( S ( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD tumbled ) ) ) ) ( NP-SBJ ( JJ disorderly ) ( NN market ) ( NNS conditions ) ) ( VP ( VBD prevailed ) ) ) ( S ( NP-SBJ ( NP ( DT The ) ( NNS margins ) ) ( PP ( IN between ) ( NP ( NP ( NN buying ) ( NNS bids ) ) ( CC and ) ( NP ( NN selling ) ( NNS bids ) ) ) ) ) ( VP ( VBD widened ) ) ) ( S ( S-NOM-SBJ-2 ( VP ( NN trading ) ( PP-LOC ( IN in ) ( NP ( JJ many ) ( NNS stocks ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN suspended ) ) ) ) ( S ( NP-SBJ-4 ( NNS orders ) ) ( VP ( VBD took ) ( ADVP-CLR ( RB unduly ) ( JJ long ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN executed ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( JJ many ) ( NNS specialists ) ) ( VP ( VBD stopped ) ( S ( VP ( VBG trading ) ( ADVP ( RB altogether ) ) ) ) ) ) )

As the market tumbled disorderly market conditions prevailed The margins between buying bids and selling bids widened trading in many stocks was suspended orders took unduly long to be executed and many specialists stopped trading altogether


( S ( S ( NP-SBJ ( DT These ) ( NNS failures ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN fall ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ( NNS averages ) ) ) ) ) ) ) ( S ( S ( NP-SBJ ( NN Uncertainty ) ) ( VP ( VBD extracted ) ( NP ( DT an ) ( JJ extra ) ( NN risk ) ( NN premium ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS margin-calls ) ) ( VP ( VBD triggered ) ( NP ( JJ additional ) ( NN selling ) ( NNS pressures ) ) ) ) ) )

These failures in turn contributed to the fall in the market averages Uncertainty extracted an extra risk premium and margin-calls triggered additional selling pressures


( S ( NP-SBJ ( DT The ) ( NN situation ) ) ( VP ( VBD was ) ( PP-PRD ( IN like ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN skier ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ is ) ( VP ( VBN thrown ) ( PP-CLR ( ADVP ( RB slightly ) ) ( IN off ) ( NP ( NN balance ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( JJ unexpected ) ( NN bump ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN slope ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The situation was like that of a skier who is thrown slightly off balance by an unexpected bump on the slope


( S ( S ( NP-SBJ ( PRP$ His ) ( NNS skis ) ) ( VP ( VBP spread ) ( ADVP ( RBR farther ) ( CC and ) ( RBR farther ) ( RB apart ) ) ( SBAR-ADV ( ADVP ( RB just ) ) ( IN as ) ( S ( NP-SBJ ( JJ buy-sell ) ( NNS spreads ) ) ( VP ( VBP widen ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( JJ financial ) ( NN panic ) ) ) ) ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB soon ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN control ) ) ) ) ) ) )

His skis spread farther and farther apart just as buy-sell spreads widen during a financial panic and soon he is out of control


( S ( S-ADV ( ADJP-PRD ( JJ Unable ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( PRP$ his ) ( VBG accelerating ) ( NN descent ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ crashes ) ) )

Unable to stop his accelerating descent he crashes


( S ( PP ( PP-TMP ( IN After ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ( CC and ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS recommendations ) ) ( PP ( IN of ) ( NP ( JJ many ) ( NNS studies ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NN circuit ) ( NNS breakers ) ) ( VP ( VBD were ) ( VP ( VBN devised ) ( S-PRP ( VP ( TO to ) ( VP ( VB allow ) ( S ( NP-SBJ ( NN market ) ( NNS participants ) ) ( VP ( TO to ) ( VP ( VB regroup ) ( CC and ) ( VB restore ) ( NP ( JJ orderly ) ( NN market ) ( NNS conditions ) ) ) ) ) ) ) ) ) ) )

After the 1987 crash and as a result of the recommendations of many studies circuit breakers were devised to allow market participants to regroup and restore orderly market conditions


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ doubtful ) ) ( IN though ) ( SBAR-2 ( IN whether ) ( S ( NP-SBJ ( NN circuit ) ( NNS breakers ) ) ( VP ( VBP do ) ( NP ( DT any ) ( JJ real ) ( NN good ) ) ) ) ) ) )

It 's doubtful though whether circuit breakers do any real good


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ additional ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP provide ) ) ) ) ) ) ( NP-SBJ ( ADJP ( RB even ) ( JJR more ) ) ( NN order ) ( NNS imbalances ) ) ( VP ( MD might ) ( VP ( VB pile ) ( PRT ( RP up ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ would-be ) ( NNS sellers ) ) ( ADVP-TMP ( RB finally ) ) ( VP ( VB get ) ( NP ( PRP$ their ) ( NN broker ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN phone ) ) ) ) ) ) ) ) )

In the additional time they provide even more order imbalances might pile up as would-be sellers finally get their broker on the phone


( S ( ADVP ( RB Instead ) ) ( NP-SBJ-4 ( NP ( DT an ) ( JJ appropriate ) ( NN institution ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN job ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG preventing ) ( NP ( NP ( NN chaos ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) ( NP-3 ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ) ) ) )

Instead an appropriate institution should be charged with the job of preventing chaos in the market the Federal Reserve


( S ( NP-SBJ ( NP ( DT The ) ( NN availability ) ) ( PP ( IN of ) ( NP ( JJ timely ) ( NN assistance ) ) ) ( PRN ( PP ( IN of ) ( NP ( DT a ) ( NN backstop ) ) ) ) ) ( VP ( MD can ) ( VP ( VB help ) ( S ( NP-SBJ ( NNS markets ) ) ( VP ( VB retain ) ( NP ( PRP$ their ) ( NN resilience ) ) ) ) ) ) )

The availability of timely assistance of a backstop can help markets retain their resilience


( S ( NP-SBJ-1 ( DT The ) ( NNP Fed ) ) ( ADVP ( RB already ) ) ( VP ( VBZ buys ) ( CC and ) ( VBZ sells ) ( NP ( JJ foreign ) ( NN exchange ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( JJ disorderly ) ( NNS conditions ) ) ( PP-LOC ( IN in ) ( NP ( NN foreign-exchange ) ( NNS markets ) ) ) ) ) ) ) ) )

The Fed already buys and sells foreign exchange to prevent disorderly conditions in foreign-exchange markets


( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( VP ( VBZ has ) ( VP ( VBN assumed ) ( NP ( NP ( DT a ) ( JJ similar ) ( NN responsibility ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN for ) ( NP ( NN government ) ( NNS securities ) ) ) ) ) ) ) ) )

The Fed has assumed a similar responsibility in the market for government securities


( S ( NP-SBJ ( DT The ) ( NN stock ) ( NN market ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( RB only ) ( JJ major ) ( NN market ) ) ( PP ( IN without ) ( NP ( NP ( NP ( DT a ) ( NN market-maker ) ) ( PP ( IN of ) ( NP ( JJ unchallenged ) ( NN liquidity ) ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN buyer ) ) ( PP ( IN of ) ( NP ( JJ last ) ( NN resort ) ) ) ) ) ) ) ) )

The stock market is the only major market without a market-maker of unchallenged liquidity or a buyer of last resort


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB mean ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBZ does ) ( RB not ) ( ADVP ( RB already ) ) ( VP ( VB play ) ( NP ( DT an ) ( JJ important ) ( JJ indirect ) ( NN role ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) )

This does not mean that the Federal Reserve does not already play an important indirect role in the stock market


( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD pumped ) ( NP ( NNS billions ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NNS markets ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( JJ open ) ( NN market ) ( NNS operations ) ) ( CC and ) ( NP ( DT the ) ( NN discount ) ( NN window ) ) ) ) ) )

In 1987 it pumped billions into the markets through open market operations and the discount window


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBD lent ) ( NP ( NN money ) ) ( PP-DTV ( TO to ) ( NP ( NNS banks ) ) ) ) ( CC and ) ( VP ( VBD encouraged ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NNS funds ) ) ( ADJP-PRD ( JJ available ) ( PP ( TO to ) ( NP ( NN brokerage ) ( NNS houses ) ) ) ) ) ) ) ) ) ) )

It lent money to banks and encouraged them to make funds available to brokerage houses


( S ( NP-SBJ ( PRP They ) ) ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBD lent ) ( NP ( NN money ) ) ( PP-DTV ( TO to ) ( NP ( NP ( PRP$ their ) ( NNS customers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD were ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VP ( VB recognize ) ( NP ( NP ( DT the ) ( NN opportunity ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( NN profit ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN turmoil ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) )

They in turn lent money to their customers who were supposed to recognize the opportunity to make a profit in the turmoil and buy shares


( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN power ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB set ) ( NP ( NN margin ) ( NNS requirements ) ) ) ) ) ) ) ) )

The Fed also has the power to set margin requirements


( SBARQ ( CC But ) ( SQ ( MD would ) ( RB n't ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ efficient ) ( CC and ) ( JJ effective ) ) ( S-4 ( VP ( TO to ) ( VP ( VB supply ) ( NP ( JJ such ) ( NN support ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ( ADVP-MNR ( RB directly ) ) ) ) ) ) ) )

But would n't it be more efficient and effective to supply such support to the stock market directly


( S ( PP ( RB Instead ) ( IN of ) ( S-NOM ( VP ( VP ( VBG flooding ) ( NP ( DT the ) ( JJ entire ) ( NN economy ) ) ( PP-CLR ( IN with ) ( NP ( NN liquidity ) ) ) ) ( CC and ) ( VP ( ADVP ( RB thereby ) ) ( VBG increasing ) ( NP ( NP ( DT the ) ( NN danger ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Fed ) ) ( VP ( MD could ) ( VP ( VB support ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( ADVP-MNR ( RB directly ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( NN market ) ( NNS averages ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS futures ) ( NN market ) ) ) ) ) ) ) ( S-ADV ( ADVP ( RB thus ) ) ( VP ( VBG stabilizing ) ( NP ( NP ( DT the ) ( NN market ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ) ) ) )

Instead of flooding the entire economy with liquidity and thereby increasing the danger of inflation the Fed could support the stock market directly by buying market averages in the futures market thus stabilizing the market as a whole


( S ( NP-SBJ ( DT The ) ( NN stock ) ( NN market ) ) ( VP ( VBZ is ) ( ADVP ( RB certainly ) ) ( RB not ) ( ADJP-PRD ( RB too ) ( JJ big ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( TO to ) ( VP ( VB handle ) ) ) ) ) ) ) )

The stock market is certainly not too big for the Fed to handle


( S ( NP-SBJ ( DT The ) ( NN foreign-exchange ) ( CC and ) ( NN government ) ( NNS securities ) ( NNS markets ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB vastly ) ( JJR larger ) ) ) )

The foreign-exchange and government securities markets are vastly larger


( S ( NP-SBJ ( NP ( JJ Daily ) ( NN trading ) ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( JJ foreign ) ( NN exchange ) ( NN market ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( CD 130 ) ( CD billion ) ) ) ) )

Daily trading volume in the New York foreign exchange market is 130 billion


( S ( NP-SBJ ( NP ( DT The ) ( JJ daily ) ( NN volume ) ) ( PP ( IN for ) ( NP ( NNP Treasury ) ( NNPS Securities ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( IN about ) ( CD 110 ) ( CD billion ) ) ) ) )

The daily volume for Treasury Securities is about 110 billion


( S ( NP-SBJ ( NP ( DT The ) ( JJ combined ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( JJ daily ) ( NN equity ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Exchange ) ) ( NP ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ( CC and ) ( NP ( DT the ) ( NNP NASDAQ ) ( JJ over-the-counter ) ( NN market ) ) ) ) ) ) ) ( VP ( VBZ ranges ) ( PP ( IN between ) ( NP ( NP ( QP ( CD 7 ) ( CD billion ) ) ) ( CC and ) ( NP ( QP ( CD 10 ) ( CD billion ) ) ) ) ) ) )

The combined value of daily equity trading on the New York Exchange the American Stock Exchange and the NASDAQ over-the-counter market ranges between 7 billion and 10 billion


( S ( NP-SBJ ( NP ( DT The ) ( QP ( CD 13 ) ( CD billion ) ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( VBD injected ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN money ) ( NNS markets ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RBR more ) ) ( PP ( IN than ) ( ADJP ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS stocks ) ) ( VP ( VBN traded ) ( PP-TMP ( IN on ) ( NP ( DT a ) ( JJ typical ) ( NN day ) ) ) ) ) ) ) ) ) ) ) ) )

The 13 billion the Fed injected into the money markets after the 1987 crash is more than enough to buy all the stocks traded on a typical day


