( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS results ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ premature ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mitsuru ) ( NNP Miyata ) ) ( NP ( NP ( NN editor ) ) ( PP ( IN of ) ( NP ( NP ( NNP Nikkei ) ( NNP Biotechnology ) ) ( NP ( DT a ) ( VBG leading ) ( JJ Japanese ) ( NN industry ) ( NN newsletter ) ) ) ) ) ) )

The results seem to be very premature said Mitsuru Miyata editor of Nikkei Biotechnology a leading Japanese industry newsletter


( S ( NP-SBJ ( NNP Dr. ) ( NNP Kobayashi ) ) ( VP ( VBD responded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN antibody ) ) ( VP ( MD could ) ( ADVP ( RB potentially ) ) ( VP ( VB kill ) ( NP ( DT all ) ( JJ infected ) ( NNS cells ) ) ) ) ) ) ) ) ) ) )

Dr. Kobayashi responded that he thought the antibody could potentially kill all infected cells


( S ( CC But ) ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( NNP Dr. ) ( NNP Yonehara ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( ADVP ( RB still ) ) ( NP-PRD ( NP ( JJ several ) ( NNS uncertainties ) ) ( RRC ( ADVP ( RB particularly ) ) ( PP ( VBG regarding ) ( NP ( JJ possible ) ( NN side ) ( NNS effects ) ) ) ) ) ) ) ) ) )

But he and Dr. Yonehara said there were still several uncertainties particularly regarding possible side effects


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP$ Our ) ( NN antibody ) ) ( VP ( ADVP ( RB specifically ) ) ( VBD killed ) ( NP ( JJ infected ) ( NNS cells ) ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( ADJP ( RB very ) ( JJ low ) ) ( NN dose ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( ADVP ( RB also ) ) ( VP ( VB kill ) ( NP ( JJ other ) ( NNS cells ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Dr. ) ( NNP Yonehara ) ) )

Our antibody specifically killed infected cells at a very low dose but it can also kill other cells said Dr. Yonehara


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( NP ( NP ( DT the ) ( NN effect ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN antibody ) ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ human ) ( NN body ) ) ) ) ) ) )

We do n't know the effect of our antibody on the human body


( S ( S ( NP-SBJ-1 ( NNP AIDS ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT a ) ( JJ widespread ) ( NN problem ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ reports ) ( NP ( NP ( QP ( IN about ) ( CD 1,000 ) ) ( VBN known ) ( NNS carriers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN virus ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( JJ many ) ( NNS companies ) ) ( VP ( VBP have ) ( VP ( VBN poured ) ( NP ( JJ substantial ) ( NNS resources ) ) ( PP-CLR ( IN into ) ( NP ( NN research ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ( S-ADV ( VP ( VBG hoping ) ( S ( VP ( TO to ) ( VP ( VB cash ) ( PRT ( RP in ) ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ possible ) ( NN cure ) ) ) ) ) ) ) ) ) ) ) )

AIDS is n't considered a widespread problem in Japan the government reports about 1,000 known carriers of the virus but many companies have poured substantial resources into research in recent years hoping to cash in on a possible cure


( S ( NP-SBJ ( NNP Dr. ) ( NNP Kitamura ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( QP ( IN about ) ( CD 35 ) ) ( NNS projects ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( PP-PRD ( IN under ) ( NP ( NN way ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ Japanese ) ( NNS researchers ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ available ) ) ( NP-SBJ ( CD three ) ( JJ possible ) ( NNS cures ) ) ( PP-1 ( TO to ) ( NP ( JJ American ) ( NNS researchers ) ) ) ( PP-2 ( IN for ) ( NP ( JJ clinical ) ( NNS tests ) ) ) ) ) ) ) ) ) ) )

Dr. Kitamura said about 35 projects are currently under way in Japan and that Japanese researchers in the past year have made available three possible cures to American researchers for clinical tests


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NNS scientists ) ) ( PP ( IN from ) ( NP ( DT the ) ( CD two ) ( NNS countries ) ) ) ) ( VP ( VBP meet ) ( ADVP ( RB again ) ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP Orleans ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Japanese ) ) ( VP ( MD will ) ( VP ( VB present ) ( NP ( ADJP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( JJR more ) ) ( NNS drugs ) ) ( PP-CLR ( IN for ) ( NP ( JJ human ) ( NN testing ) ) ) ) ) ) ) ) )

He said that when scientists from the two countries meet again in January in New Orleans the Japanese will present at least three more drugs for human testing


( S ( NP-SBJ ( NNP AZT ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ only ) ( NN prescription ) ( NN medicine ) ) ( VP ( VBN approved ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG treating ) ( NP ( DT the ) ( NN disease ) ) ) ) ) ) ) ) )

AZT is the world 's only prescription medicine approved for treating the disease


( S ( NP-SBJ ( NP ( NNP Wellcome ) ( NNP PLC ) ) ( NP ( DT a ) ( JJ major ) ( JJ British ) ( NN pharmaceutical ) ( NN maker ) ) ) ( VP ( VBZ sells ) ( NP ( DT the ) ( NN drug ) ) ( PP-MNR ( IN under ) ( NP ( NP ( DT the ) ( NN name ) ) ( NP ( NNP Retrovir ) ) ) ) ) )

Wellcome PLC a major British pharmaceutical maker sells the drug under the name Retrovir


( S ( NP-SBJ-1 ( DT A ) ( NNP Wellcome ) ( NN spokesman ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN discovery ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN antibody ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) )

A Wellcome spokesman declined to comment on the discovery of the antibody in Japan


( S ( CC But ) ( NP-SBJ ( NP ( NNP Andrew ) ( NNP Porter ) ) ( NP ( NP ( DT a ) ( NN drug-industry ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Nikko ) ( NNPS Securities ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( DT the ) ( NN product ) ) ( VP ( VBD were ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB successfully ) ) ( VBN developed ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB represent ) ( NP ( NP ( DT a ) ( JJ potential ) ( NN threat ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ long-term ) ( NN viability ) ) ( PP ( IN of ) ( NP ( NNP Retrovir ) ) ) ) ) ) ) ) ) ) ) )

But Andrew Porter a drug-industry analyst at Nikko Securities Co. in London said if the product were to be successfully developed it would represent a potential threat to the long-term viability of Retrovir


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( NN lawsuit ) ) ( VP ( VBG seeking ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 7.7 ) ( CD million ) ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NNP Meredith ) ( NNP Corp. ) ( NN unit ) ) ) ( PP ( IN on ) ( NP ( NNS charges ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD defrauded ) ( NP ( DT the ) ( NN government ) ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NN relocation ) ( NNS services ) ) ( PP-CLR ( IN for ) ( NP ( JJ federal ) ( NNS employees ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Justice Department said it filed a lawsuit seeking more than 7.7 million from a Meredith Corp. unit on charges that the company defrauded the government on a contract to provide relocation services for federal employees


( S ( NP-SBJ ( NP ( DT The ) ( NN suit ) ) ( VP ( VBN filed ) ( PP-LOC ( IN in ) ( NP ( JJ federal ) ( NN trial ) ( NN court ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP Des ) ( NNP Moines ) ) ( NP ( NNP Iowa ) ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( NP-SBJ-1 ( NNP Meredith ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ) ) ) ) ) ) ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( VBN diversified ) ( NNS media ) ( NN company ) ( POS 's ) ) ( NN relocation ) ( NN unit ) ) ( VP ( VBD cheated ) ( NP ( DT the ) ( NN government ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG misrepresenting ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( NN government ) ( NNS employees ) ( POS ' ) ) ( NNS homes ) ) ) ) ) ) ) ) ) ) ) )

The suit filed in federal trial court in Des Moines Iowa where Meredith is based alleges that the diversified media company 's relocation unit cheated the government by misrepresenting the value of government employees ' homes


( S ( NP-SBJ ( DT The ) ( NN government ) ( NN contract ) ) ( VP ( VBD required ) ( S ( NP-SBJ ( NNP Meredith ) ( NNP Relocation ) ( NNP Corp. ) ) ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( NNS employees ) ( POS ' ) ) ( NNS homes ) ) ( PP-MNR ( VBN based ) ( PP ( IN on ) ( NP ( JJ independent ) ( NNS appraisals ) ) ) ) ) ) ) ) )

The government contract required Meredith Relocation Corp. to purchase employees ' homes based on independent appraisals


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ various ) ( NNS forms ) ) ( PP ( IN of ) ( NP ( NN misrepresentation ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN goal ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NP ( DT the ) ( VBN appraised ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( NNS employees ) ( POS ' ) ) ( NNS homes ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Justice Department alleges that the company engaged in various forms of misrepresentation with the goal of reducing the appraised value of employees ' homes


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN suit ) ) ) ( NP-SBJ-1 ( DT the ) ( NN department ) ) ( VP ( VBZ seeks ) ( S ( VP ( TO to ) ( VP ( VB recover ) ( NP ( NP ( QP ( CD 7.7 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS costs ) ) ( VP ( VBN incurred ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VP ( VBD terminated ) ( NP ( NP ( PRP$ its ) ( NN contract ) ) ( PP ( IN with ) ( NP ( NNP Meredith ) ( NNP Relocation ) ) ) ) ) ( CC and ) ( VP ( VBD sought ) ( NP ( NP ( JJ other ) ( NNS contracts ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB replace ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the suit the department seeks to recover 7.7 million in costs incurred when the government terminated its contract with Meredith Relocation and sought other contracts to replace it


( S ( NP-SBJ ( DT The ) ( NN department ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ seeks ) ( NP ( NP ( QP ( CD three ) ( NNS times ) ) ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NNS damages ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADVP-TMP ( RB presently ) ) ( ADJP-PRD ( JJ undetermined ) ) ) ) ) ( PP ( CC plus ) ( NP ( NNS penalties ) ) ) ) ) ) ) ) )

The department also said it seeks three times the government 's damages which are presently undetermined plus penalties


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP ( IN with ) ( NP ( NNP Meredith ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( JJ immediate ) ( NN comment ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN suit ) ) ) ) ) ) )

Officials with Meredith did n't have any immediate comment on the suit


( S ( NP-SBJ ( NN STOCK ) ( NNS PRICES ) ) ( VP ( VBD SWUNG ) ( ADVP-MNR ( RB wildly ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD reacted ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT an ) ( JJ initial ) ( NN plunge ) ) ( PP ( IN by ) ( NP ( NNP UAL ) ( NNS shares ) ) ) ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ sharp ) ( NN rebound ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ) ) ) ) ) ) ) ) ) )

STOCK PRICES SWUNG wildly as the market reacted to an initial plunge by UAL shares followed by a sharp rebound in the afternoon


( S ( NP-SBJ ( NP ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( ADVP ( IN down ) ( NP ( QP ( IN over ) ( CD 80 ) ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN morning ) ) ) ) ) ( VP ( VBN closed ) ( ADVP-CLR ( RB off ) ( NP ( CD 3.69 ) ) ) ( PP ( IN at ) ( NP ( CD 2659.22 ) ) ) ) )

The Dow Jones industrials down over 80 points in the morning closed off 3.69 at 2659.22


( S ( NP-SBJ ( NN Bond ) ( NNS prices ) ) ( VP ( VP ( VBD surged ) ( PP-PRP ( IN in ) ( NP ( NP ( NN reaction ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN sell-off ) ) ( PP ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ( RB then ) ( VP ( VBD eased ) ( ADVP ( RB slightly ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN afternoon ) ( NN recovery ) ) ) ) ) )

Bond prices surged in reaction to the sell-off in stocks then eased slightly during the afternoon recovery


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( VBD finished ) ( ADVP ( JJR lower ) ) ) )

