( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Several ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJS largest ) ( NNS securities ) ( NNS firms ) ) ) ( PP ( VBG including ) ( NP ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( NP-PRD ( JJ large ) ( NNS buyers ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Several of Wall Street 's largest securities firms including Salomon Brothers Inc. and PaineWebber Inc. were also large buyers traders said


( S ( S-TPC-1 ( NP-SBJ ( NNP Salomon ) ( NNPS Brothers ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJS largest ) ( NNS sellers ) ) ( PP ( IN of ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Salomon Brothers was among the largest sellers of stock-index futures last week traders said


( S ( NP-SBJ ( NN Brokerage ) ( NNS firms ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN rule ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( NN market ) ( NN activity ) ) ) ) ) )

Brokerage firms as a rule do n't comment on their market activity


( S ( PP ( IN Unlike ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBG following ) ( NP ( NNP Black ) ( NNP Monday ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ( NP-SBJ ( NP ( JJ individual ) ( NNS traders ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN S&P ) ( CD 500 ) ( NN pit ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( VP ( VBG being ) ( ADJP-PRD ( RB uncharacteristically ) ( JJ circumspect ) ( PP ( IN about ) ( NP ( PRP$ their ) ( JJ one-day ) ( NNS profits ) ) ) ) ) ) )

Unlike the week following Black Monday two years ago individual traders in the S&P 500 pit were also being uncharacteristically circumspect about their one-day profits


( SINV ( S-TPC-1 ( PP ( IN With ) ( NP ( NP ( DT the ) ( NNP FBI ) ) ( PP-LOC ( IN around ) ( ADVP ( RB here ) ) ) ) ) ( NP-SBJ ( NN bragging ) ( NNS rights ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN thing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ-2 ( CD one ) ( NN trader ) ) ( S-ADV ( VP ( VBG referring ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ federal ) ( NN investigation ) ) ( PP ( IN of ) ( NP ( NNS futures ) ( NN trading ) ) ) ( SBAR ( WHNP-3 ( IN that ) ) ( S ( ADVP ( RB so ) ( RB far ) ) ( VP ( VBZ has ) ( VP ( VBN resulted ) ( PP-CLR ( IN in ) ( NP ( NP ( CD 46 ) ( NNS indictments ) ) ( VP ( VBN lodged ) ( PP-CLR ( IN against ) ( NP ( NP ( NNS individuals ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Merc ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

With the FBI around here bragging rights are a thing of the past said one trader referring to the federal investigation of futures trading that so far has resulted in 46 indictments lodged against individuals on the Merc and the Chicago Board of Trade


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( VP ( VBN listed ) ( ADVP-LOC ( RB below ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ quarterly ) ( NN profit ) ) ( ADJP ( RB substantially ) ( JJ different ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ) ) ) ) ) ) )

Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates


( S ( NP-SBJ-1 ( DT The ) ( NNS companies ) ) ( VP ( VP ( VBP are ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ minimum ) ( JJ five-cent ) ( NN change ) ) ( PP ( IN in ) ( NP ( NP ( JJ actual ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) )

The companies are followed by at least three analysts and had a minimum five-cent change in actual earnings per share


( S ( NP-SBJ-1 ( NP ( ADJP ( VBN Estimated ) ( CC and ) ( JJ actual ) ) ( NNS results ) ) ( VP ( VBG involving ) ( NP ( NNS losses ) ) ) ) ( VP ( VBP are ) ( VP ( VBN omitted ) ) ) )

Estimated and actual results involving losses are omitted


( S ( NP-SBJ ( DT The ) ( NN percent ) ( NN difference ) ) ( VP ( VBZ compares ) ( NP ( JJ actual ) ( NN profit ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ 30-day ) ( NN estimate ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( NNS issues ) ( NP ( NNS forecasts ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) ) ) )

The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ-1 ( JJ actual ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ 300-day ) ( NN estimate ) ) ) ) ) )

Otherwise actual profit is compared with the 300-day estimate


literally


( S ( NP-SBJ-1 ( NP ( NNS Traders ) ) ( VP ( ADVP-MNR ( RB nervously ) ) ( VBG watching ) ( NP ( PRP$ their ) ( NNP Quotron ) ( NN electronic-data ) ( NNS machines ) ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( VBN stunned ) ( S ( VP ( TO to ) ( VP ( VB see ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VB plummet ) ( NP-EXT ( CD 99 ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( NNS seconds ) ) ) ) ) ) ) ) ) ) )

Traders nervously watching their Quotron electronic-data machines yesterday morning were stunned to see the Dow Jones Industrial Average plummet 99 points in seconds


( S ( ADVP-TMP ( NP ( DT A ) ( NN minute ) ) ( RB later ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD soared ) ( NP-EXT ( CD 128 ) ( NNS points ) ) ) ( ADVP ( RB then ) ) ( VP ( VBN zoomed ) ( ADVP ( RB back ) ( RB down ) ( NP ( NP ( CD 113 ) ( NNS points ) ) ( NP ( NP ( CD 69 ) ) ( PP-LOC ( IN below ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN close ) ) ) ) ) ) ) ) )

A minute later it soared 128 points then zoomed back down 113 points 69 below Friday 's close


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ crazy ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Neil ) ( NNP Weisman ) ) ( NP ( NP ( JJ general ) ( NN partner ) ) ( PP ( IN of ) ( NP ( NNP Chilmark ) ( NNP Capital ) ( NNP Corp ) ) ) ) ) )

It was crazy said Neil Weisman general partner of Chilmark Capital Corp


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG flying ) ( PP-MNR ( IN without ) ( NP ( NP ( DT a ) ( NN pilot ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN front ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN plane ) ) ) ) ) ) ) ) ) ) ) )

It was like flying without a pilot in the front of the plane


( S ( CC But ) ( NP-SBJ ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD said ) ( S ( NP-SBJ ( DT This ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( VP ( VBG happening ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ right ) ) ) )

But those who said This ca n't be happening were right


( S ( NP-SBJ ( DT The ) ( NNPS Quotrons ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ wrong ) ) ) )

The Quotrons were wrong


( S ( NP-SBJ ( NP ( NNP Quotron ) ( NNPS Systems ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNP Citicorp ) ( NN unit ) ) ) ( VP ( VBD blamed ) ( NP ( DT the ) ( JJ 30-minute ) ( NN foul-up ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT a ) ( NN timing ) ( NN problem ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NN software ) ) ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ enormous ) ( JJ early ) ( NN volume ) ) ( NP ( QP ( IN about ) ( CD 145 ) ( CD million ) ) ( NNS shares ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN hour ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ) ) ) ) ) ) )

Quotron Systems Inc. a Citicorp unit blamed the 30-minute foul-up on a timing problem in our software caused by the enormous early volume about 145 million shares in the first hour of New York Stock Exchange trading


( S-2 ( S ( NP-SBJ ( NP ( DT The ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ individual ) ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP make ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN average ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ correct ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBD said ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN average ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ wrong ) ) ) ) )

The prices of the individual stocks that make up the average were correct Quotron said but the average was wrong


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( JJ awful ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN confusion ) ) ) ) ) )

Meanwhile there was an awful lot of confusion


( S ( PP-TMP ( IN At ) ( NP ( IN about ) ( CD 10:40 ) ( RB a.m. ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( JJ over-the-counter ) ( NN trading ) ( NN desk ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ major ) ( NN brokerage ) ( NN firm ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ veteran ) ( NN trader ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ buys ) ( CC and ) ( VBZ sells ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( NNS stocks ) ) ) ) ) ) ) ) ( VP ( VP ( VBD looked ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ senior ) ( NN official ) ) ) ) ( CC and ) ( VP ( VBD asked ) ( SBARQ ( WHNP-2 ( WP What ) ) ( SQ ( VBZ 's ) ( VP ( VBG going ) ( PRT ( RP on ) ) ) ) ) ) ) )

At about 10:40 a.m. on the over-the-counter trading desk at a major brokerage firm a veteran trader who buys and sells some of the most active stocks looked at a senior official and asked What 's going on


( SQ ( VBZ Is ) ( NP-SBJ ( DT the ) ( NN market ) ) ( ADVP-PRD ( RB up ) ( CC or ) ( RB down ) ) )

Is the market up or down


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN time ) ) ) ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBD was ) ( VP ( VBG reporting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ industrial ) ( NN average ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 70 ) ( NNS points ) ) ) ) ) ) ) ) )

At the time Quotron was reporting that the industrial average was down 70 points


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 24 ) ) ) ) )

In fact it was up 24


( S ( NP-SBJ ( NP ( NNP Holly ) ( NNP Stark ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ heads ) ( NP ( NP ( DT the ) ( NN trading ) ( NN desk ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dillon ) ( NNP Read ) ( NNP Capital ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( IN once ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD figured ) ( PRT ( RP out ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Quotron ) ( NNS numbers ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ wrong ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBD called ) ( NP ( NNS brokers ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB tell ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) )

Holly Stark a vice president who heads the trading desk at Dillon Read Capital Corp. said that once she figured out the Quotron numbers were wrong she called brokers to tell them


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBN been ) ( ADJP-PRD ( ADVP ( NN kind ) ( IN of ) ) ( JJ annoying ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB say ) ( NP ( DT the ) ( JJS least ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

It 's been kind of annoying to say the least she said


( S ( S ( S-ADV ( VP ( TO To ) ( VP ( VB confuse ) ( NP ( NNS matters ) ) ( RBR further ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNP UAL ) ( NNP Corp. ) ( NN stock ) ) ( ADVP ( RB finally ) ) ( VP ( VBN opened ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 11:08 ) ( RB a.m. ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN price ) ) ( VP ( VBD was ) ( VP ( VBN listed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 324.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( QP ( IN about ) ( CD 45 ) ) ) ( PP-TMP ( IN from ) ( NP ( NNP Friday ) ) ) ) ) ) ) ( S ( PP ( IN in ) ( NP ( NN fact ) ) ) ( NP-SBJ ( PRP$ its ) ( JJ true ) ( NN price ) ) ( VP ( VBD was ) ( NP-PRD ( CD 224.75 ) ) ( ADVP ( RB down ) ( NP ( CD 55 ) ) ) ) ) )

To confuse matters further when UAL Corp. stock finally opened on the New York Stock Exchange at 11:08 a.m. the price was listed at 324.75 a share up about 45 from Friday in fact its true price was 224.75 down 55


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( POS 's ) ) ( NN blooper ) ) ) )

That was the New York Stock Exchange 's blooper


( S ( NP-SBJ-1 ( DT A ) ( NN spokesman ) ) ( VP ( VP ( VBD cited ) ( NP ( DT a ) ( JJ technical ) ( NN error ) ) ) ( CC and ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB elaborate ) ) ) ) ) ) )

A spokesman cited a technical error and declined to elaborate


( S ( CC And ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( JJ other ) ( NNS blunders ) ) ) )