( S ( NP-SBJ ( ADJP ( ADVP ( RBR More ) ( RB carefully ) ) ( VBN targeted ) ) ( NN intervention ) ) ( VP ( MD might ) ( ADVP ( RB actually ) ) ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN need ) ) ( PP ( IN for ) ( NP ( NN government ) ( NN action ) ) ) ) ) ) )

More carefully targeted intervention might actually reduce the need for government action


( S ( CC And ) ( S-NOM-SBJ ( VP ( VBG taking ) ( NP ( ADJP ( RBR more ) ( JJ direct ) ) ( NN action ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN advantage ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG avoiding ) ( NP ( NP ( NP ( JJ sharp ) ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN money ) ( NN supply ) ) ) ) ( PP ( JJ such ) ( IN as ) ( S-NOM ( VP ( VBN happened ) ( PP-TMP ( IN in ) ( NP ( NNP October ) ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ) )

And taking more direct action has the advantage of avoiding sharp increases in the money supply such as happened in October 1987


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Fed ) ( POS 's ) ) ( NN stock ) ( NN market ) ( NN role ) ) ( VP ( MD ought ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ ambitious ) ) ) ) ) ) )

The Fed 's stock market role ought not to be very ambitious


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( MD should ) ( VP ( VB seek ) ( S ( ADVP ( RB only ) ) ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT the ) ( NN functioning ) ) ( PP ( IN of ) ( NP ( NNS markets ) ) ) ) ) ) ( RB not ) ( S ( VP ( TO to ) ( VP ( VB prop ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( CC or ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNS averages ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ particular ) ( NN level ) ) ) ) ) ) ) ) ) )

It should seek only to maintain the functioning of markets not to prop up the Dow Jones or New York Stock Exchange averages at a particular level


( S ( NP-SBJ ( DT The ) ( NNP Fed ) ) ( VP ( MD should ) ( VP ( VB guard ) ( PP-CLR ( PP ( IN against ) ( NP ( JJ systemic ) ( NN risk ) ) ) ( CC but ) ( RB not ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NNS risks ) ) ( ADJP ( JJ inherent ) ( PP ( IN in ) ( NP ( JJ individual ) ( NNS stocks ) ) ) ) ) ) ) ) ) )

The Fed should guard against systemic risk but not against the risks inherent in individual stocks


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ inappropriate ) ) ( SBAR-5 ( IN for ) ( S ( NP-SBJ ( NP ( DT the ) ( NN government ) ) ( CC or ) ( NP ( DT the ) ( JJ central ) ( NN bank ) ) ) ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( NNP IBM ) ( CC or ) ( NNP General ) ( NNPS Motors ) ( NNS shares ) ) ) ) ) ) ) ) )

It would be inappropriate for the government or the central bank to buy or sell IBM or General Motors shares


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( DT the ) ( NNP Fed ) ) ( VP ( MD could ) ( VP ( VB buy ) ( NP ( NP ( DT the ) ( JJ broad ) ( NN market ) ( NNS composites ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS futures ) ( NN market ) ) ) ) ) ) )

Instead the Fed could buy the broad market composites in the futures market


( S ( NP-SBJ ( DT The ) ( VBN increased ) ( NN demand ) ) ( VP ( MD would ) ( VP ( VP ( VB normalize ) ( NP ( NN trading ) ) ) ( CC and ) ( VP ( VB stabilize ) ( NP ( NNS prices ) ) ) ) ) )

The increased demand would normalize trading and stabilize prices


( S ( S-NOM-SBJ-1 ( VP ( VBG Stabilizing ) ( NP ( DT the ) ( JJ derivative ) ( NNS markets ) ) ) ) ( VP ( MD would ) ( VP ( VB tend ) ( S ( VP ( TO to ) ( VP ( VB stabilize ) ( NP ( DT the ) ( JJ primary ) ( NN market ) ) ) ) ) ) ) )

Stabilizing the derivative markets would tend to stabilize the primary market


( S ( NP-SBJ-1 ( DT The ) ( NNP Fed ) ) ( VP ( MD would ) ( VP ( VB eliminate ) ( NP ( NP ( DT the ) ( NN cause ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ potential ) ( NN panic ) ) ) ) ( PP ( RB rather ) ( IN than ) ( S-NOM ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB treat ) ( NP ( NP ( DT the ) ( NN symptom ) ) ( NP ( NP ( DT the ) ( NN liquidity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS banks ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Fed would eliminate the cause of the potential panic rather than attempting to treat the symptom the liquidity of the banks


( S ( NP-SBJ-1 ( JJ Disorderly ) ( NN market ) ( NNS conditions ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN observed ) ( ADVP-TMP ( RB quite ) ( RB frequently ) ) ( PP-LOC ( IN in ) ( NP ( JJ foreign ) ( NN exchange ) ( NNS markets ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS 1960s ) ( CC and ) ( NNS 1970s ) ) ) ) ) ) )

Disorderly market conditions could be observed quite frequently in foreign exchange markets in the 1960s and 1970s


( S ( CC But ) ( SBAR-ADV ( IN since ) ( S ( NP-SBJ ( NP ( DT the ) ( NN member ) ( NNS countries ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP International ) ( NNP Monetary ) ( NNP Fund ) ) ) ) ( VP ( VBD agreed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS Guidelines ) ) ( PP ( TO to ) ( NP ( VBG Floating ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1974 ) ) ) ) ) ) ( NP-SBJ-1 ( JJ such ) ( NNS difficulties ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN avoided ) ) ) ) )

But since the member countries of the International Monetary Fund agreed to the Guidelines to Floating in 1974 such difficulties have been avoided


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB recall ) ( NP ( NP ( DT any ) ( NN disorder ) ) ( PP-LOC ( IN in ) ( NP ( NN currency ) ( NNS markets ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( DT the ) ( CD 1974 ) ( NNS guidelines ) ) ( VP ( VBD were ) ( VP ( VBN adopted ) ) ) ) ) ) ) )

I can not recall any disorder in currency markets since the 1974 guidelines were adopted


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( NP ( DT the ) ( JJ mere ) ( NN existence ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ market-stabilizing ) ( NN agency ) ) ) ) ( VP ( VBZ helps ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NN panic ) ) ( PP-LOC ( IN in ) ( NP ( NNS emergencies ) ) ) ) ) ) ) )

Thus the mere existence of a market-stabilizing agency helps to avoid panic in emergencies


( S ( NP-SBJ ( DT The ) ( JJ old ) ( NN saying ) ) ( VP ( VBZ advises ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBP ai ) ( RB n't ) ( VP ( VBD broke ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB fix ) ( NP ( PRP it ) ) ) ) ) ) )

The old saying advises If it ai n't broke do n't fix it


( S ( CC But ) ( NP-SBJ ( DT this ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN case ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP we ) ( DT all ) ) ( VP ( MD might ) ( VP ( VB go ) ( ADVP ( RB broke ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN fixed ) ) ) ) ) ) ) ) ) ) ) ) )

But this could be a case where we all might go broke if it is n't fixed


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Heller ) ) ( PP ( ADVP ( RB now ) ) ( IN at ) ( NP ( NNP VISA ) ( NNP International ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN governor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ) ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1986 ) ) ) ( PP ( IN until ) ( NP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) )

Mr. Heller now at VISA International was a governor of the Federal Reserve Board from 1986 until earlier this year


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ is ) ( VP ( VBN adapted ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN speech ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Commonwealth ) ( NNP Club ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Francisco ) ) ) ) ) ) ) ) ) )

This is adapted from a speech to the Commonwealth Club in San Francisco


( S ( NP-SBJ ( NNP Turner ) ( NNP Broadcasting ) ( NNP System ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT an ) ( JJ extraordinary ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 122 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ( PP-PRP ( JJ due ) ( PP ( TO to ) ( NP ( NP ( JJ early ) ( NN retirement ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Turner Broadcasting System Inc. said it expects to report an extraordinary loss of about 122 million in the fourth quarter due to early retirement of debt


( S ( NP-SBJ ( DT The ) ( NN cable ) ( NN programmer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN loss ) ) ( VP ( MD will ) ( VP ( VB consist ) ( ADVP ( RB primarily ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NN prepayment ) ( NNS penalties ) ) ( CC and ) ( NP ( JJ unamortized ) ( NN issue ) ( NN discount ) ) ( CC and ) ( NP ( NP ( NNS costs ) ) ( ADJP ( JJ related ) ( PP ( TO to ) ( NP ( NP ( PRP$ its ) ( JJ just-completed ) ( ADJP ( QP ( CD 1.6 ) ( CD billion ) ) ) ( NN refinancing ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ long-term ) ( NN debt ) ) ( CC and ) ( NP ( NP ( DT some ) ( JJ preferred ) ( NN stock ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The cable programmer said the loss will consist primarily of prepayment penalties and unamortized issue discount and costs related to its just-completed 1.6 billion refinancing of its long-term debt and some preferred stock in one of its subsidiaries


( S ( NP-SBJ ( DT A ) ( NNP Turner ) ( NN spokesman ) ) ( VP ( VP ( MD would ) ( RB n't ) ( VP ( VB speculate ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN extent ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN charge ) ( POS 's ) ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN quarter ) ( POS 's ) ) ( NNS earnings ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB expect ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP-TMP ( IN for ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A Turner spokesman would n't speculate on the extent of the charge 's effect on the quarter 's earnings but said the company continues to expect to report a net loss for 1989


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN repayment ) ( CC or ) ( NN redemption ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ long-term ) ( NN debt ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ outstanding ) ( NN Class ) ( NNP A ) ( JJ cumulative ) ( JJ exchangeable ) ( JJ preferred ) ( NN stock ) ) ( PP ( IN of ) ( NP ( NNP Cable ) ( NNP News ) ( NNP Network ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ possible ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 750 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS debentures ) ( CC and ) ( NNS notes ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 900 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN bank ) ( NNS borrowings ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said the repayment or redemption of the long-term debt and the outstanding Class A cumulative exchangeable preferred stock of Cable News Network was made possible by an offering of about 750 million of debentures and notes and 900 million in bank borrowings


( S ( NP-SBJ ( DT The ) ( NN offering ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( QP ( CD 550 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( CD 12 ) ( NN % ) ) ( JJ senior ) ( JJ subordinated ) ( NNS debentures ) ) ( ADJP ( JJ due ) ( NP ( CD 2001 ) ) ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( CD zero ) ( NN coupon ) ( JJ liquid ) ( NN yield ) ( NN option ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP ( CD 2004 ) ) ) ) ) ) ) ) )

The offering included 550 million of 12 % senior subordinated debentures due 2001 and 200 million of zero coupon liquid yield option notes due 2004


( S ( NP-SBJ-2 ( DT The ) ( NNS notes ) ) ( VP ( VP ( VBD were ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8 ) ( NN % ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( ADJP-PRD ( JJ convertible ) ( PP ( IN into ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN Class ) ( NNP B ) ( JJ common ) ( NN stock ) ) ) ) ( PP-MNR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ represents ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN premium ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN market ) ( NN price ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 10 ) ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) ) ) )

The notes were priced to yield 8 % and are convertible into the company 's Class B common stock at a price which represents a 15 % premium over the market price on Oct. 10 1989


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD called ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 12 ) ( CD 7\/8 ) ) ( NN % ) ) ( JJ senior ) ( JJ subordinated ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1994 ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( NN aggregate ) ( JJ principal ) ( NN amount ) ) ( PP ( IN of ) ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NN redemption ) ) ( PP-TMP ( IN on ) ( NP ( NNP Dec. ) ( CD 15 ) ) ) ) ) ) )

In addition the company called its 12 7\/8 % senior subordinated notes due 1994 with an aggregate principal amount of 200 million for redemption on Dec. 15


( S ( PP-PRP ( IN As ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN refinancing ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN interest ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN debt ) ) ) ) ( VP ( MD will ) ( VP ( VB fall ) ( PP-DIR ( TO to ) ( NP ( NP ( RB slightly ) ( JJR more ) ) ( PP ( IN than ) ( NP ( CD 11 ) ( NN % ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( RB slightly ) ( JJR more ) ) ( PP ( IN than ) ( NP ( CD 14 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

As a result of the refinancing the company said the interest on the debt will fall to slightly more than 11 % from slightly more than 14 %


( S ( PP-LOC ( IN In ) ( NP ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NP ( NNP Turner ) ( POS 's ) ) ( NN Class ) ( NNP A ) ( NN stock ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 50.50 ) ) ) ( ADVP ( RB down ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ) )

In American Stock Exchange composite trading Turner 's Class A stock closed at 50.50 down 37.5 cents