The dollar finished lower


( S ( NP-SBJ ( NP ( NNP UAL ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD regained ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ early ) ( NN loss ) ) ) ) ( PP-LOC ( IN amid ) ( NP ( NN speculation ) ( SBAR ( S ( NP-SBJ ( CD one ) ( CC or ) ( JJR more ) ( NNS investors ) ) ( VP ( MD may ) ( VP ( VB challenge ) ( NP ( NP ( DT the ) ( NN airline ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ) ) ) ) ) )

UAL 's stock regained most of an early loss amid speculation one or more investors may challenge the airline 's decision to stay independent


( S ( NP-SBJ-1 ( DT The ) ( NN stock ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 8.375 ) ) ) ( PP ( IN at ) ( NP ( CD 170 ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG plunging ) ( NP-EXT ( CD 33 ) ) ( PP-DIR ( TO to ) ( NP ( CD 145 ) ) ) ) ) ) ) )

The stock closed down 8.375 at 170 after plunging 33 to 145


( S ( NP-SBJ-1 ( NNP Ford ) ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NNP Jaguar ) ) ) ) ( S-ADV ( VP ( VBG setting ) ( NP ( DT the ) ( NN stage ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ possible ) ( NN bidding ) ( NN war ) ) ( PP ( IN with ) ( NP ( NNP GM ) ) ) ) ) ) ) ) ) )

Ford may seek all of Jaguar setting the stage for a possible bidding war with GM


( S ( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG discussing ) ( NP ( NP ( DT an ) ( NN alliance ) ) ( PP ( IN with ) ( NP ( NNP GM ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNP Ford ) ( POS 's ) ) ( NN move ) ) ( VP ( MD may ) ( VP ( VB derail ) ( NP ( DT the ) ( NNS talks ) ) ) ) ) )

Jaguar has been discussing an alliance with GM but Ford 's move may derail the talks


( S ( NP-SBJ ( NN Car ) ( CC and ) ( NN truck ) ( NNS sales ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 20.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( JJ mid-October ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNP U.S. ) ( NNS manufacturers ) ) ( VP ( VBD paid ) ( NP ( DT the ) ( NN price ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ heavy ) ( NNS incentives ) ) ( ADVP-TMP ( RBR earlier ) ( PP ( IN in ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Car and truck sales slid 20.5 % in mid-October as U.S. manufacturers paid the price for heavy incentives earlier in the year


( S ( NP-SBJ-1 ( NNP General ) ( NNPS Motors ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RBS hardest ) ( VBN hit ) ) ) ) ) ) )

General Motors continued to be hardest hit


( S ( NP-SBJ ( JJ Durable ) ( NNS goods ) ( NNS orders ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 0.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( VBG weakening ) ( NN auto ) ( NN demand ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN spurt ) ) ( PP ( IN of ) ( NP ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( JJ new ) ( CD 1990 ) ( NNS models ) ) ) ) ) ) ) ) ) ) )

Durable goods orders slipped 0.1 % in September reflecting weakening auto demand after a spurt of orders for new 1990 models


( S ( PP ( VBG Excluding ) ( NP ( NN transportation ) ( NNS items ) ) ) ( NP-SBJ ( NNS orders ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.8 ) ( NN % ) ) ) )

Excluding transportation items orders rose 1.8 %


( S ( NP-SBJ ( NP ( NNP Norfolk ) ( NNP Southern ) ( POS 's ) ) ( NN board ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( NN buy-back ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 45 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( IN over ) ( CD 1.7 ) ( CD billion ) ) ) ) ) ) ) ) ) )

Norfolk Southern 's board approved a buy-back of up to 45 million shares valued at over 1.7 billion


( S ( NP-SBJ ( NP ( DT The ) ( NN repurchase ) ) ( VP ( VBN coupled ) ( PP-CLR ( IN with ) ( NP ( DT an ) ( JJR earlier ) ( NN buyback ) ) ) ) ) ( VP ( MD will ) ( VP ( VB reduce ) ( NP ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( PP-EXT ( IN by ) ( NP ( IN over ) ( CD 26 ) ( NN % ) ) ) ) ) )

The repurchase coupled with an earlier buyback will reduce the firm 's shares outstanding by over 26 %


( S ( NP-SBJ ( NNP PS ) ( NNP New ) ( NNP Hampshire ) ) ( VP ( VBD received ) ( NP ( DT a ) ( VBN sweetened ) ( ADJP ( QP ( CD 2.25 ) ( CD billion ) ) ) ( NN offer ) ) ( PP-CLR ( IN from ) ( NP ( NNP Northeast ) ( NNPS Utilities ) ) ) ( S-ADV ( VP ( ADVP ( RB likely ) ) ( VBG spurring ) ( NP ( NP ( DT a ) ( JJ new ) ( NN round ) ) ( PP ( IN of ) ( NP ( NP ( NN bidding ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN utility ) ) ) ) ) ) ) ) ) )

PS New Hampshire received a sweetened 2.25 billion offer from Northeast Utilities likely spurring a new round of bidding for the utility


( S ( NP-SBJ-1 ( NNP GE ) ( NNS executives ) ) ( VP ( VBD were ) ( VP ( VBN accused ) ( PP ( IN by ) ( NP-LGS ( NNP U.S. ) ( NNS prosecutors ) ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG providing ) ( NP ( JJ misleading ) ( CC and ) ( JJ false ) ( NNS data ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Pentagon ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cover ) ( PRT ( RP up ) ) ( NP ( JJ longstanding ) ( JJ fraudulent ) ( NN billing ) ( NNS practices ) ) ) ) ) ) ) ) ) ) )

GE executives were accused by U.S. prosecutors of providing misleading and false data to the Pentagon in 1985 to cover up longstanding fraudulent billing practices


( S ( NP-SBJ ( NNP Texaco ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( ADJP ( ADVP ( RB partly ) ) ( JJ due ) ( PP ( TO to ) ( NP ( DT a ) ( JJ massive ) ( NN restructuring ) ) ) ) ) ) ) ) )

Texaco said profit rose 11 % in the quarter partly due to a massive restructuring


( S ( NP-SBJ ( NNP Sun ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( NN gain ) ) ) )

Sun posted a gain


( S ( NP-SBJ ( NNP Mobil ) ( NNP Shell ) ( CC and ) ( NNP Chevron ) ) ( VP ( VBD had ) ( NP ( NNS declines ) ) ) )

Mobil Shell and Chevron had declines


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Mobil ) ) ( VP ( VBZ is ) ( VP ( VBG preparing ) ( S ( VP ( TO to ) ( VP ( VB slash ) ( NP ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( PP-TMP ( ADVP ( RB possibly ) ) ( RB as ) ( ADVP ( RB soon ) ( PP ( IN as ) ( NP ( JJ next ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS sources ) ) ( VP ( VBD said ) ) )

Mobil is preparing to slash its work force in the U.S. possibly as soon as next month sources said


( S ( NP-SBJ ( NNP Sears ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 16 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( NN profit ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP U.S. ) ( NN retail ) ( NNS operations ) ) ( VP ( VBD recorded ) ( NP ( NP ( DT the ) ( JJ first ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( QP ( IN over ) ( CD five ) ) ( NNS years ) ) ) ) ) ) ) ) )

Sears posted a 16 % drop in third-quarter profit as U.S. retail operations recorded the first loss in over five years


( S ( NP-SBJ ( DT The ) ( NNS results ) ) ( VP ( VBP show ) ( SBAR ( S ( NP-SBJ-1 ( NNP Sears ) ) ( VP ( VBZ is ) ( VP ( VBG struggling ) ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( NNS shoppers ) ) ) ) ) ) ) ) ) ) )

The results show Sears is struggling to attract shoppers


( S ( NP-SBJ-1 ( NNP Digital ) ( NNP Equipment ) ) ( VP ( VBD announced ) ( NP ( PRP$ its ) ( JJ first ) ( NN mainframe ) ( NNS computers ) ) ( S-ADV ( S-ADV ( VP ( VBG targeting ) ( NP ( NP ( NNP IBM ) ( POS 's ) ) ( JJS largest ) ( NN market ) ) ) ) ( CC and ) ( S-ADV ( VP ( VBG heating ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( JJS biggest ) ( NN rivalry ) ) ) ) ) ) )

Digital Equipment announced its first mainframe computers targeting IBM 's largest market and heating up the industry 's biggest rivalry


( S ( NP-SBJ ( NNP Cray ) ( NNP Research ) ) ( VP ( VP ( VBZ expects ) ( S ( NP-SBJ ( NN supercomputer ) ( NNS sales ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ flat ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ( NP ( NP ( DT the ) ( JJS latest ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NP ( JJ negative ) ( NNS announcements ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) )

Cray Research expects supercomputer sales to be flat next year the latest in a series of negative announcements by the company


( S ( NP-SBJ ( JJ Short ) ( NN interest ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 6 ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Nasdaq ) ( NN over-the-counter ) ( NN market ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN month ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) )

Short interest increased 6 % in the Nasdaq over-the-counter market for the month ended Oct. 13


( S ( NP-SBJ-1 ( NNP Salomon ) ) ( VP ( VBD posted ) ( NP ( NP ( DT an ) ( ADJP ( RB unexpectedly ) ( JJ big ) ) ( NN gain ) ) ( PP ( IN in ) ( NP ( JJ quarterly ) ( NNS earnings ) ) ) ) ( S-MNR ( VP ( VBN aided ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( NX ( NX ( NNS securities ) ( NN trading ) ) ( CC and ) ( NX ( NN investment ) ( NN banking ) ( NNS activities ) ) ) ) ) ) ) ) )

Salomon posted an unexpectedly big gain in quarterly earnings aided by its securities trading and investment banking activities


( S ( NP-SBJ-1 ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 38 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( PRP$ its ) ( JJS latest ) ( JJ fiscal ) ( NN quarter ) ) ) ( S-MNR ( VP ( VBN aided ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN from ) ( NP ( DT a ) ( JJ legal ) ( NN settlement ) ) ) ) ( CC and ) ( NP ( VBN continued ) ( NN growth ) ( RB overseas ) ) ) ) ) ) ) )

Procter & Gamble 's profit surged 38 % in its latest fiscal quarter aided by a gain from a legal settlement and continued growth overseas


( S ( NP-SBJ-1 ( NP ( NNP Goodyear ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( S-MNR ( VP ( VBN buoyed ) ( PP ( IN by ) ( NP-LGS ( NP ( VBN improved ) ( NN operating ) ( NNS results ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN tire ) ( NN business ) ) ) ) ) ) ) ) )

Goodyear 's profit rose 11 % in the quarter buoyed by improved operating results in its tire business


Markets


( NP ( NP ( NNS Stocks ) ) ( NP ( NP ( NN Volume ) ) ( NP ( CD 237,960,000 ) ( NNS shares ) ) ) )

Stocks Volume 237,960,000 shares


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( NP ( CD 2659.22 ) ) ( ADVP ( IN off ) ( NP ( CD 3.69 ) ) ) ) ( NP ( NP ( NN transportation ) ) ( NP ( CD 1210.70 ) ) ( ADVP ( IN off ) ( NP ( CD 25.96 ) ) ) ) ( NP ( NP ( NNS utilities ) ) ( NP ( CD 215.04 ) ) ( ADVP ( IN off ) ( NP ( CD 0.31 ) ) ) ) )

Dow Jones industrials 2659.22 off 3.69 transportation 1210.70 off 25.96 utilities 215.04 off 0.31


( NP ( NP ( NNS Bonds ) ) ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Treasury ) ( NN index ) ) ( NP ( CD 3425.22 ) ) ( ADVP ( IN up ) ) ) )

Bonds Shearson Lehman Hutton Treasury index 3425.22 up


( NP ( NP ( NNS Commodities ) ) ( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS futures ) ( NN index ) ) ( NP ( CD 129.24 ) ) ( ADVP ( IN off ) ( NP ( CD 0.25 ) ) ) ) ( NP ( NP ( NN spot ) ( NN index ) ) ( NP ( CD 130.76 ) ) ( ADVP ( IN off ) ( NP ( CD 0.88 ) ) ) ) ) )

