CD 1\/4 ) ) ) ( PP ( TO to ) ( NP ( CD 14 ) ( CD 1\/8 ) ) ) ) )

Mission Resource Partners lost 5 1\/4 to 14 1\/8


( S ( NP-SBJ ( NP ( DT The ) ( NN partnership ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN solicited ) ( NP ( NN takeover ) ( NNS offers ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( NP ( DT any ) ( JJ adequate ) ( NNS bids ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ is ) ( VP ( VBG reviewing ) ( NP ( NP ( NNS offers ) ) ( PP ( IN for ) ( NP ( NN individual ) ( NNS properties ) ) ) ) ) ) ) ) ) ) )

The partnership which had solicited takeover offers said it failed to receive any adequate bids for all of its operations but is reviewing offers for individual properties


( S ( NP-SBJ ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN business ) ( NNS failures ) ) ( VP ( VBD fell ) ( NP-ADV ( CD 17.8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 11,586 ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 14,099 ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ) )

Dun & Bradstreet Corp. said business failures fell 17.8 % to 11,586 in the third quarter from 14,099 in the year-earlier period


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ ( NN business ) ( NNS failures ) ) ( VP ( VBD dropped ) ( NP-ADV ( CD 15.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 37,820 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 44,796 ) ) ) ) )

In the first nine months of this year business failures dropped 15.6 % to 37,820 from 44,796


( S ( PP ( IN Except ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ few ) ( NNS spots ) ) ( ADVP ( RB notably ) ) ( NP ( NNP Georgia ) ( NNP Virginia ) ( CC and ) ( NNP Michigan ) ) ) ) ) ( NP-SBJ ( NNS failures ) ) ( VP ( VBD declined ) ( PP-LOC ( ADVP ( RB almost ) ) ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN business ) ( NN information ) ( NNS services ) ( NN company ) ) ) ) ) )

Except for a few spots notably Georgia Virginia and Michigan failures declined almost across the board according to the business information services company


( S ( NP-SBJ ( NN D&B ) ) ( VP ( VBZ defines ) ( NP ( DT a ) ( NN business ) ( NN failure ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ closes ) ( PP-MNR ( IN with ) ( NP ( NP ( NNS losses ) ) ( PP ( TO to ) ( NP ( NNS creditors ) ) ) ) ) ) ) ) ) ) ) )

D&B defines a business failure as a company that closes with losses to creditors


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ current ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNS failures ) ) ) ) ( VP ( VBZ continues ) ( NP ( NP ( DT a ) ( NN trend ) ) ( VP ( VBN begun ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( CD 1987 ) ) ) ) ) ) ) ( NP-SBJ ( NNP D&B ) ) ( VP ( VBD said ) ) )

The current decline in failures continues a trend begun in late 1987 D&B said


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN drop ) ) ( VP ( VBD accelerated ) ( PP-TMP ( IN in ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG underscoring ) ( NP ( NP ( DT an ) ( JJ overall ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NN stress ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

The drop accelerated in this year 's third quarter underscoring an overall lack of stress in the U.S. economy the company said


( S ( NP-SBJ ( NP ( NNS Failures ) ) ( PP ( IN in ) ( NP ( QP ( CD seven ) ( IN of ) ( CD nine ) ) ( JJ regional ) ( NNS areas ) ) ) ) ( VP ( VBD fell ) ( NP-ADV ( QP ( JJR more ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ) )

Failures in seven of nine regional areas fell more than 10 % in the nine months


( S ( NP-SBJ ( DT The ) ( NNP South ) ( NNP Atlantic ) ( NNPS States ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN region ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NNS bankruptcies ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 5.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 5,791 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 5,502 ) ) ) ) ) ) ) ) ) ) )

The South Atlantic States were the only region to report an increase in bankruptcies up 5.3 % to 5,791 from 5,502


( S ( NP-SBJ ( DT This ) ) ( VP ( VBD occurred ) ( PP-PRP ( ADVP ( RB partly ) ) ( IN because ) ( IN of ) ( NP ( JJR more ) ( NN competition ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NNS businesses ) ) ) ) ( VP ( VBD surged ) ) ) ) ) )