( S ( NP-SBJ ( NNP Security ) ( NNP Pacific ) ( NNP Corp. ) ) ( VP ( VBZ has ) ( VP ( VBN set ) ( NP ( PRP$ its ) ( NNS sights ) ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG buying ) ( NP ( PRP$ its ) ( JJ second ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) )

Security Pacific Corp. has set its sights on buying its second bank holding company this year


( S ( NP-SBJ ( NN Security ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD signed ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN intent ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NNP La ) ( NNP Jolla ) ( NNP Bancorp ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG agreeing ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( CD 15 ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ( NN stock ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT each ) ( NN share ) ) ( PP ( IN of ) ( NP ( NNP La ) ( NNP Jolla ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Security said it signed a letter of intent to purchase La Jolla Bancorp agreeing to pay 15 of its own stock for each share of La Jolla


( S ( PP ( VBN Based ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ current ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNP La ) ( NNP Jolla ) ( NNS shares ) ) ) ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( VBZ gives ) ( NP ( DT the ) ( NN transaction ) ) ( NP ( NP ( DT a ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 104 ) ( CD million ) ) ) ) ) ) )

Based on the current number of La Jolla shares that gives the transaction a value of 104 million


( S ( NP-SBJ ( NNP La ) ( NNP Jolla ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN parent ) ( NN company ) ) ( PP ( IN of ) ( NP ( NP ( NNP La ) ( NNP Jolla ) ( NNP Bank ) ( CC & ) ( NNP Trust ) ( NNP Co. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( CD 12 ) ( NNS branches ) ) ( PP-LOC ( IN in ) ( NP ( NNP San ) ( NNP Diego ) ( NNP County ) ) ) ) ) ) ) ) ) ) ) )

La Jolla is the parent company of La Jolla Bank & Trust Co. which has 12 branches in San Diego County


( S ( S-TPC-1 ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( QP ( CD 511 ) ( CD million ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS deposits ) ) ( PP ( IN of ) ( NP ( QP ( CD 469 ) ( CD million ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Security ) ( NNP Pacific ) ) ( VP ( VBD said ) ) )

As of Sept. 30 the bank had assets of 511 million and deposits of 469 million Security Pacific said


( S ( ADVP-TMP ( RBR Earlier ) ( NP ( DT this ) ( NN month ) ) ) ( NP-SBJ ( NP ( NNP Security ) ( NNP Pacific ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( CD 10 ) ( JJS largest ) ( NN bank ) ( VBG holding ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( ADJP ( NNP San ) ( JJ Diego-based ) ) ( NNP Southwest ) ( NNP Bancorp ) ) ) ) ) )

Earlier this month Security Pacific which is among the 10 largest bank holding companies in the U.S. completed the acquisition of San Diego-based Southwest Bancorp


( S ( PP-LOC ( IN On ) ( NP ( NP ( DT the ) ( JJ hungry ) ( NNS streets ) ) ( PP ( IN of ) ( NP ( NP ( NNP Naguib ) ( NNP Mahfouz ) ( POS 's ) ) ( NN Cairo ) ) ) ) ) ( NP-SBJ ( NN life ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ nasty ) ) ( ADJP ( JJ brutish ) ) ( CC and ) ( ADJP ( RB wickedly ) ( JJ entertaining ) ) ) ) )

On the hungry streets of Naguib Mahfouz 's Cairo life is nasty brutish and wickedly entertaining


( S ( NP-SBJ ( NP ( NNP Zaita ) ) ( NP ( DT the ) ( NN cripple-maker ) ) ) ( VP ( VP ( VBZ rearranges ) ( NP ( NP ( DT the ) ( NNS limbs ) ) ( PP ( IN of ) ( NP ( JJ aspiring ) ( NNS beggars ) ) ) ) ) ( CC and ) ( VP ( VBZ takes ) ( NP ( NP ( DT a ) ( NN cut ) ) ( PP ( IN of ) ( NP ( NP ( DT every ) ( NN cent ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP cadge ) ) ) ) ) ) ) ) ) )

Zaita the cripple-maker rearranges the limbs of aspiring beggars and takes a cut of every cent they cadge


( S ( NP-SBJ ( NNP Hassan ) ( NNP Kamel ) ( NNP Ali ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT a ) ( NN card ) ( NN shark ) ) ( CC and ) ( NP ( NN dope ) ( NN dealer ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ simple ) ( NN creed ) ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP live ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN world ) ) ) ( S-MNR ( VP ( VBG assuming ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( NN morality ) ( NNP God ) ( CC or ) ( NNS police ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hassan Kamel Ali is a card shark and dope dealer who has a simple creed I live in this world assuming that there is no morality God or police


( S ( PP ( IN For ) ( NP ( NP ( DT the ) ( NN killer ) ( CC and ) ( NN thief ) ) ( NP ( NNP Said ) ( NNP Mahran ) ) ) ) ( NP-SBJ ( NN fame ) ) ( VP ( VBZ flows ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN barrel ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN gun ) ) ) ) ) ) )

For the killer and thief Said Mahran fame flows from the barrel of a gun


( S-1 ( NP-SBJ ( CD One ) ( NN man ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP act ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN stimulant ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( NN prostitute ) ) ( VP ( VBZ tells ) ( NP ( PRP him ) ) ) ) ) ( NP ( DT a ) ( NN diversion ) ( S ( VP ( TO to ) ( VP ( VB relieve ) ( NP ( NP ( NNS people ) ( POS 's ) ) ( NN boredom ) ) ) ) ) ) ) ) ) ) ) ) )

One man said you act as a stimulant a prostitute tells him a diversion to relieve people 's boredom


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mahfouz ) ( POS 's ) ) ( NNP Cairo ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( NP ( NP ( JJ Sufi ) ( NNS sheiks ) ) ( CC and ) ( NP ( JJ saintly ) ( NNS wives ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP look ) ( PP-DIR-CLR ( TO to ) ( NP ( NNP God ) ( RB not ) ( NN crime ) ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( NN salvation ) ) ) ) ) ) ) ) )

Mr. Mahfouz 's Cairo also has Sufi sheiks and saintly wives who look to God not crime for their salvation


( S-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( PRP$ his ) ( NN portrait ) ) ( PP ( PP ( IN of ) ( NP ( NNP Cairo ) ( JJ low-life ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS charlatans ) ) ( CC and ) ( NP ( NN opium ) ( NNS addicts ) ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS streets ) ) ( VP ( VBN filled ) ( PP-CLR ( IN with ) ( NP ( NP ( NN dust ) ) ( NP ( NN vegetable ) ( NN litter ) ) ( CC and ) ( NP ( NN animal ) ( NN dung ) ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VP ( VBD made ) ( NP ( PRP$ his ) ( NN reputation ) ) ) ( CC and ) ( VP ( VBD won ) ( NP-BNF ( PRP him ) ) ( NP ( DT the ) ( NNP Nobel ) ( NNP Prize ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) )

But it is his portrait of Cairo low-life of charlatans and opium addicts of streets filled with dust vegetable litter and animal dung that made his reputation and won him the Nobel Prize in 1988


( S ( NP-SBJ ( NP ( NP ( CD Three ) ( NNS novels ) ) ( NP ( NP-TTL ( NP ( NP ( DT The ) ( NN Beginning ) ) ( CC and ) ( NP ( DT the ) ( NN End ) ) ) ( PRN ( NP ( CD 412 ) ( NNS pages ) ) ( NP ( CD 19.95 ) ) ) ) ( NP ( NP-TTL ( NP ( DT The ) ( NN Thief ) ) ( CC and ) ( NP ( DT the ) ( NNS Dogs ) ) ) ( PRN ( NP ( CD 158 ) ( NNS pages ) ) ( NP ( CD 16.95 ) ) ) ) ( CC and ) ( NP ( NP-TTL ( NN Wedding ) ( NN Song ) ) ( PRN ( NP ( CD 174 ) ( NNS pages ) ) ( NP ( CD 16.95 ) ) ) ) ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBN published ) ( PP ( IN by ) ( NP-LGS ( NNP Doubleday ) ) ) ) ) ( VP ( VBP offer ) ( NP ( NP ( DT an ) ( JJ uneven ) ( NN sample ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ 77-year-old ) ( NNP Mr. ) ( NNP Mahfouz ) ( POS 's ) ) ( NN talent ) ) ) ) ) )

Three novels The Beginning and the End 412 pages 19.95 The Thief and the Dogs 158 pages 16.95 and Wedding Song 174 pages 16.95 recently published by Doubleday offer an uneven sample of the 77-year-old Mr. Mahfouz 's talent


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( VP ( VB show ) ( NP ( NP ( DT the ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ restless ) ( NN intellect ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NP ( JJ 30-odd ) ( NNS novels ) ) ) ( S ( VP ( VP ( VBP span ) ( NP-EXT ( CD five ) ( NNS decades ) ) ) ( CC and ) ( VP ( VBP include ) ( NP ( NP ( NN work ) ) ( PP ( IN of ) ( NP ( JJ social ) ( NN realism ) ( NN protest ) ( CC and ) ( NN allegory ) ) ) ) ) ) ) ) ) ) ) ) ) )

But they do show the range of a restless intellect whose 30-odd novels span five decades and include work of social realism protest and allegory


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB also ) ) ( VP ( VBP chart ) ( NP ( NP ( DT the ) ( NN evolution ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN city ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN grown ) ( ADVP-EXT ( RB tenfold ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN author ) ( POS 's ) ) ( NN lifetime ) ) ) ( PP-MNR ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN colonial ) ( NN outpost ) ) ( PP ( IN of ) ( NP ( JJ fez-wearing ) ( NNS pashas ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NNP Third ) ( NNP World ) ( NN slum ) ) ( VP ( VBG choking ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( JJ own ) ( NN refuse ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They also chart the evolution of a city that has grown tenfold in the author 's lifetime from a colonial outpost of fez-wearing pashas to a Third World slum choking on its own refuse


( S-1 ( ADVP-TMP ( RB Soon ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD 'll ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ crowded ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( NN narrator ) ) ( VP ( VBZ complains ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNS people ) ) ( VP ( MD will ) ( VP ( VB start ) ( S ( VP ( VBG eating ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ) ) ) ) )

Soon it 'll be so crowded a narrator complains that people will start eating each other


( S ( S ( NP-TTL-SBJ ( NP ( NP ( DT The ) ( NN Beginning ) ) ( CC and ) ( NP ( DT the ) ( NN End ) ) ) ( NP ( ADVP ( RB easily ) ) ( NP ( DT the ) ( JJS best ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD three ) ) ) ) ) ( VP ( VBZ belongs ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Mahfouz ) ( POS 's ) ) ( JJ realistic ) ( NN period ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN one ) ) ( SBAR ( WHPP-1 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBS most ) ( JJ renowned ) ) ) ) ) ) ) ) )

The Beginning and the End easily the best of the three belongs to Mr. Mahfouz 's realistic period and it is the one for which he is most renowned


( S ( S-ADV ( VP ( VBN Published ) ( PP-TMP ( IN in ) ( NP ( CD 1949 ) ) ) ) ) ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT the ) ( NN decline ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP Cairo ) ( NN family ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NX ( NX ( JJ saga-like ) ( NN sweep ) ) ( CC and ) ( NX ( JJ rich ) ( NN detail ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNS critics ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBP compare ) ( PP-CLR ( TO to ) ( NP ( NNP Dickens ) ( NNP Balzac ) ( CC and ) ( NNP Galsworthy ) ) ) ) ) ) ) ) ) )

Published in 1949 it follows the decline of a Cairo family with the saga-like sweep and rich detail that critics often compare to Dickens Balzac and Galsworthy


( S ( NP-SBJ-1 ( DT A ) ( JJ minor ) ( NN bureaucrat ) ) ( VP ( VBZ dies ) ( ADVP-MNR ( RB suddenly ) ) ( S-ADV ( VP ( VBG dooming ) ( NP ( PRP$ his ) ( NN family ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NN poverty ) ) ( CC and ) ( NP ( JJ eventual ) ( NN disgrace ) ) ) ) ) ) ) )

A minor bureaucrat dies suddenly dooming his family to poverty and eventual disgrace


( S ( NP-SBJ ( PRP$ His ) ( NN daughter ) ) ( VP ( VBZ turns ) ( PP-CLR ( PP ( TO to ) ( NP ( NN dressmaking ) ) ) ( RB then ) ( PP ( TO to ) ( S-NOM ( VP ( VBG peddling ) ( NP ( PRP herself ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ few ) ( NNS piasters ) ) ) ) ) ) ) ) )