Commodities Dow Jones futures index 129.24 off 0.25 spot index 130.76 off 0.88


( NP ( NP ( NN Dollar ) ) ( NP ( NP ( NP ( CD 141.45 ) ( NN yen ) ) ( ADVP ( IN off ) ( NP ( CD 0.45 ) ) ) ) ( NP ( NP ( CD 1.8355 ) ( NNS marks ) ) ( ADVP ( IN off ) ( NP ( CD 0.0115 ) ) ) ) ) )

Dollar 141.45 yen off 0.45 1.8355 marks off 0.0115


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Fatalities ) ) ( PP-LOC ( IN on ) ( NP ( JJ rural ) ( NNS interstates ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 33 ) ( NN % ) ) ( PP-TMP ( IN between ) ( NP ( NP ( CD 1986 ) ) ( CC and ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP National ) ( NNP Highway ) ( NNP Traffic ) ( NNP Safety ) ( NNP Administration ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN report ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN impact ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( CD 65 ) ( JJ miles-per-hour ) ) ( NN speed ) ( NN limit ) ) ) ( PP ( IN on ) ( NP ( DT those ) ( NNS roads ) ) ) ) ) ) ) ) )

Fatalities on rural interstates rose 33 % between 1986 and last year the National Highway Traffic Safety Administration said in a report on the impact of the 65 miles-per-hour speed limit on those roads


( S ( NP-SBJ ( NP ( DT The ) ( NN report ) ) ( PP ( TO to ) ( NP ( NNP Congress ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS fatalities ) ) ( VP ( VP ( VBD rose ) ( NP-EXT-1 ( CD 18 ) ( NN % ) ) ( PP-TMP-2 ( IN in ) ( NP ( CD 1987 ) ) ) ) ( CC and ) ( VP ( NP-EXT=1 ( CD 13 ) ( NN % ) ) ( PP-TMP=2 ( IN in ) ( NP ( CD 1988 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( JJ rural ) ( NNS interstates ) ) ) ) ) ) ) )

The report to Congress said that fatalities rose 18 % in 1987 and 13 % in 1988 on rural interstates


( S ( NP-SBJ ( DT The ) ( CD 1987 ) ( NN highway ) ( NN bill ) ) ( VP ( VBD permitted ) ( S ( NP-SBJ ( NNS states ) ) ( VP ( TO to ) ( VP ( VB raise ) ( NP ( DT the ) ( NN speed ) ( NN limit ) ) ( PP-DIR ( TO to ) ( NP ( CD 65 ) ( NN mph ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 55 ) ( NN mph ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( JJ interstate ) ( NNS roads ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN defined ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS highways ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBP pass ) ( PP-CLR ( IN through ) ( NP ( NP ( NNS areas ) ) ( PP ( IN with ) ( NP ( QP ( JJR fewer ) ( IN than ) ( CD 50,000 ) ) ( NNS people ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The 1987 highway bill permitted states to raise the speed limit to 65 mph from 55 mph on interstate roads which are defined as highways that pass through areas with fewer than 50,000 people


( S ( PP-TMP ( IN Since ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( CD 40 ) ( NNS states ) ) ( VP ( VBP have ) ( VP ( VBN increased ) ( NP ( NP ( DT the ) ( NN speed ) ( NN limit ) ) ( PP-LOC ( IN on ) ( NP ( JJ rural ) ( NNS interstates ) ) ) ) ) ) )

Since 1987 40 states have increased the speed limit on rural interstates


( S ( S ( NP-SBJ-1 ( QP ( IN About ) ( NN one-third ) ) ( IN of ) ( NP ( DT the ) ( NN fatality ) ( NN increase ) ) ) ( VP ( VBZ is ) ( VP ( VBN attributed ) ( PP-CLR ( TO to ) ( NP ( JJR greater ) ( NN travel ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( QP ( IN about ) ( NNS two-thirds ) ) ) ( VP ( VBZ is ) ( VP ( VBN attributed ) ( PP-CLR ( PP ( TO to ) ( NP ( JJ other ) ( NNS factors ) ) ) ( PP ( ADVP ( RB primarily ) ) ( TO to ) ( NP ( JJR greater ) ( NN speed ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP NHTSA ) ) ) ) )

About one-third of the fatality increase is attributed to greater travel and about two-thirds is attributed to other factors primarily to greater speed according to NHTSA


( S ( NP-SBJ ( DT The ) ( NN report ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS deaths ) ) ( PP-LOC ( IN on ) ( NP ( JJ urban ) ( JJ interstate ) ( NNS highways ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 7 ) ( NN % ) ) ( PP-TMP ( IN between ) ( NP ( NP ( CD 1986 ) ) ( CC and ) ( NP ( JJ last ) ( NN year ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS fatalities ) ) ( PP-LOC ( IN on ) ( NP ( JJ non-interstate ) ( NNS roads ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( IN about ) ( DT the ) ( JJ same ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( PP ( IN as ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) ) )

The report showed that deaths on urban interstate highways rose 7 % between 1986 and last year while fatalities on non-interstate roads were about the same in 1988 as in 1986


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNS states ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD raised ) ( NP ( NP ( DT the ) ( NN speed ) ( NN limit ) ) ( PP-LOC ( IN on ) ( NP ( JJ rural ) ( NNS interstates ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN fatality ) ( NN rate ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( IN about ) ( CD 18 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 1.7 ) ( NNS deaths ) ) ( PP ( IN per ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ( NNS miles ) ) ( VP ( VBN traveled ) ) ) ) ) ) ( PP-TMP ( IN between ) ( NP ( NP ( CD 1986 ) ) ( CC and ) ( NP ( CD 1988 ) ) ) ) ) )

In states that raised the speed limit on rural interstates the fatality rate rose about 18 % to 1.7 deaths per 100 million miles traveled between 1986 and 1988


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN fatality ) ( NN rate ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS states ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD retained ) ( NP ( DT the ) ( ADJP ( CD 55 ) ( NN mph ) ) ( NN limit ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 0.9 ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( ADJP-2 ( DT the ) ( JJ same ) ( PP ( IN as ) ( PP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) )

In contrast the fatality rate in the states that retained the 55 mph limit was 0.9 last year the same as in 1986


( S ( NP-SBJ-1 ( DT The ) ( VBG following ) ( NNS issues ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) )

The following issues were recently filed with the Securities and Exchange Commission


( NP ( NP ( NNP American ) ( NNP Exploration ) ( NNP Co. ) ) ( NP ( NP ( NN offering ) ) ( PP ( IN of ) ( NP ( QP ( CD five ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc ) ) ) ) ) )

American Exploration Co. offering of five million common shares via Smith Barney Harris Upham & Co. and Shearson Lehman Hutton Inc


( NP ( NP ( NNP Chemical ) ( NNP Waste ) ( NNP Management ) ( NNP Inc. ) ) ( NP ( NP ( VBD proposed ) ( JJ global ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( CD 8,500,000 ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ( SBAR ( WHPP-3 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ-1 ( NP ( QP ( CD seven ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS shares ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN offered ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( CD 1,500,000 ) ( NNS shares ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN offered ) ( ADVP-LOC ( RB overseas ) ) ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ( PRN ( ADJP ( JJ domestic ) ) ) ) ( CC and ) ( NP ( NP ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co ) ) ( PRN ( ADJP ( JJ international ) ) ) ) ) ) ) )

Chemical Waste Management Inc. proposed global offering of 8,500,000 shares of common stock of which seven million of the shares will be offered in the U.S. and 1,500,000 shares will be offered overseas via Merrill Lynch Capital Markets domestic and Kidder Peabody & Co international


( NP ( NP ( NNP Interlake ) ( NNP Corp. ) ) ( NP ( NP ( VBD proposed ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( VBN subordinated ) ( NNS debentures ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) )

Interlake Corp. proposed offering of 200 million of senior subordinated debentures via Goldman Sachs & Co


( NP ( NP ( NP ( NNP InterMedia ) ( NNP Capital ) ( NNP Corp. ) ) ( NP ( NNP Robin ) ( NNP Cable ) ( NNPS Systems ) ( NNP L.P. ) ) ( CC and ) ( NP ( NNP Brenmor ) ( NNP Cable ) ( NNPS Partners ) ) ) ( NP ( NP ( NN offering ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( VBN subordinated ) ( NN discount ) ( NN reset ) ( NNS debentures ) ) ) ( PP ( IN via ) ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc ) ) ) ) )

InterMedia Capital Corp. Robin Cable Systems L.P. and Brenmor Cable Partners offering of senior subordinated discount reset debentures via Drexel Burnham Lambert Inc


( NP ( NP ( NNP John ) ( NNP Nuveen ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( JJ initial ) ( NNS offerings ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Nuveen ) ( NNP California ) ( NNP Performance ) ( NNP Plus ) ( NNP Municipal ) ( NNP Fund ) ( NNP Inc. ) ) ( CC and ) ( NP ( DT the ) ( NNP Nuveen ) ( NNP New ) ( NNP York ) ( NNP Performance ) ( NNP Plus ) ( NNP Municipal ) ( NNP Fund ) ( NNP Inc. ) ) ) ) ( PP ( IN via ) ( NP ( NNP Alex ) ( NNP Brown ) ( CC & ) ( NNPS Sons ) ( NNP Inc ) ) ) ) )

John Nuveen & Co. initial offerings of the Nuveen California Performance Plus Municipal Fund Inc. and the Nuveen New York Performance Plus Municipal Fund Inc. via Alex Brown & Sons Inc


( NP ( NP ( NNP KnowledgeWare ) ( NNP Inc. ) ) ( NP ( NP ( JJ initial ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( CD three ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( NN stock ) ) ) ) ( SBAR ( WHPP-3 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ-1 ( NP ( CD 1,657,736 ) ( NNS shares ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( CD 1,342,264 ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN by ) ( NP-LGS ( NNS holders ) ) ) ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Montgomery ) ( NNPS Securities ) ) ( CC and ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNPS Securities ) ( NNP Corp ) ) ) ) ) )

KnowledgeWare Inc. initial offering of three million shares of its common stock of which 1,657,736 shares will be sold by the company and 1,342,264 will be sold by holders via Montgomery Securities and Donaldson Lufkin & Jenrette Securities Corp


( NP ( NP ( NNP MGM ) ( NNP Grand ) ( NNP Inc. ) ) ( NP ( NP ( VBD proposed ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD six ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) )

MGM Grand Inc. proposed offering of six million shares of common stock via Merrill Lynch


( NP ( NP ( NP ( NNP Microlog ) ( NNP Corp. ) ) ( VP ( ADVP-TMP ( RB formerly ) ) ( VBN called ) ( S ( NP-PRD ( NNP Old ) ( NNP Dominion ) ( NNPS Systems ) ( NNP Inc. ) ) ) ) ) ( NP ( NP ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.2 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ-1 ( NP ( QP ( CD one ) ( CD million ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-3 ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NP ( DT the ) ( NN balance ) ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNS holders ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Hambrecht ) ( CC & ) ( NNP Quist ) ) ( CC and ) ( NP ( NNP Johnston ) ( NNP Lemon ) ( CC & ) ( NNP Co ) ) ) ) ) )

Microlog Corp. formerly called Old Dominion Systems Inc. offering of 1.2 million common shares of which one million will be sold by the company and the balance by holders via Hambrecht & Quist and Johnston Lemon & Co


( NP ( NP ( NNP Scott ) ( NNP Paper ) ( NNP Co. ) ) ( NP ( NP ( NN shelf ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 360 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN debt ) ( NNS securities ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Goldman ) ( NNP Sachs ) ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ) ) ) ) )

Scott Paper Co. shelf offering of up to 360 million of debt securities via Goldman Sachs Salomon Brothers Inc. and Smith Barney Harris Upham