This occurred partly because of more competition as the number of new businesses surged


( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN industry ) ( NN sector ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( JJR more ) ( NN business ) ( NNS failures ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( UCP ( NN finance ) ( NN insurance ) ( CC and ) ( NN real-estate ) ) ( NN sector ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNS bankruptcies ) ) ( VP ( VBD grew ) ( NP-ADV ( CD 8.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,046 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1,892 ) ) ) ) ) ) ) ) )

The only industry sector to report more business failures for the nine months was the finance insurance and real-estate sector where bankruptcies grew 8.1 % to 2,046 from 1,892


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ troubled ) ( NN savings-and-loan ) ( NN industry ) ) ( CC and ) ( NP ( NP ( JJ subsequent ) ( NN stress ) ) ( PP-LOC ( IN in ) ( NP ( NN real-estate ) ( NNS businesses ) ) ) ) ) ( VP ( VBD fueled ) ( NP ( NP ( NNS bankruptcies ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN sector ) ) ) ) ) ) ( NP-SBJ ( NNP D&B ) ) ( VP ( VBD said ) ) )

The troubled savings-and-loan industry and subsequent stress in real-estate businesses fueled bankruptcies in this sector D&B said


( S ( NP-SBJ ( NP ( NNP StatesWest ) ( NNPS Airlines ) ) ( NP-LOC ( NNP Phoenix ) ( NNP Ariz. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sent ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ detailed ) ) ( NN merger ) ( NN proposal ) ) ( PP-DTV ( TO to ) ( NP ( JJ much-larger ) ( NNP Mesa ) ( NNPS Airlines ) ) ) ) ) ) ) )

StatesWest Airlines Phoenix Ariz. said it sent a more detailed merger proposal to much-larger Mesa Airlines


( S ( NP-SBJ-2 ( ADJP ( NNP Farmington ) ( JJ N.M.-based ) ) ( NNP Mesa ) ) ( VP ( VP ( VBZ has ) ( ADVP ( RB consistently ) ) ( VP ( VBN rejected ) ( NP ( NP ( NNP StatesWest ) ( POS 's ) ) ( NNS offers ) ) ) ) ( CC and ) ( VP ( NP-TMP ( RB early ) ( DT this ) ( NN week ) ) ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB give ) ( NP ( DT the ) ( NN proposal ) ) ( NP ( JJ further ) ( NN consideration ) ) ) ) ) ) ( S-ADV ( VP ( VBG calling ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ vague ) ( CC and ) ( JJ ill-defined ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB describe ) ( NP ( NP ( NP ( DT the ) ( NN source ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( JJ specific ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( NNP StatesWest ) ( NNS securities ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD were ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Farmington N.M.-based Mesa has consistently rejected StatesWest 's offers and early this week said its board would n't give the proposal further consideration calling it vague and ill-defined because it did n't describe the source of funds or the specific terms of StatesWest securities which were part of the offer


( S ( NP-SBJ-2 ( DT The ) ( JJ new ) ( NN letter ) ) ( VP ( VBZ purports ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT this ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( CD 7 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ) ) ) ( NP-SBJ ( NNP StatesWest ) ) ( VP ( MD would ) ( VP ( VB offer ) ( NP ( NP ( CD one ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ new ) ( ADJP ( CD 6 ) ( NN % ) ) ( NN convertible ) ( JJ preferred ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP StatesWest ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ values ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( CD 3 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The new letter purports to do this saying that in addition to 7 a share in cash StatesWest would offer one share of new 6 % convertible preferred stock of StatesWest it values at 3 a share