His daughter turns to dressmaking then to peddling herself for a few piasters


( S ( NP-SBJ ( CD One ) ( NN son ) ) ( VP ( VBZ sacrifices ) ( NP ( PRP$ his ) ( JJ own ) ( NN career ) ) ( SBAR-PRP ( IN so ) ( IN that ) ( S ( NP-SBJ ( PRP$ his ) ( JJ avaricious ) ( NN brother ) ) ( VP ( MD can ) ( VP ( VB succeed ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( DT another ) ) ( VP ( VBZ helps ) ( S ( VP ( VB support ) ( NP ( DT the ) ( NN family ) ) ( PP-MNR ( IN with ) ( NP ( NP ( NN money ) ) ( VP ( VBN siphoned ) ( PP-CLR ( IN from ) ( NP ( NN crime ) ) ) ) ) ) ) ) ) ) ) ) )

One son sacrifices his own career so that his avaricious brother can succeed while another helps support the family with money siphoned from crime


( S ( NP-SBJ ( DT The ) ( JJ real ) ( NN tragedy ) ) ( ADVP ( RB though ) ) ( VP ( VBZ lies ) ( PP ( RB not ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN family ) ( POS 's ) ) ( NNS circumstances ) ) ) ( CC but ) ( PP ( IN in ) ( NP ( NP ( PRP$ its ) ( NN concern ) ) ( PP ( IN for ) ( NP ( NNS appearances ) ) ) ) ) ) ) )

The real tragedy though lies not in the family 's circumstances but in its concern for appearances


( S ( S-NOM-SBJ-2 ( VP ( VBG Mourning ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN father ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN overshadowed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN shame ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG burying ) ( NP ( PRP him ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN pauper ) ( POS 's ) ) ( NN grave ) ) ) ) ) ) ) ) ) ) )

Mourning for the father is overshadowed by the shame of burying him in a pauper 's grave


( S ( NP-SBJ-1 ( DT The ) ( NN family ) ) ( VP ( VBZ moves ) ( PP-DIR-CLR ( TO to ) ( NP ( DT another ) ( NN house ) ) ) ( PP-TMP ( IN at ) ( NP ( NN night ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB conceal ) ( NP ( JJ shabby ) ( NNS belongings ) ) ( PP-CLR ( IN from ) ( NP ( NNS neighbors ) ) ) ) ) ) ) )

The family moves to another house at night to conceal shabby belongings from neighbors


( S ( CC And ) ( NP-SBJ ( DT the ) ( JJ successful ) ( NN son ) ) ( VP ( VBZ wishes ) ( S ( NP-SBJ ( PRP$ his ) ( JJ embarrassing ) ( NNS siblings ) ) ( ADJP-PRD ( JJ dead ) ) ) ) )

And the successful son wishes his embarrassing siblings dead


( S ( PP ( IN As ) ( NP ( NP ( DT a ) ( NN critique ) ) ( PP ( IN of ) ( NP ( NN middle-class ) ( NNS mores ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN story ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ heavy-handed ) ) ) )

As a critique of middle-class mores the story is heavy-handed


( S ( CC But ) ( NP-SBJ ( NP ( PRP$ its ) ( JJ unsentimental ) ( NNS sketches ) ) ( PP ( IN of ) ( NP ( NNP Cairo ) ( NN life ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( JJ vintage ) ( NNP Mahfouz ) ) ) )

But its unsentimental sketches of Cairo life are vintage Mahfouz


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP see ) ( VBP smell ) ( CC and ) ( VBP hear ) ( NP ( NP ( NNS slums ) ) ( VP ( VBN filled ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( NNS echoes ) ) ( PP ( IN of ) ( NP ( NP ( NNS hawkers ) ) ( VP ( VBG advertising ) ( NP ( PRP$ their ) ( NNS wares ) ) ) ) ) ) ( VP ( VBN interspersed ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ abusive ) ( NN language ) ) ( NP ( VBG rattling ) ( NNS coughs ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN sound ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ) ( VP ( VP ( VBG gathering ) ( NP ( NN spittle ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS throats ) ) ) ) ( CC and ) ( VP ( VBG spewing ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN street ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We see smell and hear slums filled with the echoes of hawkers advertising their wares interspersed with abusive language rattling coughs and the sound of people gathering spittle in their throats and spewing into the street


( S ( CC And ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP meet ) ( NP ( NP ( JJ engaging ) ( NNS crooks ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Hassan ) ) ( NP ( DT the ) ( NNP Head ) ) ( VP ( VBN famed ) ( PP-CLR ( IN for ) ( NP ( NP ( PRP$ his ) ( JJ head-butting ) ( NNS fights ) ) ( NP ( PRP$ his ) ( NN whoring ) ) ( CC and ) ( NP ( PRP$ his ) ( NN hashish ) ) ) ) ) ) ) ) ) )

And we meet engaging crooks such as Hassan the Head famed for his head-butting fights his whoring and his hashish


( S-1 ( S-TPC ( NP-SBJ ( NNP God ) ) ( VP ( VBZ has ) ( RB not ) ( ADVP ( RB yet ) ) ( VP ( VBN ordained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD should ) ( VP ( VB have ) ( NP ( NNS earnings ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ tells ) ( NP ( PRP$ his ) ( JJ worried ) ( NN mother ) ) ) )

God has not yet ordained that I should have earnings he tells his worried mother


( S ( S ( NP-SBJ ( NNP Hassan ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( JJ bad ) ( NN end ) ) ) ) ) ( CC but ) ( SINV ( ADVP-TPC-1 ( RB so ) ) ( VP ( VBZ does ) ) ( NP-SBJ ( NP ( RB almost ) ( NN everyone ) ( JJ else ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN book ) ) ) ) ) )

Hassan comes to a bad end but so does almost everyone else in the book


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN setting ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ exotic ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN prose ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR closer ) ( PP ( TO to ) ( NP ( NP ( NNP Balzac ) ( POS 's ) ) ( NNP Pere ) ( NNP Goriot ) ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( PP ( TO to ) ( NP ( NNP Arabian ) ( NNPS Nights ) ) ) ) ) ) ) ) ) )

If the setting is exotic the prose is closer to Balzac 's Pere Goriot than it is to Arabian Nights


( S ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Mahfouz ) ) ( VP ( VBD began ) ( S ( VP ( VBG writing ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( DT no ) ( JJ novelistic ) ( NN tradition ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arabic ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD modeled ) ( NP ( PRP$ his ) ( NN work ) ) ( PP-CLR ( IN on ) ( NP ( JJ Western ) ( NNS classics ) ) ) ) ) )

Mr. Mahfouz began writing when there was no novelistic tradition in Arabic and he modeled his work on Western classics


( S ( S ( PP ( IN In ) ( NP ( CD one ) ( NN sense ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ limits ) ( NP ( PRP him ) ) ) ) ( S ( PP ( IN unlike ) ( NP ( NP ( DT a ) ( NN writer ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Gabriel ) ( NNP Garcia ) ( NNP Marquez ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBZ has ) ( NP ( DT a ) ( JJ distinctive ) ( JJ Latin ) ( NN voice ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mahfouz ) ( POS 's ) ) ( NN style ) ) ( VP ( VBZ offers ) ( NP ( NP ( RB little ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN labeled ) ( S ( ADJP-PRD ( JJ Egyptian ) ) ) ) ) ) ) ) ) ) ) )

In one sense this limits him unlike a writer such as Gabriel Garcia Marquez who has a distinctive Latin voice Mr. Mahfouz 's style offers little that can be labeled Egyptian


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN familiarity ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN style ) ) ) ) ( VP ( ADVP ( RB also ) ) ( VBZ makes ) ( S ( NP-SBJ ( PRP$ his ) ( NN work ) ) ( ADJP-PRD ( JJ accessible ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS streets ) ) ( PP ( IN of ) ( NP ( NNP Cairo ) ) ) ) ( VP ( VBP come ) ( ADJP-PRD ( JJ alive ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ Western ) ( NN reader ) ) ) ( ADVP-MNR ( RB as ) ( RB vividly ) ( PP ( IN as ) ( NP ( NP ( NP ( NNP Dickens ) ( POS 's ) ) ( NNP London ) ) ( CC or ) ( NP ( NP ( NNP Dostoevski ) ( POS 's ) ) ( NNP St. ) ( NNP Petersburg ) ) ) ) ) ) ) ) ) )

But the familiarity of his style also makes his work accessible as the streets of Cairo come alive for the Western reader as vividly as Dickens 's London or Dostoevski 's St. Petersburg


( S ( NP-SBJ ( NP-TTL ( NP ( DT The ) ( NN Thief ) ) ( CC and ) ( NP ( DT the ) ( NNS Dogs ) ) ) ( VP ( VBN written ) ( PP-TMP ( IN in ) ( NP ( CD 1961 ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( JJ taut ) ( JJ psychological ) ) ( NN drama ) ) ( ADJP ( JJ reminiscent ) ( PP ( IN of ) ( NP-TTL ( NP ( NN Crime ) ) ( CC and ) ( NP ( NN Punishment ) ) ) ) ) ) ) )

The Thief and the Dogs written in 1961 is a taut psychological drama reminiscent of Crime and Punishment


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN antihero ) ) ( NP ( NNP Said ) ( NNP Mahran ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ Egyptian ) ( NNP Raskolnikov ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ seeks ) ( NP ( NN nobility ) ) ( PP-LOC ( IN in ) ( NP ( VBG robbing ) ( CC and ) ( VBG killing ) ) ) ) ) ) ) ) )

Its antihero Said Mahran is an Egyptian Raskolnikov who seeks nobility in robbing and killing


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( NP-PRD ( NP ( NP ( DT the ) ( NN hope ) ) ( CC and ) ( NP ( DT the ) ( NN dream ) ) ) ( NP ( NP ( DT the ) ( NN redemption ) ) ( PP ( IN of ) ( NP ( NNS cowards ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( JJ many ) ( JJ interior ) ( NNS monologues ) ) ) ) ) ) )

I am the hope and the dream the redemption of cowards he says in one of many interior monologues


( S ( ADVP-TMP ( RB Later ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ recalls ) ( NP ( NP ( NP ( DT the ) ( NNS words ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ Marxist ) ( NN mentor ) ) ) ) ( NP ( NP ( DT The ) ( NNS people ) ) ( NP ( NN Theft ) ) ( NP ( DT The ) ( JJ holy ) ( NN fire ) ) ) ) ) )

Later he recalls the words of his Marxist mentor The people Theft The holy fire


( S ( NP-SBJ ( NP ( NNP Said ) ( POS 's ) ) ( NN story ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT the ) ( NN souring ) ) ( PP ( IN of ) ( NP ( NN socialism ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Nasser ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJ dictatorial ) ( NN rule ) ) ( S ( VP ( VBD replaced ) ( NP ( NP ( DT the ) ( NN monarchy ) ) ( VP ( VBN overthrown ) ( PP-TMP ( IN in ) ( NP ( CD 1952 ) ) ) ) ) ) ) ) ) ) ) ) )

Said 's story reflects the souring of socialism under Nasser whose dictatorial rule replaced the monarchy overthrown in 1952


( S ( PP-TMP ( IN By ) ( NP ( CD 1961 ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Mahfouz ) ( POS 's ) ) ( NN idealism ) ) ( VP ( VBD had ) ( VP ( VP ( VBN vanished ) ) ( CC or ) ( VP ( VBN become ) ( ADJP-PRD ( JJ twisted ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( PP-LOC ( IN in ) ( NP ( NNP Said ) ) ) ) ) ) ) ) ) )

By 1961 Mr. Mahfouz 's idealism had vanished or become twisted as it has in Said


( S ( NP-SBJ ( NP ( PRP$ His ) ( JJ giddy ) ( NN dream ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG redeeming ) ( NP ( NP ( DT a ) ( NN life ) ) ( PP ( IN of ) ( NP ( ADJP ( RB badly ) ( VBN aimed ) ) ( NNS bullets ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG punishing ) ( NP ( NP ( DT the ) ( JJ real ) ( NNS robbers ) ) ( NP ( NP ( DT the ) ( JJ rich ) ( NNS dogs ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP prey ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( JJ poor ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ leads ) ( PP-DIR-CLR ( PP ( ADVP ( RB only ) ) ( TO to ) ( NP ( NP ( DT the ) ( NN death ) ) ( PP ( IN of ) ( NP ( NNS innocents ) ) ) ) ) ( CC and ) ( PP ( ADVP-TMP ( RB eventually ) ) ( TO to ) ( NP ( PRP$ his ) ( JJ own ) ) ) ) ) )

His giddy dream of redeeming a life of badly aimed bullets by punishing the real robbers the rich dogs who prey on the poor leads only to the death of innocents and eventually to his own


( S ( NP-SBJ ( NP ( NNP Cairo ) ( POS 's ) ) ( JJ spirited ) ( NN squalor ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VBN gone ) ( ADJP-PRD ( JJ gray ) ) ) ) )

