( SINV ( S-TPC-3 ( NP-SBJ-2 ( NNP Jaguar ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG losing ) ( NP ( NN interest ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG giving ) ( NP ( NNP GM ) ) ( NP ( DT a ) ( NN minority ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ-4 ( NP ( CD one ) ( NN individual ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( DT the ) ( NNS talks ) ) ) ) ) ( S ( VP ( VBG adding ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB surprise ) ( NP ( PRP me ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-5 ( NNP Jaguar ) ( NNS executives ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB wait ) ( CC and ) ( VB see ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN color ) ) ( PP ( IN of ) ( NP ( DT that ) ( NNP Ford ) ( NN bid ) ) ) ) ( VP ( VBZ is ) ) ) ) ( ADVP-TMP ( JJ first ) ) ) ) ) ) ) ) ) ) ) ) ) )

Jaguar seems to be losing interest in giving GM a minority stake said one individual close to the talks adding It would n't surprise me if Jaguar executives want to wait and see what the color of that Ford bid is first


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ-1 ( NNP Ford ) ( NNS officials ) ) ( VP ( MD will ) ( VP ( VB meet ) ( PP-CLR ( IN with ) ( NP ( NNP Jaguar ) ( NNS executives ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( NN week ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB outline ) ( NP ( PRP$ their ) ( VBN proposed ) ( NN offer ) ) ) ) ) ) ) ) ) ) )

He predicted Ford officials will meet with Jaguar executives in the next week to outline their proposed offer


( S ( S ( NP-SBJ-1 ( NP ( NNP Sir ) ( NNP John ) ( NNP Egan ) ) ( NP ( NP ( NNP Jaguar ) ( POS 's ) ) ( NN chairman ) ) ) ( ADVP ( RB so ) ( RB far ) ) ( VP ( VBZ has ) ( VP ( VBN refused ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( PP-CLR ( IN with ) ( NP ( NNP Ford ) ( NNS officials ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB consider ) ( NP ( DT a ) ( JJ specific ) ( NN bid ) ( NN proposal ) ) ) ) ) ) ) ) ) ) ) ) )

Sir John Egan Jaguar 's chairman so far has refused to meet with Ford officials but he is believed to be willing to consider a specific bid proposal


( SINV ( S-TPC-2 ( PP ( IN As ) ( PP ( IN for ) ( NP ( NNP GM ) ) ) ) ( NP-SBJ-1 ( PRP$ its ) ( NN fallback ) ( NN position ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ full ) ( NN bid ) ) ( NP ( PRP itself ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Reitman ) ) ( NP ( NP ( JJ European ) ( NN auto-industry ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP London ) ( NNS brokers ) ( NP ( NNP UBS-Phillips ) ( CC & ) ( NNP Drew ) ) ) ) ) ) )

As for GM its fallback position has to be a full bid itself said Stephen Reitman European auto-industry analyst at London brokers UBS-Phillips & Drew


( S ( NP-SBJ ( NP ( DT A ) ( NNP Ford ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( JJ such ) ( NNS implications ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN balance ) ) ( PP ( IN of ) ( NP ( NN power ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1990s ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP General ) ( NNPS Motors ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB step ) ( ADVP-LOC ( RB aside ) ) ) ) ) ) ) ) ) ) ) ) )

A Ford takeover of Jaguar would have such implications for the balance of power in the 1990s that General Motors ca n't afford to step aside


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB throw ) ( NP ( PRP$ their ) ( NN hat ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN ring ) ) ) ) ) ) ) ) )

They will have to throw their hat in the ring


( S ( NP-SBJ ( DT A ) ( NNP GM ) ( NN spokesman ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD reiterated ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN interest ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( DT a ) ( NN minority ) ( NN stake ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( VB remain ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ) ) ) ) )

A GM spokesman yesterday reiterated the company 's interest in acquiring a minority stake to help Jaguar remain independent


( S ( S-TPC-1 ( NP-SBJ ( DT A ) ( JJ pitched ) ( NN battle ) ) ( VP ( MD could ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( MD would ) ( VP ( VB fetch ) ( NP ( NP ( NP ( NP ( CD 10 ) ) ( PRN ( NP ( CD 16.02 ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 1.8 ) ( CD billion ) ) ) ( PRN ( NP ( QP ( CD 2.88 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ several ) ( NNS analysts ) ) ( VP ( VBP believe ) ) )

A pitched battle could mean Jaguar would fetch 10 16.02 a share or about 1.8 billion 2.88 billion several analysts believe


( S ( NP-SBJ ( NP ( DT The ) ( NN prospect ) ) ( PP ( IN of ) ( NP ( PDT such ) ( DT a ) ( NN takeover ) ( NN fight ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN sent ) ( S ( NP-SBJ ( NNP Jaguar ) ( NNS shares ) ) ( VP ( VBG soaring ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) )

The prospect of such a takeover fight has sent Jaguar shares soaring in recent weeks


( S ( NP-SBJ ( NNP U.S. ) ( NN takeover-stock ) ( NNS speculators ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP own ) ( NP ( NP ( DT an ) ( VBN estimated ) ( CD 25 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ( NNS shares ) ) ) ) ) )

U.S. takeover-stock speculators now own an estimated 25 % of Jaguar shares


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( VBG declining ) ( JJ London ) ( NN stock ) ( NN market ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Jaguar ) ( NNS shares ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN down ) ( NP ( CD four ) ( NN pence ) ) ( PP-TMP ( IN from ) ( NP ( NNP Monday ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ late ) ( NN trading ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 694 ) ( NN pence ) ) ( PRN ( NP ( CD 11.11 ) ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In a declining London stock market yesterday Jaguar shares were down four pence from Monday in late trading at 694 pence 11.11 a share


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( NP-SBJ ( NP ( NNP Jaguar ) ( POS 's ) ) ( JJ American ) ( NN depositary ) ( NNS receipts ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 12.5 ) ( NNS cents ) ) ( PP-LOC ( IN in ) ( NP ( JJ over-the-counter ) ( NN trading ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 11.25 ) ) ) ) )

In the U.S. Jaguar 's American depositary receipts rose 12.5 cents in over-the-counter trading to 11.25


( S ( NP-SBJ ( DT Both ) ( NNP Ford ) ( CC and ) ( NNP GM ) ) ( VP ( ADVP-MNR ( RB badly ) ) ( VBP need ) ( NP ( NP ( DT a ) ( NN luxury ) ( NN brand ) ) ( SBAR-PRD ( S ( VP ( TO to ) ( VP ( VB combat ) ( NP ( NP ( JJ new ) ( NN competition ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Japanese ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ European ) ( CC and ) ( NNP U.S. ) ( NNS markets ) ) ) ) ) ) ) ) ) )

Both Ford and GM badly need a luxury brand to combat new competition from the Japanese in the European and U.S. markets


( S ( CC And ) ( NP-SBJ-1 ( ADJP ( RB financially ) ( VBN strapped ) ) ( NNP Jaguar ) ) ( VP ( VBZ has ) ( VP ( VBN spent ) ( NP ( IN over ) ( DT a ) ( NN year ) ) ( S ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ rich ) ( NN uncle ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( NN cash ) ) ( CC and ) ( NP ( JJ technological ) ( NN know-how ) ) ) ) ) ) ) ) ) ) ) ) ) )

And financially strapped Jaguar has spent over a year looking for a rich uncle to provide cash and technological know-how


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN expressed ) ( NP ( NP ( DT a ) ( NN preference ) ) ( PP ( IN for ) ( NP ( NP ( NNP GM ) ) ( PP ( IN over ) ( NP ( NNP Ford ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP GM ) ) ( VP ( VBZ has ) ( VP ( VBN promised ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB keep ) ( S ( NP-SBJ ( NNP Jaguar ) ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company has expressed a preference for GM over Ford because GM has promised it would keep Jaguar independent


( S ( NP-SBJ ( NP ( NNP Ford ) ( POS 's ) ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT some ) ( CC or ) ( DT all ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( RBR more ) ( JJ acute ) ) ( NP-TMP ( NP ( JJ last ) ( NN week ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD abandoned ) ( NP ( NP ( DT a ) ( JJ four-year ) ( NN effort ) ) ( S ( VP ( TO to ) ( VP ( NN market ) ( NP ( PRP$ its ) ( JJ German-built ) ( NNP Merkur ) ( NNP Scorpio ) ( NN sedan ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ European ) ( NN luxury ) ( NN import ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) )

Ford 's need to acquire some or all of Jaguar became more acute last week when it abandoned a four-year effort to market its German-built Merkur Scorpio sedan as a European luxury import in the U.S.


( S ( ADVP ( RB Then ) ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ( NP-SBJ ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( NNS talks ) ) ( PP ( IN about ) ( NP ( NP ( DT a ) ( JJ possible ) ( NN alliance ) ) ( PP ( IN with ) ( NP ( NP ( NNP Saab-Scania ) ( NNP AB ) ) ( PP ( IN of ) ( NP ( NNP Sweden ) ) ) ) ) ) ) ) ( VP ( VBD collapsed ) ) )

Then last Friday Ford 's talks about a possible alliance with Saab-Scania AB of Sweden collapsed


( S ( NP-SBJ ( NP ( NP ( NNP GM ) ( POS 's ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NNP Jaguar ) ) ) ) ( VP ( VBZ reflects ) ( NP ( DT a ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB diversify ) ( NP ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN company ) ( POS 's ) ) ( NNS products ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( VBG growing ) ( NN luxury-car ) ( NN segment ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

GM 's interest in Jaguar reflects a desire to help diversify the U.S. company 's products in the growing luxury-car segment of the market


( S ( S ( NP-SBJ ( PRP$ Its ) ( NNP Opel ) ( NN line ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ solid ) ( NN image ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN string ) ) ( PP ( IN of ) ( NP ( ADJP ( RB highly ) ( JJ successful ) ) ( JJ new ) ( NNS models ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ lacks ) ( NP ( NP ( NNP Jaguar ) ( POS 's ) ) ( NN cachet ) ) ) ) )

Its Opel line has a solid image and a recent string of highly successful new models but it lacks Jaguar 's cachet


( S ( NP-SBJ ( NNP GM ) ( NNS officials ) ) ( ADVP ( RB also ) ) ( VP ( VBP see ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN potential ) ) ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG marrying ) ( NP ( NP ( NNP Jaguar ) ( POS 's ) ) ( NNS cars ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ technological ) ( NN know-how ) ) ( PP ( IN of ) ( NP ( NP ( NNP Group ) ( NNP Lotus ) ( NNP PLC ) ) ( NP ( NP ( DT a ) ( JJ British ) ( NN engineering ) ( CC and ) ( NN specialty ) ( NN car ) ( NN maker ) ) ( SBAR ( S ( NP-SBJ ( NNP GM ) ) ( VP ( VBD bought ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

GM officials also see a lot of potential in marrying Jaguar 's cars to the technological know-how of Group Lotus PLC a British engineering and specialty car maker GM bought in 1986


( S ( NP-SBJ ( NP ( QP ( IN About ) ( CD 400,000 ) ) ( NNS commuters ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( PRP$ their ) ( NN way ) ) ( PP ( IN through ) ( NP ( NP ( DT the ) ( NNP Bay ) ( NN area ) ( POS 's ) ) ( JJ quake-torn ) ( NN transportation ) ( NN system ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBD wedged ) ( ADVP-MNR ( RB cheek-to-jowl ) ) ( PP-DIR ( IN into ) ( NP ( NNS subways ) ) ) ) ( VP ( VBD sat ) ( PP-LOC ( IN in ) ( NP ( NP ( NN traffic ) ( NNS jams ) ) ( PP-LOC ( IN on ) ( NP ( JJ major ) ( NNS freeways ) ) ) ) ) ) ( CC or ) ( VP ( VBD waited ) ( ADVP-MNR ( RB forlornly ) ) ( PP-CLR ( IN for ) ( NP ( NNS buses ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) )