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN cash ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN financed ) ( PP-MNR ( IN with ) ( NP ( NP ( NP ( NNP StatesWest ) ( POS 's ) ) ( JJ own ) ( NX ( NX ( NN cash ) ) ( CC and ) ( NX ( JJ short-term ) ( NNS investments ) ) ) ) ( CC plus ) ( NP ( NP ( NN debt ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NN financing ) ) ( VP ( VBN arranged ) ( PP-MNR ( IN through ) ( NP ( NP ( NNP Hibbard ) ( NNP Brown ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN investment ) ( NN banker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also said the cash portion of the transaction would be financed with StatesWest 's own cash and short-term investments plus debt and other financing arranged through Hibbard Brown & Co. the company 's investment banker


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Mesa ) ) ( VP ( VBD closed ) ( PP-LOC-CLR ( IN at ) ( NP ( CD 7.25 ) ) ) ( ADVP ( RB up ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In national over-the-counter trading yesterday Mesa closed at 7.25 up 25 cents


( S ( NP-SBJ ( NNP StatesWest ) ) ( VP ( VBD asked ) ( NP-1 ( NNP Mesa ) ) ( S ( VP ( TO to ) ( VP ( VB repond ) ( PP-TMP ( IN by ) ( NP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) ) )

StatesWest asked Mesa to repond by Oct. 31


( S ( NP-SBJ ( NNP Mesa ) ( NNP President ) ( NNP Larry ) ( NNP Risley ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN board ) ) ( VP ( VP ( VBD had ) ( VP ( VBN received ) ( NP ( NP ( NNP Stateswest ) ( POS 's ) ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN offer ) ) ) ) ( CC and ) ( VP ( VBD was ) ( VP ( VBG reviewing ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

Mesa President Larry Risley said his board had received Stateswest 's most recent offer and was reviewing it


( S ( NP-SBJ ( NP ( NNP Eastman ) ( NNP Kodak ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP Rochester ) ( NNP N.Y. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( NNP Lehn ) ( CC & ) ( NNP Fink ) ( NNPS Products ) ( NN subsidiary ) ) ( VP ( VBD was ) ( VP ( VBN restructured ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB form ) ( NP ( NP ( CD two ) ( VBG operating ) ( NNS groups ) ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN for ) ( NP ( NP ( NN household ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS cleaners ) ( CC and ) ( NNS disinfectants ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ other ) ) ( PP ( IN for ) ( NP ( NP ( JJ do-it-yourself ) ( NNS products ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN wood ) ( NNS finishes ) ( CC and ) ( NNS stains ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Eastman Kodak Co. of Rochester N.Y. said its Lehn & Fink Products subsidiary was restructured to form two operating groups one for household products such as cleaners and disinfectants and the other for do-it-yourself products such as wood finishes and stains


( S ( NP-SBJ ( DT The ) ( NNP Montvale ) ( NNP N.J. ) ( NN unit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN operating ) ( NN structure ) ) ( VP ( VBZ creates ) ( NP ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ focused ) ( CC and ) ( JJ responsive ) ) ( NN organization ) ) ( VP ( VBN geared ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( ADVP-MNR ( RB effectively ) ) ( VBG managing ) ( NP ( NP ( DT the ) ( NN size ) ( CC and ) ( NN scope ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN unit ) ( POS 's ) ) ( JJ current ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Montvale N.J. unit said the new operating structure creates a more focused and responsive organization geared to effectively managing the size and scope of the unit 's current business


( S ( NP-SBJ-1 ( DT The ) ( NN consumer ) ( NNS brands ) ( NN unit ) ) ( VP ( VBD was ) ( VP ( VBN absorbed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ photographic ) ( JJ pharmaceutical ) ( CC and ) ( NN chemical ) ( NN concern ) ) ) ( NP-TMP ( NP ( JJ last ) ( NN year ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( NNP Sterling ) ( NNP Drug ) ( NNP Inc ) ) ) ) ) ) ) ) )

The consumer brands unit was absorbed by the photographic pharmaceutical and chemical concern last year when it acquired Sterling Drug Inc


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ related ) ( NN matter ) ) ) ( NP-SBJ-1 ( NP ( NNP Peter ) ( NNP Black ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NN consumer ) ( NN brand ) ( NNP Minwax ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN group ) ( NN vice ) ( NN president ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN household ) ( NNS products ) ( VBG operating ) ( NN group ) ) ) ) ) ) ) )

