( S ( PP ( IN After ) ( S-NOM ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( DT a ) ( NN buyer ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Sears ) ( NNP Tower ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Sears ) ( NNP Roebuck ) ( CC & ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBG negotiating ) ( PP-CLR ( IN with ) ( NP ( NNP Boston ) ( NN pension ) ( NN fund ) ( NN adviser ) ( NNP Aldrich ) ( NNP Eastman ) ( CC & ) ( NNP Waltch ) ( NNP Inc. ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB refinance ) ( NP ( DT the ) ( NN property ) ) ( PP-CLR ( IN for ) ( NP ( QP ( JJ close ) ( TO to ) ( CD 850 ) ( CD million ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS people ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( DT the ) ( NNS negotiations ) ) ) ) ) ) ) ) ) )

After failing to find a buyer for the Sears Tower in Chicago Sears Roebuck & Co. is negotiating with Boston pension fund adviser Aldrich Eastman & Waltch Inc. to refinance the property for close to 850 million according to people close to the negotiations


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( VBN proposed ) ( NN agreement ) ) ( VP ( VBG involving ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJS tallest ) ( NN building ) ) ) ) ) ( NP-SBJ ( JJ Chicago-based ) ( NNP Sears ) ) ( VP ( MD would ) ( VP ( VP ( VB receive ) ( NP-1 ( QP ( IN about ) ( PDT half ) ) ( DT the ) ( NN money ) ) ( PP-2 ( IN through ) ( NP ( JJ conventional ) ( NN mortgage ) ( NN financing ) ) ) ) ( CC and ) ( VP ( NP=1 ( DT the ) ( JJ other ) ( NN half ) ) ( PP=2 ( IN as ) ( NP ( DT a ) ( JJ convertible ) ( NN mortgage ) ) ) ) ) ) )

Under the proposed agreement involving the world 's tallest building Chicago-based Sears would receive about half the money through conventional mortgage financing and the other half as a convertible mortgage


( S ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN term ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ convertible ) ( NN loan ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Sears ) ) ( VP ( MD could ) ( ADVP-TMP ( RB still ) ) ( VP ( VB own ) ( NP ( PDT half ) ( DT the ) ( NN building ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP AEW ) ) ( VP ( MD could ) ( VP ( VB own ) ( NP ( DT the ) ( JJ other ) ( NN half ) ) ) ) ) )

At the end of the term of the convertible loan Sears could still own half the building and AEW could own the other half


( S ( NP-SBJ ( DT Neither ) ( NN side ) ) ( VP ( MD would ) ( VP ( VB comment ) ) ) )

Neither side would comment


( S ( NP-SBJ ( DT The ) ( NNS parties ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBG negotiating ) ( PP ( IN over ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( MD would ) ( VP ( VB manage ) ( NP ( NP ( DT the ) ( NN building ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN emptied ) ( PP-CLR ( IN of ) ( NP ( NP ( CD 6,000 ) ( NNS employees ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Sears ) ( POS ' ) ) ( NN merchandise ) ( NN group ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBG moving ) ( ADVP-DIR ( RB elsewhere ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The parties are currently negotiating over who would manage the building which will be emptied of 6,000 employees from Sears ' merchandise group which is moving elsewhere


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NN manager ) ) ( VP ( MD will ) ( VP ( VB face ) ( NP ( NP ( DT the ) ( JJ daunting ) ( NN task ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG leasing ) ( NP ( QP ( CD 1.8 ) ( CD million ) ) ( JJ square ) ( NNS feet ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ soft ) ) ( NNP Chicago ) ( JJ real ) ( NN estate ) ( NN market ) ) ) ) ) ) ) ) ) )

The new manager will face the daunting task of leasing 1.8 million square feet in a relatively soft Chicago real estate market


( S ( ADVP ( RB Also ) ) ( NP-SBJ-1 ( NP ( PRP it ) ) ) ( VP ( VBZ has ) ( RB not ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN decided ) ( SBAR-4 ( WHNP-2 ( WHNP ( RB exactly ) ( WRB how ) ( RB much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN mortgage ) ) ) ) ( S ( NP-SBJ-3 ( NNP AEW ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( PP-CLR ( IN into ) ( NP ( NN equity ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Also it has not yet been decided exactly how much of the mortgage AEW will be able to convert into equity


( S ( NP-SBJ ( JJ Convertible ) ( NNS mortgages ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( NP-PRD ( NP ( DT an ) ( ADJP ( RB increasingly ) ( JJ popular ) ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB finance ) ( NP ( JJ prestigious ) ( NNS buildings ) ) ( PP-TMP ( IN of ) ( ADVP ( RB late ) ) ) ) ) ) ) ) ) ) )

Convertible mortgages have become an increasingly popular way to finance prestigious buildings of late


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ convertible ) ( NN mortgage ) ) ) ( NP-SBJ ( DT the ) ( NN investor ) ) ( VP ( VBZ lends ) ( NP ( DT the ) ( NN building ) ( NN owner ) ) ( NP ( DT a ) ( JJ certain ) ( NN amount ) ) ( PP ( IN in ) ( NP ( NP ( NN return ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN option ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( NP ( PRP$ its ) ( NN interest ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NN equity ) ) ( ADVP ( RB usually ) ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 50 ) ) ( NN % ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN loan ) ( NN term ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a convertible mortgage the investor lends the building owner a certain amount in return for the option to convert its interest into equity usually less than 50 % at the end of the loan term


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( NN term ) ) ) ( NP-SBJ ( DT the ) ( NN lender ) ) ( VP ( MD can ) ( VP ( ADVP ( RB either ) ) ( VB receive ) ( NP ( NP ( NP ( DT a ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NN cash ) ( NN flow ) ) ) ) ( NP ( NP ( DT a ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN building ) ( POS 's ) ) ( NN appreciation ) ) ) ) ( CC or ) ( NP ( DT a ) ( JJ fixed ) ( NN return ) ) ) ) ) )

During the term the lender can either receive a percentage of cash flow a percentage of the building 's appreciation or a fixed return


( S ( NP-SBJ ( NP ( DT The ) ( JJ main ) ( NN advantage ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ convertible ) ( NN mortgage ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( NN sale ) ) ) ( CC and ) ( ADVP ( RB therefore ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB trigger ) ( NP ( JJ costly ) ( NX ( NX ( NN transfer ) ( NNS taxes ) ) ( CC and ) ( NX ( NN reappraisal ) ) ) ) ) ) ) ) ) ) )

The main advantage of a convertible mortgage is that it is not a sale and therefore does not trigger costly transfer taxes and reappraisal


( S ( NP-SBJ ( NNS Sears ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB put ) ( NP ( DT the ) ( JJ 110-story ) ( NN tower ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN block ) ) ) ) ) ) ) ( ADVP-TMP ( NP ( RB almost ) ( DT a ) ( NN year ) ) ( RB ago ) ) ( PP-1 ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ anti-takeover ) ( NN restructuring ) ) ) ) ) ) )

Sears said it would put the 110-story tower on the block almost a year ago as part of its anti-takeover restructuring


( S ( CC But ) ( NP-SBJ-1 ( JJ Japanese ) ( NNS institutions ) ) ( VP ( VBD shied ) ( ADVP-DIR ( RB away ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( NN bidding ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ high-profile ) ( NN tower ) ) ) ) ) ) ( PP-PRP ( IN out ) ( PP ( IN of ) ( NP ( NN fear ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ their ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN property ) ) ) ) ( VP ( MD would ) ( VP ( VB trigger ) ( NP ( JJ anti-Japanese ) ( NN sentiment ) ) ) ) ) ) ) ) ) ) )

But Japanese institutions shied away from bidding on the high-profile tower out of fear their purchase of the property would trigger anti-Japanese sentiment


( S ( NP-TMP ( JJ Last ) ( NN summer ) ) ( NP-SBJ-1 ( NNP Sears ) ) ( VP ( VBD appeared ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( NN deal ) ) ( PP ( IN with ) ( NP ( JJ Canadian ) ( NN developer ) ( NNP Olympia ) ( CC & ) ( NNP York ) ( NNPS Developments ) ( NNP Ltd ) ) ) ) ) ) ) ) )

Last summer Sears appeared to have a deal with Canadian developer Olympia & York Developments Ltd


( S ( CC But ) ( NP-SBJ ( DT that ) ( NN deal ) ) ( VP ( VBD fell ) ( ADVP-CLR ( RB through ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN sale ) ) ( VP ( MD would ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ major ) ( JJ real ) ( NN estate ) ( NN tax ) ( NN reassessment ) ) ) ( S-ADV ( VP ( VP ( VBG raising ) ( NP ( NN property ) ( NNS taxes ) ) ) ( CC and ) ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ difficult ) ) ( S-2 ( VP ( TO to ) ( VP ( VB lease ) ( NP ( DT the ) ( NN building ) ) ( PP ( IN at ) ( NP ( JJ competitive ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But that deal fell through in September after it became clear that the sale would lead to a major real estate tax reassessment raising property taxes and making it difficult to lease the building at competitive prices


( S ( NP-SBJ ( JJ Real ) ( NN estate ) ( NN industry ) ( NNS executives ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NNP Sears ) ( POS ' ) ) ( NN investment ) ( NN banker ) ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ) ) ( VP ( VBD sought ) ( NP ( NN financing ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) )

Real estate industry executives said Sears ' investment banker Goldman Sachs & Co. sought financing in Japan


( S ( ADVP ( RB However ) ) ( NP-SBJ ( JJ Japanese ) ( NNS authorities ) ) ( ADVP ( RB apparently ) ) ( VP ( VBD were ) ( ADJP-PRD ( VBN concerned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN refinancing ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB attract ) ( NP ( ADJP ( RB too ) ( JJ much ) ) ( NN publicity ) ) ) ) ) ) ) ) )

However Japanese authorities apparently were concerned that a refinancing also would attract too much publicity


( S ( NP-SBJ ( NNP Sears ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBD went ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP AEW ) ) ( NP ( NP ( DT the ) ( NNP Boston ) ( NN pension ) ( NN adviser ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN proposed ) ( NP ( DT a ) ( JJ convertible ) ( NN debt ) ( NN deal ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ first ) ( NN round ) ) ( PP ( IN of ) ( NP ( NNS bids ) ) ) ( NP-TMP ( JJ last ) ( NN spring ) ) ) ) ) ) ) ) ) ) ) ) )

Sears then went back to AEW the Boston pension adviser that had proposed a convertible debt deal during the first round of bids last spring


( S ( NP-SBJ ( NNP AEW ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 3.5 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ real ) ( NN estate ) ( NNS investments ) ) ) ) ( ADVP-LOC ( RB nationwide ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT a ) ( NN spokesman ) ) ) ) ) )

AEW has 3.5 billion of real estate investments nationwide according to a spokesman


( S ( NP-SBJ ( NP ( NNP Continental ) ( NNP Bank ) ( NNP Corp. ) ( POS 's ) ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( JJ big ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNP London ) ( NN headquarters ) ( NN building ) ) ) ) ) ) ) ) )

Continental Bank Corp. 's third-quarter net income slipped 11 % despite a big gain from the sale of the company 's London headquarters building


( S ( NP-SBJ-1 ( NP ( DT The ) ( ADJP ( QP ( CD 55 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN sale ) ) ) ) ( VP ( VBD was ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR lower ) ( NN interest ) ( NN income ) ) ( NP ( NP ( JJR poorer ) ( NNS results ) ) ( PP ( IN from ) ( NP ( JJ foreign-exchange ) ( NN trading ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 9 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN unit ) ) ( NP ( NNPS Securities ) ( NNP Settlement ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) )

The 55 million gain on the sale was offset by lower interest income poorer results from foreign-exchange trading and a 9 million loss on the sale of a unit Securities Settlement Corp


( S ( NP-SBJ ( JJ Chicago-based ) ( NNP Continental ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 65.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.04 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 73.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.19 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) )

Chicago-based Continental earned 65.2 million or 1.04 a share compared with 73.6 million or 1.19 a share a year earlier