About 400,000 commuters trying to find their way through the Bay area 's quake-torn transportation system wedged cheek-to-jowl into subways sat in traffic jams on major freeways or waited forlornly for buses yesterday


( S ( PP ( IN In ) ( NP ( JJ other ) ( NNS words ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ better-than-average ) ( NNP Manhattan ) ( NN commute ) ) ) )

In other words it was a better-than-average Manhattan commute


( S ( NP-SBJ ( NN City ) ( NNS officials ) ) ( VP ( VBD feared ) ( NP ( NP ( JJ widespread ) ( NN gridlock ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( JJ first ) ( NN day ) ) ( SBAR ( WHADVP-2 ( IN that ) ) ( S ( NP-SBJ-1 ( JJ normal ) ( NN business ) ( NNS operations ) ) ( VP ( VBD were ) ( VP ( VBN resumed ) ( PP-TMP ( VBG following ) ( NP ( NP ( JJ last ) ( NNP Tuesday ) ( POS 's ) ) ( NN earthquake ) ) ) ) ) ) ) ) ) ) ) )

City officials feared widespread gridlock on the first day that normal business operations were resumed following last Tuesday 's earthquake


( S ( NP-SBJ ( NP ( DT The ) ( JJ massive ) ( NN temblor ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD killed ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 61 ) ) ( NNS people ) ) ) ) ) ) ( VP ( VP ( VBD severed ) ( NP ( NP ( DT the ) ( NNP Bay ) ( NNP Bridge ) ) ( NP ( NP ( DT a ) ( JJ major ) ( NN artery ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ east ) ) ) ) ) ) ( CC and ) ( VP ( VBD closed ) ( NP ( NP ( JJS most ) ( NNS ramps ) ) ( VP ( VBG leading ) ( PP ( TO to ) ( CC and ) ( IN from ) ( NP ( NP ( NN Highway ) ( CD 101 ) ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NN artery ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN south ) ) ) ) ) ) ) ) ) ) )

The massive temblor which killed at least 61 people severed the Bay Bridge a major artery to the east and closed most ramps leading to and from Highway 101 the biggest artery to the south


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD will ) ( VP ( VP ( VB take ) ( NP-TMP-2 ( JJ several ) ( NNS weeks ) ) ( S-1 ( VP ( TO to ) ( VP ( VB repair ) ( NP ( DT the ) ( NN bridge ) ) ) ) ) ) ( CC and ) ( VP ( NP-TMP=2 ( JJ several ) ( NNS months ) ) ( S=1 ( VP ( TO to ) ( VP ( VB repair ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 101 ) ( NNS connections ) ) ) ) ) ) ) ) ) ) )

It will take several weeks to repair the bridge and several months to repair some of the 101 connections


( S ( CC But ) ( PP ( IN in ) ( NP ( NP ( NN spite ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ wind-driven ) ( NN rainstorm ) ) ) ) ) ( NP-SBJ ( NN gridlock ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD materialized ) ( SBAR-PRP ( ADVP ( RB mainly ) ) ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNP Bay ) ( NNP Area ) ( NNP Rapid ) ( NNP Transit ) ( NN subway ) ( NN system ) ) ( VP ( VBD carried ) ( NP ( NP ( ADJP ( NP-ADV ( CD 50 ) ( NN % ) ) ( JJR more ) ) ( NNS passengers ) ) ( PP ( IN than ) ( ADJP ( JJ normal ) ) ) ) ) ) ) ) )

But in spite of a wind-driven rainstorm gridlock never materialized mainly because the Bay Area Rapid Transit subway system carried 50 % more passengers than normal


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( PP-TMP ( IN in ) ( NP ( NN memory ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN standing-room ) ) ( ADVP ( RB only ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP BART ) ( POS 's ) ) ( JJ sleek ) ( JJ modern ) ( NNS railcars ) ) ) ) )

For the first time in memory it was standing-room only in BART 's sleek modern railcars


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NP ( DT the ) ( CD two ) ( JJ main ) ( NNS bridges ) ) ( VP ( ADVP-TMP ( RB still ) ) ( VBG connecting ) ( NP ( NNP San ) ( NNP Francisco ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP East ) ( NNP Bay ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN charge ) ( NP ( NNS tolls ) ) ( S-ADV ( VP ( VBG allowing ) ( S ( NP-SBJ ( NN traffic ) ) ( VP ( TO to ) ( VP ( VB zip ) ( PRT ( RP through ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG stopping ) ) ) ) ) ) ) ) ) ) ) )

Moreover the two main bridges still connecting San Francisco with the East Bay did n't charge tolls allowing traffic to zip through without stopping


( S ( NP-SBJ ( NNS Officials ) ) ( ADVP ( RB also ) ) ( VP ( VBP suspect ) ( SBAR ( SBAR ( DT that ) ( S ( NP-SBJ ( NN traffic ) ) ( VP ( VBD benefited ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS steps ) ) ( PP ( IN by ) ( NP ( JJ major ) ( NNS employers ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( NNS workers ) ) ( VP ( TO to ) ( VP ( VB come ) ( ADVP ( IN in ) ) ( PP-TMP ( IN at ) ( NP ( JJ odd ) ( NNS hours ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC or ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ many ) ( NNS workers ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( VP ( VBG staying ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ) ) ) ) ) ) )

Officials also suspect that traffic benefited from steps by major employers to get workers to come in at odd hours or that many workers are still staying at home


( S ( NP-SBJ ( NP ( JJ Many ) ( NNS commuters ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( ADVP ( RB normally ) ) ( VP ( VBD drove ) ( PP-LOC ( IN across ) ( NP ( NP ( DT the ) ( NNP Bay ) ( NNP Bridge ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN shut ) ( PRT ( RP down ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS weeks ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NN damage ) ) ( PP ( TO to ) ( NP ( CD one ) ( NN span ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB actually ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBD reached ) ( NP ( NN work ) ) ( ADVP-MNR ( NP ( DT a ) ( NN bit ) ) ( RBR faster ) ) ( PP-LOC ( IN on ) ( NP ( NNP BART ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( VBN provided ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB find ) ( NP ( DT a ) ( NN parking ) ( NN space ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN system ) ( POS 's ) ) ( VBN jammed ) ( NNS stations ) ) ) ) ) ) ) ) ) ) ) )

Many commuters who normally drove across the Bay Bridge which is shut down for several weeks because of damage to one span actually may have reached work a bit faster on BART yesterday provided they could find a parking space at the system 's jammed stations


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJS best ) ) ( PP ( IN of ) ( NP ( NNS times ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Bay ) ( NNP Bridge ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS worst ) ( NN commute ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ( S-ADV ( ADVP-TMP ( RB often ) ) ( VP ( VBG experiencing ) ( NP ( NP ( NNS back-ups ) ) ( PP ( IN of ) ( NP ( QP ( CD 20 ) ( TO to ) ( CD 30 ) ) ( NNS minutes ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) ) )

In the best of times the Bay Bridge is the worst commute in the region often experiencing back-ups of 20 to 30 minutes or more


( SBAR ( RB Not ) ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG getting ) ( PP-DIR ( IN into ) ( NP ( NN town ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ easy ) ) ) ) )

Not that getting into town was easy


( S ( S ( NP-SBJ ( NN Storm ) ( NN flooding ) ) ( VP ( VBD caused ) ( NP ( NP ( NNS back-ups ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN freeway ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( JJ many ) ( NNS commuters ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( NNS rides ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP BART ) ( POS 's ) ) ( NNS stations ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NN parking ) ( NNS lots ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ full ) ) ( PP-TMP ( IN before ) ( NP ( NN dawn ) ) ) ) ) ) ) ) ) ) ) )

Storm flooding caused back-ups on the freeway and many commuters had to find rides to BART 's stations because parking lots were full before dawn


( S ( NP-SBJ ( NN Bus ) ( NNS schedules ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB sometimes ) ) ( PP-PRD ( IN in ) ( NP ( NN disarray ) ) ) ( S-ADV ( VP ( VBG stranding ) ( NP ( NP ( NNS commuters ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Marilyn ) ( NNP Sullivan ) ) ) ) ) ) ) )

Bus schedules were sometimes in disarray stranding commuters such as Marilyn Sullivan


( S ( NP-SBJ ( NP ( PRP Her ) ( NN commute ) ) ( PP ( IN from ) ( NP ( NP ( NNP Petaluma ) ) ( NP ( NNP Calif. ) ) ) ) ) ( ADVP ( RB normally ) ) ( VP ( VBZ takes ) ( NP-TMP ( QP ( DT an ) ( NN hour ) ( CC and ) ( CD 15 ) ) ( NNS minutes ) ) ( PP ( IN via ) ( NP ( NP ( DT the ) ( NNP Golden ) ( NNP Gate ) ( NNP Bridge ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ connects ) ( NP ( NNP San ) ( NNP Francisco ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP North ) ( NNP Bay ) ( NN area ) ) ) ) ) ) ) ) ) )

Her commute from Petaluma Calif. normally takes an hour and 15 minutes via the Golden Gate Bridge which connects San Francisco with the North Bay area


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBD was ) ( ADVP ( RB still ) ) ( VP ( VBG waiting ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN bus ) ( NN stop ) ) ) ( PP-TMP ( IN after ) ( NP ( CD three ) ( NNS hours ) ) ) ( S-ADV ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB transfer ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN bus ) ) ( VP ( VBG going ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ financial ) ( NN district ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday she was still waiting at a bus stop after three hours trying to transfer to a bus going to the financial district


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( JJR worse ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD thought ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

It 's worse than I thought she said


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PDT all ) ( DT the ) ( NNS buses ) ) ( VP ( VBP are ) ) ) ) ) ) )

I do n't know where all the buses are


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN traffic ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ heavy ) ) ( PP-TMP ( ADVP ( JJ early ) ) ( IN in ) ( NP ( NP ( DT the ) ( NN commute ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNP Golden ) ( NNP Gate ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 8 ) ( NN a.m. ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB already ) ) ( VP ( VBD had ) ( VP ( VBN thinned ) ( PRT ( IN out ) ) ) ) )

But while traffic was heavy early in the commute over the Golden Gate by 8 a.m. it already had thinned out


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJS smoothest ) ( NNS commutes ) ) ) ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN had ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NNP Catania ) ) ( NP ( NP ( DT an ) ( NN insurance ) ( NN broker ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN bus ) ) ( PP ( IN from ) ( NP ( NP ( NNP Mill ) ( NNP Valley ) ) ( PP-LOC ( IN in ) ( NP ( NNP Marin ) ( NNP County ) ) ) ) ) ) ) ) ) )

It 's one of the smoothest commutes I 've ever had said Charles Catania an insurance broker on the bus from Mill Valley in Marin County


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ looks ) ( PP-PRD ( IN like ) ( NP ( DT a ) ( NN holiday ) ) ) ) )

It looks like a holiday


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( VP ( VBD got ) ( ADJP-PRD ( VBN scared ) ) ) ( CC and ) ( VP ( VBN stayed ) ( NP-LOC ( NN home ) ) ) ) ) ) ) )

I think a lot of people got scared and stayed home


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( NNP BankAmerica ) ( NNP Corp. ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN absenteeism ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN bank ) ( VBG holding ) ( NN company ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB no ) ( JJR greater ) ( PP ( IN than ) ( PP ( IN on ) ( NP ( DT an ) ( JJ average ) ( NN day ) ) ) ) ) ) ) ) ) )

However a spokeswoman for BankAmerica Corp. said yesterday 's absenteeism at the bank holding company was no greater than on an average day


( S ( PP-LOC ( IN At ) ( NP ( NP ( DT the ) ( NNP San ) ( NNP Mateo ) ( NNP Bridge ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ connects ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN peninsula ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP East ) ( NNP Bay ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS police ) ) ( VP ( VBD were ) ( VP ( VBN surprised ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN speed ) ) ( SBAR ( WHPP-3 ( IN with ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NN traffic ) ) ( VP ( VBD moved ) ) ) ) ) ) ) ) )

At the San Mateo Bridge which connects the San Francisco peninsula with the East Bay police were surprised at the speed with which traffic moved