In a related matter Peter Black president of consumer brand Minwax was named group vice president for the household products operating group


( S ( NP-SBJ-1 ( NP ( NNP Kenneth ) ( NNP M. ) ( NNP Evans ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Thompson ) ( CC & ) ( NNP Formby ) ( NN brand ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN group ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ do-it-yourself ) ( VBG operating ) ( NN group ) ) ) ) ) ) ) )

Kenneth M. Evans president of Thompson & Formby brand was named group vice president of the do-it-yourself operating group


( S ( NP-SBJ ( NNP Concord ) ( NNP Camera ) ( NNP Corp. ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Peter ) ( NNP Bauser ) ( NNP G.m.b ) ( NNP H. ) ) ( NP ( DT a ) ( ADJP ( JJ West ) ( JJ German ) ) ( JJ photographic ) ( NNS products ) ( NN distributor ) ) ) ) ) ) )

Concord Camera Corp. completed the acquisition of Peter Bauser G.m.b H. a West German photographic products distributor


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

Terms were n't disclosed


( S ( NP-SBJ ( NNP Concord ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN camera ) ( CC and ) ( JJ photographic ) ( NNS products ) ( NN company ) ) ) )

Concord is a camera and photographic products company


( S ( NP-SBJ-2 ( NP ( NNP Delmed ) ( NNP Inc. ) ( POS 's ) ) ( JJ top ) ( CD two ) ( NNS officers ) ) ( VP ( VP ( VBD resigned ) ) ( CC and ) ( VP ( VBD were ) ( VP ( VBN succeeded ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS executives ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fresenius ) ( NNP USA ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN parent ) ) ( NP ( NNP Fresenius ) ( NNP AG ) ) ( NP ( NP ( DT a ) ( JJ major ) ( NNP Delmed ) ( NN holder ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG negotiating ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( DT a ) ( JJ controlling ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Delmed Inc. 's top two officers resigned and were succeeded by executives of Fresenius USA Inc. and its parent Fresenius AG a major Delmed holder that has been negotiating to acquire a controlling stake


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( NNP Delmed ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( CC and ) ( VBZ sells ) ( NP ( NP ( DT a ) ( NN dialysis ) ( NN solution ) ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG treating ) ( NP ( NN kidney ) ( NNS diseases ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS negotiations ) ) ( PP ( IN about ) ( NP ( NN pricing ) ) ) ) ( VP ( VBD had ) ( VP ( VBN collapsed ) ( PP-1 ( IN between ) ( NP ( NP ( PRP it ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ major ) ( NN distributor ) ) ( NP ( NNP National ) ( NNP Medical ) ( NNP Care ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) )

In addition Delmed which makes and sells a dialysis solution used in treating kidney diseases said negotiations about pricing had collapsed between it and a major distributor National Medical Care Inc


( S ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Robert ) ( NNP S. ) ( NNP Ehrlich ) ) ( VP ( VBD resigned ) ( PP-CLR ( IN as ) ( NP ( NP ( NN chairman ) ) ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ) ) ) ) ) )

Delmed said Robert S. Ehrlich resigned as chairman president and chief executive


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ehrlich ) ) ( VP ( MD will ) ( VP ( VB continue ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN director ) ) ( CC and ) ( NP ( DT a ) ( NN consultant ) ) ) ) ) ) )

Mr. Ehrlich will continue as a director and a consultant


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Leslie ) ( NN I. ) ( NNP Shapiro ) ) ( NP ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ( CC and ) ( NP ( JJ chief ) ( JJ financial ) ( NN officer ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBN resigned ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Leslie I. Shapiro chief operating officer and chief financial officer also resigned the company said


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Ehrlich ) ) ( VP ( VBD was ) ( VP ( VBN succeeded ) ( PP-CLR ( IN as ) ( NP ( NN chairman ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Gerd ) ( NNP Krick ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fresenius ) ) ( NP ( DT a ) ( ADJP ( JJ West ) ( JJ German ) ) ( JJ pharmaceutical ) ( NN concern ) ) ) ) ) ) ) ) ) )