( NP ( NP ( NNP Sullivan ) ( NNP Graphics ) ( NNP Inc. ) ) ( NP ( NP ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 110 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ senior ) ( VBN subordinated ) ( NNS notes ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) )

Sullivan Graphics Inc. offering of 110 million of senior subordinated notes via Merrill Lynch


( NP ( NP ( NNP Sun ) ( NNP Sportswear ) ( NNP Inc. ) ) ( NP ( NP ( JJ initial ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.7 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ-1 ( NP ( QP ( CD one ) ( CD million ) ) ( NNS shares ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-3 ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NP ( DT the ) ( NN balance ) ) ) ( PP=3 ( IN by ) ( NP-LGS ( DT a ) ( NN holder ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Piper ) ( NNP Jaffray ) ( CC & ) ( NNP Hopwood ) ( NNP Inc ) ) ) ) ) )

Sun Sportswear Inc. initial offering of 1.7 million common shares of which one million shares will be sold by the company and the balance by a holder via Salomon Brothers Inc. and Piper Jaffray & Hopwood Inc


( NP ( NP ( NNP Yes ) ( NNP Clothing ) ( NNP Co. ) ) ( NP ( NP ( VBD proposed ) ( JJ initial ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NP ( CD 776,470 ) ( JJ common ) ( NNS shares ) ) ( SBAR ( WHPP-2 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( S ( NP-SBJ-1 ( NP ( CD 600,000 ) ( NNS shares ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN offered ) ( PP-3 ( IN by ) ( NP-LGS ( DT the ) ( NN company ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NP ( CD 176,470 ) ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNS holders ) ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Seidler ) ( NNP Amdec ) ( NNPS Securities ) ( NNP Inc ) ) ) ) )

Yes Clothing Co. proposed initial offering of 776,470 common shares of which 600,000 shares will be offered by the company and 176,470 by holders via Seidler Amdec Securities Inc


( S ( NP-SBJ ( DT The ) ( NN stock ) ( NN market ) ) ( VP ( VBD went ) ( PP-LOC ( IN on ) ( NP ( DT a ) ( JJ dizzying ) ( NN ride ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( NNP UAL ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNPS Airlines ) ) ) ) ) ( ADVP-TMP ( RB once ) ( RB again ) ) ( VP ( VBD led ) ( NP ( NNS shares ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( JJ breathtaking ) ( NN decline ) ) ( CC and ) ( RB then ) ( NP ( DT an ) ( NN afternoon ) ( NN comeback ) ) ) ) ) ) ) ) )

The stock market went on a dizzying ride as UAL parent of United Airlines once again led shares into a breathtaking decline and then an afternoon comeback


( S ( PP-LOC ( IN At ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( PRP it ) ( DT all ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 3.69 ) ) ( PP ( TO to ) ( NP ( CD 2659.22 ) ) ) ) ) )

At the end of it all the Dow Jones Industrial Average closed down 3.69 to 2659.22


( S ( PP-TMP ( IN At ) ( NP ( CD one ) ( NN point ) ) ) ( NP-TMP ( NN yesterday ) ( NN morning ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( NP ( CD 80.53 ) ( NNS points ) ) ) ) )

At one point yesterday morning the Dow was down 80.53 points


( S ( NP-SBJ ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( CD 237,960,000 ) ( NNS shares ) ) ) )

New York Stock Exchange volume was 237,960,000 shares


( S ( NP-SBJ ( VBG Declining ) ( NNS issues ) ) ( VP ( VBD swamped ) ( NP ( NP ( NNS advancers ) ) ( ADVP ( CD 1,222 ) ( TO to ) ( CD 382 ) ) ) ) )

Declining issues swamped advancers 1,222 to 382


( S ( NP-SBJ ( NP ( NN Yesterday ) ( POS 's ) ) ( NN sell-off ) ( CC and ) ( NN rebound ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ powerful ) ( NN reminder ) ( SBAR ( IN that ) ( S ( PP ( NP-ADV ( CD 11 ) ( NNS days ) ) ( IN after ) ( NP ( NP ( DT the ) ( JJ 190-point ) ( NN plunge ) ) ( PP ( IN on ) ( NP ( NNP Friday ) ( DT the ) ( JJ 13th ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( ADVP ( RB still ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ bad ) ( NN case ) ) ( PP ( IN of ) ( NP ( NNS nerves ) ) ) ) ) ) ) ) ) )

Yesterday 's sell-off and rebound was a powerful reminder that 11 days after the 190-point plunge on Friday the 13th the stock market still has a bad case of nerves


( S ( NP-SBJ ( NP ( NN Takeover ) ( NN stock ) ( NN speculation ) ) ( CC and ) ( NP ( JJ futures-related ) ( NN program ) ( NN trading ) ) ) ( VP ( VBD drove ) ( NP ( DT the ) ( JJ industrial ) ( NN average ) ) ( PP ( IN through ) ( NP ( JJ wide ) ( NNS ranges ) ) ) ) )

Takeover stock speculation and futures-related program trading drove the industrial average through wide ranges


( S ( CC And ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ ( JJR more ) ( NN volatility ) ) ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) )

And there is more volatility to come


( SINV ( S-TPC-1 ( NP-SBJ ( NNP October ) ( JJ 13th ) ) ( VP ( VBD left ) ( NP ( PRP us ) ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( VBN cut ) ( CC and ) ( VBN exposed ) ( NN nerve ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP Solomon ) ) ( NP ( NP ( JJ technical ) ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP Bear ) ( NNP Stearns ) ) ) ) ) )

October 13th left us with a cut and exposed nerve said Jack Solomon technical analyst for Bear Stearns


( S ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ fearful ) ( CC and ) ( JJ sensitive ) ) ) )

People are fearful and sensitive


( S ( NP-SBJ ( NP ( NN Everybody ) ( POS 's ) ) ( NN finger ) ) ( VP ( VBZ is ) ( ADJP-PRD ( NP-ADV ( CD one ) ( NN inch ) ) ( JJR closer ) ( PP ( TO to ) ( NP ( DT the ) ( NN button ) ) ) ) ) )

Everybody 's finger is one inch closer to the button


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN had ) ( NP ( NP ( ADJP ( IN as ) ( JJ many ) ) ( NNS calls ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD had ) ( NP-TMP ( DT this ) ( NN morning ) ) ) ) ) ) ) ) )

I have never had as many calls as I had this morning


( S ( NP-SBJ ( NN Volatility ) ) ( VP ( VBZ is ) ( ADVP-LOC-PRD ( RB here ) ( S ( VP ( TO to ) ( VP ( VB stay ) ) ) ) ) ) )

Volatility is here to stay


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD plunged ) ( NP-EXT ( QP ( IN about ) ( CD 80 ) ) ( NNS points ) ) ( PP-TMP ( IN in ) ( NP ( QP ( RB slightly ) ( JJR more ) ( IN than ) ( CD one ) ) ( NN hour ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN opening ) ( NN bell ) ) ) ) )

The Dow Jones Industrial Average plunged about 80 points in slightly more than one hour after the opening bell


( S ( PP ( IN For ) ( NP ( JJ many ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-CLR ( IN like ) ( NP ( NP ( DT a ) ( NN replay ) ) ( PP ( IN of ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) ) ) ) )

For many it began to look like a replay of Oct. 13


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NP ( NNS stocks ) ) ( CC and ) ( NP ( JJ stock-index ) ( NNS futures ) ) ) ( VP ( VBD fell ) ) ) ) ( NP-SBJ-1 ( DT a ) ( NN trading ) ( NN limit ) ) ( VP ( VBD was ) ( VP ( VBN hit ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NN stock ) ( NNS futures ) ( NN pit ) ) ) ) ) )

As stocks and stock-index futures fell a trading limit was hit in the S&P 500 stock futures pit


( S ( PP-LOC ( IN Under ) ( NP ( DT a ) ( JJ post-1987 ) ( NN crash ) ( NN reform ) ) ) ( NP-SBJ ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB permit ) ( S ( NP-SBJ ( DT the ) ( NNP December ) ( NNP S&P ) ( NNS futures ) ) ( VP ( TO to ) ( VP ( VB fall ) ( ADVP-EXT ( RB further ) ( PP ( IN than ) ( NP ( NP ( CD 12 ) ( NNS points ) ) ( PP ( IN for ) ( NP ( DT a ) ( DT half ) ( NN hour ) ) ) ) ) ) ) ) ) ) ) )

Under a post-1987 crash reform the Chicago Mercantile Exchange would n't permit the December S&P futures to fall further than 12 points for a half hour


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD caused ) ( NP ( NP ( DT a ) ( JJ brief ) ( NN period ) ) ( PP ( IN of ) ( NP ( NP ( NN panic ) ( VBG selling ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) )

That caused a brief period of panic selling of stocks on the Big Board


( S ( CC But ) ( PP-TMP ( IN at ) ( NP ( DT a ) ( JJ critical ) ( NN moment ) ) ) ( NP-SBJ ( JJ stock-index ) ( NN arbitrage ) ( NNS traders ) ) ( VP ( VBD showed ) ( NP ( PRP$ their ) ( NN power ) ( CC and ) ( NN control ) ) ) )

But at a critical moment stock-index arbitrage traders showed their power and control


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD scooped ) ( PRT ( RP up ) ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNP S&P ) ( NNS futures ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD needed ) ( NP ( PRP it ) ) ( ADVP ( JJS most ) ) ) ) ) ) )

They scooped up hundreds of S&P futures when the market needed it most


( S ( PP-TMP ( IN At ) ( NP ( IN about ) ( CD 10:40 ) ( NN a.m. ) ( NNP EDT ) ) ) ( NP-SBJ-2 ( JJ several ) ( JJ big ) ( NN buy ) ( NNS orders ) ) ( VP ( VBD hit ) ( NP ( DT the ) ( NNP S&P ) ( NN pit ) ) ( ADVP-TMP ( RB simultaneously ) ) ( S-ADV ( VP ( VBG lifting ) ( NP ( DT the ) ( NNS futures ) ) ( PRT ( RP up ) ) ( PP-CLR ( PP ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN trading ) ( NN limit ) ) ) ) ( CC and ) ( PP ( ADVP ( RB eventually ) ) ( IN into ) ( NP ( NP ( NNS ranges ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD caused ) ( NP ( NP ( JJ computer-driven ) ( NN program ) ( NN buying ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) )

At about 10:40 a.m. EDT several big buy orders hit the S&P pit simultaneously lifting the futures up out of the trading limit and eventually into ranges that caused computer-driven program buying of stocks


( SINV ( S-TPC-4 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT those ) ( NN buy ) ( NNS orders ) ) ( VP ( VBD came ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD wanted ) ( S ( NP-SBJ-3 ( PRP$ their ) ( NN franchise ) ) ( VP ( VBN protected ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( JJ Chicago-based ) ( NNS futures ) ( NN trader ) ) )

It is very clear that those buy orders came from people who wanted their franchise protected said one Chicago-based futures trader


( S ( NP-SBJ-1 ( DT These ) ( NNS guys ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( NN something ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB show ) ( SBAR ( WHADJP-3 ( WRB how ) ( JJ powerful ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ) ) ) ) ) ) ) ) ) ) )

These guys wanted to do something to show how powerful they are


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Goldman ) ( NNP Sachs ) ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ( CC and ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT the ) ( JJ main ) ( NN force ) ) ( PP-LOC ( IN behind ) ( NP ( DT the ) ( NNS futures ) ( NN buying ) ) ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ pivotal ) ( NN moment ) ) ) ) ) ) ) )

Traders said Goldman Sachs Shearson Lehman Hutton and Salomon Brothers were the main force behind the futures buying at the pivotal moment


( S ( NP-SBJ-1 ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Shearson Lehman Hutton declined to comment


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Goldman ) ( NNP Sachs ) ) ( CC and ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unavailable ) ( PP ( IN for ) ( NP ( NN comment ) ) ) ) ) )