( SINV ( S-TPC-1 ( NP-SBJ ( NN Everybody ) ) ( VP ( VP ( ADVP ( RB pretty ) ( RB much ) ) ( VBD pitched ) ( PRT ( IN in ) ) ) ( CC and ) ( VP ( VBD cooperated ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Stan ) ( NNP Perez ) ) ( NP ( NP ( DT a ) ( NN sergeant ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP California ) ( NNP Highway ) ( NNP Patrol ) ) ) ) ) )

Everybody pretty much pitched in and cooperated said Stan Perez a sergeant with the California Highway Patrol


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( NP-PRD ( JJ many ) ( NNS indications ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ new ) ( NN work ) ( NNS hours ) ) ( VP ( VBN implemented ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ) ) ( VP ( VBD played ) ( NP ( DT a ) ( JJ big ) ( NN role ) ) ) ) ) ) ) )

There were many indications that the new work hours implemented by major corporations played a big role


( S ( NP-SBJ ( DT The ) ( NNP Golden ) ( NNP Gate ) ) ( VP ( VP ( VBD handled ) ( NP ( NP ( IN as ) ( JJ many ) ( NNS cars ) ) ( PP ( RB as ) ( ADVP ( RB normally ) ) ) ) ( NP-TMP-1 ( NN yesterday ) ) ) ( CC but ) ( VP ( PP-TMP=1 ( IN over ) ( NP ( NP ( CD four ) ( NNS hours ) ) ( PP ( RB rather ) ( IN than ) ( NP ( DT the ) ( JJ usual ) ( JJ two-hour ) ( NN crush ) ) ) ) ) ) ) )

The Golden Gate handled as many cars as normally yesterday but over four hours rather than the usual two-hour crush


( S ( NP-SBJ ( NP ( NNP Bechtel ) ( NNP Group ) ( NNP Inc. ) ) ( NP ( DT the ) ( NN giant ) ( ADJP ( RB closely ) ( VBD held ) ) ( NN engineering ) ( NN concern ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN instituted ) ( NP ( NP ( DT a ) ( NAC ( CD 6 ) ( NN a.m. ) ( PP ( TO to ) ( NP ( CD 8 ) ( NN p.m. ) ) ) ) ( NN flextime ) ( NN arrangement ) ) ( SBAR ( WHADVP-2 ( WRB whereby ) ) ( S ( NP-SBJ ( NNS employees ) ) ( VP ( MD may ) ( VP ( VB select ) ( NP ( NP ( DT any ) ( JJ eight-hour ) ( NN period ) ) ( PP-TMP ( IN during ) ( NP ( DT those ) ( NNS hours ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( TO to ) ( NP ( NN work ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bechtel Group Inc. the giant closely held engineering concern says it has instituted a 6 a.m. to 8 p.m. flextime arrangement whereby employees may select any eight-hour period during those hours to go to work


( S ( PP-TPC-1 ( IN Of ) ( NP ( NP ( NNP Bechtel ) ( POS 's ) ) ( CD 17,500 ) ( NNS employees ) ) ) ( NP-SBJ ( NP ( QP ( IN about ) ( CD 4,000 ) ) ) ) ( VP ( NN work ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ( S ( NP-SBJ ( NP ( NN one-third ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBG commuting ) ( PP-CLR ( IN from ) ( NP ( JJ stricken ) ( NNP East ) ( NNP Bay ) ) ) ) ) )

Of Bechtel 's 17,500 employees about 4,000 work in San Francisco one-third of them commuting from stricken East Bay


( S ( NP-SBJ ( NNP Pacific ) ( NNP Gas ) ( CC & ) ( NNP Electric ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBG offering ) ( NP ( PRP$ its ) ( CD 6,000 ) ( NNP San ) ( NNP Francisco ) ( NNS employees ) ) ( NP ( NP ( DT a ) ( JJ two-tier ) ( NN flextime ) ( NN schedule ) ) ( NP ( CC either ) ( NP-TMP ( NP ( CD 6 ) ( NN a.m. ) ) ( PP ( TO to ) ( NP ( CD 2 ) ( NN p.m. ) ) ) ) ( CC or ) ( NP-TMP ( NP ( CD 10 ) ( NN a.m. ) ) ( PP ( TO to ) ( NP ( CD 6 ) ( NN p.m ) ) ) ) ) ) ) ) )

Pacific Gas & Electric Co. is offering its 6,000 San Francisco employees a two-tier flextime schedule either 6 a.m. to 2 p.m. or 10 a.m. to 6 p.m


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN flextime ) ) ( VP ( MD may ) ( VP ( VB cut ) ( PP-EXT ( IN by ) ( NP ( RB almost ) ( DT a ) ( JJ third ) ) ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNP PG&E ) ( NNS employees ) ) ) ( VP ( VBG working ) ( NP ( JJ conventional ) ( CD 9-5 ) ( NNS hours ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN spokesman ) ) ( VP ( VBZ says ) ) )

The flextime may cut by almost a third the number of PG&E employees working conventional 9-5 hours a spokesman says


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN utility ) ( POS 's ) ) ( NNS employees ) ) ) ) ( VP ( MD may ) ( VP ( VB opt ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ four-day ) ( NN workweek ) ) ( NP ( NP ( CD 10 ) ( NNS hours ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ( S-TPC ( VP ( TO to ) ( VP ( VB cut ) ( NP ( DT the ) ( NN commute ) ) ( PP-EXT ( IN by ) ( NP ( CD 20 ) ( NN % ) ) ) ) ) ) ) ) )

Some of the utility 's employees may opt for a four-day workweek 10 hours a day to cut the commute by 20 %


( S ( S-TPC-2 ( PP-LOC ( IN At ) ( NP ( NNP Pacific ) ( NNP Telesis ) ( NNP Group ) ) ) ( NP-SBJ-1 ( NN flextime ) ) ( VP ( VBZ is ) ( VP ( VBN left ) ( PP-CLR ( IN up ) ( PP ( TO to ) ( NP ( JJ individual ) ( VBG working ) ( NNS groups ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN telephone ) ( NN company ) ( POS 's ) ) ( NNS employees ) ) ) ) ( VP ( MD must ) ( VP ( VB be ) ( ADVP-LOC-PRD ( JJ on-site ) ) ( PP-TMP ( IN during ) ( NP ( JJ normal ) ( NN business ) ( NNS hours ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN spokeswoman ) ) ( VP ( VBZ says ) ) )

At Pacific Telesis Group flextime is left up to individual working groups because some of the telephone company 's employees must be on-site during normal business hours a spokeswoman says


( S ( NP-SBJ-1 ( DT Some ) ( NNS individuals ) ) ( VP ( VBD went ) ( PP-CLR ( TO to ) ( NP ( NP ( DT some ) ( NNS lengths ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( JJ own ) ) ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( DT the ) ( VBN anticipated ) ( NN gridlock ) ) ) ) ) ) )

Some individuals went to some lengths on their own to avoid the anticipated gridlock


( S ( NP-SBJ ( NP ( CD One ) ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNP Bechtel ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD got ) ( PRT ( RP up ) ) ( PP-TMP ( IN at ) ( NP ( CD 3 ) ( NN a.m. ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB drive ) ( PP-DIR ( IN into ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NNP East ) ( NNP Bay ) ) ) ) ) ) ) ) ) ) )

One senior vice president at Bechtel said he got up at 3 a.m. to drive into San Francisco from the East Bay


( S ( CC But ) ( NP-SBJ ( NN transportation ) ( NNS officials ) ) ( VP ( VBP worry ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ such ) ( JJ extraordinary ) ( NNS measures ) ( CC and ) ( NN cooperation ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB last ) ) ) ) ) ) )

But transportation officials worry that such extraordinary measures and cooperation may not last


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( CD one ) ( NN transportation ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS drivers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( VB use ) ( NP ( NN car ) ( NNS pools ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG committing ) ( NP ( DT an ) ( JJ anti-social ) ( NN act ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( QP ( IN about ) ( NNS two-thirds ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS motorists ) ) ( VP ( VBG crossing ) ( NP ( DT the ) ( NNP Golden ) ( NNP Gate ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB alone ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( DT the ) ( JJ normal ) ( ADJP ( CD 70 ) ( NN % ) ) ( NN rate ) ) ) ) ) )

Although one transportation official said drivers who did n't use car pools were committing an anti-social act about two-thirds of the motorists crossing the Golden Gate were alone compared with the normal 70 % rate


( S ( CC And ) ( NP-SBJ-1 ( NP ( DT some ) ( NNS commuters ) ) ( VP ( VBN relieved ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( NN gridlock ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB return ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( JJ old ) ( NNS ways ) ) ) ) ) ) ) ) )

And some commuters relieved by the absence of gridlock were planning to return to their old ways


( S ( NP-SBJ ( NP ( NNP Francis ) ( NNP D. ) ( NNP John ) ) ( NP ( JJ 35-year-old ) ( NN president ) ) ) ( VP ( MD will ) ( VP ( VB assume ) ( NP ( NP ( DT the ) ( JJ additional ) ( NN job ) ) ( PP ( IN of ) ( NP ( NN chief ) ( NN executive ) ( NN officer ) ) ) ) ) ) )

Francis D. John 35-year-old president will assume the additional job of chief executive officer


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ succeeds ) ( NP ( NP ( NNP Paul ) ( NNP J. ) ( NNP Montle ) ) ( NP ( CD 42 ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB remain ) ( NP-PRD ( NN chairman ) ) ) ) ) ) ) ) )

He succeeds Paul J. Montle 42 who will remain chairman


( S ( NP-SBJ ( NNP National ) ( NNP Environmental ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB move ) ( NP ( PRP$ its ) ( NN headquarters ) ) ( PP-DIR ( IN from ) ( NP ( NNP Hingham ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( NNP Folcroft ) ) ( NP ( NNP Pa. ) ) ) ( NP ( NP ( DT the ) ( NN site ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN sludge ) ( VBG dewatering ) ( NN facility ) ) ) ) ) ) ) ) ) ) ) )

National Environmental also said it will move its headquarters from Hingham to Folcroft Pa. the site of its sludge dewatering facility


( S ( NP-SBJ ( NP ( NNP National ) ( NNP Environmental ) ) ( NP ( RB formerly ) ( NNP Yankee ) ( NNP Cos. ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN sludge ) ( NN treatment ) ( NN company ) ) ) )

National Environmental formerly Yankee Cos. is a sludge treatment company


( S ( NP-SBJ ( NP ( DT The ) ( NN management ) ( NN turnover ) ) ( PP-LOC ( IN at ) ( NP ( NNP Reebok ) ( NNP International ) ( NNP Ltd. ) ) ) ) ( VP ( VBD continued ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN resignation ) ) ( PP ( IN of ) ( NP ( NP ( NN company ) ( NN president ) ( NNP C. ) ( NNP Joseph ) ( NNP LaBonte ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD joined ) ( NP ( NNP Reebok ) ) ( ADVP-TMP ( NP ( QP ( RB just ) ( CD two ) ) ( NNS years ) ) ( IN ago ) ) ) ) ) ) ) ) ) ) )

The management turnover at Reebok International Ltd. continued with the resignation of company president C. Joseph LaBonte who joined Reebok just two years ago


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP LaBonte ) ( POS 's ) ) ( NN departure ) ) ( VP ( VBZ follows ) ( PP-TMP ( IN by ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( DT the ) ( NN resignation ) ) ( PP ( IN of ) ( NP ( NNP Mark ) ( NNP Goldston ) ) ) ( PP ( IN as ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( NN marketing ) ( NN officer ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( QP ( RB only ) ( CD 11 ) ) ( NNS months ) ) ( PP-LOC ( IN at ) ( NP ( NNP Reebok ) ) ) ) ) ) ) )

Mr. LaBonte 's departure follows by two months the resignation of Mark Goldston as senior vice president and chief marketing officer after only 11 months at Reebok