Cairo 's spirited squalor also has gone gray


( S ( S ( ADVP-LOC ( RB Here ) ) ( NP-SBJ ( DT the ) ( NN city ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ dark ) ) ( CC and ) ( ADJP ( JJ laden ) ( PP ( IN with ) ( NP ( NN symbolism ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NNP Said ) ) ( VP ( VBZ has ) ( VP ( VBN left ) ( NP ( PRP$ his ) ( NN jail ) ( NN cell ) ) ( S-SBJ ( ADVP ( RB only ) ) ( VP ( TO to ) ( VP ( VB enter ) ( NP ( NP ( DT the ) ( JJR larger ) ( NN prison ) ) ( PP ( IN of ) ( NP ( NNP Cairo ) ( NN society ) ) ) ) ) ) ) ) ) ) )

Here the city is dark and laden with symbolism Said has left his jail cell only to enter the larger prison of Cairo society


( S ( SBAR-TMP ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN theme ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ compelling ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN plot ) ( CC and ) ( NNS characters ) ) ( VP ( VBP are ) ( RB not ) ) )

While the theme is compelling the plot and characters are not


( S ( NP-SBJ ( PRP We ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBP care ) ( PP-CLR ( IN about ) ( NP ( NP ( NNP Said ) ) ( CC or ) ( NP ( NP ( DT the ) ( NNS hypocrites ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ hunts ) ) ) ) ) ) ) ) )

We never care about Said or the hypocrites he hunts


( S ( S ( NP-TTL-SBJ ( NP ( DT The ) ( NN Thief ) ) ( CC and ) ( NP ( DT the ) ( NNS Dogs ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ pioneering ) ( NN work ) ) ( NP ( NP ( DT the ) ( JJ first ) ( NN stream-of-consciousness ) ( NN novel ) ) ( PP ( IN in ) ( NP ( NNP Arabic ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB disappoint ) ( NP ( JJ Western ) ( NNS readers ) ) ) ) ) ) ) ) )

The Thief and the Dogs is a pioneering work the first stream-of-consciousness novel in Arabic but it is likely to disappoint Western readers


( S ( NP-SBJ ( NP ( DT The ) ( CD 1981 ) ( NN novel ) ) ( NP-TTL ( NN Wedding ) ( NN Song ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( UCP-PRD ( ADJP ( JJ experimental ) ) ( CC and ) ( NP ( DT another ) ( ADJP ( RB badly ) ( VBN aimed ) ) ( NN bullet ) ) ) ) )

The 1981 novel Wedding Song also is experimental and another badly aimed bullet


( S ( NP-SBJ ( NP ( DT The ) ( NN story ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN playwright ) ( POS 's ) ) ( NN stage ) ( NN debut ) ) ) ) ( VP ( VBZ unfolds ) ( PP-LOC ( IN in ) ( NP ( NN first-person ) ( NNS monologues ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( DT the ) ( NN manner ) ) ( PP ( IN of ) ( NP ( NP ( NNP Faulkner ) ( POS 's ) ) ( NP-TTL ( NP ( DT The ) ( NN Sound ) ) ( CC and ) ( NP ( DT the ) ( NN Fury ) ) ) ) ) ) ) ) )

The story of a playwright 's stage debut unfolds in first-person monologues in the manner of Faulkner 's The Sound and the Fury


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN device ) ) ( VP ( VBZ obscures ) ( ADJP ( ADJP ( JJR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ illuminates ) ) ) ) ) ) )

But the device obscures more than it illuminates


( SINV ( VP-TPC-1 ( VBN Buried ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN work ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT a ) ( NN meditation ) ) ( PP ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN morality ) ) ( PP ( IN of ) ( NP ( NN art ) ) ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN struggle ) ) ( PP ( IN for ) ( NP ( NN integrity ) ) ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( JJ unfair ) ( NN world ) ) ) ) ) ) ) )

Buried in the work is a meditation on the morality of art and on the struggle for integrity in an unfair world


( S ( CC But ) ( ADVP ( RB again ) ) ( NP-SBJ-1 ( DT the ) ( NNS themes ) ) ( VP ( VBP get ) ( VP ( VBN tangled ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Mr. ) ( NNP Mahfouz ) ( POS 's ) ) ( JJ elliptical ) ( NN storytelling ) ) ) ) ) )

But again the themes get tangled in Mr. Mahfouz 's elliptical storytelling


( S ( NP-SBJ ( NP ( DT The ) ( NN indirectness ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ later ) ( NN work ) ) ) ) ( VP ( VBZ reflects ) ( NP ( DT both ) ( NP ( NP ( DT an ) ( NN appetite ) ) ( PP ( IN for ) ( NP ( JJ new ) ( NNS genres ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS hazards ) ) ( PP ( IN of ) ( NP ( NP ( NN art ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Arab ) ( NN world ) ) ) ) ) ) ) ) )

The indirectness of his later work reflects both an appetite for new genres and the hazards of art in the Arab world


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Mahfouz ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN pilloried ) ( CC and ) ( VBN censored ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VP ( VBG questioning ) ( NP ( NNP Islam ) ) ) ( CC and ) ( VP ( VBG advocating ) ( NP ( NP ( NN peace ) ) ( PP ( IN with ) ( NP ( NNP Israel ) ) ) ) ) ) ) ) ) ) ) )

Mr. Mahfouz has been pilloried and censored for questioning Islam and advocating peace with Israel


( S ( S-NOM-SBJ ( VP ( VBG Veiling ) ( NP ( PRP$ his ) ( NN message ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN helped ) ( S ( NP-SBJ ( PRP him ) ) ( VP ( VB endure ) ) ) ) ) )

Veiling his message has helped him endure


( S-1 ( NP-SBJ ( NN Art ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( DT the ) ( NN playwright ) ) ( PP-LOC ( IN in ) ( NP-TTL ( NN Wedding ) ( NN Song ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN surrogate ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN action ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-3 ( NP ( DT an ) ( NN idealist ) ) ( PP ( IN like ) ( NP ( PRP me ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB take ) ) ) ) ) ) ) ) ) ) ) ) )

Art says the playwright in Wedding Song is the surrogate for the action that an idealist like me is unable to take


( S ( NP-TTL-SBJ ( NN Wedding ) ( NN Song ) ) ( VP ( VBZ gives ) ( NP ( NP ( NNS glimpses ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NNP Cairo ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN become ) ( ADJP-PRD ( RB so ) ( RB much ) ( JJR harsher ) ) ( PP-TMP ( IN since ) ( NP ( NP ( PRP$ his ) ( NN youth ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S-2 ( PRN ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB once ) ) ( VP ( VBD said ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( JJS poorest ) ( NN person ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( PRP$ his ) ( JJ daily ) ( NN bread ) ) ( FRAG ( CC and ) ( PP-MNR ( IN without ) ( NP ( JJ great ) ( NN difficulty ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Wedding Song gives glimpses of a Cairo that has become so much harsher since his youth when as he once said the poorest person was able to find his daily bread and without great difficulty


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN clutter ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS 1940s ) ) ) ) ( VP ( NNS remains ) ) ) ( CC but ) ( S ( S ( NP-SBJ ( PRP$ its ) ( NN color ) ) ( VP ( VBZ has ) ( VP ( VBN drained ) ( ADVP-LOC ( RB away ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN will ) ( S ( VP ( TO to ) ( VP ( VB overcome ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN defeated ) ) ) ) ) ) )

The clutter of the 1940s remains but its color has drained away and the will to overcome has been defeated


( S ( NP-SBJ ( NNS Cars ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB move ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( VBG overflowing ) ( NNS sewers ) ) ) ) ) )

Cars ca n't move because of overflowing sewers


( S ( NP-SBJ ( NNS Characters ) ) ( VP ( VBP complain ) ( ADVP-MNR ( RB ceaselessly ) ) ( PP-CLR ( IN about ) ( NP ( NP ( NN food ) ( NNS queues ) ) ( NP ( NNS prices ) ) ( CC and ) ( NP ( NN corruption ) ) ) ) ) )

Characters complain ceaselessly about food queues prices and corruption


( S ( CC And ) ( NP-SBJ ( DT the ) ( JJ ubiquitous ) ( NN opium ) ( NN addict ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( NP-PRD ( NP ( DT a ) ( JJ cynical ) ( CC and ) ( JJ selfish ) ( NN man ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ gripes ) ( S ( NP-SBJ ( JJ Only ) ( NN government ) ( NNS ministers ) ) ( VP ( MD can ) ( VP ( VB afford ) ( NP ( PRP it ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ) ) ) ) ) ) ) ) )

And the ubiquitous opium addict is now a cynical and selfish man who gripes Only government ministers can afford it these days


( S ( S ( VP ( VBG Having ) ( VP ( VBN lost ) ( NP ( NP ( PRP$ their ) ( NN faith ) ) ( PP ( PP ( IN in ) ( NP ( NNP God ) ) ) ( PP ( IN in ) ( NP ( JJ social ) ( NN reform ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NN opium ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNPS Cairenes ) ) ( VP ( VBP are ) ( VP ( VBN left ) ( PP-CLR ( IN with ) ( NP ( NP ( NN nothing ) ) ( CC but ) ( NP ( NP ( PRP$ their ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN humor ) ) ) ) ) ) ) ) )

Having lost their faith in God in social reform and in opium Cairenes are left with nothing but their sense of humor


( S ( NP-SBJ ( NNP Mr. ) ( NNP Horwitz ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NNP Journal ) ( NN staff ) ( NN reporter ) ) ( VP ( VBG covering ) ( NP ( DT the ) ( NNP Middle ) ( NNP East ) ) ) ) ) )

Mr. Horwitz is a Journal staff reporter covering the Middle East


( S ( NP-SBJ ( NP ( NNP Sam ) ( NNP Ramirez ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS men ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ late ) ) ) )

Sam Ramirez and his men are late


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VP ( VBP pile ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN truck ) ) ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB furiously ) ) ( VBP begin ) ( S ( VP ( VBG twisting ) ( PRT ( RP together ) ) ( NP ( NP ( NN steel ) ( NNS pipes ) ) ( VP ( VBG linking ) ( NP ( DT a ) ( JJ giant ) ( NN storage ) ( NN tank ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP Sharpshooter ) ) ( NP ( NP ( DT a ) ( RB freshly ) ( VBN drilled ) ( NN oil ) ( NN well ) ) ( ADJP ( NP ( CD two ) ( NNS miles ) ) ( RB deep ) ) ) ) ) ) ) ) ) ) ) )

They pile out of their truck and furiously begin twisting together steel pipes linking a giant storage tank to the Sharpshooter a freshly drilled oil well two miles deep


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP finish ) ( NP-TMP ( NN today ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Sharpshooter ) ) ( VP ( MD can ) ( VP ( VB pump ) ( NP-TMP ( NN tomorrow ) ) ) ) )

If they finish today the Sharpshooter can pump tomorrow


( S ( NP-SBJ-1 ( CD One ) ( NN roustabout ) ) ( S-ADV ( VP ( VBG hanging ) ( PP-MNR ( IN by ) ( NP ( PRP$ his ) ( NNS hands ) ) ) ( PP-LOC ( IN from ) ( NP ( DT a ) ( NN ladder ) ) ) ) ) ( VP ( VBZ bounces ) ( NP ( PRP$ his ) ( NN weight ) ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ three-foot ) ( NN wrench ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB loosen ) ( NP ( DT a ) ( JJ stuck ) ( NN fitting ) ) ) ) ) ) )

One roustabout hanging by his hands from a ladder bounces his weight on a three-foot wrench to loosen a stuck fitting


( S-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBG putting ) ( PRT ( RP in ) ) ( NP ( NP ( JJ long ) ( NNS hours ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Ramirez ) ) ( VP ( VBZ says ) ) ) ) ( NP ( NP ( NP ( JJ six-day ) ( NNS weeks ) ) ( CC and ) ( NP ( JJ 13-hour ) ( NNS days ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ last ) ( CD two ) ( NNS months ) ) ) ) ) ) ) ) )

We 've been putting in long hours Mr. Ramirez says six-day weeks and 13-hour days for the last two months


( S ( S-TPC-TMP-3 ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( RB almost ) ( NN nothing ) ) ( VP ( VBD was ) ( VP ( VBG happening ) ( PP-LOC ( IN amid ) ( NP ( DT these ) ( JJ desolate ) ( NNS dunes ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP you ) ) ( VP ( MD 'd ) ( VP ( VP ( VB spend ) ( NP-TMP-CLR-4 ( CD two ) ( NNS days ) ) ( S-CLR-5 ( VP ( VBG working ) ) ) ) ( CC and ) ( VP ( NP-CLR-TMP=4 ( CD two ) ( NNS days ) ) ( PP-LOC=5 ( IN in ) ( NP ( DT the ) ( NN yard ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ recalls ) ) )