( S ( NP-SBJ ( DT The ) ( CD 1988 ) ( NN quarter ) ) ( ADVP ( RB also ) ) ( VP ( VBD included ) ( NP ( NP ( JJ one-time ) ( NNS gains ) ) ( VP ( VBG totaling ) ( NP ( QP ( IN about ) ( CD 35 ) ( CD million ) ) ) ) ) ) )

The 1988 quarter also included one-time gains totaling about 35 million


( S ( NP-SBJ ( NP ( DT The ) ( NN bank ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( NN loss ) ( NNS reserves ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( QP ( IN about ) ( NN half ) ) ( PRP$ its ) ( ADJP ( JJ long-term ) ( CC and ) ( JJ medium-term ) ) ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJR less-developed ) ( NNS nations ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ-1 ( JJ additional ) ( NNS reserves ) ) ( VP ( VBP are ) ( VP ( VBN required ) ) ) ) ) ) ) ) ) ) )

The bank which has loss reserves equal to about half its long-term and medium-term loans to less-developed nations said it does n't think additional reserves are required


( S ( NP-SBJ ( DT The ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD fined ) ( NP ( NNP Capcom ) ( NNPS Futures ) ( NNP Inc. ) ) ( NP ( CD 500,000 ) ) ) ( CC and ) ( VP ( VBD accepted ) ( NP ( NP ( PRP$ its ) ( NN withdrawal ) ) ( PP ( IN from ) ( NP ( NN membership ) ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( NP ( JJ disciplinary ) ( NNS actions ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN firm ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Chicago Mercantile Exchange said it fined Capcom Futures Inc. 500,000 and accepted its withdrawal from membership as part of a settlement of disciplinary actions against the firm


( S ( NP-SBJ ( NNP Capcom ) ( NNPS Futures ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NNP Chicago ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Capcom ) ( NNP Financial ) ( NNPS Services ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NNP London ) ( JJ financial ) ( NN firm ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN implicated ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN scheme ) ( S ( VP ( TO to ) ( VP ( VB launder ) ( NP ( NN drug ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Capcom Futures is a Chicago subsidiary of Capcom Financial Services Ltd. a London financial firm that was implicated last year in a scheme to launder drug money


( S ( NP-SBJ ( DT The ) ( NN case ) ) ( VP ( VBZ is ) ( ADJP-PRD ( VBG pending ) ) ) )

The case is pending


( S ( NP-SBJ-1 ( DT The ) ( NN firm ) ) ( VP ( VBD was ) ( VP ( VBN indicted ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Tampa ) ) ( NP ( NNP Fla. ) ) ) ) ( PP ( IN on ) ( NP ( NN money-laundering ) ( NNS charges ) ) ) ) ) )

The firm was indicted in Tampa Fla. on money-laundering charges


( S ( PP-TMP ( IN In ) ( NP ( NNP June ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD suspended ) ( NP ( NNP Capcom ) ( NNP Financial ) ) ) ) ) ) )

In June the Chicago Board of Trade said it suspended Capcom Financial


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Capcom ) ( NNPS Futures ) ( NN unit ) ) ( VP ( VBD withdrew ) ( PP-DIR ( IN from ) ( NP ( NAC ( NNP Board ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( NN membership ) ) ) ( ADVP-MNR ( RB voluntarily ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ( NP-SBJ ( DT a ) ( NAC ( NNP Board ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The Capcom Futures unit withdrew from Board of Trade membership voluntarily in August a Board of Trade spokesman said


( S ( NP-SBJ-2 ( NNP Capcom ) ( NNPS Futures ) ) ( SBAR-ADV ( IN while ) ( S ( VP ( CC neither ) ( VBG admitting ) ( CC nor ) ( VBG denying ) ( NP ( DT the ) ( NNP Merc ) ( NNS charges ) ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Merc ) ( NNS charges ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ technical ) ( PP ( IN in ) ( NP ( NN nature ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT no ) ( NNS customers ) ) ( VP ( VBD were ) ( VP ( VBN hurt ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS violations ) ) ( VP ( VBN cited ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Merc ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Capcom Futures while neither admitting nor denying the Merc charges said in a statement that the Merc charges were technical in nature and that no customers were hurt as a result of the violations cited by the Merc


( S ( NP-SBJ ( DT The ) ( NNP Merc ) ) ( VP ( VBD alleged ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN among ) ( NP ( JJ other ) ( NNS things ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP April ) ( CD 1987 ) ) ) ( PP ( IN through ) ( NP ( NNP October ) ( CD 1988 ) ) ) ) ( NP-SBJ-1 ( NNP Capcom ) ( NNPS Futures ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB document ) ( NP ( NP ( NNS trades ) ) ( PP ( IN between ) ( NP ( NP ( NNP Capcom ) ( NNPS Futures ) ) ( CC and ) ( NP ( NP ( NNS people ) ( CC or ) ( NNS entities ) ) ( VP ( ADVP-MNR ( RB directly ) ( CC or ) ( RB indirectly ) ) ( JJ controlled ) ( PP-LGS ( IN by ) ( NP ( NNP Capcom ) ( NNPS Futures ) ( NNS shareholders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Merc alleged that among other things from April 1987 through October 1988 Capcom Futures failed to document trades between Capcom Futures and people or entities directly or indirectly controlled by Capcom Futures shareholders


( S ( NP-SBJ-1 ( NP ( CD Eight ) ( NNS people ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( NN supervisor ) ) ( PP ( IN of ) ( NP ( NP ( NNP Security ) ( NNP Pacific ) ( NNP National ) ( NNP Bank ) ( POS 's ) ) ( JJ central ) ( NN vault ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN arrested ) ( PP ( IN in ) ( NP ( NP ( DT an ) ( NN investigation ) ) ( PP ( IN of ) ( NP ( DT an ) ( VBN alleged ) ( NN drug ) ( NN money-laundering ) ( NN operation ) ) ) ) ) ) ) )

Eight people including a supervisor of Security Pacific National Bank 's central vault were arrested in an investigation of an alleged drug money-laundering operation


( S ( NP-SBJ-2 ( NP ( DT The ) ( NNP U.S. ) ( NNP Attorney ) ( POS 's ) ) ( NN office ) ) ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( JJ criminal ) ( NN complaint ) ) ( PP ( IN against ) ( NP ( CD six ) ( NN bank ) ( NNS employees ) ) ) ) ( S-ADV ( VP ( VBG charging ) ( NP ( PRP them ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NN conspiracy ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN scheme ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB apparently ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG handling ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ( NP-ADV ( DT a ) ( NN week ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG funneling ) ( NP ( NN cash ) ) ( PP-CLR ( IN through ) ( NP ( JJ fictitious ) ( NN bank ) ( NNS accounts ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The U.S. Attorney 's office filed a criminal complaint against six bank employees charging them with conspiracy in the scheme which apparently was capable of handling millions of dollars a week by funneling cash through fictitious bank accounts


( S ( NP-SBJ-1 ( CD Two ) ( JJ other ) ( NNS men ) ) ( ADVP ( RB also ) ) ( VP ( VBD were ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG participating ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN operation ) ) ) ) ) ) ) ) )

Two other men also were charged with participating in the operation


( S ( NP-SBJ ( DT The ) ( NNS arrests ) ) ( VP ( VBD capped ) ( NP ( NP ( DT a ) ( JJ four-month ) ( NN investigation ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Internal ) ( NNP Revenue ) ( NNP Service ) ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NNP Attorney ) ( POS 's ) ) ( NN office ) ) ( CC and ) ( NP ( DT a ) ( NNP Security ) ( NNP Pacific ) ( JJ internal ) ( NN investigation ) ( NN team ) ) ) ) ) ) )

The arrests capped a four-month investigation by the Internal Revenue Service the U.S. Attorney 's office and a Security Pacific internal investigation team


( S ( NP-SBJ ( NP ( NNP Walter ) ( NNP S. ) ( NNP Fisher ) ) ( NP ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ general ) ( NN auditor ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN parent ) ) ( NP ( NNP Security ) ( NNP Pacific ) ( NNP Corp. ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT no ) ( NN bank ) ( NNS funds ) ) ( VP ( VBD were ) ( PP-PRD ( IN at ) ( NP ( NN risk ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN investigation ) ) ) ) ) ) ) )

Walter S. Fisher executive vice president and general auditor of the bank 's parent Security Pacific Corp. said no bank funds were at risk during the investigation


( SINV ( VP-2 ( VBN Arrested ) ) ( VP ( VBD were ) ) ( NP-SBJ-1 ( NP ( NP ( NNP Jose ) ( NNP O. ) ( NNP Lopez ) ) ( ADJP ( NP ( CD 27 ) ( NNS years ) ) ( JJ old ) ) ( PP ( IN of ) ( NP ( NP ( NNP Whittier ) ) ( NP ( NNP Calif. ) ) ) ) ( NP ( DT the ) ( NN vault ) ( NN supervisor ) ) ) ( NP ( NP ( NNP Carlos ) ( NNP O. ) ( NNP Huerta ) ) ( NP ( CD 29 ) ) ( PP ( IN of ) ( NP ( NNP La ) ( NNP Puente ) ) ) ) ( NP ( NP ( NNP Luis ) ( NN A. ) ( NNP Arroyo ) ) ( NP ( CD 36 ) ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ( NP ( NP ( NNP Ignacio ) ( NNP Rojas ) ( NNP Jr. ) ) ( NP ( CD 32 ) ) ( PP ( IN of ) ( NP ( NNP Baldwin ) ( NNP Park ) ) ) ) ( NP ( NP ( NNP Doris ) ( NNP Moreno ) ) ( NP ( CD 37 ) ) ( PP ( IN of ) ( NP ( NNP Bell ) ( NNP Gardens ) ) ) ) ( CC and ) ( NP ( NP ( NNP Ana ) ( NNP L. ) ( NNP Azucena ) ) ( NP ( CD 27 ) ) ( PP ( IN of ) ( NP ( NNP Huntington ) ( NNP Park ) ) ) ) ) )

Arrested were Jose O. Lopez 27 years old of Whittier Calif. the vault supervisor Carlos O. Huerta 29 of La Puente Luis A. Arroyo 36 of Los Angeles Ignacio Rojas Jr. 32 of Baldwin Park Doris Moreno 37 of Bell Gardens and Ana L. Azucena 27 of Huntington Park


( S ( NP-SBJ-1 ( NP ( NP ( NNP Geno ) ( NNP M. ) ( NNP Apicella ) ) ( NP ( CD 27 ) ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ( CC and ) ( NP ( NP ( NNP Terrell ) ( NNP N. ) ( NNP Madison ) ) ( NP ( CD 27 ) ) ( PP ( IN of ) ( NP ( NN Hawthorne ) ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG participating ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN conspiracy ) ) ) ) ) ) ) ) )

Geno M. Apicella 27 of Los Angeles and Terrell N. Madison 27 of Hawthorne were also charged with participating in the conspiracy


( S ( NP-SBJ ( DT Each ) ( NN defendant ) ) ( VP ( VBZ faces ) ( NP ( NP ( NP ( DT a ) ( JJ possible ) ( NN sentence ) ) ( PP ( IN of ) ( NP ( NP ( CD 20 ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ) ) ( CC and ) ( NP ( NP ( CD 250,000 ) ) ( PP ( IN in ) ( NP ( NNS fines ) ) ) ) ) ) )

Each defendant faces a possible sentence of 20 years in prison and 250,000 in fines


( S ( NP-SBJ-1 ( DT The ) ( NNS defendants ) ) ( VP ( MD could ) ( RB n't ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

The defendants could n't immediately be reached for comment


( S ( NP-SBJ-1 ( NP ( NNP Carl ) ( NNP E. ) ( NNP Pissocra ) ) ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bank ) ( NNP One ) ) ( NP-LOC ( NNP Dover ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( JJ regional ) ( NN president ) ) ( NP ( NP ( DT a ) ( JJ new ) ( NN post ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ bank-holding ) ( NN company ) ) ) ) ) ) ) ) ) )