And there were other blunders


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBN opened ) ( PP-TMP ( IN at ) ( NP ( CD 9:30 ) ( RB a.m. ) ( NNP EST ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN reporter ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Reuters ) ( NN newswire ) ) ) ) ( VP ( VBD miscalculated ) ( NP ( NP ( DT the ) ( JJ industrial ) ( NN average ) ( POS 's ) ) ( NN drop ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN decline ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB really ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 0.7 ) ( NN % ) ) ) ) ) ) ) )

When the market opened at 9:30 a.m. EST a reporter for the Reuters newswire miscalculated the industrial average 's drop as a 4 % decline when it really was down 0.7 %


( S ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN case ) ) ( PP ( IN of ) ( NP ( JJ human ) ( NN error ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VP ( VBD found ) ( ADVP-TMP ( RB almost ) ( RB immediately ) ) ) ( CC and ) ( VP ( VBD corrected ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Reuter ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD said ) ) )

It was a case of human error which we found almost immediately and corrected a spokesman for Reuter in New York said


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( DT some ) ( NN currency ) ( NNS traders ) ) ( PP-LOC ( IN at ) ( NP ( NP ( ADJP ( JJ West ) ( JJ German ) ) ( NNS banks ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VP ( VBD sold ) ( NP ( NNS dollars ) ) ( PP-PRP ( IN on ) ( NP ( DT the ) ( NN news ) ) ) ) ( CC and ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( PRP them ) ) ( ADVP-CLR ( RB back ) ) ( ADVP-TMP ( RB later ) ) ( PP-CLR ( IN at ) ( NP ( JJR higher ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile some currency traders at West German banks in Frankfurt said they sold dollars on the news and had to buy them back later at higher prices


( S-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( NNP Quotron ) ( NNS problems ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( NP ( VBG lingering ) ( NNS effects ) ) ) ) ) ) )

But it was the Quotron problems that had lingering effects


( S ( S ( NP-SBJ ( NP ( NNP Dillon ) ( NNP Read ) ( POS 's ) ) ( NNP Ms. ) ( NNP Stark ) ) ( VP ( VBD said ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( NN afternoon ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD was ) ( ADVP ( RB still ) ) ( VP ( VBG viewing ) ( NP ( NP ( NNS prices ) ) ( CC and ) ( NP ( JJ other ) ( NNS data ) ) ) ( PP-CLR ( IN as ) ( ADJP ( NN subject ) ( PP ( TO to ) ( NP ( NN verification ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NN portfolio ) ( NNS managers ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB question ) ( NP ( NP ( DT the ) ( NNS numbers ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD saw ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN screen ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dillon Read 's Ms. Stark said in early afternoon that she was still viewing prices and other data as subject to verification and she said portfolio managers continued to question the numbers they saw on the screen


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ second ) ( NN time ) ) ) ( PP-TMP ( IN in ) ( ADJP ( ADJP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN week ) ) ) ) ) ( SBAR-1 ( WHADVP-3 ( DT that ) ) ( S ( NP-SBJ-2 ( NNP Quotron ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( NP ( NNS problems ) ) ( S-NOM ( VP ( VBG calculating ) ( NP ( DT the ) ( JJ industrial ) ( NN average ) ) ) ) ) ) ) ) ) ) )

It was the second time in less than a week that Quotron has had problems calculating the industrial average


( S ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( NP-TMP ( JJ last ) ( NNP Wednesday ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN average ) ) ( VP ( VBD appeared ) ( S ( VP ( TO to ) ( VP ( VB plunge ) ( NP-EXT ( QP ( JJR more ) ( IN than ) ( CD 200 ) ) ( NNS points ) ) ) ) ) ) )

At the start of trading last Wednesday the average appeared to plunge more than 200 points


( S ( ADVP ( RB Actually ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( NP ( RB only ) ( DT a ) ( JJ few ) ( NNS points ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ) ) ) )

Actually it was down only a few points at the time


( S ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT that ) ( NN snafu ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD lasted ) ( NP-TMP ( CD nine ) ( NNS minutes ) ) ) ) ) ) ( VP ( VBN resulted ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB adjust ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ 4-for-1 ) ( NN stock ) ( NN split ) ) ( PP-LOC ( IN at ) ( NP ( NNP Philip ) ( NNP Morris ) ( NNPS Cos ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Quotron said that snafu which lasted nine minutes resulted from a failure to adjust for a 4-for-1 stock split at Philip Morris Cos


( S ( NP-SBJ ( DT A ) ( NNP Quotron ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ recent ) ( NN software ) ( NNS changes ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NNS problems ) ) ) ) ) ) ) ) ) )

A Quotron spokeswoman said recent software changes may have contributed to yesterday 's problems


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBD switched ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN backup ) ( NN system ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( DT the ) ( NNS problems ) ) ( VP ( VBD were ) ( VP ( VBN corrected ) ) ) ) ) ) ) ) ) )

She said Quotron switched to a backup system until the problems were corrected


( S ( FRAG-TPC-1 ( NP-TMP ( NP ( NN Today ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNS days ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD lamented ) ) )

Today of all days she lamented


( S ( NP-SBJ ( NP ( DT The ) ( NNS eyes ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ) ) ) ( VP ( VBD were ) ( VP ( VBG watching ) ( NP ( PRP us ) ) ) ) )

The eyes of the world were watching us


( S ( NP-SBJ ( NNP Honeywell ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB complete ) ( ADVP-TMP ( RB shortly ) ) ( NP ( NP ( DT the ) ( QP ( JJ first ) ( IN of ) ( CD two ) ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( NNS shares ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ Japanese ) ( JJ joint ) ( NN venture ) ) ( NP ( NNP Yamatake-Honeywell ) ) ) ) ) ) ( PP ( IN for ) ( NP ( QP ( IN about ) ( CD 280 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

Honeywell Inc. said it hopes to complete shortly the first of two sales of shares in its Japanese joint venture Yamatake-Honeywell for about 280 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NP ( DT the ) ( NN buyer ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ initial ) ( ADJP ( CD 16 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) )

The company would n't disclose the buyer of the initial 16 % stake


( S ( S-TPC-4 ( NP-SBJ-2 ( NP ( NNS Proceeds ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN sale ) ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN completed ) ( NP-TMP ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB repurchase ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 10 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Honeywell ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Proceeds of the sale expected to be completed next week would be used to repurchase as many as 10 million shares of Honeywell stock the company said


( S ( NP-SBJ ( NNP Honeywell ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG negotiating ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ second ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Yamatake-Honeywell ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ joint ) ( NN venture ) ( POS 's ) ) ( NN stock ) ) ) ) ( NP-MNR ( JJ long ) ( NN term ) ) ) ) ) ) ) ) ) ) )

Honeywell said it is negotiating the sale of a second stake in Yamatake-Honeywell but indicated it intends to hold at least 20 % of the joint venture 's stock long term


( S ( NP-SBJ ( DT A ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNP Honeywell ) ) ( VP ( TO to ) ( VP ( VB include ) ( NP ( NNP Yamatake ) ( NNS earnings ) ) ( PP-CLR ( IN in ) ( NP ( PRP$ its ) ( NNS results ) ) ) ) ) ) ) ) )

A 20 % stake would allow Honeywell to include Yamatake earnings in its results


( S ( NP-SBJ ( NNP Honeywell ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD intended ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( PRP$ its ) ( NN holding ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Japanese ) ( NN concern ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN restructuring ) ( NN plan ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP ( IN of ) ( NP ( NP ( NN dependence ) ) ( PP ( IN on ) ( NP ( NNS weapons ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Honeywell previously said it intended to reduce its holding in the Japanese concern as part of a restructuring plan which also calls for a reduction of dependence on weapons sales


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( DT a ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( JJ pleased ) ( PP ( IN with ) ( NP ( PRP$ our ) ( NN progress ) ) ) ) ( PP ( IN in ) ( NP ( DT that ) ( NN regard ) ) ) ) ( CC and ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ additional ) ( NNS details ) ) ( ADVP-TMP ( RB soon ) ) ) ) ) ) ) ) ) ) )

Yesterday a spokeswoman said the company was pleased with our progress in that regard and hopes to provide additional details soon


( S ( NP-SBJ ( NNP Honeywell ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN Defense ) ( CC and ) ( NN Marine ) ( NNS Systems ) ( NN group ) ) ( VP ( VBD incurred ) ( NP ( NP ( NNS delays ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG shipping ) ( NP ( DT some ) ( JJ undisclosed ) ( NNS contracts ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ( VP ( VBG resulting ) ( PP-CLR ( IN in ) ( NP ( NP ( JJR lower ) ( NN operating ) ( NN profit ) ) ( PP ( IN for ) ( NP ( DT that ) ( NN business ) ) ) ) ) ) ) ) ) ) ) )

Honeywell said its Defense and Marine Systems group incurred delays in shipping some undisclosed contracts during the third quarter resulting in lower operating profit for that business


( S ( ADVP ( RB Overall ) ) ( NP-SBJ ( NNP Honeywell ) ) ( VP ( VBD reported ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 74.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.73 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD three ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Oct. ) ( CD 1 ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 41.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 98 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) )

Overall Honeywell reported earnings of 74.4 million or 1.73 a share for the three months ended Oct. 1 compared with a loss of 41.4 million or 98 cents a share a year earlier


( S ( NP-SBJ ( NP ( DT The ) ( JJ previous ) ( NN period ) ( POS 's ) ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( ADJP ( DT a ) ( QP ( CD 108 ) ( CD million ) ) ) ( JJ pretax ) ( NN charge ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ unrecoverable ) ( NN contract ) ( NNS costs ) ) ( CC and ) ( NP ( NP ( ADJP ( DT a ) ( QP ( CD 12.3 ) ( CD million ) ) ) ( JJ pretax ) ( NN gain ) ) ( PP ( IN on ) ( NP ( JJ real ) ( NN estate ) ( NNS sales ) ) ) ) ) ) ) ) ) )

The previous period 's results included a 108 million pretax charge related to unrecoverable contract costs and a 12.3 million pretax gain on real estate sales


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ flat ) ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 1.72 ) ( CD billion ) ) ) ) ) )

Sales for the latest quarter were flat at 1.72 billion


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Honeywell ) ) ( VP ( VBD reported ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 212.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.92 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 47.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.13 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) )

For the nine months Honeywell reported earnings of 212.1 million or 4.92 a share compared with earnings of 47.9 million or 1.13 a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD declined ) ( ADVP-MNR ( RB slightly ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 5.17 ) ( CD billion ) ) ) ) ) )

Sales declined slightly to 5.17 billion


( S ( NP-SBJ ( NNP UGI ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNP AmeriGas ) ( NN subsidiary ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( ADJP ( RB previously ) ( JJ announced ) ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NX ( NX ( NN air ) ( NN separation ) ( NN plant ) ) ( CC and ) ( NX ( JJ related ) ( NNS assets ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Waukesha ) ) ( NP ( NNP Wis. ) ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( NNP AGA ) ( NNP Gas ) ( NNP Inc. ) ) ( NP ( NNP Cleveland ) ) ) ) ) ) ) ) ) )

UGI Corp. said its AmeriGas subsidiary completed the previously announced sale of its air separation plant and related assets in Waukesha Wis. to AGA Gas Inc. Cleveland