Mr. Ehrlich was succeeded as chairman by Gerd Krick a director of Fresenius a West German pharmaceutical concern


( S ( NP-SBJ-1 ( NP ( NNP Ben ) ( NNP Lipps ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Fresenius ) ( NNP USA ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN president ) ) ( NP ( JJ chief ) ( NN executive ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ) ) ) )

Ben Lipps president of Fresenius USA was named president chief executive and chief operating officer


( S ( NP-SBJ ( NP ( NN None ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS officials ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NN comment ) ) ) ) ) )

None of the officials was available for comment


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 50 ) ( NNS cents ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 6.25 ) ( NNS cents ) ) ) ) )

In trading on the American Stock Exchange Delmed closed at 50 cents down 6.25 cents


( S ( NP-SBJ ( NNP Fresenius ) ) ( VP ( VBZ owns ) ( NP ( NP ( QP ( IN about ) ( CD 42 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Delmed ) ( POS 's ) ) ( ADJP ( RB fully ) ( JJ diluted ) ) ( JJ common ) ( NN stock ) ) ) ) ) )

Fresenius owns about 42 % of Delmed 's fully diluted common stock


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS companies ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG discussing ) ( NP ( NP ( DT a ) ( NN transaction ) ) ( SBAR ( WHPP-2 ( IN under ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-3 ( NNP Fresenius ) ) ( VP ( MD would ) ( VP ( VB buy ) ( NP ( NNP Delmed ) ( NN stock ) ) ( PP-CLR ( IN for ) ( NP ( NN cash ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB bring ) ( NP ( PRP$ its ) ( JJ beneficial ) ( NN ownership ) ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( IN between ) ( CD 70 ) ( NN % ) ( CC and ) ( CD 80 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Delmed ) ( POS 's ) ) ( ADJP ( RB fully ) ( JJ diluted ) ) ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The two companies have been discussing a transaction under which Fresenius would buy Delmed stock for cash to bring its beneficial ownership to between 70 % and 80 % of Delmed 's fully diluted common stock


( S ( NP-SBJ ( DT The ) ( NN transaction ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB combine ) ( NP ( NP ( NNP Fresenius ) ( NNP USA ) ) ( CC and ) ( NP ( NNP Delmed ) ) ) ) ) )

The transaction also would combine Fresenius USA and Delmed


( S ( PP ( IN Under ) ( NP ( DT the ) ( NN proposal ) ) ) ( NP-SBJ ( NNP Delmed ) ) ( VP ( MD would ) ( VP ( VB issue ) ( NP ( QP ( IN about ) ( CD 123.5 ) ( CD million ) ) ( JJ additional ) ( NNP Delmed ) ( JJ common ) ( NNS shares ) ) ( PP-DTV ( TO to ) ( NP ( NNP Fresenius ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT an ) ( JJ average ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 65 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( SBAR-ADV ( IN though ) ( FRAG ( PP ( IN under ) ( NP ( DT no ) ( NNS circumstances ) ) ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 75 ) ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) )

Under the proposal Delmed would issue about 123.5 million additional Delmed common shares to Fresenius at an average price of about 65 cents a share though under no circumstances more than 75 cents a share


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB explore ) ( NP ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN combination ) ) ( PP ( IN with ) ( NP ( NNP Fresenius ) ( NNP USA ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday Delmed said it continues to explore the possibility of a combination with Fresenius USA


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ apparent ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( NP ( DT any ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN combination ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB substantially ) ( RBR less ) ( JJ favorable ) ) ( PP ( IN than ) ( NP ( NP ( DT those ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBN announced ) ) ) ) ) ) ) ) ) ) ) ) ) )

It added that it is apparent that any terms of a combination would be substantially less favorable than those previously announced