Carl E. Pissocra president and chief executive officer of Bank One Dover has been named regional president a new post at the bank-holding company


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Pissocra ) ) ( ADJP ( NP ( CD 56 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( CD 10 ) ( NNS banks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Eastern ) ( NN region ) ) ) ) ) ) ) ) )

Mr. Pissocra 56 years old will be responsible for the company 's 10 banks in the Eastern region


( S ( NP-SBJ-1 ( NP ( NNP Dan ) ( NNP J. ) ( NNP Hartwell ) ) ( NP ( CD 41 ) ) ( NP ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bank ) ( NNP One ) ) ( NP-LOC ( NNP Dover ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dover ) ( NN bank ) ) ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NNP Mr. ) ( NNP Pissocra ) ) ) ) ) ) )

Dan J. Hartwell 41 executive vice president of Bank One Dover was named president and chief executive of the Dover bank succeeding Mr. Pissocra


( S ( NP-SBJ-1 ( DT No ) ( NN one ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S-CLR ( VP ( TO to ) ( VP ( VB succeed ) ( NP ( NNP Mr. ) ( NNP Hartwell ) ) ) ) ) ) ) )

No one was named to succeed Mr. Hartwell


( S ( NP-SBJ ( NP ( NN Ground ) ( CD zero ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP HUD ) ( NN scandal ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NNP Secretary ) ( POS 's ) ) ( JJ discretionary ) ( NN fund ) ) ( NP ( NP ( DT a ) ( NN honey ) ( NN pot ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB fund ) ( NP ( NP ( NNS projects ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD were ) ( RB n't ) ( VP ( VBN approved ) ( PP-MNR ( IN through ) ( NP ( JJ normal ) ( NNP HUD ) ( NNS channels ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ground zero of the HUD scandal is the Secretary 's discretionary fund a honey pot used to fund projects that were n't approved through normal HUD channels


( S ( NP-SBJ-1 ( NNP Jack ) ( NNP Kemp ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB abolish ) ( NP ( PRP it ) ) ) ) ) ) )

Jack Kemp wants to abolish it


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( NP ( NP ( NNP Congress ) ( POS 's ) ) ( NN idea ) ) ( PP ( IN of ) ( NP ( NN reform ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB increase ) ( NP ( DT this ) ( NN slush ) ( NN fund ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 28.4 ) ( CD million ) ) ) ) ) ) ) ) )

Instead Congress 's idea of reform is to increase this slush fund by 28.4 million


( FRAG ( CC And ) ( VP ( VB transfer ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNP Capitol ) ( NNP Hill ) ) ) ) )

And transfer control of much of it to Capitol Hill


( S ( NP-SBJ ( DT The ) ( NNP HUD ) ( NNS scandals ) ) ( VP ( MD will ) ( ADVP ( RB simply ) ) ( VP ( VB continue ) ( FRAG ( CC but ) ( PP-LOC ( IN under ) ( NP ( JJ new ) ( NN mismanagement ) ) ) ) ) ) )

The HUD scandals will simply continue but under new mismanagement


( S ( PP-TMP ( IN After ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ amazing ) ) ( NNS debates ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN seen ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN cable ) ( NN channel ) ) ( NP ( NNP C-SPAN ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NNP House ) ) ( VP ( VBD voted ) ( ADVP ( CD 250 ) ( TO to ) ( CD 170 ) ) ( PP-TMP ( IN on ) ( NP ( NNP Wednesday ) ) ) ( S ( VP ( TO to ) ( VP ( VB order ) ( NP ( NP ( QP ( CD 28.4 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NN spending ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP Jersey ) ( NNS arts ) ( NN center ) ) ( NP ( DT a ) ( NNP Michigan ) ( NN library ) ) ( CC and ) ( NP ( CD 38 ) ( JJ other ) ( JJ pet ) ( NNS projects ) ) ) ) ) ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ same ) ( JJ discretionary ) ( NN fund ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB so ) ) ( JJ abused ) ( PP-TMP ( IN during ) ( NP ( NP ( NNP Sam ) ( NNP Pierce ) ( POS 's ) ) ( NN tenure ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After one of the most amazing debates we 've ever seen on the cable channel C-SPAN the House voted 250 to 170 on Wednesday to order 28.4 million in spending for a New Jersey arts center a Michigan library and 38 other pet projects out of the same discretionary fund that was supposed to have been so abused during Sam Pierce 's tenure


( S ( S ( NP-SBJ ( NNP HUD ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN paper ) ( NN work ) ( RB whatsoever ) ) ( PP ( IN on ) ( NP ( NP ( CD 30 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS projects ) ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS others ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN approved ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( RB not ) ( DT a ) ( JJ single ) ( JJ congressional ) ( NN hearing ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN held ) ( PP-3 ( IN on ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) )

HUD has no paper work whatsoever on 30 of the projects none of the others has been approved and not a single congressional hearing has been held on any of them


( S ( ADVP ( RB However ) ) ( NP-SBJ ( CD four ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT the ) ( NNP Michigan ) ( NN district ) ) ( PP ( IN of ) ( NP ( NP ( NNP Rep. ) ( NNP Bob ) ( NNP Traxler ) ) ( NP ( NP ( DT the ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP House ) ( NN subcommittee ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ writes ) ( NP ( DT the ) ( NNP HUD ) ( NN spending ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) ) ) )

However four are in the Michigan district of Rep. Bob Traxler the chairman of the House subcommittee that writes the HUD spending bill


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ-1 ( NP ( DT this ) ( NN kind ) ) ( PP ( IN of ) ( NP ( JJ blatant ) ( JJ congressional ) ( NN pork-barreling ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN called ) ( S ( NP-PRD ( JJ constituent ) ( NN service ) ) ) ( PP ( IN by ) ( NP-LGS ( NNS Members ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( JJ same ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NP ( JJ noncompetitive ) ( NN favoritism ) ) ( PP-LOC ( IN at ) ( NP ( NNP HUD ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN labeled ) ( S ( NP-PRD ( NN influence ) ( NN peddling ) ) ) ) ) ) ) ) ) )

Of course this kind of blatant congressional pork-barreling is called constituent service by Members while the same kind of noncompetitive favoritism at HUD is labeled influence peddling


( S ( PP ( IN Unlike ) ( NP ( DT those ) ( JJ awful ) ( JJ Republican ) ( NNS consultants ) ) ) ( NP-SBJ ( NNP Members ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB profit ) ( ADVP-MNR ( RB directly ) ) ( PP-CLR ( IN from ) ( NP ( NNP HUD ) ( NNS projects ) ) ) ) ) )

Unlike those awful Republican consultants Members do n't profit directly from HUD projects


( S ( NP-SBJ ( PRP They ) ) ( VP ( ADVP ( RB merely ) ) ( VBP collect ) ( NP ( NN campaign ) ( NNS contributions ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS developers ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP help ) ( S ( VP ( VB keep ) ( S ( NP-SBJ ( PRP them ) ) ( PP-LOC-PRD ( IN in ) ( NP ( NN office ) ) ) ) ) ) ) ) ) ) ) ) )

They merely collect campaign contributions from developers that help keep them in office


( S ( NP-SBJ-1 ( DT The ) ( CD 40 ) ( NN pet ) ( NNS projects ) ) ( VP ( VBD were ) ( VP ( VBN discovered ) ( S ( VP ( VBN buried ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS appropriations ) ( NN bill ) ) ( PP ( IN for ) ( NP ( NP ( NNP HUD ) ) ( CC and ) ( NP ( DT some ) ( JJ other ) ( NNS agencies ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD returned ) ( PP-DIR-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN conference ) ( NN committee ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN called ) ( S-PRP ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( NP ( NNS differences ) ) ( PP ( IN between ) ( NP ( DT the ) ( NNP House ) ( CC and ) ( NNP Senate ) ( NNS versions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The 40 pet projects were discovered buried in the appropriations bill for HUD and some other agencies after it returned from a conference committee that was called to resolve differences between the House and Senate versions


( S ( NP-SBJ ( NN Conference ) ( NNS committees ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( VBG breeding ) ( NNS grounds ) ) ( PP ( IN for ) ( NP ( NN mischief ) ) ) ) ) )

Conference committees are breeding grounds for mischief


( S ( S ( NP-SBJ-2 ( PRP They ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN closed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN public ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT no ) ( NNS minutes ) ) ( VP ( VBP are ) ( VP ( VBN taken ) ) ) ) )

They are often closed to the public and no minutes are taken


( S ( NP-SBJ ( NNS Members ) ) ( VP ( VBP find ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ easy ) ) ( S-1 ( VP ( TO to ) ( VP ( VB doctor ) ( NP ( NN legislation ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG slipping ) ( PRT ( RP in ) ) ( NP ( NP ( JJ special ) ( NNS provisions ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD could ) ( ADVP-TMP ( RB never ) ) ( VP ( VB survive ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ cold ) ( NN light ) ) ( PP ( IN of ) ( NP ( NN day ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Members find it easy to doctor legislation by slipping in special provisions that could never survive in the cold light of day


( S ( PP-LOC ( IN In ) ( NP ( DT this ) ( NN case ) ) ) ( NP-SBJ ( DT the ) ( NNS Members ) ) ( VP ( VBD outdid ) ( NP ( PRP themselves ) ) ) )

In this case the Members outdid themselves


( S ( NP-SBJ ( PRP They ) ) ( VP ( VP ( VBD transferred ) ( NP ( NP ( QP ( DT some ) ( CD 28 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Community ) ( NNP Development ) ( NNP Block ) ( NNP Grant ) ( NN program ) ) ) ( VP ( VBN designated ) ( ADVP-EXT ( RB largely ) ) ( PP ( IN for ) ( NP ( JJ low ) ( CC and ) ( JJ moderate-income ) ( NNS projects ) ) ) ) ) ) ( CC and ) ( VP ( VBD funneled ) ( NP ( PRP it ) ) ( PP-DIR-CLR ( IN into ) ( NP ( NP ( JJ such ) ( NNS items ) ) ( PP ( IN as ) ( NP ( NP ( NP ( QP ( CD 1.2 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NNS performing-arts ) ( NN center ) ) ( PP-LOC ( IN in ) ( NP ( NNP Newark ) ) ) ) ) ) ( NP ( NP ( QP ( CD 1.3 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( NN job ) ( NN retention ) ) ( PP-LOC ( IN in ) ( NP ( JJ Hawaiian ) ( NN sugar ) ( NNS mills ) ) ) ) ) ) ( NP ( NP ( CD 400,000 ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( VBG collapsing ) ( NN utility ) ( NN tunnel ) ) ( PP-LOC ( IN in ) ( NP ( NNP Salisbury ) ) ) ) ) ) ( NP ( NP ( CD 500,000 ) ) ( PP ( IN for ) ( NP ( NP ( NN equipment ) ( CC and ) ( NN landscaping ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB deter ) ( NP ( NN crime ) ) ) ( CC and ) ( VP ( VB aid ) ( NP ( NN police ) ( NN surveillance ) ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNP Michigan ) ( NN park ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 450,000 ) ) ( PP ( IN for ) ( NP ( NP ( JJ integrated ) ( JJ urban ) ( NNS data ) ) ( VP ( VBN based ) ( PP-LOC ( IN in ) ( NP ( CD seven ) ( NNS cities ) ) ) ) ) ) ) ( PRN ( NP ( DT No ) ( JJ other ) ( NNS details ) ) ) ) ( NP ( NP ( CD 390,000 ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NX ( NX ( NN library ) ) ( CC and ) ( NX ( NN recreation ) ( NN center ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Mackinac ) ( NNP Island ) ) ( NP ( NNP Mich ) ) ) ) ) ) ) ) ) ) ) ) ) )