( S ( NP-SBJ-1 ( DT The ) ( NN price ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

The price was n't disclosed


( S ( NP-SBJ ( DT The ) ( NN transaction ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP UGI ) ( POS 's ) ) ( VBG continuing ) ( NN program ) ( S ( VP ( TO to ) ( VP ( VP ( VB shed ) ( NP ( NP ( NNP AmeriGas ) ( POS 's ) ) ( JJ industrial ) ( NN gas ) ( NNS interests ) ) ) ( CC and ) ( VP ( VB expand ) ( NP ( NP ( DT the ) ( NN subsidiary ) ( POS 's ) ) ( NN propane ) ( NN business ) ) ) ) ) ) ) ) ) ) )

The transaction is part of UGI 's continuing program to shed AmeriGas 's industrial gas interests and expand the subsidiary 's propane business


( S ( PP-TMP ( IN Since ) ( NP ( NNP June ) ) ) ( NP-SBJ-1 ( NNP AmeriGas ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN netted ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( JJ industrial ) ( NN gas ) ( NNS divestitures ) ) ) ) ) ( CC and ) ( VP ( VBD reinvested ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 50 ) ( CD million ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( CD three ) ( NN propane ) ( NNS distributors ) ) ) ) ) ) ) ) )

Since June AmeriGas has netted more than 100 million from industrial gas divestitures and reinvested more than 50 million to acquire three propane distributors


( S ( NP-SBJ ( NNP UGI ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN gas ) ( CC and ) ( JJ electric ) ( NN utility ) ) ) ( CC and ) ( VP ( VBZ distributes ) ( NP ( NN propane ) ) ( ADVP-LOC ( RB nationally ) ) ( PP-MNR ( IN through ) ( NP ( PRP$ its ) ( NNP AmeriGas ) ( NN subsidiary ) ) ) ) ) )

UGI is a gas and electric utility and distributes propane nationally through its AmeriGas subsidiary


( S ( NP-SBJ ( NP ( NNP Integrated ) ( NNPS Resources ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( JJ troubled ) ( NNS financial-services ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NN core ) ( NNS companies ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB restructure ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ potential ) ( NN buyer ) ) ) ) ( VP ( VBN ended ) ) ) ) ) )

Integrated Resources Inc. the troubled financial-services company that has been trying to sell its core companies to restructure debt said talks with a potential buyer ended


( S ( NP-SBJ ( NNP Integrated ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VP ( VB identify ) ( NP ( DT the ) ( NN party ) ) ) ( CC or ) ( VP ( VB say ) ( SBAR ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( DT the ) ( NNS talks ) ) ( VP ( VBD failed ) ) ) ) ) ) ) )

Integrated did n't identify the party or say why the talks failed


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ ( NP ( DT another ) ( JJ potential ) ( NN buyer ) ) ( NP ( NP ( NNP Whitehall ) ( NNP Financial ) ( NNP Group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN agreed ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( NNP Integrated ) ( POS 's ) ) ( NN core ) ( NNS companies ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 310 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBN ended ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( NNP Integrated ) ) ) ) ) )

Last week another potential buyer Whitehall Financial Group which had agreed in August to purchase most of Integrated 's core companies for 310 million ended talks with Integrated


( S ( NP-SBJ ( NNP Integrated ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( JJ other ) ( NNS alternatives ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( CD five ) ( NN core ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( NNS executives ) ) ) ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( NN proposal ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( NP ( CD three ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS companies ) ) ) ) ( NP ( NP ( NNP Integrated ) ( NNPS Resources ) ( NNP Equity ) ( NNP Corp. ) ) ( NP ( NNPS Resources ) ( NNP Trust ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Integrated ) ( NNPS Resources ) ( NNP Asset ) ( NNP Management ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Integrated said that it would continue to pursue other alternatives to sell the five core companies and that a group of senior executives plans to make a proposal to purchase three of the companies Integrated Resources Equity Corp. Resources Trust Co. and Integrated Resources Asset Management Corp


( S ( NP-SBJ-1 ( DT A ) ( NN price ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

A price was n't disclosed


( S ( NP-SBJ ( NNP Integrated ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT a ) ( JJ second-quarter ) ( NN loss ) ) ( ADJP ( ADJP ( JJR wider ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJR earlier ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 600 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Integrated also said it expects to report a second-quarter loss wider than the earlier estimate of about 600 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VP ( VBD did ) ( RB n't ) ( VP ( VB disclose ) ( NP ( DT the ) ( JJ new ) ( NN estimate ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NN change ) ) ( VP ( VBD was ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP Integrated ) ( POS 's ) ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NN core ) ( NNS businesses ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( JJ other ) ( NNS events ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN detail ) ) ) ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( VBD occurred ) ( PP-TMP ( IN after ) ( NP ( NP ( PRP$ its ) ( NN announcement ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ unidentified ) ( JJ prospective ) ( NN buyer ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company did n't disclose the new estimate but said the change was related to Integrated 's failure to sell its core businesses as well as other events which it did n't detail that occurred after its announcement last week that it was in talks with the unidentified prospective buyer


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS sales ) ( NNS producers ) ) ( PP ( IN from ) ( NP ( NNP Integrated ) ( NNPS Resources ) ( NNP Equity ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB meet ) ( NP-TMP ( DT this ) ( NN afternoon ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( PRP$ their ) ( NNS options ) ) ) ) ) ) ) )

Meanwhile a number of top sales producers from Integrated Resources Equity will meet this afternoon in Chicago to discuss their options


( S ( NP-SBJ ( DT The ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB loosely ) ( VBN constructed ) ) ( NN group ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 3,900 ) ) ( NX ( NX ( JJ independent ) ( NNS brokers ) ) ( CC and ) ( NX ( JJ financial ) ( NNS planners ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP sell ) ( NP ( NP ( NN insurance ) ) ( NP ( NNS annuities ) ) ( NP ( JJ limited ) ( NNS partnerships ) ) ( NP ( JJ mutual ) ( NNS funds ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS investments ) ) ( PP ( IN for ) ( NP ( NP ( NNP Integrated ) ) ( CC and ) ( NP ( JJ other ) ( NNS firms ) ) ) ) ) ) ) ) ) ) ) ) ) )

The unit is a loosely constructed group of about 3,900 independent brokers and financial planners who sell insurance annuities limited partnerships mutual funds and other investments for Integrated and other firms


( S ( NP-SBJ-1 ( DT The ) ( NNS sales ) ( NN force ) ) ( VP ( VBZ is ) ( VP ( VBN viewed ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ critical ) ( NN asset ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Integrated ) ( POS 's ) ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NN core ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) )

The sales force is viewed as a critical asset in Integrated 's attempt to sell its core companies


( S ( NP-SBJ ( NNP Whitehall ) ) ( VP ( VBD cited ) ( NP ( NP ( NNS concerns ) ) ( PP ( IN about ) ( SBAR ( WHADVP-2 ( WRB how ) ( RB long ) ) ( S ( NP-SBJ-1 ( NNP Integrated ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( PRT ( RP together ) ) ( NP ( DT the ) ( NNS sales ) ( NN force ) ) ) ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NNS talks ) ) ( PP ( IN with ) ( NP ( NNP Integrated ) ) ) ) ( VP ( VBD failed ) ) ) ) ) ) ) )

Whitehall cited concerns about how long Integrated would be able to hold together the sales force as one reason its talks with Integrated failed


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ( NP-SBJ ( NNP Integrated ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange yesterday Integrated closed at 1.25 a share down 25 cents


( S ( NP-SBJ-1 ( NNP Integrated ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG struggling ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( DT a ) ( NN bankruptcy-law ) ( NN filing ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NP ( NNP June ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( NN interest ) ( NNS payments ) ) ( PP ( IN on ) ( NP ( NP ( QP ( RB nearly ) ( CD 1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Integrated has been struggling to avoid a bankruptcy-law filing since June when it failed to make interest payments on nearly 1 billion of debt


( S ( NP-SBJ-1 ( NNP Integrated ) ( JJ senior ) ( CC and ) ( JJ junior ) ( NNS creditors ) ) ( VP ( VBP are ) ( VP ( VBN owed ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 1.8 ) ( CD billion ) ) ) ) ) ) ) )

Integrated senior and junior creditors are owed a total of about 1.8 billion


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Raw-steel ) ( NN production ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NNS mills ) ) ) ) ( VP ( VBD decreased ) ( NP-EXT ( CD 0.8 ) ( NN % ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,828,000 ) ( NNS tons ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1,843,000 ) ( NNS tons ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN week ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP American ) ( NNP Iron ) ( CC and ) ( NNP Steel ) ( NNP Institute ) ) ( VP ( VBD said ) ) )

Raw-steel production by the nation 's mills decreased 0.8 % last week to 1,828,000 tons from 1,843,000 tons the previous week the American Iron and Steel Institute said


( S ( NP-SBJ ( NP ( JJ Last ) ( NN week ) ( POS 's ) ) ( NN output ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.4 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( CD 1,802,000 ) ( NNS tons ) ) ( VP ( VBD produced ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) )

Last week 's output rose 1.4 % from the 1,802,000 tons produced a year earlier


( S ( NP-SBJ ( DT The ) ( NN industry ) ) ( VP ( VBN used ) ( NP ( NP ( CD 82.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN capability ) ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( CD 82.8 ) ( NN % ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN week ) ) ) ( CC and ) ( NP ( NP ( CD 84 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) )

The industry used 82.2 % of its capability last week compared with 82.8 % the previous week and 84 % a year ago


( S ( NP-SBJ ( DT The ) ( NN capability ) ( NN utilization ) ( NN rate ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN calculation ) ) ( VP ( VBN designed ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB indicate ) ( SBAR ( WHPP-2 ( IN at ) ( WHNP ( WHNP ( WP what ) ( NN percent ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN production ) ( NN capability ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBZ is ) ( VP ( VBG operating ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( VBN given ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) )

The capability utilization rate is a calculation designed to indicate at what percent of its production capability the industry is operating in a given week


( S ( ADVP-TMP ( RB Once ) ( RB again ) ) ( NP-SBJ ( PRP$ your ) ( NN editorial ) ( NN page ) ) ( VP ( VBZ misstates ) ( NP ( NP ( DT the ) ( NN law ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB conform ) ( PP-CLR ( TO to ) ( NP ( PRP$ your ) ( ADJP ( RB almost ) ( JJ beatific ) ) ( NNS misperceptions ) ) ) ) ) ) ) ) ) )

Once again your editorial page misstates the law to conform to your almost beatific misperceptions