A year ago when almost nothing was happening amid these desolate dunes you 'd spend two days working and two days in the yard he recalls


( S ( PP-TMP ( IN After ) ( NP ( NP ( DT a ) ( JJ three-year ) ( NN nightmare ) ) ( PP ( IN of ) ( NP ( NP ( JJ uncertain ) ( NN oil ) ( NNS prices ) ) ( NP ( JJ draconian ) ( NN budget ) ( NNS cuts ) ) ( CC and ) ( NP ( JJ sweeping ) ( NNS layoffs ) ) ) ) ) ) ( NP-SBJ ( NN fear ) ) ( VP ( VBZ is ) ( ADVP ( RB finally ) ) ( VP ( VBG leaving ) ( NP ( DT the ) ( NN oil ) ( NN patch ) ) ) ) )

After a three-year nightmare of uncertain oil prices draconian budget cuts and sweeping layoffs fear is finally leaving the oil patch


( S ( NP-SBJ ( JJ Independent ) ( NNS drillers ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB gingerly ) ) ( VBG sinking ) ( NP ( NNS bits ) ) ( PP-DIR ( IN into ) ( NP ( NP ( DT the ) ( NNP Earth ) ( POS 's ) ) ( NN crust ) ) ) ( ADVP-TMP ( RB again ) ) ) ) )

Independent drillers are gingerly sinking bits into the Earth 's crust again


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP-LOC ( IN in ) ( NP ( JJ Big ) ( NN Oil ) ) ) ) ( VP ( VBP are ) ( VP ( VBG easing ) ( NP ( NP ( DT the ) ( NN grip ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ their ) ( NNS wallets ) ) ) ) ) ) )

Some in Big Oil are easing the grip on their wallets


( S ( S ( NP-SBJ ( NN Investment ) ( NN capital ) ) ( VP ( VBZ is ) ( VP ( VBG creeping ) ( ADVP-DIR ( RB back ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN oil ) ( NNS properties ) ) ( VP ( VBP are ) ( VP ( VBG fetching ) ( NP ( JJR more ) ) ) ) ) )

Investment capital is creeping back and oil properties are fetching more


( S ( NP-SBJ ( NN Oil-tool ) ( NNS prices ) ) ( VP ( VBP are ) ( ADVP ( RB even ) ) ( VP ( VBG edging ) ( ADVP-DIR ( RP up ) ) ) ) )

Oil-tool prices are even edging up


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VP ( VBD happened ) ) ) )

What happened


( S ( PP ( IN In ) ( NP ( JJS broadest ) ( NNS terms ) ) ) ( NP-SBJ ( NN stability ) ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB quietly ) ) ( VBN settled ) ( PP-CLR ( IN into ) ( NP ( JJ international ) ( NN oil ) ( NNS markets ) ) ) ) ) )

In broadest terms stability has quietly settled into international oil markets


( S ( S ( NP-SBJ ( NN Mideast ) ( NNS politics ) ) ( VP ( VBP have ) ( VP ( VBN calmed ) ( PRT ( RP down ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN squabbling ) ) ( PP-LOC ( IN within ) ( NP ( NP ( DT the ) ( NNP Organization ) ) ( PP ( IN of ) ( NP ( NNP Petroleum ) ( NNP Exporting ) ( NNPS Countries ) ) ) ) ) ) ( VP ( VBZ seems ) ( PP-PRD ( IN under ) ( NP ( NN control ) ) ) ( PP-TMP ( IN for ) ( NP ( RB now ) ) ) ) ) )

Mideast politics have calmed down and the squabbling within the Organization of Petroleum Exporting Countries seems under control for now


( SINV ( S-TMP-1 ( NP-SBJ ( NP ( DT The ) ( NNS fundamentals ) ) ( PP ( IN of ) ( NP ( NN supply ) ( CC and ) ( NN demand ) ) ) ) ( ADVP-TMP ( RB once ) ( RB again ) ) ( VP ( VBP are ) ( VP ( VBG setting ) ( NP ( NN oil ) ( NNS prices ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Victor ) ( NNP Burk ) ) ( NP ( DT an ) ( NNP Arthur ) ( NNP Andersen ) ( CC & ) ( NNP Co. ) ( NN oil ) ( NN expert ) ) ) )

The fundamentals of supply and demand once again are setting oil prices says Victor Burk an Arthur Andersen & Co. oil expert


( S ( PP-TMP ( IN After ) ( NP ( NP ( NNS years ) ) ( PP ( IN of ) ( NP ( JJ wild ) ( NNS swings ) ) ) ) ) ( NP-SBJ ( NN oil ) ( NNS prices ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ last ) ( CD 12 ) ( NNS months ) ) ) ( VP ( VBP have ) ( VP ( VBN settled ) ( PP-LOC ( IN at ) ( NP ( NP ( QP ( IN around ) ( CD 15 ) ( TO to ) ( CD 20 ) ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ) ) ) ) )

After years of wild swings oil prices over the last 12 months have settled at around 15 to 20 a barrel


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( NP ( DT the ) ( CD 40 ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD delighted ) ( NP ( NNS producers ) ) ( ADVP-TMP ( NP ( DT a ) ( NN decade ) ) ( RB ago ) ) ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( CD 10 ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD pleased ) ( NP ( NNS users ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) )

That is n't the 40 that delighted producers a decade ago or the 10 that pleased users a year ago


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJ high ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB prod ) ( NP ( NP ( DT the ) ( NN search ) ) ( PP ( IN for ) ( NP ( JJ future ) ( NNS supplies ) ) ) ) ) ) ) ) ( ADJP ( RB low ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB promote ) ( NP ( NN consumption ) ) ) ) ) ) ( CC and ) ( ADJP ( PRN ( ADVP ( RBS most ) ( JJ important ) ) ) ( JJ steady ) ( RB enough ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT both ) ( NNS producers ) ( CC and ) ( NNS users ) ) ( VP ( TO to ) ( VP ( VB believe ) ( PP ( RP in ) ) ) ) ) ) ) ) ) )

But it is high enough to prod the search for future supplies low enough to promote consumption and most important steady enough for both producers and users to believe in


( SBAR ( RB Not ) ( DT that ) ( S ( NP-SBJ ( NN oil ) ) ( ADVP ( RB suddenly ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ sure ) ( NN thing ) ) ( ADVP-TMP ( RB again ) ) ) ) )

Not that oil suddenly is a sure thing again


( S ( NP-SBJ ( DT The ) ( JJ current ) ( NN equilibrium ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( JJ fragile ) ) ) ( CC and ) ( VP ( VBZ depends ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ steady ) ( JJ strong ) ( NN demand ) ) ( CC and ) ( NP ( NP ( JJ continued ) ( JJ relative ) ( NN harmony ) ) ( PP-LOC ( IN within ) ( NP ( NP ( NNP OPEC ) ) ( NP ( NP ( NN producer ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 40 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ non-Communist ) ( NN world ) ( POS 's ) ) ( NN crude ) ) ) ) ) ) ) ) ) ) ) ) ) )

The current equilibrium is fragile and depends on steady strong demand and continued relative harmony within OPEC producer of more than 40 % of the non-Communist world 's crude


( S ( NP-SBJ ( NP ( DT A ) ( NN recession ) ) ( CC or ) ( NP ( JJ new ) ( NNP OPEC ) ( NN blowup ) ) ) ( VP ( MD could ) ( VP ( VB put ) ( NP ( NN oil ) ( NNS markets ) ) ( ADVP-PUT ( RB right ) ( RB back ) ( PP ( IN in ) ( NP ( DT the ) ( NN soup ) ) ) ) ) ) )

A recession or new OPEC blowup could put oil markets right back in the soup


( S ( ADVP ( RB Also ) ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NNS stirrings ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ faint ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT some ) ) ( VP ( VBP question ) ( NP ( PRP$ their ) ( NN extent ) ) ) ) )

Also the new stirrings are faint and some question their extent


( S ( S ( NP-SBJ ( NN Drilling ) ( NN activity ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( PP-PRD ( ADVP ( RB far ) ) ( IN below ) ( NP ( NP ( CD eight ) ( NNS years ) ) ( RB ago ) ) ) ) ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN hiring ) ( NN surge ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT some ) ( NNS companies ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB shrink ) ) ) ) ) ) )

Drilling activity is still far below eight years ago there 's no hiring surge and some companies continue to shrink


( S ( PP ( IN With ) ( NP ( PDT all ) ( DT this ) ) ) ( NP-SBJ ( RB even ) ( DT the ) ( ADJP ( RBS most ) ( JJ wary ) ) ( NN oil ) ( NNS men ) ) ( VP ( VBP agree ) ( SBAR ( S ( NP-SBJ ( NN something ) ) ( VP ( VBZ has ) ( VP ( VBN changed ) ) ) ) ) ) )

With all this even the most wary oil men agree something has changed


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB appear ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG getting ) ( ADJP-PRD ( RBR worse ) ) ) ) ) ) ) ) )

It does n't appear to be getting worse


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT That ) ) ( PP ( IN in ) ( NP ( PRP itself ) ) ) ) ( VP ( VBZ has ) ( VP ( VBD got ) ( S ( VP ( TO to ) ( VP ( VB cause ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( TO to ) ( VP ( VB feel ) ( ADJP-PRD ( ADVP ( NP-ADV ( DT a ) ( RB little ) ) ( RBR more ) ) ( JJ optimistic ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Glenn ) ( NNP Cox ) ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Phillips ) ( NNP Petroleum ) ( NNP Co ) ) ) ) ) )

That in itself has got to cause people to feel a little more optimistic says Glenn Cox the president of Phillips Petroleum Co


( S ( SBAR-ADV ( IN Though ) ( S ( ADJP-PRD ( JJ modest ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN change ) ) ( VP ( VBZ reaches ) ( PP-LOC-CLR ( IN beyond ) ( NP ( DT the ) ( NN oil ) ( NN patch ) ) ) ( ADVP ( RB too ) ) ) )

Though modest the change reaches beyond the oil patch too


( S ( NP-SBJ ( NP ( DT The ) ( JJ same ) ( NN roller-coaster ) ( NNS prices ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBD halted ) ( NP ( NNP U.S. ) ( NN oil ) ( NN exploration ) ) ) ( CC and ) ( VP ( VBD drove ) ( S ( NP-SBJ ( JJ many ) ( JJ veteran ) ( NN oil ) ( NNS men ) ( CC and ) ( NNS companies ) ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN business ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD played ) ( NP-CLR ( NN havoc ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN inflation ) ( NN rate ) ) ( NP ( DT the ) ( NN trade ) ( NN deficit ) ) ( CC and ) ( NP ( NP ( NN oil ) ( NNS users ) ( POS ' ) ) ( JJ corporate ) ( CC and ) ( JJ personal ) ( NNS budgets ) ) ) ) ) )

The same roller-coaster prices that halted U.S. oil exploration and drove many veteran oil men and companies out of the business also played havoc with the nation 's inflation rate the trade deficit and oil users ' corporate and personal budgets


( S ( ADVP-TMP ( RB Now ) ) ( PP ( IN at ) ( ADJP ( JJS least ) ) ) ( NP-SBJ ( NP ( DT some ) ( NN predictability ) ) ) ( VP ( VBZ has ) ( VP ( VBN returned ) ) ( PP-1 ( IN for ) ( NP ( NP ( NN everyone ) ) ( PP ( PP ( IN from ) ( NP ( NNS economists ) ) ) ( PP ( TO to ) ( NP ( NNS motorists ) ) ) ) ) ) ) )

Now at least some predictability has returned for everyone from economists to motorists


( S ( NP-SBJ ( JJ Corporate ) ( NNS planners ) ) ( VP ( MD can ) ( VP ( VB plan ) ( ADVP ( RB again ) ) ) ) )

Corporate planners can plan again


( SINV ( S-TPC-1 ( NP-SBJ ( NN Management ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB want ) ( NP ( NNS surprises ) ) ) ) ) ( VP ( VBZ notes ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Zaves ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( PP ( IN as ) ( NP ( NP ( NNS fuel-services ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NNP American ) ( NNPS Airlines ) ) ) ) ) ( VP ( VBZ buys ) ( NP ( NP ( QP ( DT some ) ( CD 2.4 ) ( CD billion ) ) ( NNS gallons ) ) ( PP ( IN of ) ( NP ( NN jet ) ( NN fuel ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) )

Management does n't want surprises notes Jack Zaves who as fuel-services director at American Airlines buys some 2.4 billion gallons of jet fuel a year