They transferred some 28 million from the Community Development Block Grant program designated largely for low and moderate-income projects and funneled it into such items as 1.2 million for a performing-arts center in Newark 1.3 million for job retention in Hawaiian sugar mills 400,000 for a collapsing utility tunnel in Salisbury 500,000 for equipment and landscaping to deter crime and aid police surveillance at a Michigan park 450,000 for integrated urban data based in seven cities No other details 390,000 for a library and recreation center at Mackinac Island Mich


( S ( NP-SBJ ( NNP Rep. ) ( NNP Traxler ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD purchased ) ( NP ( NP ( DT an ) ( JJ unimproved ) ( NN building ) ( NN lot ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN island ) ) ) ) ) )

Rep. Traxler recently purchased an unimproved building lot on the island


( S ( NP-SBJ ( NP ( PRP$ Your ) ( ADJP ( NNP Sept. ) ( CD 25 ) ) ( NN criticism ) ) ( PP ( IN of ) ( NP ( NN credit-card ) ( NN foreign-exchange ) ( NNS charges ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unwarranted ) ) ) )

Your Sept. 25 criticism of credit-card foreign-exchange charges is unwarranted


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( VP ( ADVP ( RB just ) ) ( VBN returned ) ( PP-CLR ( IN from ) ( NP ( NNP France ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ net ) ( NN exchange ) ( NN rate ) ) ( VP ( VBN charged ) ( PP-CLR ( IN on ) ( NP ( PRP$ my ) ( NNP Visa ) ( NN account ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ favorable ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD obtained ) ( PP-CLR ( IN for ) ( NP ( NP ( NN traveler ) ( POS 's ) ) ( NNS checks ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ several ) ( NNS banks ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD converted ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I have just returned from France and the net exchange rate charged on my Visa account was more favorable than I obtained for traveler 's checks in any of the several banks where I converted them


( NP ( NP ( NNP Vincent ) ( NNP Jolivet ) ) ( NP-LOC ( NP ( NNP Kenmore ) ) ( NP ( NNP Wash ) ) ) )

Vincent Jolivet Kenmore Wash


( S ( NP-SBJ-1 ( NNP Bethlehem ) ( NNP Steel ) ( NNP Corp. ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( PP ( IN in ) ( NP ( NN principle ) ) ) ( S ( VP ( TO to ) ( VP ( VB form ) ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ second-largest ) ( NN steelmaker ) ) ( NP ( NP ( NNP Usinor-Sacilor ) ) ( PP ( IN of ) ( NP ( NNP France ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB modernize ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bethlehem ) ( POS 's ) ) ( VBG ailing ) ( NNP BethForge ) ( NN division ) ) ) ) ) ) ) ) ) ) ) ) )

Bethlehem Steel Corp. has agreed in principle to form a joint venture with the world 's second-largest steelmaker Usinor-Sacilor of France to modernize a portion of Bethlehem 's ailing BethForge division


( S ( NP-SBJ ( NP ( DT The ) ( NN venture ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ involves ) ( S ( VP ( VBG adding ) ( NP ( NP ( JJ sophisticated ) ( NN equipment ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NN cast-iron ) ( NN mill ) ( NNS rolls ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ two-pronged ) ( NN effort ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB shore ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( NN division ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN posted ) ( NP ( VBG continuing ) ( NN operating ) ( NNS losses ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The venture which involves adding sophisticated equipment to make cast-iron mill rolls is part of a two-pronged effort to shore up a division that has posted continuing operating losses for several years


( S ( NP-SBJ ( DT The ) ( JJ other ) ( NN element ) ) ( VP ( VBZ includes ) ( S ( VP ( VBG consolidating ) ( NP ( NP ( NNP BethForge ) ( POS 's ) ) ( NN press-forge ) ( NNS operations ) ) ) ) ) )

The other element includes consolidating BethForge 's press-forge operations


( S ( NP-SBJ ( DT The ) ( JJ entire ) ( NN division ) ) ( VP ( VBZ employs ) ( NP ( QP ( IN about ) ( CD 850 ) ) ( NNS workers ) ) ) )

The entire division employs about 850 workers


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( JJ joint ) ( NN venture ) ) ( VP ( VBZ affects ) ( NP ( NP ( RB only ) ( DT a ) ( JJ small ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bethlehem ) ( POS 's ) ) ( NNS operations ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ significant ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ marks ) ( NP ( NP ( DT the ) ( JJ first ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN No. ) ( CD 2 ) ( NN steelmaker ) ) ( VP ( VBZ has ) ( VP ( VBN joined ) ( NP ( NNS forces ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ foreign ) ( NN partner ) ) ) ) ) ) ) ) ) ) ) ) )

While the joint venture affects only a small part of Bethlehem 's operations it is significant because it marks the first time the nation 's No. 2 steelmaker has joined forces with a foreign partner


( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( VBN criticized ) ( NP ( NNP Bethlehem ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( RB not ) ( VBG following ) ( NP ( PRP$ its ) ( JJ major ) ( NNS competitors ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG linking ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ foreign ) ( NN company ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB share ) ( NP ( NNS costs ) ) ) ( CC and ) ( VP ( VB provide ) ( NP ( NP ( NN technology ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB modernize ) ( NP ( JJ old ) ( NNS facilities ) ) ) ( CC or ) ( VP ( VB build ) ( NP ( JJ new ) ( NNS ones ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wall Street analysts have criticized Bethlehem for not following its major competitors in linking with a foreign company to share costs and provide technology to modernize old facilities or build new ones


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN step ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ right ) ( NN direction ) ) ) ( PP ( IN for ) ( NP ( NNP Bethlehem ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Felix ) ( NNP Bello ) ) ( NP ( NP ( NNP WEFA ) ( NNP Group ) ( POS 's ) ) ( JJ international ) ( NN steel ) ( NN analyst ) ) ) )

We think it 's a step in the right direction for Bethlehem said Felix Bello WEFA Group 's international steel analyst


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ important ) ) ( S-1 ( VP ( TO to ) ( VP ( VB share ) ( NP ( DT the ) ( NN risk ) ) ) ) ) ) ) ( FRAG ( CC and ) ( ADVP ( RB even ) ( RBR more ) ( RB so ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ has ) ( ADVP ( RB already ) ) ( VP ( VBN peaked ) ) ) ) ) ) ) )

It 's important to share the risk and even more so when the market has already peaked


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( JJR broader ) ( NN relationship ) ) ( PP ( IN between ) ( NP ( DT the ) ( CD two ) ( NNS companies ) ) ) ) ( NP ( NP ( NN one ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB open ) ( PRT ( RP up ) ) ( NP ( JJ new ) ( NNS markets ) ) ( PP-BNF ( IN for ) ( NP ( NNP Bethlehem ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said the move could be the beginning of a broader relationship between the two companies one that could open up new markets for Bethlehem


( S ( S-TPC-1 ( NP-SBJ ( NNP Bethlehem ) ) ( VP ( VBD had ) ( NP ( JJ little ) ( NN choice ) ( ADVP ( CC but ) ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ European ) ( NN steelmaker ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP$ its ) ( NNS competitors ) ) ( ADVP ( RB already ) ) ( VP ( VB have ) ( VP ( VBN tapped ) ( NP ( DT the ) ( JJ Japanese ) ( CC and ) ( JJ South ) ( JJ Korean ) ( NN industry ) ( NNS leaders ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD noted ) ) )

Bethlehem had little choice but to go with a European steelmaker because its competitors already have tapped the Japanese and South Korean industry leaders analysts noted


( S ( PP-LOC ( IN Under ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP Usinor ) ( POS 's ) ) ( NNP Chavanne-Ketin ) ( NN unit ) ) ( CC and ) ( NP ( NNP Bethlehem ) ) ) ( VP ( MD would ) ( VP ( VB establish ) ( NP ( NP ( DT a ) ( JJ modernized ) ( NN facility ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NN cast-iron ) ( NN mill ) ( NNS rolls ) ) ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN cast-iron ) ( NN shop ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) )

Under terms of the agreement Usinor 's Chavanne-Ketin unit and Bethlehem would establish a modernized facility to make cast-iron mill rolls at the company 's cast-iron shop here


( S ( NP-SBJ-3 ( NP ( NNS Terms ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN venture ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT both ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms for the venture which would be jointly owned by both companies were n't disclosed


( S ( NP-SBJ-1 ( DT The ) ( NNP Usinor ) ( NN unit ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NN technology ) ( CC and ) ( NN expertise ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB install ) ( NP ( DT a ) ( JJ so-called ) ( NN spin ) ( NN caster ) ) ( PP-TMP ( IN by ) ( NP ( JJ early ) ( JJ next ) ( NN fall ) ) ) ) ) ) ) ) ) ) ) )

The Usinor unit has agreed to provide technology and expertise to install a so-called spin caster by early next fall


( S ( NP-SBJ ( DT The ) ( NN caster ) ) ( VP ( VBZ improves ) ( NP ( NP ( DT the ) ( JJ metallurgical ) ( NN quality ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN iron ) ( NN mill ) ( NNS rolls ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADVP ( RB basically ) ) ( NP-PRD ( NP ( JJ huge ) ( VBG rolling ) ( NNS pins ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB flatten ) ( CC or ) ( VB shape ) ( NP ( NN steel ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The caster improves the metallurgical quality of the iron mill rolls which are basically huge rolling pins used to flatten or shape steel products


( S ( NP-SBJ-1 ( NNP Bethlehem ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG working ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP United ) ( NNPS Steelworkers ) ( NN union ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB consolidate ) ( NP ( NP ( NP ( NNP BethForge ) ( POS 's ) ) ( CD two ) ( NN machine ) ( NNS shops ) ) ( CC and ) ( NP ( NP ( CD four ) ( NN heat-treatment ) ( NNS facilities ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN press-forge ) ( NNS operations ) ) ) ) ) ) ) ) ) ) )

Bethlehem is also working with the United Steelworkers union to consolidate BethForge 's two machine shops and four heat-treatment facilities of the press-forge operations


( S ( SBAR-TMP ( RB Once ) ( S ( NP-SBJ ( DT the ) ( NN consolidation ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ complete ) ) ) ) ) ( NP-SBJ-1 ( NNP Bethlehem ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB concentrate ) ( NP ( PRP$ its ) ( NNS forgings ) ( NN business ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ nuclear ) ( NN fabrication ) ) ( NP ( VBN hardened ) ( NN steel ) ) ( CC and ) ( NP ( NP ( JJ large-diameter ) ( NN steel ) ( NNS rolls ) ) ( PP ( IN for ) ( NP ( VBG rolling ) ( NNS mills ) ) ) ) ( CC and ) ( NP ( VBN selected ) ( NN custom-die ) ( NNS applications ) ) ) ) ) ) ) ) )

Once the consolidation is complete Bethlehem plans to concentrate its forgings business on nuclear fabrication hardened steel and large-diameter steel rolls for rolling mills and selected custom-die applications


( S ( NP-SBJ ( NNP Bethlehem ) ) ( VP ( VBD said ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN year ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( NN restructure ) ( NP ( DT the ) ( NNP BethForge ) ( NN division ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB improve ) ( NP ( PRP$ its ) ( NN cost ) ( NN structure ) ) ) ) ) ) ) ) ) ) ) ) )

Bethlehem said earlier this year that it planned to restructure the BethForge division to improve its cost structure


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Bethlehem ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 50 ) ( CD million ) ) ) ( NN charge ) ) ( ADJP ( JJ related ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB realign ) ( NP ( DT the ) ( NN division ) ) ) ) ) ) ) ) ) ) )

In the second quarter Bethlehem posted a 50 million charge related to its plans to realign the division


( S ( NP-SBJ-1 ( NNP William ) ( NNP J. ) ( NNP Russo ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( NP ( NP ( JJ public ) ( NNS affairs ) ) ( CC and ) ( NP ( NN advertising ) ) ) ( PP ( IN for ) ( NP ( NP ( DT this ) ( JJ financial ) ( CC and ) ( NN travel ) ( NNS services ) ( NN concern ) ( POS 's ) ) ( NNP American ) ( NNP Express ) ( NNP Bank ) ( NNP Ltd. ) ( NN subsidiary ) ) ) ) ) ) ) )