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( NN excursus ) ) ( PP ( IN of ) ( NP ( NP ( JJ little ) ( NN relevance ) ) ( PP ( TO to ) ( NP ( NP ( PRP$ his ) ( JJ central ) ( NN point ) ) ( PP ( IN about ) ( NP ( NP ( JJ private ) ( NN enforcement ) ( NNS suits ) ) ( PP ( IN by ) ( NP ( JJ environmental ) ( NNS groups ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Michael ) ( NNP S. ) ( NNP Greve ) ) ( VP ( VBZ informs ) ( NP ( PRP$ your ) ( NNS readers ) ) ( S ( S ( NP-SBJ-1 ( DT the ) ( NNP Clean ) ( NNP Water ) ( NNP Act ) ) ( VP ( VBZ is ) ( VP ( VBN written ) ( PP-MNR ( IN upon ) ( NP ( DT the ) ( NN presumption ) ( PRN ( NP ( DT the ) ( NN pretense ) ) ( ADVP ( RB rather ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN nothing ) ) ( CC but ) ( NP ( CD zero ) ( NN risk ) ) ) ( VP ( MD will ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ establishes ) ( NP ( NP ( DT a ) ( JJ legal ) ( NN standard ) ) ( PP ( IN of ) ( NP ( CD zero ) ( NN discharge ) ) ) ) ) ) ) ( PRN ( NP ( NP-TTL ( NNP Congress's ) ( JJ Environmental ) ( NNS Buccaneers ) ) ( NP-TMP ( NNP Sept. ) ( CD 18 ) ) ) ) ) )

In an excursus of little relevance to his central point about private enforcement suits by environmental groups Michael S. Greve informs your readers the Clean Water Act is written upon the presumption the pretense rather that nothing but zero risk will do it establishes a legal standard of zero discharge Congress's Environmental Buccaneers Sept. 18


( S ( S ( NP-SBJ ( DT This ) ( NN statement ) ) ( ADVP ( RB surely ) ) ( VP ( VBZ buttresses ) ( NP ( PRP$ your ) ( NN editorial ) ( NN viewpoint ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ environmental ) ( NN protection ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB generally ) ( JJ silly ) ( CC or ) ( JJ excessive ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB simply ) ( JJ wrong ) ) ) ) )

This statement surely buttresses your editorial viewpoint that environmental protection is generally silly or excessive but it is simply wrong


( S ( NP-SBJ ( DT The ) ( NNP Clean ) ( NNP Water ) ( NNP Act ) ) ( VP ( VBZ contains ) ( NP ( NP ( DT no ) ( JJ legal ) ( NN standard ) ) ( PP ( IN of ) ( NP ( CD zero ) ( NN discharge ) ) ) ) ) )

The Clean Water Act contains no legal standard of zero discharge


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ requires ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNS discharges ) ) ( PP ( IN of ) ( NP ( NNS pollutants ) ) ) ( PP ( IN into ) ( NP ( NP ( DT the ) ( NNS waters ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP United ) ( NNPS States ) ) ) ) ) ) ( VP ( VB be ) ( VP ( VBN authorized ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS permits ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP reflect ) ( NP ( NP ( DT the ) ( JJ effluent ) ( NNS limitations ) ) ( VP ( VBN developed ) ( PP-LOC ( IN under ) ( NP ( NN section ) ( CD 301 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It requires that discharges of pollutants into the waters of the United States be authorized by permits that reflect the effluent limitations developed under section 301


( S ( SBAR-ADV ( WHNP-1 ( WDT Whatever ) ) ( S ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NNS problems ) ) ( PP ( IN with ) ( NP ( DT this ) ( NN system ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( ADVP ( RB scarcely ) ) ( VBZ reflects ) ( NP ( NP ( CD zero ) ( NN risk ) ) ( CC or ) ( NP ( CD zero ) ( NN discharge ) ) ) ) )

Whatever may be the problems with this system it scarcely reflects zero risk or zero discharge


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Greve ) ) ( VP ( VBD was ) ( VP ( VBN confused ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNP Congress ) ( POS 's ) ) ( JJ meaningless ) ( NN statement ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ national ) ( NN goal ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN section ) ( CD 101 ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( ADVP ( RB indeed ) ) ( S ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN elimination ) ) ( PP ( IN of ) ( NP ( NNS discharges ) ) ) ) ) ( PRN ( PP-TMP ( IN by ) ( NP ( CD 1985 ) ) ) ( NP-ADV ( DT no ) ( JJR less ) ) ) ) ) ) ) ) ) ) ) ) )

Perhaps Mr. Greve was confused by Congress 's meaningless statement of the national goal in section 101 which indeed calls for the elimination of discharges by 1985 no less


( S ( NP-SBJ-1 ( DT This ) ( JJ fatuous ) ( NN statement ) ) ( VP ( VP ( VBD was ) ( RB not ) ( VP ( VBN taken ) ( ADVP-MNR ( RB seriously ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( VP ( VBN enacted ) ( PP-TMP ( IN in ) ( NP ( CD 1972 ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD should ) ( RB not ) ( ADVP-TMP ( RB now ) ) ( VP ( VB be ) ( VP ( VBN confused ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ operative ) ( NNS provisions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN statute ) ) ) ) ) ) ) ) ) )

This fatuous statement was not taken seriously when enacted in 1972 and should not now be confused with the operative provisions of the statute


( S ( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( NP ( DT the ) ( NN public ) ) ( NP ( DT a ) ( JJ great ) ( NN disservice ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Greve ) ) ( VP ( VBZ suggests ) ( ADVP-MNR ( RB even ) ( RB facetiously ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Clean ) ( NNP Water ) ( NNP Act ) ) ( VP ( VBZ prohibits ) ( NP ( NP ( DT the ) ( NN preparation ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN scotch ) ( CC and ) ( NN water ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( PRP$ your ) ( JJ tippling ) ( NNS readers ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN led ) ( S ( VP ( TO to ) ( VP ( VB believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN nothing ) ) ( CC but ) ( NP ( NN chance ) ( CC or ) ( NN oversight ) ) ) ( VP ( VBZ protects ) ( NP ( PRP them ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP cower ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN night ) ) ) ( PP-MNR ( IN with ) ( NP ( PRP$ their ) ( NN scotch ) ( CC and ) ( NNS waters ) ) ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ hairyknuckled ) ( NN knock ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Sierra ) ( NNP Club ) ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ their ) ( NNS doors ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Thus you do the public a great disservice when Mr. Greve suggests even facetiously that the Clean Water Act prohibits the preparation of a scotch and water your tippling readers may be led to believe that nothing but chance or oversight protects them as they cower in the night with their scotch and waters from the hairyknuckled knock of the Sierra Club at their doors


( NP ( NNP Robert ) ( NNP J. ) ( NNP McManus ) )

Robert J. McManus


( S ( NP-SBJ ( NNP MEDUSA ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( ADVP-MNR ( RB voluntarily ) ) ( VB prepaid ) ( NP ( QP ( CD 7 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( JJ original ) ( ADJP ( QP ( CD 75 ) ( CD million ) ) ) ( NN term ) ( NN loan ) ) ) ( S-ADV ( VP ( VBG bringing ) ( NP ( NP ( DT the ) ( JJ total ) ( NN debt ) ( NN reduction ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 18 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

MEDUSA Corp. said it voluntarily prepaid 7 million on its original 75 million term loan bringing the total debt reduction for the year to 18 million


( S ( PP-TMP ( IN After ) ( NP ( DT the ) ( NN payment ) ) ) ( NP-SBJ ( DT the ) ( NNP Cleveland ) ( NN company ) ) ( VP ( VBZ owes ) ( NP ( QP ( CD 57 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN loan ) ) ) ) )

After the payment the Cleveland company owes 57 million on the loan


( S ( NP-SBJ ( DT The ) ( NN cement ) ( NN producer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN payment ) ) ( VP ( VBD was ) ( VP ( VBN made ) ( PP-MNR ( IN from ) ( NP ( JJ excess ) ( NN cash ) ( NN flow ) ) ) ) ) ) ) ) )

The cement producer said the payment was made from excess cash flow


( NP ( NP ( DT No ) ( NN strikeout ) ) ( CC but ) ( NP ( ADVP ( RB certainly ) ) ( DT no ) ( NN home ) ( NN run ) ) )

No strikeout but certainly no home run


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRD ( WHADVP-1 ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( NN stock-picking ) ( NN game ) ) ( VP ( VBZ is ) ( VP ( VBG shaping ) ( PRT ( RP up ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NNS months ) ( RB ahead ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NN money ) ( NNS managers ) ) ( CC and ) ( NP ( DT a ) ( JJ few ) ( NNS brokers ) ) ) ) ) ) ) ) ) ) )

That 's how the stock-picking game is shaping up for the months ahead according to money managers and a few brokers


( S ( NP-SBJ ( NP ( NP ( NN Yesterday ) ( POS 's ) ) ( JJ 88-point ) ( NN recovery ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN megadrop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( JJ many ) ( NN brokerage ) ( NNS houses ) ) ( VP ( VBG proclaiming ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBP are ) ( NP-PRD ( DT a ) ( JJ good ) ( NN bargain ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) )

Yesterday 's 88-point recovery from Friday 's megadrop in the Dow Jones industrials had many brokerage houses proclaiming that stocks are a good bargain again


( S ( CC But ) ( NP-SBJ ( RB quite ) ( DT a ) ( JJ few ) ( NN money ) ( NNS managers ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG buying ) ( NP ( PRP it ) ) ) ) )

But quite a few money managers are n't buying it


( S-1 ( NP-SBJ ( VBG Weakening ) ( JJ corporate ) ( NNS earnings ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT no ) ( NN prescription ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN bull ) ( NN market ) ) ) ) ) )

Weakening corporate earnings they say are no prescription for a bull market


( SINV ( S-TPC-3 ( NP-SBJ-2 ( DT The ) ( NN stock ) ( NN market ) ) ( VP ( VBP ai ) ( RB n't ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( NN anything ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Neff ) ) ( PP ( IN of ) ( NP ( NNP Wellington ) ( NNP Management ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( DT the ) ( ADJP ( QP ( CD 8.3 ) ( CD billion ) ) ) ( NNP Windsor ) ( NNP Fund ) ) ) ) ) ) )

The stock market ai n't going to do much of anything for a while says John Neff of Wellington Management who runs the 8.3 billion Windsor Fund


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ suspects ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN market ) ( NN decline ) ) ( VP ( MD may ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ second ) ( NN leg ) ) ( NP ( RB perhaps ) ( DT a ) ( ADJP ( QP ( CD 10 ) ( NN % ) ( TO to ) ( CD 15 ) ) ( NN % ) ) ( NN drop ) ) ) ( ADVP-TMP ( RB later ) ( RB on ) ) ) ) ) ) ) )

He suspects that Friday 's market decline may have a second leg perhaps a 10 % to 15 % drop later on


( S ( NP-SBJ ( NNP Mr. ) ( NNP Neff ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN lost ) ( NP ( NP ( DT some ) ( JJ powerful ) ( NN driving ) ( NNS forces ) ) ( ADVP ( RB namely ) ) ( NP ( NP ( NNS earnings ) ( NN growth ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP LBO ) ( NNS sweepstakes ) ) ( NP ( NP ( NN buy-out ) ( NN fever ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBN induced ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB bid ) ( PRT ( RP up ) ) ( NP ( NP ( RP whole ) ( NNS groups ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS media ) ( CC and ) ( NNS airlines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Neff says the stock market has lost some powerful driving forces namely earnings growth and the LBO sweepstakes buy-out fever that induced investors to bid up whole groups of stocks such as media and airlines