Officials at Goldman Sachs and Salomon Brothers were unavailable for comment


( S ( PP ( IN As ) ( PP ( IN in ) ( NP ( DT the ) ( NNP Oct. ) ( CD 13 ) ( NN massacre ) ) ) ) ( NP-SBJ-1 ( NP ( NN yesterday ) ( NN morning ) ( POS 's ) ) ( NN drop ) ) ( VP ( VBD was ) ( VP ( VBN triggered ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ bad ) ( NN news ) ) ( PP ( IN for ) ( NP ( NP ( NNS speculators ) ) ( PP-LOC ( IN in ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) )

As in the Oct. 13 massacre yesterday morning 's drop was triggered by bad news for speculators in UAL


( S ( NP-SBJ-2 ( DT A ) ( NNP UAL ) ( NN statement ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD closed ) ( NP-TMP ( NNP Monday ) ) ) ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN airline ) ( POS 's ) ) ( NN board ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( DT the ) ( NN company ) ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ( S-ADV ( VP ( ADVP-MNR ( RB effectively ) ) ( VBG crushing ) ( NP ( NP ( NNS hopes ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ immediate ) ( NN buy-out ) ) ) ) ) ) ) )

A UAL statement after the market closed Monday indicated that the airline 's board wanted to keep the company independent effectively crushing hopes of an immediate buy-out


( S ( SBAR ( NP-ADV ( CD Five ) ( NNS minutes ) ) ( IN before ) ( S ( NP-SBJ ( DT the ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBD opened ) ) ) ) ( NP-SBJ-3 ( NP ( DT a ) ( JJ preliminary ) ( NN price ) ) ) ( VP ( VBD was ) ( VP ( VBN flashed ) ( PP-1 ( IN for ) ( NP ( NNP UAL ) ) ) ( PP-2 ( ADVP-LOC ( RB somewhere ) ) ( IN between ) ( NP ( CD 135 ) ( CC and ) ( CD 155 ) ) ) ( NP-ADV ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( NP ( CD 43 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( IN from ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN close ) ) ) ) ) ) )

Five minutes before the Big Board opened a preliminary price was flashed for UAL somewhere between 135 and 155 a loss of as much as 43 a share from Monday 's close


( S ( NP-SBJ ( NNP UAL ) ) ( ADVP ( RB finally ) ) ( VP ( VBD opened ) ( PP-CLR ( IN for ) ( NP ( VBG trading ) ) ) ( PP-TMP ( IN at ) ( NP ( CD 10:08 ) ( NN a.m. ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 150 ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 28 ) ) ) ) )

UAL finally opened for trading at 10:08 a.m. at 150 down 28


( S ( NP-SBJ ( NN Floor ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ huge ) ( NN crowd ) ) ( PP-LOC ( IN around ) ( NP ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( NN specialist ) ( POS 's ) ) ( NN post ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( NNS trades ) ) ) ) ) ) ) ) ) ) ) )

Floor traders said there was a huge crowd around the Big Board specialist 's post where UAL trades


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ seething ) ( NN mass ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NN floor ) ( NN trader ) ) )

There was a seething mass of people said one floor trader


( S ( S-TPC-1 ( ADVP-TMP ( RB Then ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ big ) ( NN liquidation ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) )

Then there was a big liquidation of stock across the board he added


( S ( NP-SBJ-2 ( NP ( NN Takeover ) ( NNS speculators ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( ADVP ( RB already ) ) ( VP ( VBN taken ) ( NP ( NP ( DT a ) ( NN record ) ( NN loss ) ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 700 ) ( CD million ) ) ) ) ) ( PP ( IN on ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ( VP ( VBD started ) ( S ( VP ( VBG selling ) ( NP ( NP ( JJ other ) ( NNS stocks ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NNP S&P ) ( NNS futures ) ) ) ( PP-PRP ( IN in ) ( NP ( DT an ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB hedge ) ( PP-CLR ( IN against ) ( NP ( DT a ) ( JJ further ) ( NNP UAL ) ( NN blood ) ( NN bath ) ) ) ) ) ) ) ) ) ) ) )

Takeover speculators who have already taken a record loss estimated at more than 700 million on UAL started selling other stocks as well as S&P futures in an attempt to hedge against a further UAL blood bath


( S ( PP-TMP ( ADVP ( RB Shortly ) ) ( IN after ) ( NP ( DT the ) ( NNP UAL ) ( NN opening ) ) ) ( NP-SBJ-1 ( NN program ) ( NNS traders ) ) ( VP ( VBD started ) ( S ( VP ( VBG selling ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NNP Major ) ( NNP Market ) ( NNP Index ) ) ( CC and ) ( NP ( NNP S&P ) ( CD 500 ) ( NN index ) ) ) ) ) ) ) ) )

Shortly after the UAL opening program traders started selling stocks in the Major Market Index and S&P 500 index


( S ( NP-SBJ ( DT The ) ( JJ 20-stock ) ( NNP MMI ) ) ( VP ( NNS mimics ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) )

The 20-stock MMI mimics the Dow Jones Industrial Average


( S ( PP-TMP ( IN By ) ( NP ( CD 10:30 ) ( NN a.m. ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( NP ( CD 62.70 ) ) ) ) )

By 10:30 a.m. the Dow was down 62.70


( S ( NP-SBJ ( NP ( DT All ) ( NNS 20-stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP MMI ) ) ) ( PP ( IN except ) ( NP ( NP ( NNP Exxon ) ) ( NP ( NNP General ) ( NNPS Motors ) ) ( CC and ) ( NP ( NNP Sears ) ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN down ) ( NP ( CD 1 ) ) ( PP ( TO to ) ( NP ( CD 2 ) ) ) ) ) )

All 20-stocks in the MMI except Exxon General Motors and Sears were down 1 to 2


( S ( PP-TMP ( IN At ) ( NP ( NP ( CD 10:33 ) ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNP December ) ( NNS futures ) ( NN contract ) ) ( VP ( VBD crunched ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ 12-point ) ( NN loss ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN force ) ) ( PP ( IN of ) ( NP ( NN sell ) ( NNS programs ) ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NNP S&P ) ( NNS futures ) ( NN trading ) ) ( VP ( VBD was ) ( VP ( VBN halted ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( NN program ) ( NNS trades ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBD were ) ( VP ( VBN routed ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( JJ special ) ( NN computer ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ scans ) ( PP-CLR ( IN for ) ( NP ( NN order ) ( NNS imbalances ) ) ) ) ) ) ) ) ) ) ) )

At 10:33 when the S&P 500 December futures contract crunched to a 12-point loss under the force of sell programs S&P futures trading was halted and program trades on the Big Board were routed into a special computer that scans for order imbalances


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( NNS rules ) ) ( VP ( VBN adopted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NNS futures ) ( NN contract ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB drop ) ( PP-DIR ( IN below ) ( NP ( DT the ) ( NN limit ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS buyers ) ) ( VP ( MD can ) ( VP ( VB purchase ) ( NP ( NNS futures ) ) ) ) ) )

Under the rules adopted by the Chicago Mercantile Exchange the futures contract can not drop below the limit but buyers can purchase futures


( S ( PP-TMP ( IN At ) ( NP ( DT this ) ( NN point ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNS industrials ) ) ( VP ( VBD were ) ( UCP-PRD ( ADVP ( IN down ) ( NP ( CD 75.41 ) ( NNS points ) ) ) ( CC and ) ( VP ( VBG falling ) ) ) ) )

At this point the Dow industrials were down 75.41 points and falling


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN trading ) ( NN halt ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS futures ) ) ) ) ( VP ( VBD exacerbated ) ( NP ( NN selling ) ( CC and ) ( NN confusion ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS traders ) ) ( VP ( VBP maintain ) ) )

The trading halt in the S&P 500 futures exacerbated selling and confusion many traders maintain


( S ( CC But ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NN fright ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB spread ) ( PP-LOC ( IN through ) ( NP ( DT the ) ( NNP S&P ) ( NN pit ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ big ) ( NN brokerage ) ( NNS firms ) ) ( VP ( VP ( VBD came ) ( PRT ( IN in ) ) ) ( CC and ) ( VP ( VBD bought ) ( NP ( NNS futures ) ) ( ADVP-MNR ( RB aggressively ) ) ) ) )

But as the fright began to spread through the S&P pit the big brokerage firms came in and bought futures aggressively


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ whooosh ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NNS futures ) ( NN trader ) ) )

It was whooosh said one futures trader


( S ( PP-TMP ( IN In ) ( NP ( CD five ) ( NNS minutes ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNS industrials ) ) ( VP ( VBD climbed ) ( NP-EXT ( QP ( RB almost ) ( CD 30 ) ) ( NNS points ) ) ) )

In five minutes the Dow industrials climbed almost 30 points


( S ( NP-SBJ ( DT The ) ( JJ big ) ( NNS futures ) ( NN buying ) ) ( VP ( JJ triggered ) ( NP ( NP ( NNS stock-index ) ( NN buy ) ( NNS programs ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD trimmed ) ( NP ( NP ( DT the ) ( NNP Dow ) ( POS 's ) ) ( NN loss ) ) ( PP-DIR ( TO to ) ( NP ( CD 31 ) ( NNS points ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 11 ) ( RB a.m ) ) ) ) ) ) ) ) )

The big futures buying triggered stock-index buy programs that eventually trimmed the Dow 's loss to 31 points by 11 a.m


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS futures ) ( NN buying ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB finely ) ) ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NN program ) ( NNS traders ) ) ) ) ) ) ) ) )

Traders said the futures buying was finely calculated by program traders


( S ( NP-SBJ-1 ( DT These ) ( NNS firms ) ) ( VP ( VP ( VBD sold ) ( NP ( NN stock ) ) ( PP-TMP ( IN into ) ( NP ( DT the ) ( JJ big ) ( NN morning ) ( NN decline ) ) ) ) ( CC but ) ( VP ( S-ADV ( VP ( VBG seeing ) ( NP ( NP ( DT the ) ( NN velocity ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN drop ) ) ) ) ) ) ( VP ( VBD held ) ( PRT ( RP back ) ) ( PP-CLR ( IN on ) ( NP ( NP ( PRP$ their ) ( VBG offsetting ) ( NNS purchases ) ) ( PP ( IN of ) ( NP ( NNS futures ) ) ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( DT the ) ( NNP S&P ) ( NNS futures ) ) ( VP ( VBD hit ) ( NP ( DT the ) ( NN trading ) ( NN limit ) ) ) ) ) ) ) ) )

These firms sold stock into the big morning decline but seeing the velocity of the market 's drop held back on their offsetting purchases of futures until the S&P futures hit the trading limit


( S ( ADVP-TMP ( RB Then ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( JJ other ) ( NN side ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN trade ) ) ) ) ( PP-MNR ( IN by ) ( NP ( S-NOM ( VP ( VBG buying ) ( NP ( NNS futures ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( ADVP-MNR ( RB abruptly ) ) ( VBD halted ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN decline ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-3 ( NNS traders ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Then they completed the other side of the trade by buying futures which abruptly halted the stock market 's decline as traders began to buy stocks


( S ( ADVP-TMP ( PP ( IN From ) ( NP ( RB then ) ) ) ( IN on ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNS industrials ) ) ( VP ( VBD held ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 40 ) ( TO to ) ( CD 50 ) ) ( NNS points ) ) ) ) ) ) )