( S ( S-TPC-3 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS discussions ) ) ( PP ( IN between ) ( NP ( NP ( NNP Delmed ) ) ( CC and ) ( NP ( NNP National ) ( NNP Medical ) ( NNP Care ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN discontinued ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Delmed ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB supply ) ( NP ( NN dialysis ) ( NNS products ) ) ( PP-MNR ( IN through ) ( NP ( NNP National ) ( NNP Medical ) ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP$ their ) ( JJ exclusive ) ( NN agreement ) ) ( VP ( NNS ends ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ( CD 1990 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD said ) ) )

While the discussions between Delmed and National Medical Care have been discontinued Delmed will continue to supply dialysis products through National Medical after their exclusive agreement ends in March 1990 Delmed said


( S ( S-TPC-1 ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBZ is ) ( VP ( VBG exploring ) ( NP ( NN distribution ) ( NNS arrangements ) ) ( PP ( IN with ) ( NP ( NNP Fresenius ) ( NNP USA ) ) ) ) ) ) ( NP-SBJ ( NNP Delmed ) ) ( VP ( VBD said ) ) )

In addition Delmed is exploring distribution arrangements with Fresenius USA Delmed said


( S ( NP-SBJ ( NNP GORBACHEV ) ) ( VP ( VBD SAID ) ( SBAR ( S ( NP-SBJ ( NNP Moscow ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB intervene ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( JJ East ) ( NN bloc ) ( NNS moves ) ) ( PP ( TO to ) ( NP ( NN democracy ) ) ) ) ) ) ) ) ) ) )

GORBACHEV SAID Moscow wo n't intervene in East bloc moves to democracy


( S ( NP-SBJ ( DT The ) ( NNP Kremlin ) ( NN leader ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( JJ first ) ( NN day ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ three-day ) ( JJ official ) ( NN visit ) ) ( PP ( TO to ) ( NP ( NNP Helsinki ) ) ) ) ) ) ) ( VP ( VBD assured ) ( NP ( NP ( NNP Finland ) ( POS 's ) ) ( NN president ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ has ) ( NP ( RB no ) ( ADJP ( JJ moral ) ( CC or ) ( JJ political ) ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB interfere ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS moves ) ) ( PP ( IN toward ) ( NP ( NN democracy ) ) ) ( PP-LOC ( IN in ) ( UCP ( NP ( NNP Poland ) ) ( NP ( NNP Hungary ) ) ( CC or ) ( ADVP ( RB elsewhere ) ( PP ( IN in ) ( NP ( NNP Eastern ) ( NNP Europe ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Kremlin leader on the first day of a three-day official visit to Helsinki assured Finland 's president that the Soviet Union has no moral or political right to interfere with moves toward democracy in Poland Hungary or elsewhere in Eastern Europe


( S ( PP-LOC ( IN In ) ( NP ( NNP Moscow ) ) ) ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP State ) ( NNP Bank ) ) ( VP ( VBD announced ) ( NP ( NP ( DT a ) ( ADJP ( CD 90 ) ( NN % ) ) ( NN devaluation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN ruble ) ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN dollar ) ) ) ( PP ( IN for ) ( NP ( JJ private ) ( NNS transactions ) ) ) ) ( PP ( IN in ) ( NP ( DT an ) ( JJ apparent ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB curb ) ( NP ( NP ( DT a ) ( JJ black ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ hard ) ( NN currency ) ) ) ) ) ) ) ) ) ) )

In Moscow the Soviet State Bank announced a 90 % devaluation of the ruble against the dollar for private transactions in an apparent attempt to curb a black market for hard currency


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( MD will ) ( VP ( VB establish ) ( NP ( DT a ) ( JJ two-tier ) ( NN exchange ) ( NN rate ) ) ) ) )

The action will establish a two-tier exchange rate


( S ( NP-SBJ ( NP ( NNS Workers ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD six ) ( NNS mines ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arctic ) ( NNP Circle ) ( NN coal ) ( NNS fields ) ) ) ) ) ) ( VP ( VBD called ) ( NP ( NNS strikes ) ) ( PP ( IN over ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( JJ economic ) ( CC and ) ( JJ political ) ( NNS demands ) ) ) ) ) ) )