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( RB so ) ( JJ unstable ) ( SBAR ( IN that ) ( S ( NP-TMP ( CD two ) ( NNS years ) ( RB ago ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Zaves ) ) ( VP ( VBD gave ) ( PRT ( RP up ) ) ( PP-CLR ( IN on ) ( NP ( JJ long-term ) ( NNS forecasts ) ) ) ) ) ) ) ) ) )

Prices had been so unstable that two years ago Mr. Zaves gave up on long-term forecasts


( SINV ( S-TPC-1 ( CC And ) ( NP-SBJ ( NNS consumers ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ comfortable ) ) ) ) ) ( VP ( VBZ adds ) ) ( NP-SBJ ( NP ( NNP W. ) ( NNP Henson ) ( NNP Moore ) ) ( NP ( NP ( NNP U.S. ) ( NN deputy ) ( NN secretary ) ) ( PP ( IN of ) ( NP ( NN energy ) ) ) ) ) )

And consumers should be comfortable adds W. Henson Moore U.S. deputy secretary of energy


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( NP ( NP ( NN anything ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN horizon ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB lead ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ precipitous ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) )

I do n't see anything on the horizon that could lead to a precipitous rise in the price


( S ( NP-SBJ ( NP ( DT The ) ( NN catalyst ) ) ( PP ( IN for ) ( NP ( PDT all ) ( DT this ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NNP OPEC ) ) ) ) )

The catalyst for all this has been OPEC


( S ( ADVP-TMP ( NP ( IN About ) ( DT a ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD ended ) ( NP ( NP ( DT an ) ( JJ on-again ) ( JJ off-again ) ( JJ internal ) ( NN production ) ( NN war ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VP ( VBN put ) ( NP ( NNS prices ) ) ( PP-PUT ( IN on ) ( NP ( DT a ) ( NN roller ) ( NN coaster ) ) ) ) ( CC and ) ( VP ( VBN pitched ) ( NP ( NP ( NN oil ) ( NNS towns ) ) ( PP-LOC ( PP ( IN from ) ( NP ( NNP Houston ) ) ) ( PP ( TO to ) ( NP ( NNP Caracas ) ) ) ) ) ( PP-DIR ( IN into ) ( NP ( NN recession ) ) ) ) ) ) ) ) ) ) )

About a year ago it ended an on-again off-again internal production war that had put prices on a roller coaster and pitched oil towns from Houston to Caracas into recession


( S ( NP-SBJ ( NP ( NNP Saudi ) ( NNP Arabia ) ) ( NP ( NP ( NNP OPEC ) ( POS 's ) ) ( NN kingpin ) ) ) ( VP ( VBD abandoned ) ( NP ( NP ( DT a ) ( NN policy ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG flooding ) ( NP ( DT the ) ( NN market ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB punish ) ( NP ( NNS quota-cheaters ) ) ) ) ) ) ) ) ) ) )

Saudi Arabia OPEC 's kingpin abandoned a policy of flooding the market to punish quota-cheaters


( S ( PP-TMP ( IN About ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Iran-Iraq ) ( NN war ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBG roiling ) ( NP ( NN oil ) ( NNS markets ) ) ) ) ) ) ) ( VP ( VBD ended ) ) )

About the same time the Iran-Iraq war which was roiling oil markets ended


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( JJ global ) ( NN petroleum ) ( NN demand ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG climbing ) ) ) ) )

In addition global petroleum demand has been climbing


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN projected ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( VP ( VBG growing ) ( PP-MNR ( IN by ) ( NP ( NP ( NP ( DT a ) ( CD million ) ( NNS barrels ) ) ( NP-TMP ( DT a ) ( NN day ) ) ) ( CC or ) ( NP ( NP ( QP ( RB up ) ( TO to ) ( CD 2 ) ) ( NN % ) ) ( ADVP-TMP ( RB annually ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( NNS years ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is projected to keep growing by a million barrels a day or up to 2 % annually for years to come


( S ( PP ( IN For ) ( NP ( NNP OPEC ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ ideal ) ) ) )

For OPEC that 's ideal


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ resulting ) ( JJ firm ) ( NNS prices ) ( CC and ) ( NN stability ) ) ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT both ) ( NP ( NNS producers ) ) ( CC and ) ( NP ( NNS consumers ) ) ) ( VP ( TO to ) ( VP ( VB plan ) ( ADVP-MNR ( RB confidently ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Saudi ) ( NNP Arabian ) ( NNP Oil ) ( NNP Minister ) ( NNP Hisham ) ( NNP Nazer ) ) )

The resulting firm prices and stability will allow both producers and consumers to plan confidently says Saudi Arabian Oil Minister Hisham Nazer


( S ( NP-SBJ ( NNP OPEC ) ( NNP Secretary-General ) ( NNP Subroto ) ) ( VP ( VBZ explains ) ( S ( NP-SBJ ( NNS Consumers ) ) ( VP ( VBP offer ) ( NP ( NP ( NN security ) ) ( PP ( IN of ) ( NP ( NNS markets ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP OPEC ) ) ( VP ( VBZ provides ) ( NP ( NP ( NN security ) ) ( PP ( IN of ) ( NP ( NN supply ) ) ) ) ) ) ) ) ) ) )

OPEC Secretary-General Subroto explains Consumers offer security of markets while OPEC provides security of supply


( S ( S-TPC-3 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ opportune ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( JJ mutual ) ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NN price ) ( NNS shocks ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG happening ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

This is an opportune time to find mutual ways to prevent price shocks from happening again he says


( S ( S-PRP ( VP ( TO To ) ( VP ( VB promote ) ( NP ( DT this ) ( NN balance ) ) ) ) ) ( NP-SBJ-1 ( NNP OPEC ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBG confronting ) ( NP ( DT a ) ( JJ long-simmering ) ( JJ internal ) ( NN problem ) ) ) ) )

To promote this balance OPEC now is finally confronting a long-simmering internal problem


( S ( PP-TMP ( IN At ) ( NP ( PRP$ its ) ( NNP November ) ( NN meeting ) ) ) ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB revise ) ( NP ( PRP$ its ) ( NNS quotas ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB satisfy ) ( NP ( NP ( NNP Persian ) ( NNP Gulf ) ( NNS members ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB produce ) ( NP ( NP ( ADJP ( RB far ) ( JJR more ) ) ( NN oil ) ) ( PP ( IN than ) ( NP ( PRP$ their ) ( NNS allotments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At its November meeting it will try to revise its quotas to satisfy Persian Gulf members that can produce far more oil than their allotments


( S ( S-NOM-SBJ ( VP ( VBG Being ) ( VP ( VBN held ) ( S ( PP-PRD ( ADVP ( RB well ) ) ( IN below ) ( NP ( NN capacity ) ) ) ) ) ) ) ( VP ( VP ( ADVP-MNR ( RB greatly ) ) ( VBZ irritates ) ( NP ( PRP them ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN led ) ( PP-CLR ( TO to ) ( NP ( JJ widespread ) ( NN cheating ) ) ) ) ) ) )

Being held well below capacity greatly irritates them and has led to widespread cheating


( S ( NP-SBJ-1 ( NNP OPEC ) ) ( VP ( VBZ has ) ( VP ( ADVP-MNR ( RB repeatedly ) ) ( VBN raised ) ( NP ( PRP$ its ) ( JJ self-imposed ) ( NN production ) ( NN ceiling ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB legitimize ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT that ) ( JJ unauthorized ) ( NN output ) ) ) ) ) ) ) ) ) )

OPEC has repeatedly raised its self-imposed production ceiling to legitimize some of that unauthorized output


( S ( NP-SBJ-3 ( NN Oil ) ( NNS ministers ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB solve ) ( NP ( DT the ) ( NN issue ) ) ( ADVP ( IN for ) ( RB good ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT an ) ( JJ Iranian ) ( NN proposal ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBZ gives ) ( NP ( NP ( DT a ) ( JJR larger ) ( NN share ) ) ( PP ( IN of ) ( NP ( NN output ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNS countries ) ) ( PP ( IN with ) ( NP ( NN surplus ) ( NN capacity ) ) ) ) ) ) ( CC and ) ( VP ( VBZ reduces ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD ca ) ( RB n't ) ( VP ( VB produce ) ( NP ( JJR more ) ) ( ADVP ( RB anyway ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Oil ministers now hope to solve the issue for good through an Iranian proposal that gives a larger share of output to countries with surplus capacity and reduces the shares of those that ca n't produce more anyway


( SINV ( S-TPC-2 ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP walk ) ( ADVP-DIR ( RB out ) ) ( PP ( IN without ) ( NP ( NP ( DT any ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB resolve ) ( NP ( PRP$ their ) ( NN problem ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN production ) ) ( VP ( MD could ) ( VP ( VB increase ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( CD 23 ) ( CD million ) ( CC or ) ( CD 24 ) ( CD million ) ) ( NNS barrels ) ) ( NP-TMP ( DT a ) ( NN day ) ) ) ) ( S-ADV ( VP ( VBG making ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ troublesome ) ) ( JJ first ) ( NN quarter ) ) ) ) ) ) ) ) ( VP ( VBZ warns ) ) ( NP-SBJ ( NP ( NNP Nordine ) ( NNP Ait-Laoussine ) ) ( NP ( DT a ) ( NN consultant ) ( CC and ) ( JJ former ) ( NNP Algerian ) ( NNP OPEC ) ( NN delegate ) ) ) )

But if they walk out without any effort to resolve their problem production could increase to 23 million or 24 million barrels a day making for a very troublesome first quarter warns Nordine Ait-Laoussine a consultant and former Algerian OPEC delegate


( S ( NP-SBJ ( DT That ) ) ( VP ( MD would ) ( VP ( VB send ) ( NP-2 ( NNS prices ) ) ( S-CLR ( VP ( VBG plummeting ) ( PP-DIR ( IN from ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT some ) ( JJ gun-shy ) ( NNP U.S. ) ( NN oil ) ( NNS executives ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VB regard ) ( PP-CLR ( IN as ) ( NP ( ADJP ( RB too ) ( JJ low ) ) ( DT a ) ( NN level ) ) ) ) ) ) ) ) ) ) ) )

That would send prices plummeting from what some gun-shy U.S. oil executives still regard as too low a level


( S ( NP-SBJ ( NP ( NNP Patrick ) ( NNP J ) ( NNP Early ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Amoco ) ( NNP Corp. ) ( POS 's ) ) ( NN oil-production ) ( NN unit ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( PP ( IN despite ) ( NP ( JJ recent ) ( NN stability ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ plans ) ( NP ( NP ( NP ( JJ continued ) ( NN tightening ) ) ( PP ( IN of ) ( NP ( NNS costs ) ) ) ) ( CC and ) ( NP ( NN exploration ) ( NN spending ) ) ) ) ) ) ) )

Patrick J Early president of Amoco Corp. 's oil-production unit says that despite recent stability he plans continued tightening of costs and exploration spending


( S-1 ( NP-SBJ ( NP ( DT The ) ( NN view ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ( NNS others ) ) ( PP-LOC ( IN in ) ( NP ( JJ Big ) ( NN Oil ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ maintains ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( RB very ) ( RB much ) ) ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( NNP Amoco ) ( POS 's ) ) ( NN outlook ) ) ) ) ) )

The view of some others in Big Oil he maintains is very much similar to Amoco 's outlook


( S ( NP-TMP ( RB Just ) ( DT this ) ( NN week ) ) ( NP-SBJ ( NNP Mobil ) ( NNP Corp. ) ) ( VP ( VBD disclosed ) ( NP ( NP ( JJ new ) ( NNS cutbacks ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ domestic ) ( NN exploration ) ( CC and ) ( NN production ) ( NNS operations ) ) ) ) ) )

Just this week Mobil Corp. disclosed new cutbacks in its domestic exploration and production operations


( S ( S ( ADVP-LOC ( RB Out ) ( RB here ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Querecho ) ( NNPS Plains ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP Mexico ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( DT the ) ( NN mood ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RBR more ) ( JJ upbeat ) ) ) ) ( S ( S ( NP-SBJ ( NNS trucks ) ) ( VP ( VBP rumble ) ( PP-LOC-CLR ( IN along ) ( NP ( DT the ) ( JJ dusty ) ( NNS roads ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( JJ burly ) ( NNS men ) ) ( PP ( IN in ) ( NP ( JJ hard ) ( NNS hats ) ) ) ) ( VP ( VBP sweat ) ( CC and ) ( VBP swear ) ( PP ( IN through ) ( NP ( DT the ) ( NN afternoon ) ( NN sun ) ) ) ) ) ) )

Out here on the Querecho Plains of New Mexico however the mood is more upbeat trucks rumble along the dusty roads and burly men in hard hats sweat and swear through the afternoon sun