( S ( NP-SBJ ( NP ( DT The ) ( NNS resignations ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( CD two ) ( NNS executives ) ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( NN hard-charging ) ( CC and ) ( NN abrasive ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Reebok ) ( NNS insiders ) ) ) ) ) ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT a ) ( NN difference ) ) ( PP ( IN in ) ( NP ( NN style ) ) ) ( PP ( IN with ) ( NP ( NP ( NNP Paul ) ( NNP Fireman ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( NN chief ) ( NN executive ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( JJ several ) ( JJ former ) ( NNS executives ) ) ) ) ) )

The resignations by the two executives considered hard-charging and abrasive by Reebok insiders reflect a difference in style with Paul Fireman chairman and chief executive according to several former executives


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS executives ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS outsiders ) ) ( VP ( VBN recruited ) ( PP ( IN by ) ( NP-LGS ( NNP Reebok ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS years ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB make ) ( NP ( NP ( DT the ) ( NN transition ) ) ( PP ( PP ( IN from ) ( NP ( DT a ) ( JJ small ) ( JJ start-up ) ( NN company ) ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN marketing ) ( NN giant ) ) ( PP ( IN with ) ( NP ( NP ( NNS sales ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.79 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The two executives are among a number of outsiders recruited by Reebok in the past few years to help it make the transition from a small start-up company to a marketing giant with sales last year of 1.79 billion


( S ( NP-SBJ ( DT The ) ( NNS changes ) ) ( VP ( VBP come ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-2 ( NP ( NNP Reebok ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD grew ) ( ADVP-MNR ( RB rapidly ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD mid-1980s ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN seen ) ( S ( NP-SBJ ( PRP$ its ) ( NNS sales ) ) ( VP ( VB flatten ) ) ) ( PP-TMP ( IN of ) ( NP ( RB late ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB regain ) ( NP ( NP ( NN momentum ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN athletic-shoe ) ( NN business ) ) ) ( PP ( IN against ) ( NP ( NP ( NNS rivals ) ) ( NP ( NP ( NNP Nike ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP L.A. ) ( NNP Gear ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The changes come as Reebok which grew rapidly in the mid-1980s but has seen its sales flatten of late is seeking to regain momentum in the athletic-shoe business against rivals Nike Inc. and L.A. Gear Inc


( S-1 ( NP-SBJ ( DT The ) ( NNS departures ) ) ( PRN ( SINV ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Alice ) ( NNP Ruth ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Montgomery ) ( NNPS Securities ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB enable ) ( NP ( DT the ) ( NN company ) ) ( S ( VP ( TO to ) ( VP ( VB focus ) ( PP ( IN on ) ( NP ( NN business ) ( NNS issues ) ) ( ADVP ( RB instead ) ( PP ( IN of ) ( NP ( NN management ) ( NNS differences ) ) ) ) ) ) ) ) ) ) )

The departures said Alice Ruth an analyst at Montgomery Securities in San Francisco should enable the company to focus on business issues instead of management differences


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADVP ( RBR more ) ) ( NP-PRD ( NP ( DT an ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NN style ) ) ) ) ) ) ) ) )

I think it 's more an issue of style


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB view ) ( NP ( PRP it ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ net ) ( NN positive ) ) ) ) ) )

I would view it as a net positive


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( MD can ) ( VP ( VB go ) ( PP-CLR ( IN about ) ( NP ( PRP$ its ) ( NN business ) ) ) ) ) )

The company can go about its business


( S ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( VBP 're ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN midst ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN turnaround ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD noted ) ) )

They 're in the midst of a turnaround she noted


( S ( NP-SBJ ( NNS Earnings ) ) ( VP ( VBP have ) ( VP ( VBN rebounded ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN decline ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) )

Earnings have rebounded in 1989 after a 20 % decline last year


( S ( NP-SBJ-2 ( DT A ) ( JJ former ) ( NN executive ) ) ( VP ( VBD agreed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS departures ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB reflect ) ( NP ( JJ major ) ( NNS problems ) ) ) ) ) ) ( S-ADV ( VP ( VBG adding ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP see ) ( NP ( NP ( DT any ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ grows ) ( ADVP ( ADVP ( RB as ) ( RB fast ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( NNP Reebok ) ) ( VP ( VBD did ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBG coming ) ( CC and ) ( VBG going ) ) ) ) ) ) ) ) ) ) ) ) )

A former executive agreed that the departures do n't reflect major problems adding If you see any company that grows as fast as Reebok did it is going to have people coming and going


( S ( NP-SBJ ( NNP Reebok ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP LaBonte ) ) ( VP ( MD will ) ( VP ( VB resume ) ( NP ( NP ( DT the ) ( NN presidency ) ) ( PP ( IN of ) ( NP ( NP ( NNP Vantage ) ( NNP Group ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( JJ California-based ) ( NN venture ) ( NN capital ) ( NN firm ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD founded ) ( PP-TMP ( IN in ) ( NP ( CD 1983 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Reebok said Mr. LaBonte will resume the presidency of Vantage Group Inc. a California-based venture capital firm that he founded in 1983


( S ( PP-TMP ( IN Before ) ( NP ( IN that ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Twentieth ) ( NNP Century-Fox ) ( NNP Film ) ( NNP Corp ) ) ) ) ) )

Before that he was president and chief operating officer of Twentieth Century-Fox Film Corp


( S ( NP-SBJ ( NNP Reebok ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Fireman ) ) ( VP ( MD will ) ( VP ( VB assume ) ( NP ( NP ( DT the ) ( NN title ) ) ( PP ( IN of ) ( NP ( NN president ) ) ) ) ) ) ) ) ) )

Reebok added that Mr. Fireman will assume the title of president


( S ( NP-SBJ ( DT A ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT neither ) ( NP ( NNP Mr. ) ( NNP Fireman ) ) ( CC nor ) ( NP ( NNP Mr. ) ( NNP LaBonte ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ( PP ( IN for ) ( NP ( NN comment ) ) ) ) ) ) ) ) ) )

A spokesman said that neither Mr. Fireman nor Mr. LaBonte would be available for comment


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD will ) ( RB not ) ( VP ( VB be ) ( VP ( VBG commenting ) ( PP ( IN beyond ) ( NP ( DT the ) ( NN news ) ( NN release ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

We will not be commenting beyond the news release the spokesman said


( S ( NP-SBJ-3 ( NP ( NNP Mr. ) ( NNP Goldston ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Faberge ) ( NNP Inc. ) ( POS 's ) ) ( NNP Faberge ) ( NNP U.S.A. ) ( NN division ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG joining ) ( NP ( NNP Reebok ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBN left ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( JJ other ) ( NNS interests ) ) ) ) ) ) )

Mr. Goldston who had been president of Faberge Inc. 's Faberge U.S.A. division before joining Reebok in September 1988 left in August to pursue other interests


( S ( NP-SBJ ( NNP Euro ) ( NNP Disneyland ) ( NNS shares ) ) ( VP ( VBD made ) ( NP ( NP ( DT a ) ( NN debut ) ) ( PP ( IN like ) ( NP ( NNP Snow ) ( NNP White ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP London ) ( NN stock ) ( NN market ) ) ) ) ( VP ( VBD looked ) ( SBAR-CLR ( IN like ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN eaten ) ( NP ( NP ( DT the ) ( NNP Evil ) ( NNP Queen ) ( POS 's ) ) ( VBN poisoned ) ( NN apple ) ) ) ) ) ) ) ) ) ) )

Euro Disneyland shares made a debut like Snow White yesterday while most of the London stock market looked like it had eaten the Evil Queen 's poisoned apple


( S ( PP-TMP ( IN In ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( NN day ) ) ( PP ( IN of ) ( NP ( JJ when-issued ) ( NN trading ) ( NP ( RB here ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Euro ) ( NNP Disney ) ) ( VP ( VBD soared ) ( PP-MNR ( IN like ) ( NP ( NNP Dumbo ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 814 ) ( NN pence ) ) ( PRN ( NP ( CD 13.05 ) ) ) ) ) ( ADVP ( IN up ) ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN from ) ( NP ( PRP$ its ) ( JJ 707-pence ) ( VBG offering ) ( NN price ) ) ) ) ) ) ) ) )

In its first day of when-issued trading here Euro Disney soared like Dumbo to close at 814 pence 13.05 up 15 % from its 707-pence offering price


( S ( NP-SBJ-1 ( DT The ) ( JJ overall ) ( NNP London ) ( NN market ) ) ( S-ADV ( VP ( VBG following ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJ early ) ( NN nosedive ) ) ) ) ( VP ( VBD took ) ( NP ( DT a ) ( JJ late ) ( NN beating ) ) ) )

The overall London market following Wall Street 's early nosedive took a late beating


( S ( NP-SBJ-1 ( DT The ) ( NNP Financial ) ( NNP Times-Stock ) ( NNP Exchange ) ( NNP 100-Share ) ( NNP Index ) ) ( VP ( VBD plummeted ) ( NP-EXT ( CD 40.4 ) ( NNS points ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 2149.3 ) ) ) ) ) ) ) )

The Financial Times-Stock Exchange 100-Share Index plummeted 40.4 points to close at 2149.3


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD credited ) ( NP ( NP ( NNP Euro ) ( NNP Disney ) ( POS 's ) ) ( NN share ) ( NN performance ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ tremendous ) ( NN hyping ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN project ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-1 ( DT the ) ( NNS shares ) ) ( VP ( VBP are ) ( VP ( VBN destined ) ( S ( VP ( TO to ) ( VP ( VB help ) ( VP ( NN finance ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( NNP Walt ) ( NNP Disney ) ( NNP Co. ) ( POS 's ) ) ( JJ 4,800-acre ) ( NN theme ) ( NN park ) ) ( ADVP-LOC ( NP ( CD 20 ) ( NNS miles ) ) ( JJ east ) ( PP ( IN of ) ( NP ( NNP Paris ) ) ) ) ) ) ) ) ) ) )

Traders credited Euro Disney 's share performance to the tremendous hyping of the project that the shares are destined to help finance Walt Disney Co. 's 4,800-acre theme park 20 miles east of Paris


( S ( NP-SBJ-1 ( DT The ) ( NN park ) ) ( VP ( VBZ is ) ( VP ( VBN slated ) ( S ( VP ( TO to ) ( VP ( VB open ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) )

The park is slated to open in 1992


( SINV ( S-TPC-2 ( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB very ) ( JJ well-received ) ) ) ) ( S ( NP-SBJ ( NNP Disney ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ such ) ( DT a ) ( ADJP ( ADJP ( NN well-known ) ) ( PRN ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB say ) ( ADJP ( JJ world-wide ) ) ) ) ) ) ) ( NN name ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Vernon ) ( NNP Dempsey ) ) ( NP ( NP ( NN head ) ( NN trader ) ) ( PP ( IN of ) ( NP ( JJ European ) ( NNS equities ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Kleinwort ) ( NNP Benson ) ( NNP Ltd. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG making ) ( NP ( NP ( DT a ) ( NN market ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) )

The issue was very well-received Disney is such a well-known you can say world-wide name said Vernon Dempsey head trader of European equities at Kleinwort Benson Ltd. which is making a market in the issue


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dempsey ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN issue ) ( POS 's ) ) ( NNP London ) ( NN debut ) ) ( VP ( VBD was ) ( VP ( VBN accompanied ) ( PP ( IN by ) ( NP-LGS ( NP ( ADJP ( RB very ) ( RB very ) ( JJ heavy ) ) ( NN turnover ) ) ( NP ( QP ( IN between ) ( CD five ) ( CD million ) ( CC and ) ( CD six ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ) ) )

Mr. Dempsey estimated that the issue 's London debut was accompanied by very very heavy turnover between five million and six million shares


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN buying ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ institutional ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) )