William J. Russo was named senior vice president public affairs and advertising for this financial and travel services concern 's American Express Bank Ltd. subsidiary


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Russo ) ) ( ADJP ( NP ( CD 38 ) ( NNS years ) ) ( JJ old ) ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ first ) ( NN vice ) ( NN president ) ) ( NP ( NP ( JJ public ) ( NNS affairs ) ) ( CC and ) ( NP ( NN advertising ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( VBG banking ) ( NN unit ) ) ) ) ) )

Mr. Russo 38 years old previously was first vice president public affairs and advertising at the banking unit


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP West ) ( NNP Germany ) ( POS 's ) ) ( NN cost-of-living ) ( NN index ) ) ( VP ( VP ( VBD rose ) ( NP-EXT ( DT a ) ( JJ preliminary ) ( CD 0.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ) ) ( PP-TMP ( IN from ) ( NP ( NNP September ) ) ) ) ( CC and ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP-ADV ( CD 3.3 ) ( NN % ) ) ) ( PP-TMP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Federal ) ( NNPS Statistics ) ( NNP Office ) ) ( PP-LOC ( IN in ) ( NP ( NNP Wiesbaden ) ) ) ) ( VP ( VBD said ) ) )

West Germany 's cost-of-living index rose a preliminary 0.3 % in October from September and was up 3.3 % from a year earlier the Federal Statistics Office in Wiesbaden said


( S ( NP-SBJ ( DT The ) ( NN increase ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT a ) ( JJ monthly ) ( NN rise ) ) ( PP ( IN of ) ( NP ( CD 0.2 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-TMP ( IN from ) ( NP ( NNP August ) ) ) ) ) )

The increase follows a monthly rise of 0.2 % in September from August


( S ( NP-SBJ-1 ( NP ( JJ Preliminary ) ( NN cost-of-living ) ( NNS data ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ current ) ( NN month ) ) ) ) ( VP ( VBP are ) ( VP ( VBN calculated ) ( PP-MNR ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NN inflation ) ( NNS data ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( CD four ) ( JJS largest ) ( JJ West ) ( JJ German ) ( NNS states ) ) ( NP ( NP ( NNP Baden-Wuerttemberg ) ) ( NP ( NNP North ) ( NNP Rhine-Westphalia ) ) ( NP ( NNP Bavaria ) ) ( CC and ) ( NP ( NNP Hesse ) ) ) ) ) ) ) ) ) ) )

Preliminary cost-of-living data for the current month are calculated based on inflation data from the four largest West German states Baden-Wuerttemberg North Rhine-Westphalia Bavaria and Hesse


( S ( NP-SBJ ( NP ( NNP CAMBREX ) ( NNP Corp. ) ) ( NP-LOC ( NP ( NNP Bayonne ) ) ( NP ( NNP N.J. ) ) ) ) ( VP ( VBD declared ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ initial ) ( NN quarterly ) ) ( PP ( IN of ) ( NP ( NP ( CD five ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADJP-PRD ( JJ payable ) ( NP-TMP ( NNP Dec. ) ( CD 1 ) ) ( PP ( TO to ) ( NP ( NP ( VB stock ) ) ( PP ( IN of ) ( NP ( NP ( NN record ) ) ( NP-TMP ( NNP Nov. ) ( CD 10 ) ) ) ) ) ) ) ) ) )

CAMBREX Corp. Bayonne N.J. declared its initial quarterly of five cents a share payable Dec. 1 to stock of record Nov. 10


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN specialty ) ( NNS chemicals ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( IN about ) ( CD 5.9 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

The maker of specialty chemicals has about 5.9 million shares outstanding


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN move ) ) ( VP ( VBZ recognizes ) ( NP ( PRP$ its ) ( JJ strong ) ( JJ financial ) ( NN position ) ) ) ) ) ) )

The company said the move recognizes its strong financial position


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNS profits ) ) ( VP ( VBD were ) ( VP ( VBN squeezed ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ( PP-PRP ( ADVP ( RB mainly ) ) ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( JJR higher ) ( NN raw-material ) ( NNS costs ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ confident ) ( PP ( IN about ) ( NP ( NP ( NP ( JJ future ) ( NNS earnings ) ) ( CC and ) ( NP ( NN cash ) ( NN flow ) ) ) ( PP ( IN for ) ( NP ( CD 1990 ) ( CC and ) ( IN beyond ) ) ) ) ) ) ) ) ) ) )

Although profits were squeezed in 1989 mainly as a result of higher raw-material costs the company said it is confident about future earnings and cash flow for 1990 and beyond


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( NNP Cambrex ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 50 ) ( NNS cents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 13 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

In national over-the-counter trading yesterday Cambrex shares rose 50 cents to close at 13 a share


( S ( S ( S-ADV ( ADJP-PRD ( JJ Ready ) ( JJ Willing ) ( CC and ) ( JJ Unable ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBP lift ) ( NP ( DT the ) ( NN hood ) ) ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP$ my ) ( NN car ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB start ) ) ) ) ) ) ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( NNS gadgets ) ) ( PP-LOC ( IN at ) ( NP ( NN home ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB work ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( ADVP-MNR ( RB coolly ) ) ( VBP take ) ( NP ( PRP them ) ) ( ADVP-CLR ( RB apart ) ) ) ) )

Ready Willing and Unable I always lift the hood When my car does n't start If gadgets at home do n't work I coolly take them apart


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD 'll ) ( VP ( VB admit ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN nothing ) ) ( ADJP ( JJ wrong ) ) ( SBAR ( WHNP-1 ( IN That ) ) ( S ( NP-SBJ ( PRP I ) ) ( ADVP ( RB ever ) ) ( VP ( VBP do ) ( VP ( VB find ) ) ) ) ) ) ) ) ) ) ) ) ( CC But ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ nice ) ) ( SBAR-TMP-3 ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP appear ) ( ADJP-PRD ( RB mechanically ) ( JJ inclined ) ) ) ) ) ) ) ) ) ) )

I 'll admit there 's nothing wrong That I ever do find But it 's nice when people say I appear mechanically inclined


Joshua Adams


Flick Shock


( S ( PP-LOC ( IN At ) ( NP ( DT the ) ( NNS movies ) ) ) ( NP-TMP ( NN today ) ) ( PP ( IN In ) ( NP ( NN detail ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP see ) ( SBAR-NOM ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( DT the ) ( NN prof ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB show ) ( PP-LOC ( IN In ) ( NP ( NNP Physiology ) ( NNP Three ) ) ) ) ) ) ) ) )

At the movies today In detail you see What the prof would n't show In Physiology Three


Robert Gordon


Candid Comment


( S ( S ( VP ( VBP Do ) ( RB n't ) ( VP ( VB worry ) ) ) ) ( S ( NP-SBJ-1 ( NNS people ) ) ( VP ( MD will ) ( VP ( VB learn ) ( S ( VP ( TO to ) ( VP ( VB read ) ( ADVP ( ADVP ( RB as ) ( RB long ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NN TV ) ( NN program ) ( NNS listings ) ) ) ) ) ) ) ) ) ) ) ) )

Do n't worry people will learn to read as long as there are TV program listings


John Drybred


( S ( NP-SBJ-2 ( DT The ) ( JJ following ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NNS offerings ) ( CC and ) ( NNS pricings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( CC and ) ( JJ non-U.S. ) ( NN capital ) ( NNS markets ) ) ) ) ) ( PP ( IN with ) ( NP ( NNS terms ) ( CC and ) ( NN syndicate ) ( NN manager ) ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN compiled ) ( PP ( IN by ) ( NP-LGS ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNPS Markets ) ( NNP Report ) ) ) ) ) ) ) )

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


( NP ( NP ( NNP Tenneco ) ( NNP Credit ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 9 ) ( CD 1\/4 ) ) ( NN % ) ) ( JJ senior ) ( NNS notes ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1996 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.625 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 9.324 ) ( NN % ) ) ) ) ) ) ) )

Tenneco Credit Corp. 150 million of 9 1\/4 % senior notes due Nov. 1 1996 priced at 99.625 to yield 9.324 %


( S ( NP-SBJ-1 ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( NP ( CD 144 ) ( NN basis ) ( NNS points ) ) ( PP-LOC ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ seven-year ) ( NN note ) ) ) ) ) ) ) ) ) )

The noncallable issue was priced at a spread of 144 basis points above the Treasury 's seven-year note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( ADJP-1 ( JJ Baa-2 ) ) ( PP-2 ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ) ) ) ( CC and ) ( VP ( ADJP=1 ( JJ triple-B-plus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp. ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) ) ) ) ) )

Rated Baa-2 by Moody 's Investors Service Inc. and triple-B-plus by Standard & Poor 's Corp. the issue will be sold through underwriters led by Merrill Lynch Capital Markets


( S ( NP-SBJ ( NNP Tenneco ) ( NNP Credit ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Tenneco ) ( NNP Inc ) ) ) ) ) )

Tenneco Credit is a unit of Tenneco Inc


( NP ( NP ( NNP Allegany ) ( NNP Health ) ( NNP System ) ) ( NP ( NP ( JJ three-part ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 156.7 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN revenue ) ( NNS bonds ) ) ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP-MNR ( IN through ) ( NP ( DT a ) ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) ) ) )

Allegany Health System three-part issue of 156.7 million of revenue bonds tentatively priced through a Morgan Stanley & Co. group


( S ( NP-SBJ ( DT The ) ( NN offering ) ) ( VP ( VBZ includes ) ( NP ( NP ( NP ( DT a ) ( JJ new ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 53 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NAC-LOC ( NNP Tampa ) ( NNP Fla. ) ) ( NNP Series ) ( CD 1989 ) ( NN revenue ) ( NNS bonds ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP St. ) ( NNP Joseph ) ( POS 's ) ) ( NNP Hospital ) ( NNP Inc. ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1996-2000 ) ( CD 2005 ) ( CC and ) ( CD 2023 ) ) ) ) ) )

The offering includes a new issue of 53 million of Tampa Fla. Series 1989 revenue bonds for St. Joseph 's Hospital Inc. due 1996-2000 2005 and 2023


( S ( NP-SBJ-1 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( PP-DIR ( IN from ) ( NP ( CD 6.90 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1996 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 7.55 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2023 ) ) ) ) ) ) ) ) ) )

The bonds are tentatively priced to yield from 6.90 % in 1996 to 7.55 % in 2023


( S ( NP-SBJ ( NP ( DT The ) ( JJ other ) ( CD two ) ( NNS portions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN deal ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNS remarketings ) ) ( PP ( IN of ) ( NP ( JJ outstanding ) ( NN debt ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( JJ new ) ( NNS issues ) ) ) ) )

The other two portions of the deal are remarketings of outstanding debt rather than new issues


( S ( NP-SBJ-1 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VP ( VBN rated ) ( ADJP-2 ( JJ single-A ) ) ( PP-3 ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ) ) ) ( CC and ) ( VP ( ADJP=2 ( JJ single-A-plus ) ) ( PP=3 ( IN by ) ( NP-LGS ( NN S&P ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( JJ lead ) ( NN underwriter ) ) ) ) ) ) )

The bonds are rated single-A by Moody 's and single-A-plus by S&P according to the lead underwriter


( NP ( NP ( NP ( NNP City ) ( CC and ) ( NNP County ) ) ( PP ( IN of ) ( NP ( NNP Honolulu ) ) ) ) ( NP ( NP ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ general ) ( NN obligation ) ( NNS bonds ) ) ( NP ( CD 1989 ) ( NN Series ) ( NNP B ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1993-2009 ) ) ) ) ) ) ( PP ( IN through ) ( NP ( DT a ) ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) ) )

City and County of Honolulu 75 million of general obligation bonds 1989 Series B due 1993-2009 through a Bear Stearns & Co. group


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNS bonds ) ) ( VP ( VBN rated ) ( ADJP ( JJ double-A ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NNP S&P ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 6.20 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1993 ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2008 ) ( CC and ) ( CD 2009 ) ) ) ) ) ) ) ) ) ) )