From then on the Dow industrials held at a loss of 40 to 50 points


( S ( ADVP-TMP ( RB Then ) ) ( PP-TMP ( IN in ) ( NP ( JJ late-afternoon ) ( NN trading ) ) ) ( NP-SBJ ( NP ( JJ hundred-thousand-share ) ( NN buy ) ( NNS orders ) ) ( PP ( IN for ) ( NP ( NNP UAL ) ) ) ) ( VP ( VBD hit ) ( NP ( DT the ) ( NN market ) ) ( PP-1 ( VBG including ) ( NP ( NP ( DT a ) ( JJ 200,000-share ) ( NN order ) ) ( PP ( IN through ) ( NP ( NNP Bear ) ( NNP Stearns ) ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( VBD seemed ) ( S ( VP ( TO to ) ( VP ( VB spark ) ( NP ( NP ( NNP UAL ) ( POS 's ) ) ( JJ late ) ( NN price ) ( NN surge ) ) ) ) ) ) ) ) ) ) ) )

Then in late-afternoon trading hundred-thousand-share buy orders for UAL hit the market including a 200,000-share order through Bear Stearns that seemed to spark UAL 's late price surge


( S ( ADVP-TMP ( RB Almost ) ( RB simultaneously ) ) ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD began ) ( NP ( NP ( DT a ) ( ADJP ( RB very ) ( JJ visible ) ) ( NN buy ) ( NN program ) ) ( PP ( IN for ) ( NP ( NP ( NNS dozens ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) )

Almost simultaneously PaineWebber began a very visible buy program for dozens of stocks


( S ( NP-SBJ ( DT The ) ( VBN combined ) ( NN buying ) ) ( VP ( VBD rallied ) ( NP ( DT the ) ( NNP Dow ) ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( JJ small ) ( NN gain ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG closing ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( JJ slight ) ( NN loss ) ) ) ) ) ) ) ) ) )

The combined buying rallied the Dow into a small gain before closing at a slight loss


( S ( NP-SBJ ( DT Some ) ( JJ institutional ) ( NNS traders ) ) ( VP ( VBD loved ) ( NP ( DT the ) ( JJ wild ) ( NN ride ) ) ) )

Some institutional traders loved the wild ride


( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NN fun ) ) ) ) ( VP ( VBD asserted ) ) ( NP-SBJ ( NP ( NNP Susan ) ( NNP Del ) ( NNP Signore ) ) ( NP ( NP ( NN head ) ( NN equity ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NNPS Travelers ) ( NNP Investment ) ( NNP Management ) ( NNP Co ) ) ) ) ) )

This is fun asserted Susan Del Signore head equity trader at Travelers Investment Management Co


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBD used ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ wild ) ( NNS swings ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( ADVP-MNR ( RB cheaply ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN sell-off ) ) ) ) ) ) ) ) ) ) )

She said she used the market 's wild swings to buy shares cheaply on the sell-off


( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( NN comeback ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Del ) ( NNP Signore ) ) ( VP ( JJ unloaded ) ( NP ( NP ( NNS shares ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG aiming ) ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( ADJP-PRD ( VB rid ) ( PP ( IN of ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On the comeback Ms. Del Signore unloaded shares she has been aiming to get rid of


( S ( CC But ) ( NP-SBJ-1 ( NP ( NNS traders ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP risk ) ( NP ( NN money ) ) ( S-ADV ( VP ( VBG handling ) ( NP ( NP ( JJ big ) ( NNS blocks ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN shaken ) ) ) )

But traders who risk money handling big blocks of stock were shaken


( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG eating ) ( PRT ( RP away ) ) ( NP ( PRP$ my ) ( NN youth ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Chung ) ( NNP Lew ) ) ( NP ( NP ( NN head ) ( NN equity ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NNP Kleinwort ) ( NNP Benson ) ( NNP North ) ( NNP America ) ( NNP Inc ) ) ) ) ) )

This market is eating away my youth said Chung Lew head equity trader at Kleinwort Benson North America Inc


( S ( NP-SBJ ( NN Credibility ) ) ( VP ( VBZ sounds ) ( ADJP-PRD ( JJ intangible ) ) ) )

Credibility sounds intangible


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG losing ) ( NP ( NN credibility ) ) ( SBAR-PRP ( IN because ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ does ) ( NP ( DT this ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB present ) ( NP ( PRP itself ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ rational ) ( NN investment ) ) ) ) ) ) ) ) ) ) ) ) )

But I think we are losing credibility because when the market does this it does n't present itself as a rational investment


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP overlook ) ( NP ( PDT all ) ( DT this ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ beautiful ) ( NN market ) ) ( PP ( IN for ) ( NP ( NN investment ) ) ) ) ( ADVP-TMP ( RB still ) ) ) )

But if you overlook all this it is a beautiful market for investment still


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD attributed ) ( NP ( NP ( NNS rallies ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ Japanese ) ( NN buy ) ( NN program ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD carried ) ( PP-CLR ( IN out ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN shift ) ) ( PP ( IN in ) ( NP ( NN portfolio ) ( NN strategy ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Professional ) ( NNP Investor ) ( NNP Report ) ) ) ) ) )

Traders attributed rallies in a number of stocks to a Japanese buy program that PaineWebber carried out as part of a shift in portfolio strategy according to Dow Jones Professional Investor Report


( S ( NP-SBJ ( NNP Dow ) ( NNP Jones ) ) ( VP ( VBD climbed ) ( NP-EXT ( QP ( CD 5 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 41 ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( ADJP ( JJ very ) ( JJ heavy ) ) ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 786,100 ) ( NNS shares ) ) ) ) ) ) )

Dow Jones climbed 5 3\/4 to 41 on very heavy volume of 786,100 shares


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ big ) ( JJ Japanese ) ( NN buy ) ( NN order ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN behind ) ( NP ( DT the ) ( NN rise ) ) ) ) ) ) ) )

Analysts said a big Japanese buy order was behind the rise


( S ( NP-SBJ ( DT A ) ( NNP Dow ) ( NNP Jones ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT no ) ( JJ corporate ) ( NNS developments ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB account ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN activity ) ) ) ) ) ) ) ) ) ) ) ) )

A Dow Jones spokesman said there were no corporate developments that would account for the activity


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS issues ) ) ( VP ( VBD said ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN included ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN buy ) ( NN program ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NP ( NNP Procter ) ( CC & ) ( NNP Gamble ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 2 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 133 ) ( CD 1\/2 ) ) ) ) ) ) ) ) ( NP ( NP ( NNP Atlantic ) ( NNP Richfield ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 103 ) ( CD 3\/4 ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Rockwell ) ( NNP International ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBD jumped ) ( NP-EXT ( QP ( CD 2 ) ( CD 3\/4 ) ) ) ( PP ( TO to ) ( NP-DIR ( QP ( CD 27 ) ( CD 1\/8 ) ) ) ) ) ) ) ) ) ) )

Other issues said to be included in the buy program were Procter & Gamble which rose 2 7\/8 to 133 1\/2 Atlantic Richfield which gained 2 to 103 3\/4 and Rockwell International which jumped 2 3\/4 to 27 1\/8


( S ( NP-SBJ-1 ( NNP PaineWebber ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

PaineWebber declined to comment


( S ( NP-SBJ ( NNP UAL ) ) ( VP ( VBD finished ) ( PP-LOC ( IN at ) ( NP ( CD 170 ) ) ) ( ADVP-CLR ( RB off ) ( NP ( QP ( CD 8 ) ( CD 3\/8 ) ) ) ) ) )

UAL finished at 170 off 8 3\/8


( S ( NP-SBJ ( NP ( JJ Other ) ( NN airline ) ( NNS stocks ) ) ) ( VP ( VBD fell ) ( PP-PRP ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP UAL ) ( NN board ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( ADJP-PRD ( JJ independent ) ) ( PP-TMP ( IN for ) ( RB now ) ) ) ) ) ) ) ) ) ) ( PP-1 ( VBG including ) ( NP ( NP ( NNP USAir ) ( NNP Group ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( ADVP-MNR ( RB separately ) ) ( VBD reported ) ( NP ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( CD 1.86 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( DT a ) ( JJ year-ago ) ( NN profit ) ) ) ) ) ) ) ) ) ) )

Other airline stocks fell in response to the UAL board 's decision to remain independent for now including USAir Group which separately reported a third-quarter loss of 1.86 a share compared with a year-ago profit


( S ( NP-SBJ ( NNP USAir ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 40 ) ) ) ) )

USAir fell 2 1\/2 to 40


( S ( S ( NP-SBJ ( NP ( NNP AMR ) ) ( NP ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNPS Airlines ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 68 ) ( CD 7\/8 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( CD 2.3 ) ( CD million ) ( NNS shares ) ) ) ) ) ( S ( NP-SBJ ( NNP Delta ) ( NNP Air ) ( NNPS Lines ) ) ( VP ( VBD lost ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 66 ) ) ) ) ) ( S ( NP-SBJ ( NNP Southwest ) ( NNPS Airlines ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 3\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 24 ) ( CD 1\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Midway ) ( NNPS Airlines ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 14 ) ( CD 7\/8 ) ) ) ) ) ) )

AMR the parent of American Airlines fell 1 3\/4 to 68 7\/8 on 2.3 million shares Delta Air Lines lost 1 1\/2 to 66 Southwest Airlines slid 3\/4 to 24 1\/4 and Midway Airlines dropped 1\/4 to 14 7\/8


( S ( NP-SBJ ( NP ( NNP Texas ) ( NNP Air ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( NNP Continental ) ) ( CC and ) ( NP ( NNP Eastern ) ( NNS airlines ) ) ) ) ) ) ) ( VP ( VBD lost ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 13 ) ( CD 1\/8 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP American ) ( NNP Stock ) ( NNP Exchange ) ) ) ) )

Texas Air which owns Continental and Eastern airlines lost 3\/8 to 13 1\/8 on the American Stock Exchange


( S ( NP-SBJ ( NNP Metals ) ( NNS stocks ) ) ( ADVP ( RB also ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB especially ) ( JJ weak ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNS earnings ) ( NN outlook ) ) ( PP ( IN for ) ( NP ( JJ cyclical ) ( NNS companies ) ) ) ) ) ) ( VP ( VBN weighed ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN group ) ) ) ) ) ) ) )

Metals stocks also were especially weak as concerns about the earnings outlook for cyclical companies weighed on the group


( S ( S ( NP-SBJ ( NP ( NNP Aluminum ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/2 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 70 ) ( CD 1\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Phelps ) ( NNP Dodge ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 59 ) ( CD 7\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Asarco ) ) ( VP ( VBD lost ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 31 ) ( CD 3\/4 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Reynolds ) ( NNPS Metals ) ) ( VP ( VBD slid ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 50 ) ( CD 3\/8 ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Amax ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD 5\/8 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Cyprus ) ( NNPS Minerals ) ) ( VP ( VBD skidded ) ( NP-EXT ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 26 ) ( CD 3\/4 ) ) ) ) ) ) )

Aluminum Co. of America dropped 1 1\/2 to 70 1\/4 Phelps Dodge fell 4 to 59 7\/8 Asarco lost 1 3\/8 to 31 3\/4 Reynolds Metals slid 1 3\/8 to 50 3\/8 Amax dropped 1 1\/8 to 21 5\/8 and Cyprus Minerals skidded 2 to 26 3\/4


( S ( NP-SBJ ( NNP Alcan ) ( NNP Aluminium ) ) ( VP ( VBD was ) ( NP-PRD ( DT an ) ( NN exception ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD gained ) ( NP ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 23 ) ) ) ( PP-LOC ( IN on ) ( NP ( QP ( CD two ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) )

Alcan Aluminium was an exception as it gained 1 3\/8 to 23 on two million shares


( S ( NP-SBJ ( NNP Goodyear ) ( NNP Tire ) ( CC & ) ( NNP Rubber ) ) ( VP ( VBD tumbled ) ( NP-EXT ( QP ( CD 2 ) ( CD 7\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 43 ) ( CD 7\/8 ) ) ) ) ) )

Goodyear Tire & Rubber tumbled 2 7\/8 to 43 7\/8


( S ( NP-SBJ ( PRP$ Its ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD ( JJR higher ) ( PP ( IN than ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ( CC but ) ( VP ( VBD fell ) ( ADVP-CLR ( RB short ) ( PP ( IN of ) ( NP ( NNS expectations ) ) ) ) ) ) )