Workers at six mines in Arctic Circle coal fields called strikes over a series of economic and political demands


( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VBD defied ) ( NP ( NP ( DT a ) ( NN law ) ) ( VP ( VBN approved ) ( PP-LOC ( IN in ) ( NP ( NNP Moscow ) ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ( VP ( VBG banning ) ( NP ( JJ such ) ( NNS walkouts ) ) ) ) ) )

The move defied a law approved in Moscow this month banning such walkouts


( S ( NP-SBJ-1 ( DT THE ) ( NNP HOUSE ) ) ( VP ( VBD FAILED ) ( S ( VP ( TO to ) ( VP ( VB override ) ( NP ( NP ( NP ( NNP Bush ) ( POS 's ) ) ( NN veto ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN bill ) ) ( VP ( VBG easing ) ( NP ( NN abortion ) ( NN funding ) ) ) ) ) ) ) ) ) ) )

THE HOUSE FAILED to override Bush 's veto of a bill easing abortion funding


( S ( NP-SBJ ( DT The ) ( NN chamber ) ) ( VP ( VBD voted ) ( ADVP ( ADVP ( CD 231-191 ) ) ( ADVP ( NP ( CD 51 ) ( NNS votes ) ) ( JJ short ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS two-thirds ) ( NN majority ) ) ( VP ( VBN needed ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB overturn ) ( NP ( NP ( NP ( DT the ) ( NN president ) ( POS 's ) ) ( NN veto ) ) ( PP ( IN of ) ( NP ( NP ( NN legislation ) ) ( VP ( VBG renewing ) ( NP ( NP ( NN support ) ) ( PP ( IN of ) ( NP ( NP ( NNP Medicaid ) ( NNS abortions ) ) ( PP ( IN for ) ( NP ( NP ( JJ poor ) ( NNS women ) ) ( SBAR ( WHNP-192 ( WP who ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( NNS victims ) ) ( PP ( IN of ) ( NP ( NN rape ) ( CC and ) ( NN incest ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The chamber voted 231-191 51 votes short of the two-thirds majority needed to overturn the president 's veto of legislation renewing support of Medicaid abortions for poor women who are victims of rape and incest


( S ( NP-SBJ-1 ( DT The ) ( NN roll ) ( NN call ) ) ( VP ( VBD was ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT an ) ( NN illustration ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS limits ) ) ( PP ( IN of ) ( NP ( NN power ) ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( JJ resurgent ) ( JJ abortion-rights ) ( NN movement ) ) ( VP ( VBZ faces ) ) ) ) ) ) ) ) ) ) )

The roll call was considered an illustration of the limits of power that the resurgent abortion-rights movement faces


( S ( NP-SBJ ( DT The ) ( NN legislation ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 156.7 ) ( CD billion ) ) ) ( NN measure ) ) ( VP ( VBG funding ) ( NP ( NP ( DT the ) ( NNS departments ) ) ( PP ( IN of ) ( NP ( NNP Labor ) ( NNP Education ) ( CC and ) ( NNP Health ) ) ) ) ) ) ) ) ) )

The legislation was part of a 156.7 billion measure funding the departments of Labor Education and Health


( S ( S ( NP-SBJ ( NP ( NNP Michigan ) ( POS 's ) ) ( NNP Senate ) ) ( VP ( VBD passed ) ( NP ( NP ( DT a ) ( NN bill ) ) ( VP ( VBG requiring ) ( S ( NP-SBJ ( NNS girls ) ) ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( JJ parental ) ( NN consent ) ) ( PP ( IN for ) ( NP ( DT an ) ( NN abortion ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Pennsylvania ) ( POS 's ) ) ( NNP House ) ) ( VP ( VBD cleared ) ( NP ( NP ( DT a ) ( NN measure ) ) ( VP ( VBG banning ) ( NP ( NP ( NNS abortions ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( JJ 24th ) ( NN week ) ) ( PP ( IN of ) ( NP ( NN pregnancy ) ) ) ) ) ) ) ) ) ) )