The bonds rated double-A by Moody 's and S&P were priced to yield from 6.20 % in 1993 to 7.10 % in 2008 and 2009


( NP ( NP ( NNP Federal ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ) ( NP ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Remic ) ( NN mortgage ) ( NNS securities ) ) ) ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP-MNR ( IN in ) ( NP ( CD 12 ) ( NNS classes ) ) ) ( PP ( IN by ) ( NP-LGS ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc ) ) ) ) ) ) )

Federal National Mortgage Association 500 million of Remic mortgage securities being offered in 12 classes by Shearson Lehman Hutton Inc


( S ( NP-SBJ ( NP ( DT The ) ( NN offering ) ) ( NP ( NNS Series ) ( CD 1989-89 ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NNP Fannie ) ( NNP Mae ) ( CD 9 ) ( NN % ) ( NNS securities ) ) ) ) ) ( VP ( VP ( VBZ brings ) ( NP-1 ( NP ( NNP Fannie ) ( NNP Mae ) ( POS 's ) ) ( CD 1989 ) ( NNP Remic ) ( NN issuance ) ) ( PP-2 ( TO to ) ( NP ( QP ( CD 33.2 ) ( CD billion ) ) ) ) ) ( CC and ) ( VP ( NP=1 ( PRP$ its ) ( JJ total ) ( NNP Remic ) ( NN volume ) ) ( PP=2 ( TO to ) ( NP ( QP ( CD 45.3 ) ( CD billion ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NN program ) ) ( VP ( VBD began ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ( CD 1987 ) ) ) ) ) ) ) )

The offering Series 1989-89 backed by Fannie Mae 9 % securities brings Fannie Mae 's 1989 Remic issuance to 33.2 billion and its total Remic volume to 45.3 billion since the program began in April 1987


( S ( NP-SBJ ( NN Pricing ) ( NNS terms ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ available ) ) ) )

Pricing terms were n't available


( NP ( NP ( NP ( NNP Kyushu ) ( NNP Electric ) ( NNP Power ) ( NNP Co ) ) ( NP ( NNP Japan ) ) ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 8 ) ( CD 7\/8 ) ) ( NN % ) ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 28 ) ( CD 1996 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101 ) ( CD 7\/8 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/8 ) ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ( PP-MNR ( IN via ) ( NP ( NNP Yamaichi ) ( NNP International ) ( NNP Europe ) ( NNP Ltd ) ) ) ) ) ) ) ) )

Kyushu Electric Power Co Japan 200 million of 8 7\/8 % bonds due Nov. 28 1996 priced at 101 7\/8 to yield 8 7\/8 % less full fees via Yamaichi International Europe Ltd


( NP ( NNS Fees ) ( CD 1 ) ( CD 7\/8 ) )

Fees 1 7\/8


( NP ( NP ( NP ( NNP Toshiba ) ( NNP Corp ) ) ( NP ( NNP Japan ) ) ) ( NP ( NP ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 16 ) ( CD 1993 ) ) ) ) ) ( PP ( IN with ) ( NP ( NN equity-purchase ) ( NNS warrants ) ) ) ) ) ( S-ADV ( VP ( VBG indicating ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3 ) ( CD 3\/4 ) ) ( NN % ) ) ( NN coupon ) ) ( PP-LOC ( IN at ) ( ADJP ( JJ par ) ) ) ) ) ) ( PP-MNR ( IN via ) ( NP ( NNP Nomura ) ( NNP International ) ( NNP Ltd ) ) ) )

Toshiba Corp Japan 1.2 billion of bonds due Nov. 16 1993 with equity-purchase warrants indicating a 3 3\/4 % coupon at par via Nomura International Ltd


( S ( NP-SBJ ( DT Each ) ( ADJP ( QP ( CD 5,000 ) ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( DT a ) ( NN warrant ) ) ( ADJP ( JJ exercisable ) ( NP-TMP ( NP ( NNP Dec. ) ( CD 1 ) ( CD 1989 ) ) ( PP ( IN through ) ( NP ( NNP Nov. ) ( CD 9 ) ( CD 1993 ) ) ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN company ) ( NNS shares ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NN % ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Nov. ) ( CD 2 ) ) ) ) ) ) ) ) ) ) )

Each 5,000 bond carries a warrant exercisable Dec. 1 1989 through Nov. 9 1993 to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Nov. 2


( NP ( NP ( NNP Credit ) ( NNP Lyonnais ) ( NNP Australia ) ( NNP Ltd ) ) ( PRN ( JJ French ) ( NN parent ) ) ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ( JJ Australian ) ( NNS dollars ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 16 ) ( CD 1\/4 ) ) ( NN % ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 30 ) ( CD 1992 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 102 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 16.03 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Hambros ) ( NNP Bank ) ( NNP Ltd ) ) ) ) ) ) ) )

Credit Lyonnais Australia Ltd French parent 50 million Australian dollars of 16 1\/4 % bonds due Nov. 30 1992 priced at 102 to yield 16.03 % less full fees via Hambros Bank Ltd


( NP ( NP ( NN Guarantee ) ) ( PP ( IN by ) ( NP ( NNP Credit ) ( NNP Lyonnais ) ) ) )

Guarantee by Credit Lyonnais


( NP ( NNS Fees ) ( QP ( CD 1 ) ( CD 1\/2 ) ) )

Fees 1 1\/2


( NP ( NP ( NP ( NNP World ) ( NNP Bank ) ) ( NP ( NN agency ) ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 10 ) ( CD 7\/8 ) ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Aug. ) ( CD 15 ) ( CD 1994 ) ) ) ( VP ( VBN offered ) ( PP-CLR ( IN at ) ( NP ( CD 96.95 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 11.71 ) ( NN % ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Baring ) ( NNPS Brothers ) ( CC & ) ( NNP Co ) ) ) ) ) ) ) )

World Bank agency 100 million of 10 7\/8 % bonds due Aug. 15 1994 offered at 96.95 to yield 11.71 % via Baring Brothers & Co


( NP ( NP ( VB Tap ) ) ( PP-LOC ( IN on ) ( NP ( JJ outstanding ) ( ADJP ( QP ( CD 100 ) ( CD million ) ) ) ( NN issue ) ) ) )

Tap on outstanding 100 million issue


( SINV ( VP-1 ( ADVP ( RB Also ) ) ( VBN issued ) ) ( VP ( VBD were ) ) ( NP-SBJ-2 ( NP ( QP ( CD 10 ) ( CD billion ) ) ( NNS yen ) ) ( PP ( IN of ) ( NP ( NP ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Dec. ) ( CD 5 ) ( CD 1994 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 101 ) ( CD 1\/2 ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NN coupon ) ) ( VP ( VBN paid ) ( PP-MNR ( IN in ) ( NP ( JJ Australian ) ( NNS dollars ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP LTCB ) ( NNP International ) ( NNP Ltd ) ) ) ) ) ) ) )

Also issued were 10 billion yen of bonds due Dec. 5 1994 priced at 101 1\/2 with coupon paid in Australian dollars via LTCB International Ltd


( S ( NP-SBJ-1 ( NP ( NN Interest ) ) ( PP-TMP ( IN during ) ( NP ( JJ first ) ( NN year ) ) ) ) ( VP ( VBN paid ) ( ADVP-MNR ( RB semiannually ) ) ( PP ( IN at ) ( NP ( CD 7.51 ) ( NN % ) ) ) ) )

Interest during first year paid semiannually at 7.51 %


( S ( ADVP-TMP ( RB Thereafter ) ) ( NP-SBJ-1 ( NN interest ) ) ( VP ( VBN paid ) ( ADVP-MNR ( RB annually ) ) ( PP ( IN at ) ( NP ( CD 7.65 ) ( NN % ) ) ) ) )

Thereafter interest paid annually at 7.65 %


( S ( NP-SBJ ( DT The ) ( NNP World ) ( NNP Bank ) ) ( ADVP ( RB also ) ) ( VP ( VBD offered ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 6 ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 16 ) ( CD 1999 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 101 ) ( CD 1\/4 ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 5.83 ) ( NN % ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Credit ) ( NNP Suisse ) ) ) ) ) ) ) ) )

The World Bank also offered 100 million Swiss francs of 6 % bonds due Nov. 16 1999 priced at 101 1\/4 to yield 5.83 % via Credit Suisse


( NP ( NP ( NN Option ) ) ( PP ( IN by ) ( NP ( NN borrower ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NN issue ) ( NN amount ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 150 ) ( CD million ) ) ( NNS francs ) ) ) ) ) ) )

Option by borrower to increase issue amount to 150 million francs


( NP ( NP ( NP ( NNP Mandom ) ( NNP Corp ) ) ( NP ( NNP Japan ) ) ) ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( ADVP ( RB privately ) ) ( VBN placed ) ) ( JJ convertible ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP March ) ( CD 31 ) ( CD 1994 ) ) ) ( PP ( IN with ) ( NP ( NP ( JJ fixed ) ( ADJP ( CD 0.25 ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( JJ par ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Nomura ) ( NNP Bank ) ( NNP Switzerland ) ) ) ) ) ) )

Mandom Corp Japan 80 million Swiss francs of privately placed convertible notes due March 31 1994 with fixed 0.25 % coupon at par via Nomura Bank Switzerland


( S ( VP ( VBD Put ) ( NP ( NNP March ) ( CD 31 ) ( CD 1992 ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ fixed ) ( QP ( CD 107 ) ( CD 3\/4 ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 3.43 ) ( NN % ) ) ) ) ) ) )

Put March 31 1992 at a fixed 107 3\/4 to yield 3.43 %


( FRAG ( NP ( DT Each ) ( ADJP ( CD 50,000 ) ( JJ Swiss ) ( NN franc ) ) ( NN note ) ) ( ADJP ( NN convertible ) ( NP-TMP ( NP ( NNP Dec. ) ( CD 4 ) ( CD 1989 ) ) ( PP ( IN through ) ( NP ( NNP March ) ( CD 17 ) ( CD 1994 ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( ADJP ( CD 5 ) ( NN % ) ) ( NN premium ) ) ( PP ( IN over ) ( NP ( NP ( NN closing ) ( NN share ) ( NN price ) ) ( NP-TMP ( NP ( NNP Nov. ) ( CD 1 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ) ) ) ) ) ) ) ) ) ) )

Each 50,000 Swiss franc note convertible Dec. 4 1989 through March 17 1994 at a 5 % premium over closing share price Nov. 1 when terms are fixed


( NP ( NP ( NP ( NNP Nippon ) ( NNP Air ) ( NNP Brake ) ( NNP Co ) ) ( PRN ( NNP Japan ) ) ) ( NP ( NP ( QP ( CD 140 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( ADVP ( RB privately ) ) ( VBN placed ) ) ( JJ convertible ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP March ) ( CD 31 ) ( CD 1994 ) ) ( PP ( IN with ) ( NP ( NP ( VBN fixed ) ( CD 0.25 ) ( NN % ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( JJ par ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Yamaichi ) ( NNP Bank ) ) ( NP ( NNP Switzerland ) ) ) ) ) ) ) )

Nippon Air Brake Co Japan 140 million Swiss francs of privately placed convertible notes due March 31 1994 with fixed 0.25 % coupon at par via Yamaichi Bank Switzerland


( S ( VP ( VBD Put ) ( NP ( NNP March ) ( CD 31 ) ( CD 1992 ) ) ( PP ( IN at ) ( NP ( JJ fixed ) ( CD 107 ) ( CD 13\/16 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 3.43 ) ( NN % ) ) ) ) ) ) )