Its third-quarter earnings were higher than a year ago but fell short of expectations


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNS industrials ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB benefit ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN rebound ) ) ) ) ) ) ) ) ) ) ( VP ( VBN included ) ( NP ( NP ( NP ( NNP United ) ( NNPS Technologies ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD dropped ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 53 ) ( CD 5\/8 ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN Bethle ) ( NN hem ) ( NN Steel ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 7\/8 ) ) ) ) ) ) ) ) ) ) )

Other stocks in the Dow industrials that failed to benefit from the market 's rebound included United Technologies which dropped 1 to 53 5\/8 and Bethle hem Steel which fell 1 to 16 7\/8


( S ( NP-SBJ ( NNP BankAmerica ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 29 ) ( CD 1\/2 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( QP ( CD 2.3 ) ( CD million ) ) ( NNS shares ) ) ) ( PP-LOC ( IN amid ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN earthquake ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN area ) ) ) ) ( VP ( VBD had ) ( VP ( VBN caused ) ( NP ( NP ( JJ structural ) ( NN damage ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( NN headquarters ) ( NN building ) ) ) ) ) ) ) ) ) ) ) )

BankAmerica dropped 1 1\/4 to 29 1\/2 on 2.3 million shares amid rumors that the earthquake last week in the San Francisco area had caused structural damage to its headquarters building


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VP ( VBD denied ) ( NP ( DT the ) ( NNS rumors ) ) ) ( CC and ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB own ) ( NP ( DT the ) ( NN building ) ) ) ) ) ) ) ) )

The company denied the rumors and noted that it does n't own the building


( S ( NP-SBJ-1 ( NP ( NNS Stocks ) ) ( PP ( IN of ) ( NP ( JJ California-based ) ( NNS thrifts ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD were ) ( VP ( ADVP-MNR ( RB hard ) ) ( VBN hit ) ) ) )

Stocks of California-based thrifts also were hard hit


( S ( S ( NP-SBJ ( NNP Great ) ( NNP Western ) ( NNP Financial ) ) ( VP ( VBD lost ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 20 ) ( CD 1\/2 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( QP ( CD 1.6 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ( S ( NP-SBJ ( NNP Golden ) ( NNP West ) ( NNP Financial ) ) ( VP ( VBD dropped ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 28 ) ( CD 1\/2 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP H.F. ) ( NNP Ahmanson ) ) ( VP ( VBD dipped ) ( NP-EXT ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD 1\/4 ) ) ) ) ) ) )

Great Western Financial lost 1 1\/8 to 20 1\/2 on 1.6 million shares Golden West Financial dropped 1 1\/4 to 28 1\/2 and H.F. Ahmanson dipped 5\/8 to 21 1\/4


( S ( S ( NP-SBJ ( NNP HomeFed ) ) ( VP ( VBD plunged ) ( NP-EXT ( QP ( CD 3 ) ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 38 ) ( CD 1\/2 ) ) ) ) ) ) ( S ( NP-SBJ ( PRP$ its ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN down ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( IN ago ) ) ) ) ) ) )

HomeFed plunged 3 5\/8 to 38 1\/2 its third-quarter earnings were down from a year ago


( S ( NP-SBJ-2 ( NNP Golden ) ( NNP Valley ) ( NNP Microwave ) ( NNPS Foods ) ) ( VP ( VBD skidded ) ( NP-EXT ( QP ( CD 3 ) ( CD 5\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 31 ) ( CD 3\/4 ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG warning ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ fourth-quarter ) ( NNS results ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( DT some ) ( ADJP ( RB fairly ) ( JJ large ) ) ( JJ international ) ( NN marketing ) ( NNS expenses ) ) ) ) ) ) ) ) ) ) ) ) )

Golden Valley Microwave Foods skidded 3 5\/8 to 31 3\/4 after warning that its fourth-quarter results could be hurt by some fairly large international marketing expenses


( S ( NP-SBJ ( JJ Dividend-related ) ( NN trading ) ) ( VP ( VBD swelled ) ( NP ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD two ) ( NNS issues ) ) ( NP ( NP ( NP ( NNP Security ) ( NNP Pacific ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD fell ) ( NP-EXT ( CD 7\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44 ) ( CD 1\/2 ) ) ) ) ) ( CC and ) ( VP ( VBD led ) ( NP ( NP ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ( POS 's ) ) ( JJS most ) ( NNS actives ) ( NN list ) ) ( PP ( IN on ) ( NP ( NP ( JJ composite ) ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 14.8 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Nipsco ) ( NNPS Industries ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD lost ) ( NP-EXT ( CD 3\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 17 ) ( CD 3\/8 ) ) ) ) ( PP-LOC ( IN on ) ( NP ( QP ( CD 4.4 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

Dividend-related trading swelled volume in two issues Security Pacific which fell 7\/8 to 44 1\/2 and led the Big Board 's most actives list on composite volume of 14.8 million shares and Nipsco Industries which lost 3\/8 to 17 3\/8 on 4.4 million shares


( S ( NP-SBJ ( DT Both ) ( NNS stocks ) ) ( VP ( VP ( VBP have ) ( NP ( NP ( NN dividend ) ( NNS yields ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 5 ) ) ( NN % ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB go ) ( NP ( NN ex-dividend ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) )

Both stocks have dividend yields of about 5 % and will go ex-dividend Wednesday


( S ( NP-SBJ ( NNP Kellogg ) ) ( VP ( VBD surged ) ( NP-EXT ( QP ( CD 4 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 75 ) ) ) ) )

Kellogg surged 4 1\/4 to 75


( S ( NP-SBJ ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ) ( VP ( VBD placed ) ( NP ( DT the ) ( NN stock ) ) ( PP-LOC ( IN on ) ( NP ( NP ( PRP$ its ) ( NN list ) ) ( PP ( IN of ) ( NP ( VBD recommended ) ( NNS issues ) ) ) ) ) ) )

Donaldson Lufkin & Jenrette placed the stock on its list of recommended issues


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ third-quarter ) ( NNS results ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN released ) ( ADVP-TMP ( ADVP ( RB later ) ( NP ( DT this ) ( NN week ) ) ) ( CC or ) ( ADVP ( JJ early ) ( NP ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) ) )

The company noted that its third-quarter results should be released later this week or early next week


( S ( NP-SBJ ( NNP Vista ) ( NNP Chemical ) ) ( VP ( VBD rose ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 38 ) ( CD 5\/8 ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( NNP Bear ) ( NNP Stearns ) ) ( VP ( VBD added ) ( NP ( DT the ) ( NN stock ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN buy ) ( NN list ) ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( JJ recent ) ( NN price ) ( NN weakness ) ) ) ) ) ) ) ) )

Vista Chemical rose 1 3\/8 to 38 5\/8 after Bear Stearns added the stock to the firm 's buy list citing recent price weakness


( S ( S ( NP-SBJ ( NP ( NNP Georgia ) ( NNP Gulf ) ) ( NP ( NP ( DT another ) ( NN producer ) ) ( PP ( IN of ) ( NP ( NN commodity ) ( NNS chemicals ) ) ) ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 2 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 49 ) ( CD 1\/2 ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNP Dallas ) ( NN investor ) ( NNP Harold ) ( NNP Simmons ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ holds ) ( NP ( NP ( QP ( IN about ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD raised ) ( NP ( PRP$ his ) ( NN stake ) ) ) ) ) ) ) ) )

Georgia Gulf another producer of commodity chemicals advanced 2 to 49 1\/2 Dallas investor Harold Simmons who holds about 10 % of its shares said he has n't raised his stake


( S ( NP-SBJ ( NNP Norfolk ) ( NNP Southern ) ) ( VP ( VBD went ) ( ADVP-CLR ( RB up ) ( NP ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 37 ) ( CD 7\/8 ) ) ) ) ) )

Norfolk Southern went up 1 1\/8 to 37 7\/8


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN board ) ) ( VP ( VBD approved ) ( NP ( NP ( DT the ) ( NN repurchase ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 45 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 26 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ( PP-TMP ( IN through ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1992 ) ) ) ) ) ) ) )

The company 's board approved the repurchase of up to 45 million common shares or about 26 % of its shares outstanding through the end of 1992


( S ( NP-SBJ ( NNP Airborne ) ( NNP Freight ) ) ( VP ( VBD climbed ) ( NP-EXT ( QP ( CD 1 ) ( CD 1\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 38 ) ( CD 1\/2 ) ) ) ) ) )

Airborne Freight climbed 1 1\/8 to 38 1\/2


( S ( NP-SBJ ( PRP$ Its ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VP ( ADVP ( JJR more ) ( IN than ) ) ( VBD doubled ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ( CC and ) ( VP ( VBD exceeded ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS expectations ) ) ) ) )

Its third-quarter earnings more than doubled from a year earlier and exceeded analysts ' expectations


( S ( NP-SBJ ( NP ( NNP John ) ( NNP Harland ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB replace ) ( NP ( NNP American ) ( NNP Medical ) ( NNP International ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN S&P ) ( CD 500 ) ) ) ( PP ( VBG following ) ( NP ( NP ( NNP Wednesday ) ( POS 's ) ) ( NN close ) ) ) ) ) ) ) ) ( VP ( VBD gained ) ( NP ( CD 5\/8 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 24 ) ( CD 1\/8 ) ) ) ) ) )

John Harland which will replace American Medical International on the S&P 500 following Wednesday 's close gained 5\/8 to 24 1\/8


( S ( NP-SBJ ( DT The ) ( NNP Amex ) ( NNP Market ) ( NNP Value ) ( NNP Index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 3.10 ) ) ( PP-DIR ( TO to ) ( NP ( CD 376.36 ) ) ) ) )

The Amex Market Value Index fell 3.10 to 376.36


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD totaled ) ( NP ( CD 14,560,000 ) ( NNS shares ) ) ) )

Volume totaled 14,560,000 shares


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT an ) ( NAC-TMP ( NNP Oct. ) ( CD 10 ) ) ( NN editorial-page ) ( NN article ) ) ( S-TTL ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NNP World ) ( NNP Bank ) ( POS 's ) ) ( NN Turn ) ( S ( VP ( TO to ) ( VP ( VB Adjust ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Paul ) ( NNP Craig ) ( NNP Roberts ) ) ( VP ( VBZ lays ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN blame ) ) ( PP ( IN for ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( NNS ails ) ( NP ( VBG developing ) ( NNS countries ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN doorstep ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP World ) ( NNP Bank ) ) ) ) ) ) )

In an Oct. 10 editorial-page article It 's the World Bank 's Turn to Adjust Paul Craig Roberts lays most of the blame for what ails developing countries at the doorstep of the World Bank


( S ( NP-SBJ ( DT The ) ( NN article ) ) ( VP ( VBZ is ) ( ADVP ( RB unfortunately ) ) ( ADJP-PRD ( JJ replete ) ( PP ( IN with ) ( NP ( JJ outrageous ) ( NNS distortions ) ) ) ) ) )

The article is unfortunately replete with outrageous distortions


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Roberts ) ( POS 's ) ) ( NNS observations ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Bank ) ( POS 's ) ) ( JJ own ) ( NN loan ) ( NN portfolio ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( JJ deep ) ( NN trouble ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( PRP$ its ) ( NN lending ) ) ( PP ( TO to ) ( NP ( VBG developing ) ( NNS countries ) ) ) ) ) ) ) ) ) )

One of Mr. Roberts 's observations is that the Bank 's own loan portfolio is in deep trouble because of its lending to developing countries


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADVP ( RB just ) ) ( RB not ) ( ADJP-PRD ( RB so ) ) ) )