( S ( NP-SBJ ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Energy ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Southern ) ( NNP Pacific ) ( NNP Co. ) ) ) ) ) ( VP ( VBD bought ) ( PP-CLR ( IN from ) ( NP ( NNP Amoco ) ) ) ( NP ( NP ( DT the ) ( NNS rights ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD allowed ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB drill ) ( NP ( DT the ) ( NNP Sharpshooter ) ) ) ) ) ) ) ) ) ) )

Santa Fe Energy Co. a unit of Santa Fe Southern Pacific Co. bought from Amoco the rights that allowed it to drill the Sharpshooter


( SINV ( ADVP-LOC ( NP ( DT A ) ( NN mile ) ( QP ( CC and ) ( DT a ) ( NN half ) ) ) ( RB away ) ) ( VBZ looms ) ( NP-SBJ ( NP ( NP ( DT the ) ( JJ 150-foot-tall ) ( NN rig ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Sniper ) ) ) ) ( ADJP ( JJ due ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG pumping ) ( PP-TMP ( IN by ) ( NP ( NNP December ) ) ) ) ) ) ) ) ) )

A mile and a half away looms the 150-foot-tall rig of the Sniper due to be pumping by December


( SINV ( S-TPC-2 ( NP-SBJ ( NN Talk ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( NN everybody ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB drill ) ( NP ( JJR more ) ( NNS wells ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NN foreman ) ( NNP Tommy ) ( NNP Folsom ) ) )

Talk is that everybody is going to drill more wells says foreman Tommy Folsom


( S ( NP-SBJ-1 ( NNP Santa ) ( NNP Fe ) ) ( VP ( VBZ aims ) ( S ( VP ( TO to ) ( VP ( VP ( VB drill ) ( NP-2 ( QP ( IN about ) ( CD 30 ) ) ( NNS wells ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN area ) ) ) ( PP-TMP-3 ( IN in ) ( NP ( CD 1989 ) ) ) ) ( CC and ) ( VP ( NP=2 ( VB double ) ( DT that ) ) ( NP-TMP=3 ( JJ next ) ( NN year ) ) ) ) ) ) ) )

Santa Fe aims to drill about 30 wells in this area in 1989 and double that next year


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ aggressive ) ) ( PP ( IN than ) ( ADJP ( JJS most ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN company ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ new ) ( NN attitude ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD found ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD went ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Sharpshooter ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is more aggressive than most but it is n't the only company with a new attitude as it found when it went looking for a partner for the Sharpshooter


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD went ) ( PP-DIR ( TO to ) ( NP ( CD six ) ( NNS companies ) ) ) ( PP-TMP ( IN over ) ( NP ( CD two ) ( NNS days ) ) ) ( S-ADV ( VP ( VBG pitching ) ( NP ( DT the ) ( NN prospect ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Tim ) ( NNP Parker ) ) ( NP ( DT a ) ( NNP Santa ) ( NNP Fe ) ( NN exploration ) ( NN manager ) ) ) )

We went to six companies over two days pitching the prospect says Tim Parker a Santa Fe exploration manager


( S ( NP-SBJ ( CD Five ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ interested ) ) ) )

Five were interested


( S ( NP-SBJ-1 ( NNP Mitchell ) ( NNP Energy ) ( CC & ) ( NNP Development ) ( NNP Corp. ) ) ( VP ( VBD became ) ( NP-PRD ( DT the ) ( NN partner ) ) ( S-ADV ( VP ( VBG ponying ) ( PRT ( RP up ) ) ( NP ( NP ( NP ( QP ( JJR more ) ( IN than ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 600,000 ) ) ( PP ( IN in ) ( NP ( NN drilling ) ( CC and ) ( JJ start-up ) ( NNS costs ) ) ) ) ) ) ) ) ) ) )

Mitchell Energy & Development Corp. became the partner ponying up more than half of the 600,000 in drilling and start-up costs


( S ( NP-SBJ ( NNP Mitchell ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( NP ( DT a ) ( NN half-interest ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN oil ) ) ) ) ) ) )

Mitchell will get a half-interest in the oil


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT A ) ( NN kind ) ) ( PP ( IN of ) ( NP ( JJ no-mistakes ) ( NN mentality ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG stifling ) ( NP ( NN activity ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Don ) ( NNP Covey ) ) ( NP ( NP ( NNP Mitchell ) ( POS 's ) ) ( NN oil ) ( NN exploration ) ( NN chief ) ) ) )

A kind of no-mistakes mentality had been stifling activity says Don Covey Mitchell 's oil exploration chief


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NN everybody ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADVP ( NP-ADV ( DT a ) ( RB lot ) ) ( RBR more ) ) ( JJ optimistic ) ) ) )

Now everybody is a lot more optimistic


( S ( NP-SBJ ( NP ( CD One ) ( NN attraction ) ) ( PP ( IN for ) ( NP ( NP ( NN oil ) ( NNS operators ) ) ( UCP ( ADVP-LOC ( RB here ) ) ( CC and ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS fields ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NN bargain-basement ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NN drilling ) ( CC and ) ( NN equipment ) ) ) ) ( VP ( VBG reflecting ) ( NP ( NP ( NP ( NN service ) ( NNS companies ) ( POS ' ) ) ( NN hunger ) ) ( PP ( IN for ) ( NP ( NN work ) ) ) ) ) ) ) )

One attraction for oil operators here and in other fields is the bargain-basement cost of drilling and equipment reflecting service companies ' hunger for work


( S ( NP-SBJ ( NP ( NNP Kadane ) ( NNP Oil ) ( NNP Co. ) ) ( NP ( DT a ) ( JJ small ) ( NNP Texas ) ( NN independent ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB currently ) ) ( VP ( VP ( VBG drilling ) ( NP ( CD two ) ( NNS wells ) ) ( NP-ADV ( PRP itself ) ) ) ( CC and ) ( VP ( VBG putting ) ( NP ( NN money ) ) ( PP-PUT ( IN into ) ( NP ( CD three ) ( NNS others ) ) ) ) ) ) )

Kadane Oil Co. a small Texas independent is currently drilling two wells itself and putting money into three others


( S ( NP-SBJ ( NP ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS wells ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ southwestern ) ( NNP Oklahoma ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ rank ) ( NN wildcat ) ) ( NP ( NP ( DT a ) ( JJ risky ) ( NN well ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( NN oil ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN found ) ) ) ) ) ) ) ) ) )

One of its wells in southwestern Oklahoma is a rank wildcat a risky well where oil previously has n't been found


( SINV ( S-TPC-2 ( PP ( PP ( IN At ) ( NP ( NP ( DT this ) ( NN price ) ) ( NP ( NP ( CD 18 ) ) ( ADVP ( CC plus ) ( CC or ) ( CC minus ) ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( NNS costs ) ) ( VP ( VBG being ) ( ADJP-PRD ( ADJP ( RB significantly ) ( JJR less ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADVP-TMP ( NP ( JJ several ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS economics ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB pretty ) ( JJ good ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP Kadane ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) )

At this price 18 plus or minus and with costs being significantly less than they were several years ago the economics are pretty good says George Kadane head of the company


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP know ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( NP ( NP ( NN stability ) ) ( PP-LOC ( IN in ) ( NP ( NN price ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( NP ( NNS things ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB do ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN volatility ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) )

If you know you 've got stability in price you can do things you would n't do with the volatility of the past few years


( S ( NP-SBJ ( DT The ) ( NN activity ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ enough ) ( S ( VP ( TO to ) ( VP ( VB move ) ( NP ( DT some ) ( NN oil-service ) ( NNS prices ) ) ( PRT ( RP back ) ) ( PRT ( RP up ) ) ( NP-ADV ( DT a ) ( RB little ) ) ) ) ) ) ) )

The activity is enough to move some oil-service prices back up a little


( S ( NP-SBJ ( DT Some ) ( NN drill-bit ) ( NNS prices ) ) ( VP ( VBP have ) ( VP ( VBN risen ) ( NP-EXT ( CD 5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( NN month ) ) ) ) ) )

Some drill-bit prices have risen 5 % in the past month


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NNP Gulf ) ) ( PP ( IN of ) ( NP ( NNP Mexico ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN boat ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB deliver ) ( NP ( NNS supplies ) ) ( PP-DIR ( TO to ) ( NP ( JJ offshore ) ( NNS rigs ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ costs ) ( NP ( NP ( NP ( QP ( IN around ) ( CD 3,000 ) ) ) ( NP-TMP ( DT a ) ( NN day ) ) ) ( ADVP ( RB up ) ( NP ( QP ( RB nearly ) ( CD 60 ) ) ( NN % ) ) ( PP-TMP ( IN since ) ( NP ( NNP June ) ) ) ) ) ) )

In the Gulf of Mexico a boat to deliver supplies to offshore rigs now costs around 3,000 a day up nearly 60 % since June


( S ( NP-SBJ-1 ( DT Some ) ( NN service ) ( NNS boats ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD were ) ( VP ( VBN auctioned ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( QP ( IN about ) ( CD 1.7 ) ( CD million ) ) ) ( NP-SBJ ( DT each ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 1 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) )

Some service boats recently were auctioned for about 1.7 million each up from less than 1 million two years ago


( S ( S-TPC-1 ( S ( PP-LOC ( IN At ) ( NP ( NP ( DT the ) ( NN bottom ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN slump ) ) ) ) ) ( NP-SBJ ( NNP Schlumberger ) ( NNP Inc. ) ) ( VP ( VBD was ) ( VP ( VBG discounting ) ( NP-EXT ( CD 75 ) ( NN % ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT an ) ( JJ electronic ) ( NN evaluation ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN well ) ) ) ) ) ) ) ) ( S ( ADVP-TMP ( RB now ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ discounts ) ( NP-ADV ( QP ( IN about ) ( CD 50 ) ) ( NN % ) ) ) ) ) ( NP-SBJ ( NNS drillers ) ) ( VP ( VBP say ) ) )

At the bottom of the slump Schlumberger Inc. was discounting 75 % on an electronic evaluation of a well now it discounts about 50 % drillers say


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN money ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN made ) ) ) ) ) ) ) ) )

Still there is money to be made


( S ( NP-SBJ ( JJS Most ) ( NN oil ) ( NNS companies ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP set ) ( NP ( NP ( NN exploration ) ( CC and ) ( NN production ) ( NNS budgets ) ) ( PP ( IN for ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ( VP ( VBP forecast ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( NP ( CD 15 ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( NN barrel ) ) ( PP ( IN of ) ( NP ( NN crude ) ) ) ( VP ( VBN produced ) ) ) ) ) ) ) ) )

Most oil companies when they set exploration and production budgets for this year forecast revenue of 15 for each barrel of crude produced


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBP have ) ( VP ( VP ( VBN averaged ) ( ADVP-CLR ( ADVP ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 2 ) ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( DT that ) ) ) ) ) ( NP-ADV ( RB not ) ( NP ( DT a ) ( NN windfall ) ) ( CC but ) ( ADVP ( IN at ) ( JJS least ) ) ( NP ( NP ( DT a ) ( JJ pleasant ) ( NN bonus ) ) ( PP ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ) )

Prices have averaged more than 2 a barrel higher than that not a windfall but at least a pleasant bonus for them


( S ( ADVP ( RB So ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT a ) ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NNP Corp. ) ( NN survey ) ) ) ) ( NP-SBJ ( NP ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG refusing ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( RB even ) ( PRP$ their ) ( ADJP ( RB very ) ( JJ conservative ) ) ( NNS budgets ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB loosen ) ( PRT ( RP up ) ) ( PP-TMP ( IN before ) ( NP ( NN year ) ( NN end ) ) ) ) ) )

So according to a Dun & Bradstreet Corp. survey companies that had been refusing to spend even their very conservative budgets may loosen up before year end


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( VP ( VBN surveyed ) ) ) ) ) ( VP ( VBP report ) ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 1989 ) ( NN exploration ) ( NN spending ) ) ( VP ( MD will ) ( VP ( VB exceed ) ( NP ( CD 1988 ) ( POS 's ) ) ) ) ) ) ) ) ) ) )

It says 40 % of those surveyed report that 1989 exploration spending will exceed 1988 's


( S ( NP-SBJ ( NP ( NNS Funds ) ) ( PP ( IN for ) ( NP ( NN drilling ) ) ) ) ( VP ( MD may ) ( VP ( VB inch ) ( ADVP ( RB up ) ) ( NP-ADV ( RBR more ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN oil ) ( NNS prices ) ) ( VP ( VBP stay ) ( ADJP-PRD ( JJ stable ) ) ) ) ) ) ) )

Funds for drilling may inch up more next year if oil prices stay stable