Most of the buying was institutional he added


( S ( NP-SBJ ( NP ( JJ Official ) ( NN trading ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNS shares ) ) ) ) ( VP ( MD will ) ( VP ( VB start ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ( NNP Paris ) ( CC and ) ( NNP Brussels ) ) ) ( PP-TMP ( IN on ) ( NP ( NP ( NNP Nov. ) ( CD 6 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( ADJP ( NN French-franc ) ( VBN denominated ) ) ( NN offering ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( QP ( RB nearly ) ( CD 1 ) ( CD billion ) ) ) ) ) ) ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( NP ( NN market ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP European ) ( NNP Community ) ) ) ) ) ) ) ) ) ) )

Official trading in the shares will start in London Paris and Brussels on Nov. 6 when the French-franc denominated offering valued at the equivalent of nearly 1 billion comes to market in the European Community


( S ( NP-SBJ-1 ( NNP U.S. ) ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN permitted ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT the ) ( NNS shares ) ) ( PP-CLR ( IN from ) ( NP ( NNP EC ) ( NNS investors ) ) ) ( ADVP-TMP ( NP ( CD 90 ) ( NNS days ) ) ( RB later ) ) ) ) ) ) ) ) )

U.S. investors will be permitted to buy the shares from EC investors 90 days later


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT the ) ( NN interest ) ) ( VP ( VBN connected ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP London ) ( NN exchange ) ) ( VP ( VBD took ) ( NP ( NP ( DT the ) ( JJ unusual ) ( NN step ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG letting ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VB establish ) ( NP ( DT an ) ( ADJP ( RB officially ) ( VBN sanctioned ) ) ( JJ when-issued ) ( NN market ) ) ) ) ) ) ) ) ) )

Because of the interest connected with the issue the London exchange took the unusual step of letting traders establish an officially sanctioned when-issued market


( S ( NP-SBJ ( NP ( DT A ) ( ADJP ( JJ volatile ) ( JJ unofficial ) ) ( JJ gray ) ( NN market ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNS shares ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG operating ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ( PP-TMP ( IN for ) ( NP ( IN about ) ( CD two ) ( NNS weeks ) ) ) ) ) ) )

A volatile unofficial gray market in the shares has been operating in Paris for about two weeks


( S ( PP ( IN In ) ( NP ( NP ( NN contrast ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP London ) ( NN performance ) ) ) ) ) ( NP-SBJ ( NNP Euro ) ( NNP Disney ) ) ( ADVP-LOC ( RB there ) ) ( VP ( VBD closed ) ( ADVP ( IN down ) ( NP ( CD three ) ( NNS francs ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 79 ) ( CD 1\/2 ) ( NNS francs ) ) ( PRN ( NP ( CD 12.66 ) ) ) ) ( VP ( NN bid ) ) ) ) ( CC but ) ( ADVP ( RB still ) ) ( ADVP ( NP ( QP ( IN about ) ( CD 10 ) ) ( NN % ) ) ( IN over ) ( NP ( DT the ) ( JJ 72-franc ) ( NN offering ) ( NN price ) ) ) ) )

In contrast to the London performance Euro Disney there closed down three francs yesterday at 79 1\/2 francs 12.66 bid but still about 10 % over the 72-franc offering price


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT A ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( ADJP-PRD ( NN hurt ) ) ( PP ( IN on ) ( NP ( DT this ) ( JJ wicked ) ( NN whipsawing ) ) ) ) ) ) ( VP ( VBD cautioned ) ) ( NP-SBJ ( NP ( NNP Alistair ) ( NNP Cuddeford ) ) ( NP ( NP ( DT a ) ( JJ London-based ) ( NNP Salomon ) ( NNPS Brothers ) ( NNP International ) ( NNP Ltd. ) ( NN trader ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ makes ) ( NP ( DT a ) ( NN market ) ) ( PP ( IN in ) ( NP ( JJ franc-denominated ) ( NNP Euro ) ( NNP Disney ) ( NNS shares ) ) ) ) ) ) ) ) )

A lot of people are getting hurt on this wicked whipsawing cautioned Alistair Cuddeford a London-based Salomon Brothers International Ltd. trader who makes a market in franc-denominated Euro Disney shares


( S ( NP-SBJ ( EX There ) ) ( VP ( MD should ) ( VP ( VB be ) ( NP-PRD ( DT no ) ( JJ great ) ( NN rush ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT this ) ) ) ) ) ) ) ) ) )

There should be no great rush for investors to buy this


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT A ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ big ) ( JJ European ) ( NNS banks ) ) ( ADJP ( RB mostly ) ( JJ French ) ) ) ( CC and ) ( NP ( JJ Swiss ) ( NN arb ) ( NNS accounts ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG buying ) ( NP ( DT the ) ( NN stock ) ) ( S-PRP ( ADVP ( RB just ) ) ( VP ( TO to ) ( VP ( VB flip ) ( NP ( PRP it ) ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ quick ) ( NN profit ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

A lot of big European banks mostly French and Swiss arb accounts have been buying the stock just to flip it for a quick profit he said


( S ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Big ) ( NNP Four ) ( NNS securities ) ( NNS firms ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ first-half ) ( VBN unconsolidated ) ( NNS results ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD mirrored ) ( NP ( NP ( JJR softer ) ( NN performance ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( JJR slower ) ( NN turnover ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Exchange ) ) ) ( PP-TMP ( IN during ) ( NP ( NNP July ) ( CC and ) ( NNP August ) ) ) ) ) ) ) ) ) ) ) ) ) )

Japan 's Big Four securities firms posted first-half unconsolidated results that mirrored softer performance as a result of slower turnover on the Tokyo Stock Exchange during July and August


( S ( NP-SBJ ( NP ( NNS Figures ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN period ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD four ) ( JJS largest ) ( NN brokerage ) ( NNS firms ) ) ( NP ( NP ( NNP Nomura ) ( NNPS Securities ) ( NNP Co. ) ) ( NP ( NNP Daiwa ) ( NNPS Securities ) ( NNP Co. ) ) ( NP ( NNP Yamaichi ) ( NNPS Securities ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Nikko ) ( NNPS Securities ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD reflected ) ( NP ( NP ( DT a ) ( NN changeover ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT a ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP March ) ( CD 31 ) ) ) ) ( VP ( VBG replacing ) ( NP ( NP ( DT the ) ( JJ 12-month ) ( NN term ) ) ( VP ( ADVP-TMP ( RB formerly ) ) ( VBG finishing ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) ) ) )

Figures for the period ended Sept. 30 for the four largest brokerage firms Nomura Securities Co. Daiwa Securities Co. Yamaichi Securities Co. and Nikko Securities also reflected a changeover to a fiscal year ending March 31 replacing the 12-month term formerly finishing Sept. 30


( S-1 ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( PRN ( S ( NP-SBJ ( NN brokerage ) ( NN house ) ( NNS officials ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NP ( JJ appropriate ) ( NNS comparisons ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unavailable ) ) ) )

As a result brokerage house officials said appropriate comparisons from the same period a year earlier were unavailable


( S ( NP-SBJ-1 ( NP ( VBG Operating ) ( NN profit ) ) ( NP ( NN pretax ) ( NN profit ) ) ( CC and ) ( NP ( JJ net ) ( NN income ) ( NNS results ) ) ) ( ADVP ( RB however ) ) ( VP ( VBD were ) ( VP ( VBN provided ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( RB immediately ) ( VBG preceding ) ) ( JJ six-month ) ( NN period ) ) ) ) ) )

Operating profit pretax profit and net income results however were provided for the immediately preceding six-month period


( S ( NP-SBJ-1 ( DT The ) ( NNS statistics ) ) ( VP ( VBP follow ) ( NP ( NP ( DT a ) ( JJ year-on-year ) ( NN rebound ) ) ( PP ( IN in ) ( NP ( NP ( ADJP ( VBN consolidated ) ( CC and ) ( VBN unconsolidated ) ) ( NNS results ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ full ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBD ended ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ( CD 1989 ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG recovering ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ dismal ) ( NNS results ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ prior ) ( JJ fiscal ) ( NN year ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC-LOC ( NNP October ) ( CD 1987 ) ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) ) ) ) ) ) ) )

The statistics follow a year-on-year rebound in consolidated and unconsolidated results in the full fiscal year ended in March 1989 recovering from dismal results in the prior fiscal year as a result of the October 1987 stock market crash


( S ( NP-SBJ ( NNP Nomura ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN pretax ) ( NNS profits ) ) ( VP ( VBD inched ) ( PRT ( RP up ) ) ( NP-EXT ( CD 0.9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 248.91 ) ( CD billion ) ) ( NN yen ) ) ( PRN ( NP ( QP ( CD 1.75 ) ( CD billion ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 246.60 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD six ) ( NNS months ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP March ) ( CD 31 ) ) ) ) ) ) ) ) ) )

Nomura said its pretax profits inched up 0.9 % to 248.91 billion yen 1.75 billion from 246.60 billion yen in the six months ended March 31


( S ( NP-SBJ ( JJ Total ) ( VBG operating ) ( NN profit ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 3.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 486.1 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 501.61 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Total operating profit fell 3.1 % to 486.1 billion yen from 501.61 billion yen


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( ADVP ( RB however ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 3.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 107.87 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 103.98 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Net income however rose 3.7 % to 107.87 billion yen from 103.98 billion yen


( S ( NP-SBJ ( JJ Per-share ) ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 55.10 ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 54.51 ) ( NN yen ) ) ) ) )

Per-share net rose to 55.10 yen from 54.51 yen


( S ( NP-SBJ ( NNP Daiwa ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN pretax ) ( NNS profits ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 9.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 171.04 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 156.12 ) ( CD billion ) ) ( NN yen ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( VBG preceding ) ( JJ six-month ) ( NN term ) ) ) ) ) ) ) ) )

Daiwa said its pretax profits surged 9.6 % to 171.04 billion yen from 156.12 billion yen in the preceding six-month term


( S ( NP-SBJ ( VBG Operating ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 332.38 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 315.12 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Operating profit rose 5.5 % to 332.38 billion yen from 315.12 billion yen


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 79.03 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 65.53 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Net income jumped 21 % to 79.03 billion yen from 65.53 billion yen


( S ( NP-SBJ ( JJ Per-share ) ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 62.04 ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 51.50 ) ( NN yen ) ) ) ) )

Per-share net rose to 62.04 yen from 51.50 yen


( S ( NP-SBJ ( NNP Yamaichi ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN pretax ) ( NN profit ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 8.9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 117.94 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 108.28 ) ( CD billion ) ) ( NN yen ) ) ) ) ) ) ) )

Yamaichi said its pretax profit increased 8.9 % to 117.94 billion yen from 108.28 billion yen


( S ( NP-SBJ ( VBG Operating ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 5.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 279.75 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 265.79 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Operating profit rose 5.3 % to 279.75 billion yen from 265.79 billion yen


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 55.59 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 46.02 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Net income surged 21 % to 55.59 billion yen from 46.02 billion yen


( S ( NP-SBJ ( JJ Per-share ) ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 47.46 ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 39.31 ) ( NN yen ) ) ) ) )

Per-share net rose to 47.46 yen from 39.31 yen


( S ( NP-SBJ ( NP ( NNP Nikko ) ( POS 's ) ) ( NN pretax ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 130.25 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 128.19 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Nikko 's pretax profit rose 1.6 % to 130.25 billion yen from 128.19 billion yen


( S ( NP-SBJ ( VBG Operating ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 293.29 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 282.08 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Operating profit rose 4 % to 293.29 billion yen from 282.08 billion yen


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 23 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 63.52 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 51.65 ) ( CD billion ) ) ( NN yen ) ) ) ) )

Net income rose 23 % to 63.52 billion yen from 51.65 billion yen


( S ( NP-SBJ ( JJ Per-share ) ( NN net ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 44.08 ) ( NN yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 36.13 ) ( NN yen ) ) ) ) )