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG sitting ) ( PP ( IN with ) ( NP ( NP ( CD 20 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN fund ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN sell-off ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Neff ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( NP ( NP ( DT a ) ( JJ narrow ) ( NN list ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) )

After sitting with 20 % of his fund in cash before Friday 's sell-off Mr. Neff says he bought a narrow list of stocks yesterday


( S ( PP ( IN With ) ( NP ( NP ( JJ flat ) ( JJ corporate ) ( NNS profits ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN horizon ) ) ( PP ( IN for ) ( NP ( CD 1990 ) ) ) ) ) ) ) ( NP-SBJ ( NN money ) ( NNS managers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-2 ( NP ( NNS price-earnings ) ( NNS multiples ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP look ) ( ADJP-PRD ( JJ cheap ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ( VP ( MD might ) ( VP ( VB go ) ( PRT ( RP on ) ) ( S ( VP ( VBG being ) ( ADJP-PRD ( JJ cheap ) ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ long ) ( NN time ) ) ) ) ) ) ) ) ) ) )

With flat corporate profits on the horizon for 1990 money managers say price-earnings multiples that look cheap today might go on being cheap for a long time


( SINV ( S-TPC-1 ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( ADJP ( RB grossly ) ( VBN overvalued ) ) ( NN market ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( RB not ) ( ADJP-PRD ( JJ cheap ) ) ( ADVP ( RB either ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP Collins ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ mutual ) ( NN fund ) ( NN company ) ) ( NP ( NP ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNPS Associates ) ) ( PP-LOC ( IN in ) ( NP ( NNP Baltimore ) ) ) ) ) ) ) ) )

This is not a grossly overvalued market but it 's not cheap either says George Collins president of the mutual fund company T. Rowe Price Associates in Baltimore


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNP Institutional ) ( NNPS Brokers ) ( NNP Estimate ) ( NNP System ) ) ) ) ( NP-SBJ ( NNP Wall ) ( NNP Street ) ( NN market ) ( NNS strategists ) ) ( VP ( VBP see ) ( NP ( NP ( RB only ) ( DT a ) ( ADJP ( CD 2.4 ) ( NN % ) ) ( NN jump ) ) ( PP ( IN in ) ( NP ( NN company ) ( NNS profits ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( ADJP ( IN unlike ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1987 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( S ( NP-SBJ ( NP ( NNS profits ) ) ( ADJP ( NP-ADV ( DT a ) ( NN year ) ) ( RB out ) ) ) ( VP ( VBN looked ) ( ADJP-PRD ( JJ good ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( VP ( VB soar ) ( NP-EXT ( CD 36 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

According to Institutional Brokers Estimate System Wall Street market strategists see only a 2.4 % jump in company profits in 1990 unlike in 1987 when profits a year out looked good they did soar 36 % in 1988


( S ( NP-SBJ ( NNS Bulls ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( JJ incredible ) ( NN bargain ) ) ( S-ADV ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( RB only ) ( IN about ) ( CD 12 ) ( NNS times ) ) ( VBN estimated ) ( CD 1989 ) ( NNS earnings ) ) ( PP ( IN for ) ( NP ( NP ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 500 ) ( NN index ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bulls say the market is an incredible bargain priced at only about 12 times estimated 1989 earnings for stocks in the Standard & Poor 's 500 index


( S ( PP-TMP ( IN Before ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ( NP-SBJ ( DT the ) ( NNP P\/E ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ) ) )

Before the 1987 crash the P\/E was more than 20


( S-1 ( NP-SBJ ( DT The ) ( JJ common ) ( NN view ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Abby ) ( NNP Cohen ) ) ( NP ( NP ( NN strategist ) ) ( PP ( IN for ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( S ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ mild ) ( JJ economic ) ( NN growth ) ) ( NP ( JJ modest ) ( NN profit ) ( NN expansion ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NNS things ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ hunky-dory ) ) ) ) ) ) ) ) ) ) ) )

The common view says Abby Cohen strategist for Drexel Burnham Lambert is that there will be mild economic growth modest profit expansion and things are going to be hunky-dory


( S ( NP-SBJ ( PRP$ Our ) ( NN view ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD may ) ( VP ( VB see ) ( NP ( DT a ) ( NN profit ) ( NN decline ) ) ) ) ) ) ) )

Our view is that we may see a profit decline


( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD should ) ( VP ( VB sell ) ( PP-CLR ( IN into ) ( NP ( NNS rallies ) ) ) ) ) ) ) ) )

Some think investors should sell into rallies


( SINV ( S-TPC-1 ( NP-SBJ-2 ( DT The ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB wind ) ( ADVP ( RB down ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Gerald ) ( NNP W. ) ( NNP Perritt ) ) ( NP ( DT a ) ( NNP Chicago ) ( NN money ) ( NN manager ) ) ) )

The market is going to wind down says Gerald W. Perritt a Chicago money manager


( S ( NP-SBJ ( NNS Things ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADVP ( NP-ADV ( DT a ) ( RB little ) ) ( RBR less ) ) ( JJ overpriced ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN jolt ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

Things are a little less overpriced after Friday 's jolt in the market


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( TO to ) ( VP ( VB decline ) ( NP ( DT an ) ( QP ( JJ additional ) ( CD 5 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 30 ) ( NN % ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( ADVP ( RB perhaps ) ) ( VBG bottoming ) ( PRT ( RP out ) ) ( PP-LOC ( IN between ) ( NP ( CD 2000 ) ( CC and ) ( CD 2100 ) ) ) ( PP ( IN between ) ( UCP-TMP ( ADVP-TMP ( RB now ) ) ( CC and ) ( NP-TMP ( NNP June ) ) ) ) ) ) ) ) ) ) ) )

He expects stocks to decline an additional 5 % to 30 % with the Dow perhaps bottoming out between 2000 and 2100 between now and June


( S ( PP-TMP ( IN After ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( NN decline ) ) ) ( NP-SBJ-2 ( NP ( NNP Mr. ) ( NNP Perritt ) ( POS 's ) ) ( NN firm ) ) ( VP ( VBD ran ) ( NP ( JJ statistical ) ( NNS tests ) ) ( PP-CLR ( IN on ) ( NP ( CD 100 ) ( NN high-quality ) ( NNS stocks ) ) ) ( S-ADV ( VP ( VBG using ) ( NP ( NP ( JJ old-fashioned ) ( NN value ) ( NNS criteria ) ) ( VP ( VBN devised ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Benjamin ) ( NNP Graham ) ) ( NP ( NP ( NP ( DT an ) ( NN analyst ) ( CC and ) ( NN author ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS 1930s ) ( CC and ) ( NNS 1940s ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB widely ) ( JJ considered ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN father ) ) ( PP ( IN of ) ( NP ( JJ modern ) ( NNS securities ) ( NN analysis ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

After Friday 's decline Mr. Perritt 's firm ran statistical tests on 100 high-quality stocks using old-fashioned value criteria devised by Benjamin Graham an analyst and author in the 1930s and 1940s who is widely considered to be the father of modern securities analysis


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD found ) ( NP ( NP ( NP ( CD 85 ) ) ( VP ( ADVP-TMP ( RB still ) ) ( VBN overvalued ) ) ) ( CC and ) ( NP ( NP ( CD 15 ) ) ( VP ( ADVP-MNR ( RB fairly ) ) ( VBN valued ) ) ) ) ) )

He found 85 still overvalued and 15 fairly valued


( S ( NP-SBJ ( NP ( NNP Nicholas ) ( NNP Parks ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN money ) ( NN manager ) ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( TO to ) ( VP ( VB decline ) ( NP-EXT ( QP ( IN about ) ( CD 15 ) ) ( NN % ) ) ) ) ) ) )

Nicholas Parks a New York money manager expects the market to decline about 15 %


( S ( S-TPC-2 ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( NP-PRD ( NP ( NNS two-thirds ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP July ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB think ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG having ) ( NP ( DT a ) ( JJ defensive ) ( NN position ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ appropriate ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I 've been two-thirds in cash since July and I continue to think that having a defensive position is appropriate he says


( S ( NP-SBJ-2 ( NP ( NNS Companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD piled ) ( PRT ( RP on ) ) ( NP ( NN debt ) ) ( PP-LOC ( IN in ) ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB surface ) ( PP-CLR ( IN as ) ( NP ( NN business ) ( NNS problems ) ) ) ) ) ) ) ) )

Companies that piled on debt in leveraged buy-outs during the past two years will continue to surface as business problems


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNS Generalizations ) ) ( PP ( IN about ) ( NP ( NN value ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ useful ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP New ) ( NNP York ) ( NN money ) ( NN manager ) ( NNP John ) ( NNP LeFrere ) ) ( PP ( IN of ) ( NP ( NNP Delta ) ( NNP Capital ) ( NNP Management ) ) ) ) )

Generalizations about value are n't useful says New York money manager John LeFrere of Delta Capital Management


( S-1 ( PP ( IN For ) ( NP ( NN instance ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( S ( NP-SBJ ( NP ( NNP International ) ( NNP Business ) ( NNPS Machines ) ) ( CC and ) ( NP ( NNP Unisys ) ) ) ( VP ( MD might ) ( VP ( VB look ) ( ADJP-PRD ( JJ cheap ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( NNS investors ) ) ( VP ( MD might ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB do ) ( ADVP-MNR ( RB better ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN like ) ( NP ( NP ( NP ( NNP Walt ) ( NNP Disney ) ) ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ( CC and ) ( NP ( NNP Coca-Cola ) ) ) ( NP ( NP ( JJ strong ) ( NNS performers ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For instance he says International Business Machines and Unisys might look cheap but investors might continue to do better with stocks like Walt Disney Procter & Gamble and Coca-Cola strong performers in recent years


( S ( NP-SBJ ( NP ( NN Money ) ( NN manager ) ( NNP Robert ) ( NNP Ross ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( NNP Duncan ) ( NNP Ross ) ( NNPS Associates ) ( NNP Ltd. ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Vancouver ) ) ( NP ( NNP British ) ( NNP Columbia ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NNS stocks ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB fall ) ( NP-EXT ( QP ( CD 15 ) ( NN % ) ( TO to ) ( CD 20 ) ) ( NN % ) ) ) ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ competitive ) ( PP ( IN with ) ( NP ( RBR less ) ( JJ risky ) ( NN investment ) ( NNS alternatives ) ) ) ) ) ) ) ) ) ) )

Money manager Robert Ross head of Duncan Ross Associates Ltd. in Vancouver British Columbia says stocks would have to fall 15 % to 20 % before they are competitive with less risky investment alternatives