Put March 31 1992 at fixed 107 13\/16 to yield 3.43 %


( NP ( NP ( DT Each ) ( ADJP ( CD 50,000 ) ( JJ Swiss ) ( NN franc ) ) ( NN note ) ) ( ADJP ( JJ convertible ) ( NP-TMP ( NP ( NNP Nov. ) ( CD 27 ) ( CD 1989 ) ) ( PP ( IN through ) ( NP ( NNP March ) ( CD 17 ) ( CD 1994 ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( ADJP ( CD 5 ) ( NN % ) ) ( NN premium ) ) ( PP ( IN over ) ( NP ( NP ( NN closing ) ( NN share ) ( NN price ) ) ( NP-TMP ( NP ( NNP Nov. ) ( CD 1 ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ) ) ) ) ) ) ) ) ) ) )

Each 50,000 Swiss franc note convertible Nov. 27 1989 through March 17 1994 at a 5 % premium over closing share price Nov. 1 when terms are fixed


( NP ( NP ( NP ( NNP Credit ) ( NNP Suisse ) ( NNP Finance ) ( NNP Gibraltar ) ( NNP Ltd ) ) ( NP ( JJ Swiss ) ( NN parent ) ) ) ( NP ( NP ( QP ( CD 100 ) ( CD billion ) ) ( NNS lire ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 12 ) ( CD 5\/8 ) ) ( NN % ) ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP June ) ( CD 30 ) ( CD 1993 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 101.45 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB yield ) ( NP ( NP ( CD 12.75 ) ( NN % ) ) ( PP ( CC less ) ( NP ( JJ full ) ( NNS fees ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Banca ) ( NNP Nazionale ) ( FW del ) ( NN Lavaro ) ) ) ) ) ) ) )

Credit Suisse Finance Gibraltar Ltd Swiss parent 100 billion lire of 12 5\/8 % bonds due June 30 1993 priced at 101.45 to yield 12.75 % less full fees via Banca Nazionale del Lavaro


( NP ( NP ( NN Guarantee ) ) ( PP ( IN by ) ( NP ( NNP Credit ) ( NNP Suisse ) ) ) )

Guarantee by Credit Suisse


( NP ( NNS Fees ) ( QP ( CD 1 ) ( CD 5\/8 ) ) )

Fees 1 5\/8


( NP ( NP ( NNP Maryland ) ( NNP National ) ( NNP Bank ) ) ( NP ( NP ( QP ( CD 267 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS securities ) ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NP ( NN home-equity ) ( NNS lines ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ) ) ( PP ( IN through ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) )

Maryland National Bank 267 million of securities backed by home-equity lines of credit through Merrill Lynch Capital Markets


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( JJ Baltimore-based ) ( NNP MNC ) ( NNP Financial ) ( NNP Inc ) ) ) ) ) )

The bank is a subsidiary of Baltimore-based MNC Financial Inc


( S ( NP-SBJ-1 ( DT The ) ( NNS securities ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( S-PRP ( VP ( TO to ) ( VP ( VB float ) ( ADVP-TMP ( RB monthly ) ) ( PP-LOC ( IN at ) ( NP ( NP ( CD 20 ) ( NN basis ) ( NNS points ) ) ( PP-LOC ( IN above ) ( NP ( DT the ) ( JJ 30-day ) ( JJ commercial ) ( NN paper ) ( NN rate ) ) ) ) ) ) ) ) ) ) )

The securities were priced to float monthly at 20 basis points above the 30-day commercial paper rate


( S ( NP-SBJ ( NP ( DT The ) ( NN issue ) ) ( VP ( ADVP-MNR ( RB formally ) ) ( VBN titled ) ( S-TTL ( NP-PRD ( NP ( NNP MNB ) ( NNP Home ) ( NNP Equity ) ( NNP Loan ) ( NNP Asset ) ( NNP Backed ) ( NNPS Certificates ) ) ( NP ( NN Series ) ( CD 1989 ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB represent ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN trust ) ( NN fund ) ) ( PP ( IN of ) ( NP ( NP ( NN home ) ( NN equity ) ( VBG revolving ) ( NN credit ) ( NN line ) ( NNS loans ) ) ( VP ( VP ( VBN originated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ retail ) ( NN finance ) ( NN division ) ) ( PP ( IN of ) ( NP ( NNP Maryland ) ( NNP National ) ( NNP Bank ) ) ) ) ) ) ( CC and ) ( VP ( VBN secured ) ( ADVP-MNR ( RB primarily ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( JJ second ) ( NNS deeds ) ) ( PP ( IN of ) ( NP ( NN trust ) ) ) ) ( CC or ) ( NP ( NP ( JJ second ) ( NNS mortgages ) ) ( PP ( IN on ) ( NP ( ADJP ( JJ single ) ( TO to ) ( JJ four-family ) ) ( JJ residential ) ( NNS properties ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The issue formally titled MNB Home Equity Loan Asset Backed Certificates Series 1989 will represent interest in a trust fund of home equity revolving credit line loans originated by the retail finance division of Maryland National Bank and secured primarily by second deeds of trust or second mortgages on single to four-family residential properties


( S ( NP-SBJ-1 ( DT The ) ( NNS securities ) ) ( VP ( VBP are ) ( VP ( VBN rated ) ( ADJP-CLR ( JJ triple-A ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Moody ) ( POS 's ) ) ) ( CC and ) ( NP ( NNP Duff ) ( CC & ) ( NNP Phelps ) ( NNP Inc ) ) ) ) ) ) )

The securities are rated triple-A by Moody 's and Duff & Phelps Inc


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( DT an ) ( JJ average ) ( NN life ) ) ( PP ( IN of ) ( NP ( CD 3.16 ) ( NNS years ) ) ) ) ) ) ) ) ) )

They are expected to have an average life of 3.16 years


( S ( NP-SBJ-1 ( NP ( NNP Maryland ) ( NNP National ) ( NNP Bank ) ( POS 's ) ) ( JJ retail ) ( NN finance ) ( NN division ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB service ) ( NP ( DT the ) ( NNS loans ) ) ) ) ) ) ) )

Maryland National Bank 's retail finance division will continue to service the loans


( S ( S ( NP-SBJ ( NP ( NNP First ) ( NNP National ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Chicago ) ) ) ) ( VP ( MD will ) ( VP ( VB act ) ( PP-CLR ( IN as ) ( NP ( NN trustee ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN transaction ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN supported ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( ADJP ( CD 8 ) ( NN % ) ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Dai-Ichi ) ( NNP Kangyo ) ( NNP Bank ) ( NNP Ltd. ) ) ( NP ( NNP Chicago ) ( NN branch ) ) ) ) ) ) ) ) ) ) ) )

First National Bank of Chicago will act as trustee and the transaction will be supported by an 8 % letter of credit issued by Dai-Ichi Kangyo Bank Ltd. Chicago branch


( NP ( NP ( NP ( NNP Province ) ) ( PP ( IN of ) ( NP ( NNP Nova ) ( NNP Scotia ) ) ) ) ( NP ( NP ( QP ( CD 250 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( QP ( CD 8 ) ( CD 1\/4 ) ) ( NN % ) ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 15 ) ( CD 2019 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.775 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.28 ) ( NN % ) ) ) ) ) ) ) ) ) )

Province of Nova Scotia 250 million of 8 1\/4 % debentures due Nov. 15 2019 priced at 99.775 to yield 8.28 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN put ) ( ADVP-PUT ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( NN province ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 2001 ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( NP ( CD 41 ) ( NN basis ) ( NNS points ) ) ( PP-LOC ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ 10-year ) ( NN note ) ) ) ) ) ) ) ) ) )

The noncallable issue which can be put back to the province in 2001 was priced at a spread of 41 basis points above the Treasury 's 10-year note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( ADJP-CLR-1 ( JJ single-A-2 ) ) ( PP-2 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-CLR=1 ( NN single-A-minus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) ) ) ) ) ) ) )

Rated single-A-2 by Moody 's and single-A-minus by S&P the issue will be sold through underwriters led by Merrill Lynch Capital Markets


( S ( NP-SBJ-1 ( NNP Mark ) ( NNP Q. ) ( NNP Huggins ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( JJ financial ) ( NN officer ) ) ) ) ) ) )

Mark Q. Huggins was named executive vice president and chief financial officer


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Huggins ) ) ( ADJP ( NP ( CD 39 ) ( NNS years ) ) ( JJ old ) ) ) ( ADVP-TMP ( RB formerly ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN controller ) ) ( CC and ) ( NP ( JJ chief ) ( NN accounting ) ( NN officer ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Harte-Hanks ) ( NNPS Communications ) ( NNP Inc ) ) ) ) ) )

Mr. Huggins 39 years old formerly was controller and chief accounting officer at Harte-Hanks Communications Inc


( S ( NP-SBJ ( NNP Management ) ( NNP Co. ) ) ( VP ( VP ( VBZ manages ) ( NP ( NNS entertainers ) ) ) ( CC and ) ( VP ( VBZ produces ) ( VBZ markets ) ( CC and ) ( VBZ finances ) ( NP ( NN entertainment ) ) ) ) )

Management Co. manages entertainers and produces markets and finances entertainment


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB join ) ( NP ( NP ( DT a ) ( JJ private ) ( NN lawsuit ) ) ( VP ( VBG challenging ) ( NP ( NP ( NP ( DT a ) ( NNP Pittsburgh ) ( NN suburb ) ( POS 's ) ) ( VBG zoning ) ( NN ordinance ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( ADVP-MNR ( RB sharply ) ) ( VBZ restricts ) ( NP ( NP ( DT the ) ( NNS locations ) ) ( ADJP ( JJ available ) ( PP ( TO to ) ( NP ( NP ( VB group ) ( NNS homes ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS handicapped ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Justice Department said it is seeking to join a private lawsuit challenging a Pittsburgh suburb 's zoning ordinance that sharply restricts the locations available to group homes for the handicapped


( S ( NP-SBJ ( DT This ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT the ) ( NN department ) ( POS 's ) ) ( JJ first ) ( NN suit ) ) ( VP ( VBG challenging ) ( NP ( DT a ) ( JJ local ) ( VBG zoning ) ( NN ordinance ) ) ( PP-LOC ( IN under ) ( NP ( NP ( CD 1988 ) ( NNS amendments ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Fair ) ( NNP Housing ) ( NNP Act ) ) ) ) ) ) ) ) ) )

This would be the department 's first suit challenging a local zoning ordinance under 1988 amendments to the Fair Housing Act


( S ( PP ( IN Under ) ( NP ( NP ( DT those ) ( NNS amendments ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD took ) ( NP ( NN effect ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP March ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ federal ) ( NN government ) ) ( VP ( MD can ) ( VP ( VB intervene ) ( PP-CLR ( IN in ) ( NP ( JJ private ) ( NN housing-discrimination ) ( NNS lawsuits ) ) ) ) ) )

Under those amendments which took effect in March of this year the federal government can intervene in private housing-discrimination lawsuits


( S ( NP-SBJ ( DT The ) ( NN ordinance ) ) ( PP-LOC ( IN in ) ( NP ( NNP Moon ) ( NNP Township ) ) ) ( VP ( VBZ prohibits ) ( S ( VP ( VBG locating ) ( NP ( NP ( DT a ) ( NN group ) ( NN home ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS handicapped ) ) ) ) ( PP-LOC-CLR ( IN within ) ( NP ( NP ( DT a ) ( NN mile ) ) ( PP ( IN of ) ( NP ( DT another ) ( JJ such ) ( NN facility ) ) ) ) ) ) ) ) )

The ordinance in Moon Township prohibits locating a group home for the handicapped within a mile of another such facility


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNS papers ) ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ federal ) ( NN district ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Pittsburgh ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBD alleged ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN ordinance ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG limiting ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NN group ) ( NNS homes ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN established ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN township ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NN housing ) ) ( ADJP-PRD ( JJ unavailable ) ( PP-PRP ( IN on ) ( NP ( NP ( NN account ) ) ( PP ( IN of ) ( NP ( NN handicap ) ) ) ) ) ) ) ) ) ) ) )

In papers filed with the federal district court in Pittsburgh the Justice Department alleged that the ordinance by limiting the number of group homes that can be established in the township makes housing unavailable on account of handicap