Per-share net rose to 44.08 yen from 36.13 yen


( S ( PP-LOC ( IN In ) ( NP ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( JJ rapid ) ( NN shift ) ) ( PP ( IN from ) ( NP ( NN socialism ) ) ) ( PP ( TO to ) ( NP ( DT an ) ( JJ undefined ) ( NN alternative ) ) ) ) ) ( NP-SBJ ( JJ environmental ) ( NNS issues ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( NP-PRD ( NP ( DT a ) ( VBG cutting ) ( NN edge ) ) ( PP ( IN of ) ( NP ( JJR broader ) ( NNS movements ) ( S ( VP ( TO to ) ( VP ( VP ( NN restructure ) ( NP ( DT the ) ( NN economy ) ) ) ( VP ( VBD cut ) ( NP ( JJ cumbersome ) ( NNS bureaucracies ) ) ) ( CC and ) ( VP ( VB democratize ) ( NP ( JJ local ) ( NNS politics ) ) ) ) ) ) ) ) ) ) ) )

In Poland 's rapid shift from socialism to an undefined alternative environmental issues have become a cutting edge of broader movements to restructure the economy cut cumbersome bureaucracies and democratize local politics


( S ( NP-SBJ-1 ( JJ Initial ) ( NNS steps ) ) ( VP ( VBD were ) ( VP ( VBN taken ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( JJ first ) ( JJ international ) ( JJ environmental ) ( NN conference ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD attended ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) ) )

Initial steps were taken at Poland 's first international environmental conference which I attended last month


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN conference ) ) ( VP ( VBN held ) ( PP-LOC ( IN in ) ( NP ( NNP Lower ) ( NNP Silesia ) ) ) ) ) ( VP ( VP ( VBD was ) ( VP ( JJ co-sponsored ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Environment ) ( NNP Ministry ) ) ( NP ( DT the ) ( NNP Rockefeller ) ( NNPS Brothers ) ( NNP Fund ) ) ( CC and ) ( NP ( DT the ) ( NNP Polish ) ( NNP Ecological ) ( NNP Club ) ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( VP ( VBN attended ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( CD 50 ) ( NNPS Poles ) ) ( PP ( IN from ) ( NP ( NN government ) ( CC and ) ( NN industry ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NNPS Hungarians ) ( NNPS Czechs ) ( NNPS Russians ) ( NNPS Japanese ) ( CC and ) ( NNPS Americans ) ) ) ) ) ) ) )

The conference held in Lower Silesia was co-sponsored by the Environment Ministry the Rockefeller Brothers Fund and the Polish Ecological Club and was attended by 50 Poles from government and industry as well as Hungarians Czechs Russians Japanese and Americans


( S ( NP-SBJ-1 ( DT The ) ( NN conference ) ) ( VP ( VBD was ) ( VP ( VBN entitled ) ( S ( NP-PRD ( NP ( NP ( NNP Economic ) ( NNPS Mechanisms ) ) ( PP ( IN for ) ( NP ( NNP Environmental ) ( NNP Protection ) ) ) ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN departure ) ) ( PP ( IN from ) ( NP ( NP ( NNP East ) ( NNP Bloc ) ( NN usage ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ recognizes ) ( NP ( NP ( QP ( RB only ) ( CD one ) ) ( JJ economic ) ( NN mechanism ) ) ( NP ( JJ central ) ( NN planning ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB direct ) ( NP ( JJ industrial ) ( NN behavior ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The conference was entitled Economic Mechanisms for Environmental Protection a significant departure from East Bloc usage which recognizes only one economic mechanism central planning to direct industrial behavior


( S ( ADVP ( RB Even ) ( RBR more ) ( RB remarkably ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD focused ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NNS emissions ) ( NN trading ) ) ( CC and ) ( NP ( NP ( JJ similar ) ( NN market ) ( VBZ approaches ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB address ) ( NP ( NN pollution ) ) ) ) ) ) ) ) ) ) ( PP ( IN notwithstanding ) ( NP ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( NN lack ) ) ( PP ( IN of ) ( NP ( VBG functioning ) ( NNS markets ) ) ) ) ) ) )

Even more remarkably it focused on emissions trading and similar market approaches to address pollution notwithstanding Poland 's lack of functioning markets


( SBARQ ( WHADVP-1 ( WRB Why ) ) ( SQ ( VBD did ) ( NP-SBJ ( NNP East ) ( NNP Bloc ) ( NNS participants ) ) ( VP ( ADVP-MNR ( RB unanimously ) ) ( VB endorse ) ( NP ( JJ market-based ) ( NN pollution ) ( NNS approaches ) ) ) ) )

Why did East Bloc participants unanimously endorse market-based pollution approaches


( S ( NP-SBJ ( DT The ) ( NN answer ) ) ( VP ( VBZ lies ) ( PP ( DT both ) ( IN in ) ( NP ( NP ( NP ( DT the ) ( JJ degraded ) ( NN environment ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS countries ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( VBN perceived ) ( NNS causes ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN degradation ) ) ) ) ) ) ) )

The answer lies both in the degraded environment of these countries and the perceived causes of that degradation


( S ( PP ( IN Like ) ( NP ( JJ other ) ( NNP East ) ( NNP Bloc ) ( NNS countries ) ) ) ( NP-SBJ ( NNP Poland ) ) ( VP ( VBZ possesses ) ( NP ( NP ( JJ environmental ) ( NNS laws ) ) ( ADJP ( ADJP ( RBR more ) ( VBN honored ) ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NN breach ) ) ) ( PP ( IN than ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NN observance ) ) ) ) ) ) ) )

Like other East Bloc countries Poland possesses environmental laws more honored in their breach than in their observance


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( VBN detailed ) ( NN report ) ) ( PP ( IN by ) ( NP ( NP ( NNP Zbigniew ) ( NNP Bochniarz ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Minnesota ) ) ) ( POS 's ) ) ( NNP Hubert ) ( NNP Humphrey ) ( NNP Institute ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( CD 27 ) ( NNS areas ) ) ( VP ( VBG containing ) ( NP ( NP ( QP ( DT a ) ( JJ third ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( NN population ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN regarded ) ( PP-CLR ( IN as ) ( NP ( JJ ecological ) ( NNS hazards ) ) ) ( PP-PRP ( JJ due ) ( PP ( TO to ) ( NP ( NP ( JJ multiple ) ( NNS violations ) ) ( PP ( IN of ) ( NP ( NNS standards ) ) ) ) ) ) ) ) )

According to a detailed report by Zbigniew Bochniarz of the University of Minnesota 's Hubert Humphrey Institute 27 areas containing a third of Poland 's population are regarded as ecological hazards due to multiple violations of standards


( S ( NP-SBJ-1 ( NNS Norms ) ) ( VP ( VBP are ) ( VP ( ADVP ( RB consistently ) ) ( VBN exceeded ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN nitrogen ) ( NN oxide ) ( VBG monitoring ) ( NNS sites ) ) ) ) ( CC and ) ( NP ( NP ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( PP ( IN for ) ( NP ( NN dust ) ( CC and ) ( NN soot ) ( NNS emissions ) ) ) ) ) ) ) ) ) ) )

Norms are consistently exceeded at 60 % of nitrogen oxide monitoring sites and 80 % of those for dust and soot emissions


( S ( S ( NP-SBJ ( NP ( NNS Four-fifths ) ) ( PP ( IN of ) ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( NNS soils ) ) ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( RB highly ) ( VBN acidified ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( CD 70 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ southern ) ( NNS forests ) ) ) ) ( VP ( VBP are ) ( VP ( VBN projected ) ( S ( VP ( TO to ) ( VP ( VB die ) ( PP-TMP ( IN by ) ( NP ( NP ( NN century ) ( POS 's ) ) ( NN end ) ) ) ) ) ) ) ) ) )

Four-fifths of Poland 's soils have become highly acidified 70 % of its southern forests are projected to die by century 's end


( S ( PP-TMP ( IN Between ) ( NP ( NP ( CD 1965 ) ) ( CC and ) ( NP ( CD 1985 ) ) ) ) ( NP-SBJ ( NP ( NNP Polish ) ( NNS waters ) ) ( ADJP ( VBP fit ) ( PP ( IN for ) ( NP ( JJ human ) ( NN consumption ) ) ) ) ) ( VP ( VBD dropped ) ( PP-DIR ( IN from ) ( NP ( CD 33 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 6 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT all ) ( NN surface ) ( NNS waters ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT those ) ) ( ADJP ( JJ unfit ) ( PP ( ADVP ( RB even ) ) ( IN for ) ( NP ( NN industry ) ( NN use ) ) ) ) ) ( VP ( ADVP ( RB nearly ) ) ( VBD doubled ) ) ) ) ) )

Between 1965 and 1985 Polish waters fit for human consumption dropped from 33 % to 6 % of all surface waters while those unfit even for industry use nearly doubled


( S ( NP-SBJ ( NNP Poland ) ) ( VP ( VBZ produces ) ( NP ( NP ( QP ( IN about ) ( CD 20 ) ( NNS times ) ( JJR more ) ) ( NN soot ) ) ( CC and ) ( NP ( QP ( CD five ) ( NNS times ) ( RBR more ) ) ( NN sulfur ) ( NN dioxide ) ( CC and ) ( JJ solid ) ( NN waste ) ) ( PP ( IN per ) ( NP ( NP ( NN unit ) ) ( PP ( IN of ) ( NP ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ) ( SBAR ( IN than ) ( SINV ( VBZ does ) ( NP-SBJ ( NNP Western ) ( NNP Europe ) ) ) ) ) ) )

Poland produces about 20 times more soot and five times more sulfur dioxide and solid waste per unit of gross national product than does Western Europe


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN mortality ) ( NN rate ) ) ( PP ( IN for ) ( NP ( NP ( NNS males ) ) ( PP ( IN over ) ( NP ( CD 35 ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( NP-ADV ( QP ( IN about ) ( CD 50 ) ) ( NN % ) ) ( JJR higher ) ( PP ( IN than ) ( NP ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ) ) ) ( CC and ) ( ADJP ( ADJP ( NP-ADV ( CD 50 ) ( NN % ) ) ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( NN hazard ) ( NNS areas ) ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ national ) ( NN average ) ) ) ) ) ) )

Its mortality rate for males over 35 is about 50 % higher than West Germany 's and 50 % higher in hazard areas than the national average


( S ( PP-TMP ( IN Since ) ( NP ( CD 1978 ) ) ) ( NP-SBJ ( NP ( JJ average ) ( JJ annual ) ( NN growth ) ( NNS rates ) ) ( PP ( IN for ) ( NP ( JJS most ) ( NNS pollutants ) ) ) ) ( VP ( VBP have ) ( VP ( VBN outstripped ) ( NP ( NP ( DT the ) ( NN growth ) ) ( PP ( IN of ) ( NP ( NNP GNP ) ) ) ) ) ) )

Since 1978 average annual growth rates for most pollutants have outstripped the growth of GNP


( S ( NP-SBJ ( NN Conference ) ( NNS participants ) ) ( VP ( VBD saw ) ( NP-3 ( DT these ) ( NNS effects ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG flowing ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( IN from ) ( NP ( NP ( LST ( DT a ) ) ( NP ( JJ Marxist ) ( NN devaluation ) ) ( PP ( IN of ) ( NP ( NP ( JJ environmental ) ( NNS resources ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( RB not ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NN labor ) ) ) ) ) ) ) ) ) ) ( NP ( LST ( NN b ) ) ( NP ( VBN planned ) ( NNS economies ) ( POS ' ) ) ( NN inability ) ( S ( VP ( TO to ) ( VP ( VB control ) ( NP ( NN pollution ) ) ( SBAR-LOC ( WHADVP-5 ( WRB where ) ) ( S ( S ( NP-SBJ ( NNS enterprises ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ state-owned ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNS penalties ) ) ( VP ( VBP are ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( LST ( NN c ) ) ( NP ( DT the ) ( VBG continuing ) ( JJ Stalinist ) ( NN emphasis ) ) ( PP ( IN on ) ( NP ( JJ heavy ) ( NN industry ) ) ) ( PP ( IN for ) ( NP ( JJ economic ) ( NN development ) ) ) ( VP ( VBG producing ) ( NP ( NP ( DT a ) ( ADJP ( ADJP ( RB far ) ( JJR heavier ) ) ( CC and ) ( ADJP ( RBR more ) ( JJ wasteful ) ) ) ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( NN energy ) ) ( CC and ) ( NP ( JJ natural ) ( NNS resources ) ) ) ) ( PP ( IN than ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN West ) ) ) ) ) ) ) ) ) ) ) ) ) )