( S ( NP-SBJ ( NP ( NNP Fredric ) ( NNP Russell ) ) ( NP ( NP ( DT a ) ( NN money ) ( NN manager ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Tulsa ) ) ( NP ( NNP Okla. ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Friday ) ( POS 's ) ) ( NN cave-in ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB have ) ( ADJP ( ADJP ( JJR more ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ permanent ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN psyche ) ) ( PP ( IN of ) ( NP ( JJ many ) ( NNS investors ) ) ) ) ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ-2 ( NNP Wall ) ( NNP Street ) ) ( VP ( MD would ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB admit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fredric Russell a money manager in Tulsa Okla. says Friday 's cave-in is going to have more of a permanent impact on the psyche of many investors than Wall Street would want to admit


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( NP-PRD ( NNS bulls ) ) ( ADVP-LOC ( IN out ) ( RB there ) ) ) )

There are still bulls out there


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP I ) ) ( ADVP ( RB still ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( DT a ) ( CD 3000 ) ( NNP Dow ) ) ) ) ) ) ) ) ( S ( SBAR-TPC-1 ( IN whether ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-TMP-PRD ( NP ( NP ( CD six ) ( NNS months ) ) ) ( CC or ) ( NP ( NP ( CD 12 ) ( NNS months ) ) ) ( PP-3 ( IN from ) ( NP ( RB now ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Dreman ) ) ( NP ( NP ( NN managing ) ( NN partner ) ) ( PP ( IN of ) ( NP ( NP ( NNP Dreman ) ( NNP Value ) ( NNP Management ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

I still think we will have a 3000 Dow whether it 's six months or 12 months from now I do n't know says David Dreman managing partner of Dreman Value Management in New York


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG doing ) ( NP ( NP ( DT a ) ( JJ little ) ( NN buying ) ) ( PP ( IN in ) ( NP ( NP ( DT some ) ( NNS stocks ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( ADVP ( RB really ) ) ( VP ( VBN been ) ( VP ( VBN smashed ) ( PRT ( RB down ) ) ) ) ) ) ) ) ) ) ) ) )

We 're doing a little buying in some stocks that have really been smashed down


( S ( NP-SBJ ( JJ Many ) ( NN brokerage ) ( NN house ) ( NNS officials ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ optimistic ) ) ) )

Many brokerage house officials also are optimistic


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NP ( NP ( NNP Goldman ) ( NNP Sachs ) ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ( CC and ) ( NP ( NNP Dean ) ( NNP Witter ) ) ) ( NP ( DT all ) ) ) ( VP ( VBD increased ) ( NP ( NP ( DT the ) ( NN proportion ) ) ( PP ( IN of ) ( NP ( NP ( NNS assets ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP recommend ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP commit ) ( PP-CLR ( TO to ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday Goldman Sachs Merrill Lynch and Dean Witter all increased the proportion of assets they recommend investors commit to stocks


( S ( S ( NP-SBJ-1 ( NNP Dean ) ( NNP Witter ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ recommends ) ( NP-2 ( CD 85 ) ( NN % ) ) ) ) ( S ( NP-SBJ=1 ( NNP Goldman ) ) ( NP=2 ( CD 65 ) ( NN % ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NNP Merrill ) ( NNP Lynch ) ) ( NP=2 ( CD 50 ) ( NN % ) ) ) )

Dean Witter now recommends 85 % Goldman 65 % and Merrill Lynch 50 %


( S ( NP-SBJ ( DT Some ) ( NNS investors ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN sell-off ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ good ) ( NN thing ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD deflated ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ crazy ) ( NN takeover ) ( NN speculation ) ) ) ) ) ) ) ) ) ) ) )

Some investors say Friday 's sell-off was a good thing because it deflated a lot of crazy takeover speculation


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ healthy ) ( NN cleansing ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Holland ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Asset ) ( NNP Management ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) )

It was a healthy cleansing says Michael Holland who runs Salomon Brothers Asset Management in New York


( S ( PP ( IN From ) ( ADVP-LOC ( ADVP ( RB here ) ) ( ADVP ( RB out ) ) ) ) ( NP-SBJ ( DT these ) ( NNS investors ) ) ( VP ( VBP see ) ( NP ( NP ( DT a ) ( NN return ) ) ( PP ( TO to ) ( NP ( JJ old-fashioned ) ( NN investing ) ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN company ) ( POS 's ) ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NN profit ) ( NN growth ) ) ) ) ) ) ) ) ) ) )

From here out these investors see a return to old-fashioned investing based on a company 's ability to show profit growth


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS fundamentals ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB pretty ) ( JJ strong ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Dreman ) ) ( VP ( VBZ says ) ) )

The fundamentals are pretty strong Mr. Dreman says


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN bear ) ( NN market ) ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) )

I do n't see this as a bear market at all


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( NN recognition ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( ADJP ( RB much ) ( RB too ) ( JJ much ) ) ( NN fluff ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP LBO ) ( NN market ) ) ) ) ) ) ) ) )

It 's a recognition that there was much too much fluff in the LBO market


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( JJ big ) ( NN fall ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( RB just ) ( DT a ) ( NN blunder ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Connolly ) ) ( NP ( NP ( JJ chief ) ( NN strategist ) ) ( PP ( IN for ) ( NP ( NNP Dean ) ( NNP Witter ) ) ) ) ) )

Friday 's big fall was just a blunder by the stock market says John Connolly chief strategist for Dean Witter


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN overreaction ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NN event ) ) ( PRN ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN management ) ( CC and ) ( NN union ) ( NN group ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NN bank ) ( NN financing ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ does ) ( RB n't ) ( VP ( VB mean ) ( NP ( IN that ) ( JJ much ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS lots ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was an overreaction to an event the failure of a management and union group to get bank financing for a takeover of UAL that does n't mean that much to lots of stocks


( S ( NP-SBJ ( JJ Many ) ( NNS investors ) ) ( VP ( VBP have ) ( NP ( JJ nagging ) ( NNS worries ) ) ( ADVP ( RB however ) ) ) )

Many investors have nagging worries however


( S ( NP-SBJ ( NNS Newspapers ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ full ) ( PP ( IN of ) ( NP ( NP ( NNS headlines ) ) ( PP ( IN about ) ( NP ( NP ( NP ( NNS companies ) ) ( VP ( VBG defaulting ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( NNS debts ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS banks ) ) ( VP ( VBG writing ) ( PRT ( RP off ) ) ( NP ( JJ real ) ( NN estate ) ( NNS loans ) ) ) ) ) ) ) ) ) ) )

Newspapers are full of headlines about companies defaulting on their debts and banks writing off real estate loans


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ hurts ) ( NP ( NP ( NP ( NNS investors ) ( POS ' ) ) ( NN confidence ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN economy ) ( CC and ) ( NNS stocks ) ) ) ) ) )

That hurts investors ' confidence in the economy and stocks


( S ( NP-SBJ ( RB Not ) ( RB even ) ( PDT all ) ( DT the ) ( NN brokerage ) ( NNS firms ) ) ( VP ( VBP see ) ( NP ( JJ clear ) ( NN sailing ) ) ( ADVP-LOC ( RB ahead ) ) ) )

Not even all the brokerage firms see clear sailing ahead


( SINV ( S-TPC-2 ( NP-SBJ-1 ( JJ Disappointing ) ( NNS profits ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( RBR worse ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( CD two ) ( NNS quarters ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mary ) ( NNP Farrell ) ) ( NP ( NP ( DT a ) ( NN market ) ( NN strategist ) ) ( PP-LOC ( IN at ) ( NP ( NNP PaineWebber ) ) ) ) ) )

Disappointing profits are likely to get worse in the next two quarters says Mary Farrell a market strategist at PaineWebber


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( MD could ) ( VP ( VP ( VB drop ) ( NP-EXT ( QP ( IN about ) ( CD 10 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS months ) ) ) ) ( VP ( ADVP ( RB then ) ) ( VP ( VBP recover ) ) ( CC and ) ( VP ( VBP go ) ( ADVP-DIR ( JJR higher ) ) ) ) ) ) ) ) ) )

She thinks the market could drop about 10 % in the next few months then recover and go higher


( S-1 ( NP-SBJ ( NP ( NNS Companies ) ) ( PP ( IN with ) ( NP ( JJ steady ) ( NNS earnings ) ( NN growth ) ) ) ) ( VP ( MD could ) ( VP ( VB do ) ( ADVP-MNR ( RB well ) ) ( PRN ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS others ) ) ( PP ( IN with ) ( NP ( NP ( JJ high ) ( NN debt ) ) ( CC or ) ( NP ( JJ poor ) ( NNS earnings ) ) ) ) ) ( VP ( MD could ) ( VP ( VB see ) ( S ( NP-SBJ ( PRP$ their ) ( NNS shares ) ) ( VP ( VBP decline ) ( NP-EXT ( QP ( RB far ) ( JJR more ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) )

Companies with steady earnings growth could do well she says while others with high debt or poor earnings could see their shares decline far more than 10 %


( S ( NP-SBJ ( NP ( NNP National ) ( NNP Geographic ) ) ( NP ( DT the ) ( JJ sixth-largest ) ( NNP U.S. ) ( NN magazine ) ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG attracting ) ( NP ( NP ( JJR more ) ( NNS readers ) ) ( PP ( IN than ) ( ADVP-TMP ( RB ever ) ) ) ) ) ) ( CC and ) ( VP ( VBZ offers ) ( NP ( NP ( DT the ) ( JJ glossy ) ( JJ high-toned ) ( NNS pages ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( JJ upscale ) ( NNS advertisers ) ) ( VP ( VBP love ) ) ) ) ) ) ) )

National Geographic the sixth-largest U.S. magazine is attracting more readers than ever and offers the glossy high-toned pages that upscale advertisers love


( SBARQ ( RB So ) ( WHADVP-3 ( WRB why ) ) ( SQ ( SQ ( VBD did ) ( NP-SBJ-1 ( NN advertising ) ( NNS pages ) ) ( VP ( VBP plunge ) ( PP-EXT-2 ( IN by ) ( NP ( QP ( RB almost ) ( CD 10 ) ) ( NN % ) ) ) ) ) ( CC and ) ( SQ ( NP-SBJ=1 ( NN ad ) ( NN revenue ) ) ( PP-EXT=2 ( IN by ) ( NP ( CD 7.2 ) ( NN % ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) )

So why did advertising pages plunge by almost 10 % and ad revenue by 7.2 % in the first half


( S ( S-ADV ( VP ( TO To ) ( VP ( VB hear ) ( S ( NP-SBJ ( NNS advertisers ) ) ( VP ( VB tell ) ( NP ( PRP it ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN magazine ) ) ( ADVP ( RB just ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD kept ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS times ) ) ) ) ) )

To hear advertisers tell it the magazine just has n't kept up with the times


( S ( PP ( IN Despite ) ( NP ( NP ( VBN renewed ) ( NN interest ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN public ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ such ) ( NNS topics ) ) ( PP ( IN as ) ( NP ( NP ( DT the ) ( NN environment ) ) ( CC and ) ( NP ( DT the ) ( NNP Third ) ( NNP World ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB shake ) ( NP ( PRP$ its ) ( NN reputation ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN magazine ) ) ( SBAR ( S ( NP-SBJ-2 ( NNS boys ) ) ( VP ( VBP like ) ( S ( VP ( TO to ) ( VP ( VB flip ) ( PP ( RB through ) ) ( PP-PRP ( IN in ) ( NP ( NP ( NN search ) ) ( PP ( IN of ) ( NP ( JJ topless ) ( NN tribe ) ( NNS women ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Despite renewed interest by the public in such topics as the environment and the Third World it has n't been able to shake its reputation as a magazine boys like to flip through in search of topless tribe women