Michigan 's Senate passed a bill requiring girls to get parental consent for an abortion and Pennsylvania 's House cleared a measure banning abortions after the 24th week of pregnancy


( S ( NP-SBJ-1 ( DT The ) ( NNP FDA ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB approve ) ( NP-TMP ( NN today ) ) ( NP ( NP ( DT a ) ( NN program ) ) ( VP ( VBG granting ) ( NP ( NP ( NN access ) ) ( ADJP ( JJ free ) ( PP ( IN of ) ( NP ( NN charge ) ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN drug ) ( NNP AZT ) ) ) ( PP ( IN for ) ( NP ( NP ( NNS children ) ) ( PP ( IN with ) ( NP ( NNP AIDS ) ) ) ) ) ) ) ) ) ) ) ) ) )

The FDA is expected to approve today a program granting access free of charge to the drug AZT for children with AIDS


( S ( NP-SBJ ( NNS Adults ) ) ( VP ( VBP have ) ( VP ( VBD had ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( DT the ) ( RB only ) ( JJ approved ) ( JJ antiviral ) ( NN drug ) ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1987 ) ) ) ) ) )

Adults have had access to the only approved antiviral drug since 1987


( S ( NP-SBJ ( NN Research ) ) ( VP ( VBZ shows ) ( SBAR ( S ( NP-SBJ ( NNP AZT ) ) ( VP ( MD can ) ( VP ( VB relieve ) ( NP ( NP ( NP ( NN dementia ) ) ( CC and ) ( NP ( JJ other ) ( NNS symptoms ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS children ) ) ( SBAR ( WHNP-1 ( NP ( CD 1,859 ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBP are ) ( VP ( VBN known ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN infected ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Research shows AZT can relieve dementia and other symptoms in children 1,859 of whom are known to have been infected


( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBD sent ) ( PP-DTV ( TO to ) ( NP ( NNP Bush ) ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.85 ) ( CD billion ) ) ) ( NN emergency ) ( NN package ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB assist ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN recovery ) ) ( PP ( PP ( IN from ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NNP California ) ( NN earthquake ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) ) ) ) ) )

Congress sent to Bush a 2.85 billion emergency package to assist in the recovery from last week 's California earthquake and from Hurricane Hugo


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( VBD came ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNP Senate ) ) ( VP ( VBD approved ) ( NP ( DT the ) ( JJ House-passed ) ( NN measure ) ) ) ) ) ) )

The action came after the Senate approved the House-passed measure


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NNP Bay ) ( NN area ) ) ) ( S ( NP-SBJ ( QP ( JJR more ) ( IN than ) ( CD 13,000 ) ) ( NNS people ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ homeless ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS landslides ) ) ( VP ( VBD threatened ) ( NP ( JJR more ) ( NNS houses ) ) ) ) )

In the San Francisco Bay area more than 13,000 people were homeless and landslides threatened more houses


( S ( NP-SBJ-1 ( JJ House-Senate ) ( NNS conferees ) ) ( VP ( VBD agreed ) ( S ( VP ( VP ( TO to ) ( VP ( VB continue ) ( NP ( NP ( NN production ) ) ( PP ( IN of ) ( NP ( NP ( NNP Grumman ) ( NNP Corp. ) ( POS 's ) ) ( NN F-14 ) ( NN jet ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB provide ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 3.8 ) ( CD billion ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ current ) ( JJ fiscal ) ( NN year ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB develop ) ( NP ( DT a ) ( JJ space-based ) ( JJ anti-missile ) ( NN system ) ) ) ) ) ) ) ) ) ) )

House-Senate conferees agreed to continue production of Grumman Corp. 's F-14 jet and to provide more than 3.8 billion during the current fiscal year to develop a space-based anti-missile system


( S ( NP-SBJ-2 ( DT The ) ( JJ final ) ( NN package ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN announced ) ( PP-TMP ( IN within ) ( NP ( DT the ) ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) )

The final package is expected to be announced within the next week