Conference participants saw these effects as flowing directly from a Marxist devaluation of environmental resources which are not produced by labor b planned economies ' inability to control pollution where enterprises are state-owned and penalties are paid by the government and c the continuing Stalinist emphasis on heavy industry for economic development producing a far heavier and more wasteful use of energy and natural resources than in the West


( S ( NP-SBJ ( PRP They ) ) ( VP ( ADVP ( RB repeatedly ) ) ( VBD noted ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( JJ environmental ) ( NN progress ) ) ( VP ( MD could ) ( RB not ) ( VP ( VB be ) ( VP ( VBN secured ) ( PP-MNR ( IN without ) ( NP ( NP ( JJ true ) ( NN ownership ) ) ( NP ( NP ( JJ genuine ) ( NN competition ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NN market ) ( NNS factors ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( NP ( NN bankruptcy ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT a ) ( NN business ) ) ( VP ( VBZ makes ) ( NP ( DT the ) ( JJ wrong ) ( NNS decisions ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They repeatedly noted that environmental progress could not be secured without true ownership genuine competition based on market factors and the risk of bankruptcy if a business makes the wrong decisions


( S ( NP-SBJ ( NP ( DT The ) ( NNS solutions ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( ADVP-MNR ( RB formally ) ) ( VBD proposed ) ) ) ) ) ( VP ( VBN included ) ( NP ( NP ( NN lead\/sulfur ) ( NNS taxes ) ) ( NP ( NN conservation ) ( CC and ) ( VBG recycling ) ( NNS incentives ) ) ( NP ( NN reforestation ) ( NNS offsets ) ) ( NP ( JJ transferable ) ( NN pollution ) ( VBZ permits ) ) ( NP ( NP ( DT an ) ( JJ ecological ) ( NN bank ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NN pollution-reduction ) ( NNS credits ) ) ) ) ) ) ) ( CC and ) ( NP ( NN debt-for-environment ) ( NNS swaps ) ) ) ) )

The solutions they formally proposed included lead\/sulfur taxes conservation and recycling incentives reforestation offsets transferable pollution permits an ecological bank to finance pollution-reduction credits and debt-for-environment swaps


( S ( CC But ) ( NP-SBJ ( PRP$ their ) ( ADJP ( JJS most ) ( JJ fundamental ) ) ( NN recommendation ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB separate ) ( NP ( NN industry ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN state ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( RB fully ) ( JJ accountable ) ( PP ( IN for ) ( NP ( NN pollution ) ( NN control ) ) ) ) ) ) ) ) ) ) ) )

But their most fundamental recommendation was to separate industry from the state making it fully accountable for pollution control


( S ( NP-SBJ ( DT A ) ( NN revolution ) ) ( VP ( VBZ takes ) ( NP ( NP ( RBR more ) ) ( PP ( IN than ) ( NP ( NN conference ) ( NNS manifestos ) ) ) ) ) )

A revolution takes more than conference manifestos


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ-1 ( NN skepticism ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB amply ) ) ( VBN captured ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( NN joke ) ) ( VP ( VBN told ) ( PP ( IN by ) ( NP-LGS ( NP ( NNPS Poles ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN conference ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT The ) ( NN world ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBG coming ) ( PP-CLR ( TO to ) ( NP ( DT an ) ( NN end ) ) ) ) ) ) ) ) ) ) ) )

Indeed skepticism was amply captured by a joke told by Poles at the conference The world must be coming to an end


( S ( NP-SBJ ( DT The ) ( NNPS Russians ) ) ( VP ( VBP are ) ( VP ( VBG talking ) ( NP ( NN peace ) ) ) ) )

The Russians are talking peace


( S ( NP-SBJ ( DT The ) ( NNPS Palestinians ) ) ( VP ( VBP are ) ( VP ( VBG talking ) ( NP ( NNS elections ) ) ) ) )

The Palestinians are talking elections


( S ( CC And ) ( NP-SBJ-1 ( DT the ) ( NNPS Poles ) ) ( VP ( VBP are ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NN commerce ) ) ) ) ) )

And the Poles are engaged in commerce


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NNS implications ) ) ( PP ( IN of ) ( NP ( NP ( PDT such ) ( DT a ) ( NN shift ) ) ( PP ( TO to ) ( NP ( NN market ) ( NNS approaches ) ) ) ) ) ) ( VP ( VBP go ) ( PP ( ADVP ( RB well ) ) ( IN beyond ) ( NP ( DT the ) ( NN fact ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Poland ) ) ( VP ( VBZ is ) ( ADVP ( RB already ) ) ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ nationwide ) ( NNS emissions ) ( NNS trades ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NN smelter ) ( NN pollution ) ) ) ) ) ) ) ) ) ) ) ) ( CC or ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NNPS Soviets ) ) ( VP ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB introduce ) ( NP ( JJ marketable ) ( NN pollution ) ( NNS permits ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS republics ) ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

But the implications of such a shift to market approaches go well beyond the fact that Poland is already working on nationwide emissions trades to reduce smelter pollution or that the Soviets plan to introduce marketable pollution permits in some republics next year


( S ( NP-SBJ ( DT Those ) ( NNS implications ) ) ( VP ( VBP include ) ( NP ( NN Privatization ) ) ) )

Those implications include Privatization


( S ( S ( VP ( VBN Faced ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 40 ) ( CD billion ) ) ) ( JJ foreign ) ( NN debt ) ) ( CC and ) ( NP ( VBG skyrocketing ) ( NN inflation ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Poland ) ) ( VP ( MD must ) ( VP ( VP ( VB privatize ) ( NP ( NN industry ) ) ) ( CC and ) ( VP ( VB eliminate ) ( NP ( NNS subsidies ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB stabilize ) ( NP ( PRP$ its ) ( NN currency ) ) ) ( CC and ) ( VP ( VB qualify ) ( PP-CLR ( IN for ) ( NP ( JJ international ) ( NN assistance ) ) ) ) ) ) ) ) ) )

Faced with a 40 billion foreign debt and skyrocketing inflation Poland must privatize industry and eliminate subsidies to stabilize its currency and qualify for international assistance


( S ( NP-SBJ ( JJ Market-based ) ( NN pollution ) ( NN control ) ) ( VP ( MD may ) ( VP ( VB consume ) ( NP ( NP ( DT some ) ( NN capital ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( ADVP ( RB otherwise ) ) ( VP ( VB purchase ) ( NP ( NN state ) ( NNS industries ) ) ) ) ) ) ) ) ) )

Market-based pollution control may consume some capital that would otherwise purchase state industries


( S ( CC But ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD could ) ( ADVP ( RB also ) ) ( VP ( VB accelerate ) ( NP ( NN marketization ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG reinforcing ) ( NP ( JJ industrial ) ( NN accountability ) ) ) ( VP ( VBG breaking ) ( PRT ( RP up ) ) ( NP ( NN state ) ( NNS monopolies ) ) ) ( VP ( VBG giving ) ( NP ( NNS managers ) ) ( NP ( NP ( DT a ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNS solutions ) ) ) ) ) ( CC and ) ( VP ( VBG ensuring ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN modernization ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ reversible ) ( PP-PRP ( IN for ) ( NP ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB address ) ( NP ( JJ environmental ) ( NNS effects ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it could also accelerate marketization by reinforcing industrial accountability breaking up state monopolies giving managers a stake in solutions and ensuring that modernization is not reversible for failure to address environmental effects


( NP ( JJ Least-cost ) ( NNS solutions ) )

Least-cost solutions


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NNS conferees ) ) ( VP ( VBN noted ) ) ) ) ( NP-SBJ ( JJ scarce ) ( NN capital ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN control ) ) ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN minimized ) ( PP-MNR ( IN through ) ( NP ( NP ( DT a ) ( JJ broad ) ( NN menu ) ) ( PP ( IN of ) ( NP ( NP ( NN compliance ) ( NNS choices ) ) ( PP ( IN for ) ( NP ( JJ individual ) ( NNS firms ) ) ) ) ) ) ) ) ) ) ) ) ) )

As conferees noted scarce capital means the costs of control must be minimized through a broad menu of compliance choices for individual firms


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( NP ( NP ( JJ simple ) ( JJ clear ) ( NNS rules ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP secure ) ( NP ( NP ( DT the ) ( JJ first ) ( JJ large ) ( NNS blocks ) ) ( PP ( IN of ) ( NP ( NN reduction ) ) ) ) ( S-ADV ( VP ( VBG deferring ) ( NP ( NP ( ADJP ( JJR more ) ( JJ complex ) ) ( NNS issues ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN risk ) ) ) ) ) ) ) ) ) ) ) )

That means simple clear rules that secure the first large blocks of reduction deferring more complex issues such as risk


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ means ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( JJ quantity-based ) ( NN pollution ) ( NNS limits ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ transferable ) ( NNS permits ) ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NP ( JJ price-based ) ( NNS limits ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ effluent ) ( NNS fees ) ) ) ) ) ) ) ) ) )

It also means use of quantity-based pollution limits such as transferable permits rather than price-based limits such as effluent fees


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( JJ quota-trained ) ( NNS managers ) ) ( VP ( MD will ) ( ADVP ( RB likely ) ) ( VP ( VB respond ) ( ADVP-MNR ( ADVP ( RB better ) ) ) ( PP-CLR ( TO to ) ( NP ( NN quantity ) ) ) ( PP-1 ( IN than ) ( PP ( TO to ) ( NP ( NN price ) ( NNS signals ) ) ) ) ) ) ) ) ) )

That 's because quota-trained managers will likely respond better to quantity than to price signals


Creative financing


( S ( NP-SBJ ( RB Even ) ( JJ least-cost ) ( JJ environmental ) ( NNS solutions ) ) ( VP ( MD will ) ( VP ( VB require ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ) ) )

Even least-cost environmental solutions will require billions of dollars


( S ( NP-SBJ ( NP ( JJ New ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NN financing ) ) ) ) ( VP ( MD must ) ( VP ( VB make ) ( S ( NP-SBJ ( NNS funds ) ) ( ADJP-PRD ( JJ available ) ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG draining ) ( NP ( NP ( NNP Poland ) ( POS 's ) ) ( NN hard-currency ) ( NNS reserves ) ) ) ) ) ) ) )

New types of financing must make funds available without draining Poland 's hard-currency reserves


Democratization


( S ( NP-SBJ ( NNP East ) ( NNP Bloc ) ( NN pollution ) ( NNS data ) ) ( ADVP ( RB typically ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NN state ) ( NNS secrets ) ) ) ) )

East Bloc pollution data typically have been state secrets


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNP Polish ) ( NNS data ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( RB freely ) ( JJ available ) ) ( PP-TMP ( IN since ) ( NP ( CD 1980 ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT no ) ( NN accident ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NNS participants ) ) ( VP ( VBD urged ) ( NP ( NP ( DT the ) ( JJ free ) ( NN flow ) ) ( PP ( IN of ) ( NP ( NN information ) ) ) ) ) ) ) ) )

While Polish data have been freely available since 1980 it was no accident that participants urged the free flow of information


( S ( IN For ) ( SBAR-TMP ( RB once ) ( S ( NP-SBJ ( NN information ) ) ( VP ( VBZ flows ) ) ) ) ( S ( NP-SBJ ( JJ public ) ( NN participation ) ) ( VP ( VBZ follows ) ) ) ( CC and ) ( S ( NP-SBJ ( NN repression ) ) ( VP ( VBZ becomes ) ( ADJP-PRD ( JJ difficult ) ( S ( VP ( TO to ) ( VP ( VB reimpose ) ) ) ) ) ) ) )

For once information flows public participation follows and repression becomes difficult to reimpose