( S ( ADVP ( JJR Worse ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD lagged ) ( PP-LOC-CLR ( IN behind ) ( NP ( NNS competitors ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG offering ) ( NP ( NP ( JJ now-standard ) ( NNS gimmicks ) ) ( PP ( PP ( IN from ) ( NP ( JJ regional ) ( NNS editions ) ) ) ( PP ( TO to ) ( NP ( NP ( NNS discounts ) ) ( PP ( IN for ) ( NP ( JJ frequent ) ( NNS advertisers ) ) ) ) ) ) ) ) ) ) ) )

Worse it lagged behind competitors in offering now-standard gimmicks from regional editions to discounts for frequent advertisers


( S ( CC But ) ( ADVP-TMP ( RB now ) ) ( NP-SBJ-1 ( DT the ) ( NN magazine ) ) ( VP ( VBZ is ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB fight ) ( PRT ( RP back ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT an ) ( JJ ambitious ) ( NN plan ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( VBN revamped ) ( NNS sales ) ( NN strategy ) ) ( CC and ) ( NP ( DT a ) ( ADJP ( RB surprisingly ) ( JJ aggressive ) ) ( NN ad ) ( NN campaign ) ) ) ) ) ) ) ) ) ) ) )

But now the magazine is attempting to fight back with an ambitious plan including a revamped sales strategy and a surprisingly aggressive ad campaign


( SINV ( S-TPC-2 ( NP-SBJ ( NNS Advertisers ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN magazine ) ) ) ( ADVP-TMP ( RB first ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Joan ) ( NNP McCraw ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD joined ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ( PP-CLR ( IN as ) ( NP ( JJ national ) ( NN advertising ) ( NN director ) ) ) ) ) ) ) )

Advertisers do n't think of the magazine first says Joan McCraw who joined in April as national advertising director


( S ( SBAR-NOM-SBJ ( WHNP-2 ( WP What ) ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VB take ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ aggressive ) ) ( NN stance ) ) ) ) ) )

What we want to do is take a more aggressive stance


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NP ( NN tune ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN marketplace ) ) ) ) ) ) ) ( CC and ) ( S ( PP ( IN in ) ( NP ( JJ many ) ( NNS ways ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( RB n't ) ) ) ) ) ) ) )

People did n't believe we were in tune with the marketplace and in many ways we were n't


( S ( NP-SBJ-1 ( DT The ) ( JJ 101-year-old ) ( NN magazine ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN had ) ( S ( VP ( TO to ) ( VP ( VB woo ) ( NP ( NNS advertisers ) ) ( PP-MNR ( IN with ) ( NP ( RB quite ) ( RB so ) ( JJ much ) ( NN fervor ) ) ) ( ADVP-TMP ( RB before ) ) ) ) ) ) ) )

The 101-year-old magazine has never had to woo advertisers with quite so much fervor before


( S ( NP-SBJ ( PRP It ) ) ( VP ( ADVP ( RB largely ) ) ( VBD rested ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ its ) ( JJ hard-to-fault ) ( NNS demographics ) ) ( NP ( NP ( NP ( QP ( CD 10.8 ) ( CD million ) ) ( NNS subscribers ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 10.5 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ( NP ( NP ( DT an ) ( JJ average ) ( NN age ) ) ( PP ( IN of ) ( NP ( CD 42 ) ) ) ( PP ( IN for ) ( NP ( NNS readers ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN height ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN consuming ) ( NNS years ) ) ) ) ) ) ( NP ( NP ( NN loyalty ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN tune ) ) ( PP ( IN of ) ( NP ( DT an ) ( ADJP ( CD 85 ) ( NN % ) ) ( JJ average ) ( NN subscription ) ( NN renewal ) ( NN rate ) ) ) ) ) ) ) ) ) ) )

It largely rested on its hard-to-fault demographics 10.8 million subscribers in the first half up from 10.5 million a year ago an average age of 42 for readers at the height of their consuming years loyalty to the tune of an 85 % average subscription renewal rate


( S ( NP-SBJ ( DT The ) ( NN magazine ) ) ( VP ( VBD had ) ( NP ( NP ( PRP$ its ) ( JJS best ) ( NN year ) ) ( ADVP-TMP ( RB yet ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1988 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD celebrated ) ( NP ( PRP$ its ) ( NN centennial ) ) ) ( CC and ) ( VP ( VBD racked ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( ADJP ( CD 17 ) ( NN % ) ) ( NN gain ) ) ( PP ( IN in ) ( NP ( NN ad ) ( NNS pages ) ) ) ( PP ( TO to ) ( NP ( CD 283 ) ) ) ) ) ) ) ) ) ) ) )

The magazine had its best year yet in 1988 when it celebrated its centennial and racked up a 17 % gain in ad pages to 283


( SINV ( CC But ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN hullabaloo ) ) ( VP ( VBG surrounding ) ( NP ( PRP$ its ) ( NN centennial ) ) ) ) ( VP ( VBD died ) ) ) ) ( ADVP-PRD-TPC-2 ( RB so ) ( RB too ) ) ( VP ( VBD did ) ) ( NP-SBJ ( DT some ) ( NN advertiser ) ( NN interest ) ) )

But this year when the hullabaloo surrounding its centennial died so too did some advertiser interest


( S-2 ( NP-SBJ ( DT The ) ( NN reason ) ) ( PRN ( S ( NP-SBJ ( NN ad ) ( NNS executives ) ) ( VP ( VBP say ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( S ( NP-SBJ ( DT the ) ( JJ entire ) ( NN magazine ) ( NN business ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ soft ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP National ) ( NNP Geographic ) ) ( VP ( VBZ has ) ( NP ( NP ( DT some ) ( NNS quirks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP make ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( RB especially ) ( JJ unattractive ) ) ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( JJ soft ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) )

The reason ad executives say is that the entire magazine business has been soft and National Geographic has some quirks that make it especially unattractive during a soft market


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( NP ( DT the ) ( JJS biggest ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS factors ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( PRP$ its ) ( JJ high ) ( NN ad ) ( NNS prices ) ) ( NP ( NP ( NP ( CD 130,000 ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ four-color ) ( NN page ) ) ) ) ( FW vs. ) ( NP ( NP ( CD 47,000 ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Smithsonian ) ) ( NP ( NP ( DT a ) ( JJ comparable ) ( NN publication ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( RB far ) ( JJR smaller ) ) ( NN circulation ) ) ) ) ) ) ) ) ) ) )

Perhaps the biggest of those factors is its high ad prices 130,000 for a four-color page vs. 47,000 for the Smithsonian a comparable publication with a far smaller circulation


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NN ad ) ( NNS dollars ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ tight ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ high ) ( NN page ) ( NN cost ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN deterrent ) ) ( PP ( IN for ) ( NP ( NP ( NNS advertisers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( ADVP ( RB generally ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB appear ) ( ADVP ( ADVP ( RB regularly ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN publication ) ) ) ) ( CC or ) ( ADVP ( RB not ) ( IN at ) ( DT all ) ) ) ) ) ) ) ) ) ) ) ) ) )

When ad dollars are tight the high page cost is a major deterrent for advertisers who generally want to appear regularly in a publication or not at all


( SINV ( S-TPC-1 ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( NNP National ) ( NNP Geographic ) ) ( VP ( VBZ offers ) ( NP ( NP ( ADJP ( RB far ) ( JJR more ) ) ( NNS readers ) ) ( SBAR ( IN than ) ( SINV ( VBZ does ) ( NP-SBJ ( NP ( DT a ) ( NN magazine ) ) ( PP ( IN like ) ( NP ( NNP Smithsonian ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN page ) ) ( VP ( VBZ costs ) ( NP-2 ( PRP you ) ) ( NP ( NP ( DT an ) ( NN arm ) ) ( CC and ) ( NP ( DT a ) ( NN leg ) ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB develop ) ( NP ( DT any ) ( NN frequency ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Harry ) ( NNP Glass ) ) ( NP ( NP ( NNP New ) ( NNP York ) ( NNS media ) ( NN manager ) ) ( PP ( IN for ) ( NP ( NNP Bozell ) ( NNP Inc ) ) ) ) ) )

Even though National Geographic offers far more readers than does a magazine like Smithsonian the page costs you an arm and a leg to develop any frequency says Harry Glass New York media manager for Bozell Inc


( S ( S ( S-PRP ( VP ( TO To ) ( VP ( VB combat ) ( NP ( DT that ) ( NN problem ) ) ) ) ) ( NP-SBJ-1 ( NNP National ) ( NNP Geographic ) ) ( PP ( IN like ) ( NP ( JJ other ) ( NNS magazines ) ) ) ( VP ( VBD began ) ( S ( VP ( VBG offering ) ( NP ( NP ( JJ regional ) ( NNS editions ) ) ( VP ( VBG allowing ) ( S ( NP-SBJ ( NNS advertisers ) ) ( VP ( TO to ) ( VP ( VB appear ) ( PP-LOC ( IN in ) ( NP ( NP ( RB only ) ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS magazines ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ ( NNS ads ) ) ( VP ( MD can ) ( VP ( VB run ) ( PP-LOC ( RB only ) ( IN in ) ( NP ( NP ( DT the ) ( NNS magazines ) ) ( VP ( VBN sent ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS subscribers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJS largest ) ( CD 25 ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) )

To combat that problem National Geographic like other magazines began offering regional editions allowing advertisers to appear in only a portion of its magazines for example ads can run only in the magazines sent to subscribers in the largest 25 markets


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN magazine ) ) ( VP ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR slower ) ) ( PP ( IN than ) ( NP ( PRP$ its ) ( NNS competitors ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( JJ regional ) ( NNS editions ) ) ) ) ) ) ) ) ( CC and ) ( VP ( PP-TMP ( IN until ) ( NP ( JJ last ) ( NN year ) ) ) ( VBD offered ) ( NP ( NP ( JJR fewer ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ( SBAR ( IN than ) ( SINV ( VBD did ) ( NP-SBJ ( NNS competitors ) ) ) ) ) ) ) )

But the magazine was slower than its competitors to come up with its regional editions and until last year offered fewer of them than did competitors


( S ( NP-SBJ ( NNP Time ) ( NN magazine ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 100 ) ) ( JJ separate ) ( NNS editions ) ) ( VP ( VBG going ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ different ) ( NNS regions ) ) ( NP ( JJ top ) ( NN management ) ) ( CC and ) ( NP ( JJ other ) ( NNS groups ) ) ) ) ) ) ) )

Time magazine for example has more than 100 separate editions going to different regions top management and other groups