( S ( NP-SBJ-1 ( DT The ) ( JJ private ) ( NN suit ) ) ( VP ( VBD was ) ( VP ( VBN brought ) ( PP ( IN by ) ( NP-LGS ( NP ( CD three ) ( ADJP ( RB mentally ) ( JJ retarded ) ) ( NNS people ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP live ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN group ) ( NN home ) ) ( PP-LOC ( IN in ) ( NP ( NNP Moon ) ) ) ) ) ) ) ) ) ) ) ) )

The private suit was brought by three mentally retarded people who live in a group home in Moon


( S ( NP-SBJ ( NP ( NNP Greg ) ( NNP Smith ) ) ( NP ( NNP Moon ) ( NNP Township ) ( NN manager ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN ordinance ) ) ( VP ( VBZ is ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( DT the ) ( NN concentration ) ) ( PP ( IN of ) ( NP ( NP ( NN group ) ( NNS homes ) ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( RB mentally ) ( JJ retarded ) ) ) ) ) ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG changing ) ( NP ( NP ( DT the ) ( NN character ) ( CC and ) ( NN flavor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN neighborhood ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Greg Smith Moon Township manager said the ordinance is intended to prevent the concentration of group homes for the mentally retarded from changing the character and flavor of the neighborhood


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN ordinance ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB benefit ) ( NP ( DT the ) ( ADJP ( RB mentally ) ( JJ retarded ) ) ) ) ) ) ) ) )

He said the ordinance also will benefit the mentally retarded


( S ( S-TPC-3 ( NP-SBJ ( PRP$ Our ) ( NN intent ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB spread ) ( NP ( PRP them ) ) ( PRT ( RP out ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB insure ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( VP ( ADVP ( RB well ) ) ( JJ integrated ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN community ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Our intent is to spread them out to insure they are well integrated into the community he said


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( VBG going ) ) ( VP ( VBZ gets ) ( ADJP-PRD ( JJ tough ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ tough ) ) ( S-1 ( VP ( TO to ) ( VP ( VB trade ) ( NP ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( JJ continental ) ( NNP Europe ) ) ) ) ) ) ) )

When the going gets tough it 's tough to trade stocks in continental Europe


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( JJ troubling ) ( NN conclusion ) ) ( VP ( VBN reached ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ many ) ( JJ international ) ( NNS investors ) ( CC and ) ( NN money ) ( NNS managers ) ) ( ADJP ( JJ angry ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NNS malfunctions ) ) ( PP-LOC ( IN on ) ( NP ( JJ Continental ) ( NN stock ) ( NNS exchanges ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( JJ global ) ( NN market ) ( NN turbulence ) ) ) ) ) ) ) ) ) ) ) )

That 's the troubling conclusion reached by many international investors and money managers angry at the malfunctions on Continental stock exchanges during last week 's global market turbulence


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ recent ) ( NN market ) ( NN volatility ) ) ( VP ( VBZ has ) ( VP ( VBN underscored ) ( NP ( NP ( DT the ) ( NNS shortcomings ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( JJ many ) ( JJ European ) ( NNS exchanges ) ) ( VP ( VBP trade ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) )

They say the recent market volatility has underscored the shortcomings of the way many European exchanges trade stocks


( S ( NP-SBJ ( NP ( DT The ) ( NNS weaknesses ) ) ( PP ( IN of ) ( NP ( JJ Continental ) ( NNS exchanges ) ) ) ) ( VP ( VBP are ) ( VP ( VBG driving ) ( S ( NP-SBJ ( DT some ) ( NN fund ) ( NNS managers ) ) ( VP ( TO to ) ( VP ( VB switch ) ( NP ( NN business ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS stocks ) ) ( VP ( VBN traded ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( NNP London ) ( POS 's ) ) ( NN stock ) ( NN exchange ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ quotes ) ( NP ( NN firm ) ( NN trading ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NP ( QP ( IN about ) ( CD 350 ) ) ( JJ blue-chip ) ( NNS issues ) ) ( PP ( IN from ) ( NP ( CD 12 ) ( JJ major ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The weaknesses of Continental exchanges are driving some fund managers to switch business to stocks traded on London 's stock exchange which quotes firm trading prices for about 350 blue-chip issues from 12 major countries


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( NNP London ) ) ( VP ( VBD covered ) ( NP ( PRP itself ) ) ( PP-MNR ( IN in ) ( NP ( NN glory ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS events ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( NN week ) ) ) ) ( VP ( VBP have ) ( ADVP ( RB certainly ) ) ( VP ( VBN exposed ) ( NP ( NP ( NNP Europe ) ( POS 's ) ) ( NNS weaknesses ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stewart ) ( NNP Gilchrist ) ) ( NP ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Scottish ) ( NNP Amicable ) ( NNP Investment ) ( NNPS Managers ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Glasgow ) ) ( NP ( NNP Scotland ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ manages ) ( NP ( NP ( QP ( IN about ) ( CD 6 ) ( CD billion ) ) ) ( PRN ( NP ( QP ( CD 9.63 ) ( CD billion ) ) ) ) ( PP ( IN in ) ( NP ( JJ institutional ) ( NN money ) ) ) ) ) ) ) ) ) ) ) )

I 'm not saying London covered itself in glory but the events of the past week have certainly exposed Europe 's weaknesses says Stewart Gilchrist a director of Scottish Amicable Investment Managers in Glasgow Scotland which manages about 6 billion 9.63 billion in institutional money


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS problems ) ) ( PP-LOC ( IN on ) ( NP ( JJ European ) ( NNS exchanges ) ) ) ) ( VP ( VBD included ) ( NP ( NP ( NN market-system ) ( NNS breakdowns ) ) ( NP ( NP ( JJ delayed ) ( NN execution ) ) ( PP ( IN of ) ( NP ( JJ buy ) ( CC and ) ( JJ sell ) ( NNS orders ) ) ) ) ( CC and ) ( NP ( NN trading ) ( NNS suspensions ) ) ) ) ) ) ) )

He says the problems on European exchanges included market-system breakdowns delayed execution of buy and sell orders and trading suspensions


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS events ) ) ( VP ( VBP strengthen ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NN hand ) ) ( PP-MNR ( IN in ) ( S-NOM ( VP ( VBG becoming ) ( NP-PRD ( NP ( DT the ) ( NN center ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG trading ) ( NP ( JJ European ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gilchrist ) ) ( VP ( VBZ says ) ) )

The events strengthen London 's hand in becoming the center for trading European stocks Mr. Gilchrist says


( S ( S-ADV ( ADJP-PRD ( JJ Unable ) ( S ( VP ( TO to ) ( VP ( VB unload ) ( NP ( NP ( DT a ) ( JJ large ) ( NN block ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ French ) ( JJ blue-chip ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ( PP-TMP ( IN for ) ( NP ( CD two ) ( NNS days ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT a ) ( JJ frustrated ) ( NNP Scottish ) ( NNP Amicable ) ( NN fund ) ( NN manager ) ) ( ADVP ( RB finally ) ) ( VP ( VP ( VBD tossed ) ( ADVP ( RP down ) ) ( NP ( PRP$ her ) ( NN phone ) ) ( PP ( IN in ) ( NP ( NN disgust ) ) ) ) ( CC and ) ( VP ( VBD called ) ( NP ( NP ( NNP James ) ( NNP Capel ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP London ) ( NN brokerage ) ( NN firm ) ) ) ) ) )

Unable to unload a large block of a French blue-chip company 's shares in Paris for two days last week a frustrated Scottish Amicable fund manager finally tossed down her phone in disgust and called James Capel & Co. a London brokerage firm


( S ( NP-SBJ ( DT The ) ( NN firm ) ) ( VP ( VBD did ) ( NP ( DT the ) ( NN trade ) ) ( PP-TMP ( IN in ) ( NP ( NNS seconds ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP London ) ( NN stock ) ( NN exchange ) ( POS 's ) ) ( NNP SEAQ ) ( NN automated-quotation ) ( NN system ) ) ) ) )

The firm did the trade in seconds on the London stock exchange 's SEAQ automated-quotation system


( S ( PP-TMP ( IN On ) ( NP ( NP ( JJ so-called ) ( NNP Manic ) ( NNP Monday ) ) ( NP ( NNP Oct. ) ( CD 16 ) ) ) ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBD plunged ) ( PP-LOC-CLR ( IN across ) ( NP ( NNP Europe ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN trading ) ( NNS problems ) ) ( VP ( VBD erupted ) ) ) )

On so-called Manic Monday Oct. 16 stock prices plunged across Europe and trading problems erupted


( S ( NP-SBJ ( NNP London ) ) ( VP ( VBD had ) ( NP ( DT some ) ( NNS problems ) ) ( ADVP ( RB too ) ) ) )

London had some problems too


( S ( NP-SBJ ( NP ( DT The ) ( NNP London ) ( NN exchange ) ( POS 's ) ) ( JJ electronic ) ( NN price-reporting ) ( NN system ) ) ( VP ( VBD provided ) ( NP ( RB only ) ( JJ indicative ) ( CC or ) ( JJ non-firm ) ( NNS prices ) ) ( PP-TMP ( IN for ) ( NP ( IN about ) ( CD 40 ) ( NNS minutes ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Manic ) ( NNP Monday ) ) ) ) )

The London exchange 's electronic price-reporting system provided only indicative or non-firm prices for about 40 minutes on Manic Monday


( S ( NP-SBJ ( DT Some ) ( NNS dealers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( JJ other ) ( NNS traders ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBG picking ) ( PRT ( RP up ) ) ( NP ( PRP$ their ) ( NNS phones ) ) ) ) ) ) ) )

Some dealers say other traders were n't picking up their phones


( S ( CC But ) ( NP-SBJ ( NP ( NNP London ) ( POS 's ) ) ( NNS problems ) ) ( VP ( VBD were ) ( NP-PRD ( NN nothing ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( DT the ) ( NN Continent ) ( POS 's ) ) ) ) ) )

But London 's problems were nothing compared with the Continent 's


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Brussels ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB recently ) ) ( VP ( VBD spent ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ computer-assisted ) ( NN trading ) ( NN system ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ disgusted ) ( NNS traders ) ) ( VP ( VBD watched ) ( ADVP-MNR ( RB helplessly ) ) ( SBAR-SBJ ( IN as ) ( S ( NP-SBJ ( NP ( DT a ) ( NN software ) ( NN failure ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NN opening ) ) ( PP-TMP ( IN on ) ( NP ( NNP Manic ) ( NNP Monday ) ) ) ) ) ) ( VP ( VBD prevented ) ( NP ( NN trading ) ) ( PP-TMP ( IN for ) ( NP ( CD two ) ( NNS days ) ) ) ) ) ) ) )

In Brussels which recently spent millions of dollars on a computer-assisted trading system disgusted traders watched helplessly as a software failure before opening on Manic Monday prevented trading for two days


( S ( PP-TMP ( IN For ) ( NP ( CD 48 ) ( NNS hours ) ) ) ( NP-SBJ ( DT no ) ( CD one ) ) ( VP ( VBD had ) ( NP-CLR ( DT any ) ( NN idea ) ) ( SBAR ( WHNP-1 ( RB precisely ) ( WRB how ) ( JJ much ) ) ( S ( NP-SBJ ( PRP$ his ) ( NNS securities ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ worth ) ) ) ) ) ) )

For 48 hours no one had any idea precisely how much his securities were worth


( S ( PP-TMP ( IN By ) ( NP ( NNP Wednesday ) ) ) ( NP-SBJ ( JJ frustrated ) ( JJ Belgian ) ( NNS brokers ) ) ( VP ( VBD reopened ) ( NP ( DT the ) ( NN market ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG using ) ( NP ( NP ( DT the ) ( JJ time-honored ) ( NN method ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG quoting ) ( NP ( NNS stocks ) ) ( PP-MNR ( IN with ) ( NP ( NN chalk ) ) ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( NN blackboard ) ) ) ) ) ) ) ) ) ) ) )

By Wednesday frustrated Belgian brokers reopened the market by using the time-honored method of quoting stocks with chalk on a blackboard