Global reciprocity


( S ( NP-SBJ ( CD One ) ( NN participant ) ) ( VP ( ADVP-TMP ( RB prematurely ) ) ( VBD declared ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP America ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( NP ( NP ( DT a ) ( JJ free ) ( NN market ) ) ( PP-LOC ( IN in ) ( NP ( NNS goods ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( VBN planned ) ( NN economy ) ) ( PP ( IN for ) ( NP ( JJ environmental ) ( NN protection ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Poland ) ) ( VP ( VBZ represents ) ( NP ( DT the ) ( NN opposite ) ) ) ) ) ) ) ) ) ) )

One participant prematurely declared that America has had a free market in goods but a planned economy for environmental protection while Poland represents the opposite


( NP ( NP ( PRP$ His ) ( NN point ) ) ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB increasingly ) ( JJ difficult ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( TO to ) ( VP ( VB cling ) ( PP-CLR ( TO to ) ( NP ( JJ command-and-control ) ( NNS measures ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( RB even ) ( DT the ) ( NNP East ) ( NNP Bloc ) ) ( VP ( VBZ steps ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ different ) ( NN drummer ) ) ) ) ) ) ) ) ) ) ) ) ) )

His point It will be increasingly difficult for the U.S. to cling to command-and-control measures if even the East Bloc steps to a different drummer


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN moment ) ) ) ( NP-SBJ ( NNP Poland ) ) ( VP ( VBZ resembles ) ( NP ( JJ 19th-century ) ( NNP Pittsburgh ) ) ( ADJP ( JJR more ) ( PP ( IN than ) ( NP ( DT a ) ( JJ modern ) ( JJ industrial ) ( NN society ) ) ) ) ( PP ( IN with ) ( NP ( NP ( JJ antiquated ) ( NN production ) ) ( NP ( JJ inadequate ) ( JJ environmental ) ( NN management ) ) ( CC and ) ( NP ( RB little ) ( JJ ecological ) ( NN awareness ) ) ) ) ) )

At the moment Poland resembles 19th-century Pittsburgh more than a modern industrial society with antiquated production inadequate environmental management and little ecological awareness


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( VBG continuing ) ( NNS pressures ) ) ( PP ( IN for ) ( NP ( JJ free-market ) ( NNS economics ) ) ) ) ( VP ( VBP suggest ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN conference ) ( POS 's ) ) ( NN vision ) ) ( VP ( VBD was ) ( RB not ) ( NP-PRD ( DT all ) ( NN fantasy ) ) ) ) ) ) )

But the continuing pressures for free-market economics suggest the conference 's vision was not all fantasy


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Levin ) ) ( NP ( NP ( JJ former ) ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( NNP EPA ) ( POS 's ) ) ( JJ regulatory ) ( NN reform ) ( NN staff ) ) ) ) ) ( VP ( VBD adapted ) ( NP ( DT this ) ) ( PP-CLR ( IN from ) ( NP ( NP ( PRP$ his ) ( NNP November ) ( NN column ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Journal ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Air ) ( CC and ) ( NNP Waste ) ( NNP Management ) ( NNP Association ) ) ) ) ) ) ) ) )

Mr. Levin former head of EPA 's regulatory reform staff adapted this from his November column for the Journal of the Air and Waste Management Association


( S ( S-TPC-1 ( PP ( IN With ) ( NP ( NP ( VBN reduced ) ( NNS exports ) ) ( CC and ) ( NP ( VBG rising ) ( NNS imports ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP South ) ( NNP Korea ) ( POS 's ) ) ( NN trade ) ( NNS surpluses ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( NNP Europe ) ) ) ) ( PP-TMP ( IN between ) ( NP ( NNP January ) ( CC and ) ( NNP September ) ) ) ) ( VP ( VBD fell ) ( ADVP-MNR ( RB sharply ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Customs ) ( NNP Administration ) ) ( VP ( VBD said ) ) )

With reduced exports and rising imports South Korea 's trade surpluses with the U.S. and Europe between January and September fell sharply from a year ago the Customs Administration said


( S ( NP-SBJ ( NNS Officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNP South ) ( NNP Korea ) ( POS 's ) ) ( NN trade ) ( NN surplus ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 3.49 ) ( CD billion ) ) ) ( ADVP ( IN down ) ( NP ( CD 43 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( NN customs-clearance ) ( NN basis ) ) ) ) ) ) ) ) )

Officials said South Korea 's trade surplus with the U.S. for the first nine months of the year totaled 3.49 billion down 43 % from the same period last year on a customs-clearance basis


( S ( NP-SBJ ( NP ( NNP South ) ( NNP Korean ) ( NNS exports ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN period ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.6 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 15.06 ) ( CD billion ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS imports ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( VBD soared ) ( NP-EXT ( CD 26 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 11.56 ) ( CD billion ) ) ) ) ) ) ) ) )

South Korean exports to the U.S. during the period fell 1.6 % from a year ago to 15.06 billion while imports from the U.S. soared 26 % to 11.56 billion


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN trade ) ( NN surplus ) ) ( PP ( IN with ) ( NP ( NNP Europe ) ) ) ) ( VP ( VBD was ) ( VP ( VBN pegged ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 414 ) ( CD million ) ) ) ) ( ADVP ( IN down ) ( NP ( CD 57 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) )

The trade surplus with Europe was pegged at 414 million down 57 % from a year ago


( S ( NP-SBJ ( NNS Officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( ADJP ( JJ South ) ( JJ Korean ) ) ( NNS exports ) ) ( PP ( TO to ) ( NP ( NNP Europe ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 5.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.02 ) ( CD billion ) ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS imports ) ) ( PP ( IN from ) ( NP-LOC ( RB there ) ) ) ) ( VP ( VBD went ) ( ADVP ( IN up ) ( NP ( CD 17 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.61 ) ( CD billion ) ) ) ) ) ) ) ) ) )

Officials said South Korean exports to Europe dropped 5.3 % to 3.02 billion while imports from there went up 17 % to 2.61 billion


( S ( NP-SBJ-1 ( NP ( NNP Carnival ) ( NNP Cruise ) ( NNPS Lines ) ( NNP Inc. ) ( POS 's ) ) ( JJ common ) ( NN stock ) ) ( VP ( VBD was ) ( VP ( VBN dragged ) ( PRT ( RP down ) ) ( NP-TMP ( NN yesterday ) ) ( PP ( IN amid ) ( NP ( NNS concerns ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN bankruptcy ) ( VBG filing ) ) ( PP ( IN by ) ( NP ( DT a ) ( JJ Finnish ) ( NN shipbuilder ) ) ) ) ( VP ( MD would ) ( VP ( VB delay ) ( NP ( NP ( NN delivery ) ) ( PP ( IN of ) ( NP ( CD three ) ( JJ big ) ( NN cruise ) ( NNS ships ) ) ) ) ) ) ) ) ) ) ) ) )

Carnival Cruise Lines Inc. 's common stock was dragged down yesterday amid concerns that a bankruptcy filing by a Finnish shipbuilder would delay delivery of three big cruise ships


( S ( NP-SBJ ( NP ( DT The ) ( JJ Miami-based ) ( NN company ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 1.75 ) ) ( NP-TMP ( NN yesterday ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 20.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ heavy ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

The Miami-based company 's stock fell 1.75 yesterday to 20.75 a share in heavy American Stock Exchange composite trading


( S ( ADVP-TMP ( RB Early ) ( NP ( NN yesterday ) ) ) ( NP-SBJ ( NNP Carnival ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN company ) ( NN statement ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN notified ) ( ADVP-MNR ( RB unofficially ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NP ( NNP Waertsilae ) ( NNP Marine ) ( NNPS Industries ) ) ( NP ( NP ( DT the ) ( JJ Finnish ) ( NN shipyard ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBG building ) ( NP ( PRP$ its ) ( CD three ) ( JJ new ) ( NN cruise ) ( NNS ships ) ) ) ) ) ) ) ) ( VP ( VBN planned ) ( S ( VP ( TO to ) ( VP ( VB file ) ( PP-CLR ( IN for ) ( NP ( NN bankruptcy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Early yesterday Carnival said in a company statement that it had been notified unofficially that Waertsilae Marine Industries the Finnish shipyard that is building its three new cruise ships planned to file for bankruptcy


( S ( NP-SBJ-1 ( NP ( NNS Officials ) ) ( PP-LOC ( IN at ) ( NP ( NNP Carnival ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Officials at Carnival declined to comment


( SINV ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB just ) ( DT a ) ( JJ tremendous ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( NN uncertainty ) ) ( PP ( IN about ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN effect ) ) ( PRN ( SBAR ( IN if ) ( FRAG ( NP ( DT any ) ) ) ) ) ( PP ( IN of ) ( NP ( PDT all ) ( DT this ) ) ) ) ( VP ( VBZ is ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP P. ) ( NNP Uphoff ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Raymond ) ( NNP James ) ( NNPS Associates ) ( NNP Inc ) ) ) ) ) )

There is just a tremendous amount of uncertainty about what the effect if any of all this is said John P. Uphoff an analyst at Raymond James Associates Inc


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD did ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VB know ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ socialistic ) ( NN country ) ) ) ) ( VP ( MD could ) ( VP ( VB file ) ( PP-CLR ( IN for ) ( NP ( NN bankruptcy ) ) ) ) ) ) ) ) ) )

I did n't even know that a company in a socialistic country could file for bankruptcy


( S ( NP-SBJ ( NNP Carnival ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( NP ( DT the ) ( NNP Fantasy ) ) ( NP ( NP ( DT the ) ( JJ first ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD three ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NNS ships ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Carnival ) ) ( VP ( VBZ has ) ( PP-CLR ( IN on ) ( NP ( NN order ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN delivered ) ( NP-TMP ( JJ next ) ( NN month ) ) ( PP-TMP ( ADVP ( RB just ) ) ( IN in ) ( NP ( NP ( NN time ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN winter ) ( NN tourist ) ( NN season ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Caribbean ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Carnival said the Fantasy the first of the three 200 million ships that Carnival has on order is scheduled to be delivered next month just in time for the winter tourist season in the Caribbean


( S ( NP-SBJ ( NP ( DT That ) ( NN ship ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB carry ) ( NP ( QP ( IN about ) ( CD 2,050 ) ) ( NNS passengers ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB expand ) ( NP ( NP ( DT the ) ( NN capacity ) ) ( PP ( IN of ) ( NP ( NP ( NNP Carnival ) ( POS 's ) ) ( VBG existing ) ( JJ 14-ship ) ( NN fleet ) ) ) ) ( PP-EXT ( IN by ) ( NP ( CD 24 ) ( NN % ) ) ) ) ) )

That ship which would carry about 2,050 passengers would expand the capacity of Carnival 's existing 14-ship fleet by 24 %


( S ( S ( NP-SBJ-3 ( NP ( DT The ) ( JJ second ) ( NN ship ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ half-completed ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN delivered ) ( PP-TMP-4 ( IN in ) ( NP ( NN fall ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=3 ( DT the ) ( JJ third ) ) ( PP-TMP=4 ( IN in ) ( NP ( NN fall ) ( CD 1991 ) ) ) ) )

The second ship which is half-completed is scheduled to be delivered in fall 1990 and the third in fall 1991


( SINV ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( CD 99 ) ( NN % ) ) ( NN chance ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Fantasy ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN delivered ) ( ADVP-TMP ( RB close ) ( PP ( TO to ) ( NP ( VB schedule ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Caroline ) ( NNP Levy ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc ) ) ) ) ) )

There 's a 99 % chance that the Fantasy will be delivered close to schedule said Caroline Levy an analyst at Shearson Lehman Hutton Inc


( S ( S ( NP-SBJ-1 ( DT The ) ( NNS others ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB be ) ( VP ( VBN delivered ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NNP Carnival ) ) ( VP ( MD will ) ( ADVP ( RB likely ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT a ) ( JJR higher ) ( NN price ) ) ( PP-CLR ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) )

The others will probably be delivered as well but Carnival will likely have to pay a higher price for them