This is just not so


( S ( NP-SBJ ( DT The ) ( NN reality ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NNP Bank ) ( NNS finances ) ) ( VP ( VBP are ) ( ADJP-PRD ( NN rock ) ( JJ solid ) ) ) ) ) ) )

The reality is that Bank finances are rock solid


( S ( PP-TMP ( IN As ) ( PP ( IN of ) ( NP ( NP ( NNP June ) ( CD 30 ) ( CD 1989 ) ) ( NP ( NP ( DT the ) ( NN day ) ) ( SBAR ( S ( NP-SBJ ( PRP$ our ) ( NN past ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBD came ) ( PP ( TO to ) ( NP ( DT a ) ( NN close ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( QP ( RB only ) ( CD 4.1 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Bank ) ( POS 's ) ) ( NN portfolio ) ) ) ) ( VP ( VBD was ) ( VP ( VBN affected ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS arrears ) ) ( PP ( IN of ) ( NP ( IN over ) ( CD six ) ( NNS months ) ) ) ) ) ) ) )

As of June 30 1989 the day our past fiscal year came to a close only 4.1 % of the Bank 's portfolio was affected by arrears of over six months


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT an ) ( ADJP ( RB enviably ) ( JJ low ) ) ( NN level ) ) ) )

This is an enviably low level


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( DT the ) ( NNP Bank ) ) ( VP ( VP ( VBZ follows ) ( NP ( DT a ) ( JJ prudent ) ( VBG provisioning ) ( NN policy ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN set ) ( PRT ( RP aside ) ) ( NP ( QP ( CD 800 ) ( CD million ) ) ) ( PP ( IN against ) ( NP ( JJ possible ) ( NN loan ) ( NNS losses ) ) ) ) ) ) )

Moreover the Bank follows a prudent provisioning policy and has set aside 800 million against possible loan losses


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ same ) ( JJ fiscal ) ( NN year ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN way ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Bank ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ robust ) ( QP ( CD 1.1 ) ( CD billion ) ) ) ( PP-TMP ( IN after ) ( NP ( NNS provisions ) ) ) ) ) )

For the same fiscal year by the way the Bank 's net income was a robust 1.1 billion after provisions


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ business-like ) ( NN manner ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Bank ) ) ( VP ( VBZ goes ) ( PP-CLR ( IN about ) ( NP ( NN development ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ financial ) ( NNS markets ) ) ( VP ( VBP have ) ( NP ( NP ( NN confidence ) ) ( PP ( IN in ) ( NP ( PRP it ) ) ) ) ) )

Because of the business-like manner in which the Bank goes about development financial markets have confidence in it


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ helps ) ( S ( VP ( VB explain ) ( NP ( NP ( NP ( DT the ) ( JJ triple-A ) ( NN rating ) ) ( VP ( VBN enjoyed ) ( PP ( IN by ) ( NP-LGS ( PRP$ our ) ( NNS bonds ) ) ) ) ) ( CC and ) ( NP ( PRP$ our ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB borrow ) ( NP ( QP ( CD 9.3 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1989 ) ) ) ( PP-MNR ( IN on ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ advantageous ) ) ( NNS terms ) ) ) ) ) ) ) ) ) ) ) )

This helps explain the triple-A rating enjoyed by our bonds and our ability to borrow 9.3 billion in fiscal 1989 on the most advantageous terms


( S ( NP-SBJ ( NP ( DT Another ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Roberts ) ( POS 's ) ) ( NNS criticisms ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ-1 ( NNP Bank ) ( NN lending ) ) ( VP ( VBZ has ) ( VP ( VBN done ) ( NP ( NP ( JJR more ) ( NN harm ) ) ( PP ( IN than ) ( ADJP ( JJ good ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VP ( VBG implanting ) ( NP ( DT the ) ( JJ wrong ) ( NNS incentives ) ) ) ( CC and ) ( VP ( VBG deflecting ) ( NP ( NN energy ) ) ( PP-LOC ( RB away ) ( PP ( IN from ) ( NP ( JJ economic ) ( NN development ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another of Mr. Roberts 's criticisms is that Bank lending has done more harm than good by implanting the wrong incentives and deflecting energy away from economic development


( S ( ADVP-LOC ( RB Here ) ) ( ADVP ( RB too ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Roberts ) ) ( VP ( VBZ is ) ( PP-PRD ( ADVP ( NN way ) ) ( IN off ) ( NP ( DT the ) ( NN mark ) ) ) ) )

Here too Mr. Roberts is way off the mark


( S ( NP-SBJ ( DT The ) ( NN reality ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( NNP Bank ) ( NNS loans ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN linked ) ( PP-CLR ( TO to ) ( NP ( NN policy ) ( NNS improvements ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 40 ) ( NNS years ) ) ) ) ) ) ) ) ) )

The reality is that Bank loans have been linked to policy improvements for 40 years


( S ( NP-SBJ ( PRP$ Our ) ( JJ traditional ) ( NN project ) ( NNS loans ) ) ( VP ( VBP have ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( VP ( VBN supported ) ( NP ( NP ( NP ( JJ sensible ) ( NN energy ) ( NN pricing ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN power ) ( NN sector ) ) ) ) ( NP ( NP ( JJ sound ) ( JJ interest-rate ) ( NNS policies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN credit ) ( NN area ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN operation ) ) ( PP ( IN of ) ( NP ( JJ public ) ( NNS utilities ) ) ) ( PP ( IN as ) ( NP ( ADJP ( JJ efficient ) ( JJ autonomous ) ) ( NNS agencies ) ) ) ) ) ) ) )

Our traditional project loans have for instance supported sensible energy pricing in the power sector sound interest-rate policies in the credit area and the operation of public utilities as efficient autonomous agencies


( S ( ADVP ( IN By ) ( CC and ) ( JJ large ) ) ( NP-SBJ ( DT these ) ( NNS efforts ) ) ( VP ( VBP have ) ( VP ( VBN borne ) ( NP ( NN fruit ) ) ) ) )

By and large these efforts have borne fruit


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ my ) ( NN home ) ( NN region ) ) ( NP ( NNP Latin ) ( NNP America ) ) ) ) ( NP-SBJ-1 ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBG existing ) ( NN infrastructure ) ( NN base ) ) ( NP ( NP ( DT an ) ( JJ important ) ( NN building ) ( NN block ) ) ( PP ( IN for ) ( NP ( NN development ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN financed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP World ) ( NNP Bank ) ) ) ) ) ) )

In my home region Latin America much of the existing infrastructure base an important building block for development has been financed by the World Bank


( S ( NP-SBJ ( NNP Mr. ) ( NNP Roberts ) ) ( ADVP ( RB also ) ) ( VP ( VBZ takes ) ( NP-CLR ( DT a ) ( NN swipe ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NNP Bank ) ( POS 's ) ) ( NN adjustment ) ( NN lending ) ) ) ) )

Mr. Roberts also takes a swipe at the Bank 's adjustment lending


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NNS facts ) ) ( PP ( IN on ) ( NP ( NP ( DT this ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN lending ) ) ) ) ) ) ) ) )

What are the facts on this type of lending


( S ( NP-SBJ ( DT The ) ( NNP Bank ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG making ) ( NP ( NN adjustment ) ( NNS loans ) ) ( PP-TMP ( IN for ) ( NP ( CD 10 ) ( NNS years ) ) ) ) ) ) )

The Bank has been making adjustment loans for 10 years


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP$ their ) ( NN name ) ) ( VP ( VBZ implies ) ) ) ) ( NP-SBJ-1 ( DT these ) ( NNS operations ) ) ( VP ( VBP are ) ( VP ( VBN linked ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ far-reaching ) ( NN policy ) ( NNS reforms ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP aim ) ( PP-CLR ( PP ( IN at ) ( S-NOM ( VP ( VBG helping ) ( S ( NP-SBJ ( NN borrowing ) ( NNS countries ) ) ( VP ( VB get ) ( PRT ( RP back ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN growth ) ( NN path ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( S-NOM ( VP ( VBG enhancing ) ( NP ( PRP$ their ) ( NN credit-worthiness ) ) ) ) ) ) ) ) ) ) ) ) ) )

As their name implies these operations are linked to far-reaching policy reforms that aim at helping borrowing countries get back on the growth path and at enhancing their credit-worthiness


( S ( ADVP ( RB Typically ) ) ( NP-SBJ ( DT these ) ( NNS measures ) ) ( VP ( VBP include ) ( NP ( NP ( NNS reforms ) ) ( SBAR ( S ( VP ( VP ( TO to ) ( VP ( VB downsize ) ( NP ( NP ( DT the ) ( NN role ) ) ( PP ( IN of ) ( NP ( NN government ) ( CC and ) ( NNS parastatals ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB open ) ( PRT ( RP up ) ) ( NP ( JJ inward-looking ) ( NNS economies ) ) ( PP-CLR ( TO to ) ( NP ( JJ international ) ( NN competition ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB promote ) ( NP ( NP ( DT the ) ( NN development ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ vigorous ) ( JJ private ) ( NN sector ) ) ) ) ) ) ) ) ) ) ) )

Typically these measures include reforms to downsize the role of government and parastatals in the economy to open up inward-looking economies to international competition and to promote the development of a vigorous private sector


( S ( NP-SBJ ( NP ( NN Support ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ private ) ( NN sector ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ longstanding ) ( NN concern ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Bank ) ( POS 's ) ) ) ) ) ) )

Support for the private sector has been a longstanding concern of the Bank 's


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( NNS years ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN helped ) ( S ( VP ( VB encourage ) ( NP ( NP ( NNS investments ) ) ( PP ( IN by ) ( NP ( NP ( NNS entrepreneurs ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Third ) ( NNP World ) ) ) ) ) ) ( PP-MNR ( PP ( IN through ) ( NP ( PRP$ its ) ( JJ extensive ) ( NN credit ) ( NNS operations ) ) ) ( CC and ) ( PP ( IN through ) ( NP ( NP ( NNS loans ) ( CC and ) ( NNS investments ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP International ) ( NNP Finance ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

Over the years it has helped encourage investments by entrepreneurs in the Third World through its extensive credit operations and through loans and investments by the International Finance Corp


( S ( ADVP-TMP ( RBS Most ) ( RB recently ) ) ( NP-SBJ-2 ( DT the ) ( NNP Bank ) ( NNP Group ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN expanded ) ( S-PRP ( VP ( TO to ) ( VP ( VB include ) ( NP ( DT the ) ( NNP Multilateral ) ( NNP Investment ) ( NNP Guarantee ) ( NNP Agency ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stimulate ) ( NP ( NP ( JJ direct ) ( JJ foreign ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( VBG developing ) ( NNS countries ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG offering ) ( NP ( NP ( NP ( NNS guarantees ) ) ( PP ( IN against ) ( NP ( JJ noncommercial ) ( NN risk ) ) ) ) ( CC and ) ( NP ( NP ( NN advice ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NN member ) ( NNS countries ) ) ) ( PP-1 ( IN on ) ( SBAR-NOM ( WHADVP-3 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( PRP$ their ) ( NN business ) ( NN climate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Most recently the Bank Group has been expanded to include the Multilateral Investment Guarantee Agency to stimulate direct foreign investment in developing countries by offering guarantees against noncommercial risk and advice to member countries on how to improve their business climate


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP are ) ( RB not ) ( NP-PRD ( NP ( NP ( DT the ) ( NNS actions ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN development ) ( NN agency ) ) ( VP ( VBN wed ) ( PP-CLR ( PP ( TO to ) ( NP ( JJ central ) ( NN planning ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN concentration ) ) ( PP ( IN of ) ( NP ( NP ( NN investment ) ( NNS decisions ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS hands ) ) ( PP ( IN of ) ( NP ( NN government ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Roberts ) ) ( VP ( VBZ alleges ) ) ) ) ) )

These are not the actions of a development agency wed to central planning and to the concentration of investment decisions in the hands of government as Mr. Roberts alleges