( S ( NP-SBJ ( NP ( DT Another ) ( JJ sticking ) ( NN point ) ) ( PP ( IN for ) ( NP ( NNS advertisers ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NNP National ) ( NNP Geographic ) ( POS 's ) ) ( NN tradition ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG lumping ) ( NP ( PRP$ its ) ( NNS ads ) ) ( ADVP-LOC ( RB together ) ) ( PP-LOC ( RB usually ) ( IN at ) ( NP ( NP ( DT the ) ( NN beginning ) ( CC or ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN magazine ) ) ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VBG spreading ) ( NP ( NNS ads ) ) ( PRT ( RP out ) ) ( PP-LOC ( IN among ) ( NP ( PRP$ its ) ( NNS articles ) ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( JJS most ) ( NNS magazines ) ) ( VP ( VBP do ) ) ) ) ) ) ) ) ) ) )

Another sticking point for advertisers was National Geographic 's tradition of lumping its ads together usually at the beginning or end of the magazine rather than spreading ads out among its articles as most magazines do


( S ( CC And ) ( NP-SBJ ( NP ( NNP National ) ( NNP Geographic ) ( POS 's ) ) ( JJ smaller-than-average ) ( NN size ) ) ( VP ( VBZ means ) ( NP ( NP ( JJ extra ) ( NN production ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( NNS advertisers ) ) ) ) ) )

And National Geographic 's smaller-than-average size means extra production costs for advertisers


( S ( CC But ) ( NP-SBJ ( NNP Ms. ) ( NNP McCraw ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN magazine ) ) ( VP ( VBZ is ) ( VP ( VBG fighting ) ( PRT ( RB back ) ) ) ) ) ) ) )

But Ms. McCraw says the magazine is fighting back


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ offers ) ( NP ( CD 30 ) ( JJ regional ) ( NNS editions ) ) ) ) ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP-TMP ( RB very ) ( RB recently ) ) ( VP ( VBD began ) ( S ( VP ( VBG running ) ( NP ( NNS ads ) ) ( ADVP-LOC ( JJ adjacent ) ( PP ( TO to ) ( NP ( NNS articles ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG beefing ) ( PRT ( RP up ) ) ( NP ( PRP$ its ) ( NNS sales ) ( NN force ) ) ) ) ) ) )

It now offers 30 regional editions it very recently began running ads adjacent to articles and it has been beefing up its sales force


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB just ) ) ( VP ( VBD launched ) ( NP ( NP ( DT a ) ( JJ promotional ) ( NN campaign ) ) ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB tell ) ( NP ( NP ( JJ chief ) ( NNS executives ) ) ( NP ( NN marketing ) ( NNS directors ) ) ( CC and ) ( NP ( NNS media ) ( NNS executives ) ) ) ( NP ( RB just ) ( DT that ) ) ) ) ) ) ) ) )

And it just launched a promotional campaign to tell chief executives marketing directors and media executives just that


( S ( NP-SBJ ( NP ( DT The ) ( NN centerpiece ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN promotion ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( PRP$ its ) ( JJ new ) ( NN ad ) ( NN campaign ) ) ( SBAR ( WHPP-1 ( IN into ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN magazine ) ) ( VP ( MD will ) ( VP ( VB pour ) ( NP ( QP ( IN about ) ( CD 500,000 ) ) ) ( PP-TMP ( RB mostly ) ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS weeks ) ) ) ) ) ) ) ) ) )

The centerpiece of the promotion is its new ad campaign into which the magazine will pour about 500,000 mostly in the next few weeks


( S ( NP-SBJ ( NP ( DT The ) ( NN campaign ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Omnicom ) ( NNP Group ) ( POS 's ) ) ( NNP DDB ) ( NNP Needham ) ( NN agency ) ) ) ) ) ( VP ( VBZ takes ) ( NP-CLR ( NN advantage ) ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( JJ eye-catching ) ( NN photography ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-1 ( NNP National ) ( NNP Geographic ) ) ( VP ( VBZ is ) ( VP ( VBN known ) ( PP-CLR ( IN for ) ) ) ) ) ) ) ) ) )

The campaign created by Omnicom Group 's DDB Needham agency takes advantage of the eye-catching photography that National Geographic is known for


( S ( PP-LOC ( IN In ) ( NP ( CD one ) ( NN ad ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN photo ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN interior ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Sainte-Chapelle ) ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN paired ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN headline ) ) ( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN book ) ) ( ADJP ( ADJP ( RBR more ) ( JJ respected ) ) ( PP ( IN than ) ( NP ( JJ ours ) ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB accept ) ( NP ( NN advertising ) ) ) ) ) ) ) ) ) )

In one ad a photo of the interior of the Sainte-Chapelle in Paris is paired with the headline The only book more respected than ours does n't accept advertising


( S ( NP-SBJ ( DT Another ) ( NN ad ) ) ( VP ( VBZ pictures ) ( NP ( NP ( DT a ) ( NN tree ) ( NN ant ) ) ( VP ( VBN magnified ) ( NP-ADV ( CD 80 ) ( NNS times ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN headline ) ) ( S ( PP ( IN For ) ( NP ( NP ( NN impact ) ) ( PP ( RB far ) ( IN beyond ) ( NP ( PRP$ your ) ( NN size ) ) ) ) ) ( VP ( VB consider ) ( NP ( PRP$ our ) ( JJ regional ) ( NNS editions ) ) ) ) ) ) ) )

Another ad pictures a tree ant magnified 80 times with the headline For impact far beyond your size consider our regional editions


( S ( NP-SBJ ( NNP Ms. ) ( NNP McCraw ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ wants ) ( S ( NP-SBJ-1 ( DT the ) ( NN campaign ) ) ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB attract ) ( NP ( NP ( NNS advertisers ) ) ( PP ( IN in ) ( NP ( NP ( CD 10 ) ( NNS categories ) ) ( PP ( VBG including ) ( NP ( NP ( JJ corporate ) ( JJ financial ) ( NNS services ) ) ( NP ( NN consumer ) ( NNS electronics ) ) ( NP ( NN insurance ) ) ( CC and ) ( NP ( NN food ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ms. McCraw says she wants the campaign to help attract advertisers in 10 categories including corporate financial services consumer electronics insurance and food


( NP ( NP ( PRP$ Her ) ( NN goal ) ) ( S ( VP ( TO to ) ( VP ( VB top ) ( NP ( CD 300 ) ( NN ad ) ( NNS pages ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( IN about ) ( CD 274 ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) )

Her goal to top 300 ad pages in 1990 up from about 274 this year


( S ( SBAR-SBJ ( IN Whether ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( MD can ) ( VP ( VB meet ) ( NP ( DT that ) ( JJ ambitious ) ( NN goal ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( PP-PRD ( RB far ) ( IN from ) ( ADJP ( JJ certain ) ) ) ) )

Whether she can meet that ambitious goal is still far from certain


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN ad ) ( NN campaign ) ) ( VP ( VBZ is ) ( VP ( VBN meant ) ( S ( VP ( TO to ) ( VP ( VB contemporize ) ( NP ( NP ( DT the ) ( NN thought ) ) ( PP ( IN of ) ( NP ( NNP National ) ( NNP Geographic ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

The ad campaign is meant to contemporize the thought of National Geographic she says


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP want ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NNS '90s ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN image ) ) ) ) ) ) ) ) )

We want it to be a '90s kind of image


( S-HLN ( NP-SBJ ( NNP WCRS ) ) ( VP ( VBZ Plans ) ( NP ( NN Ad-Unit ) ( NN Sale ) ) ) )

WCRS Plans Ad-Unit Sale


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP WCRS ) ( NNP Group ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB announce ) ( NP-TMP ( RB perhaps ) ( NN today ) ) ( NP ( DT an ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN ad ) ( NN unit ) ) ) ) ( PP-DTV ( TO to ) ( NP ( JJ Paris-based ) ( NNP Eurocom ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( JJ European ) ( NN ad ) ( NN executive ) ) ( VP ( VBD said ) ) )

WCRS Group hopes to announce perhaps today an agreement to sell the majority of its ad unit to Paris-based Eurocom a European ad executive said


( S ( NP-SBJ ( NNP WCRS ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN in ) ( NP ( NP ( NNS discussions ) ) ( PP ( IN with ) ( NP ( NNP Eurocom ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS months ) ) ) ) ) )

WCRS has been in discussions with Eurocom for several months


( S ( ADVP ( RB However ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS negotiations ) ) ( VP ( VBD bogged ) ( PRT ( RP down ) ) ( ADVP-TMP ( RB recently ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP WCRS ) ( POS 's ) ) ( JJ chief ) ( NN executive ) ) ( NP ( NNP Peter ) ( NNP Scott ) ) ) ( VP ( VBD met ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT another ) ( JJ French ) ( NN firm ) ) ( NP ( NP ( NNP Boulet ) ( NNP Dru ) ( NNP Dupuy ) ( NNP Petit ) ) ( CC or ) ( NP ( NNP BDDP ) ) ) ) ) ) )

However when negotiations bogged down recently WCRS 's chief executive Peter Scott met in Paris with another French firm Boulet Dru Dupuy Petit or BDDP


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( DT the ) ( NN executive ) ) ) ) ( S ( NP-SBJ ( NP ( NNP BDDP ) ( POS 's ) ) ( NN involvement ) ) ( VP ( VBD prompted ) ( NP ( NP ( VBN renewed ) ( NN vigor ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ WCRS-Eurocom ) ( NNS talks ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( CD two ) ( NNS agencies ) ) ( VP ( VBD were ) ( VP ( VBG hoping ) ( S ( VP ( TO to ) ( VP ( VB hammer ) ( PRT ( RP out ) ) ( NP ( NNS details ) ) ( PP-TMP ( IN by ) ( NP ( NN today ) ) ) ) ) ) ) ) ) )

According to the executive BDDP 's involvement prompted renewed vigor in the WCRS-Eurocom talks and the two agencies were hoping to hammer out details by today


( S ( NP-SBJ-1 ( NP ( NNS Executives ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD two ) ( NNS agencies ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( NP-TMP ( JJ last ) ( NN night ) ) ) ) ) )

Executives of the two agencies could n't be reached last night


Ad Notes


( FRAG ( NP ( JJ NEW ) ( NN ACCOUNT ) ) ( S ( NP-SBJ ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ( NNP Co. ) ) ( NP-LOC ( NNP Cincinnati ) ) ) ( VP ( VBD awarded ) ( NP ( NP ( DT the ) ( NN ad ) ( NNS accounts ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN line ) ) ( PP ( IN of ) ( NP ( NNP Professional ) ( NNP Crisco ) ( NN vegetable ) ( NN shortening ) ( CC and ) ( NN oil ) ( NNS products ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Northlich ) ( NNP Stolley ) ( NNP LaWarre ) ) ( NP-LOC ( NNP Cincinnati ) ) ) ) ) ) )

NEW ACCOUNT Procter & Gamble Co. Cincinnati awarded the ad accounts for its line of Professional Crisco vegetable shortening and oil products to Northlich Stolley LaWarre Cincinnati