( S ( NP-TMP ( RBR Earlier ) ( JJ last ) ( NN week ) ) ( NP-SBJ ( NP ( NNP Valley ) ( NNP National ) ( NNP Corp. ) ) ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( JJS largest ) ( RB locally ) ( JJ owned ) ( VBG banking ) ( NN company ) ) ) ( VP ( VP ( VBD reported ) ( NP ( DT a ) ( ADJP ( QP ( CD 72.2 ) ( CD million ) ) ) ( NN loss ) ) ) ( CC and ) ( VP ( VBD suspended ) ( NP ( PRP$ its ) ( NN dividend ) ) ) ) )

Earlier last week Valley National Corp. the state 's largest locally owned banking company reported a 72.2 million loss and suspended its dividend


( S ( NP-SBJ ( NP ( NNP Pinnacle ) ( NNP West ) ( NNP Capital ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG wrangling ) ( PP-CLR ( IN with ) ( NP ( NNS regulators ) ) ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ( PP ( IN over ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ( PP-CLR ( IN about ) ( NP ( NP ( NNP Pinnacle ) ( POS 's ) ) ( JJ moribund ) ( NNP Merabank ) ( NN thrift ) ( NN unit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBD suspended ) ( NP ( PRP$ its ) ( NN dividend ) ) ) ( CC and ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 91 ) ( NN % ) ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ) ) ) ) )

Pinnacle West Capital Corp. which has been wrangling with regulators for months over what to do about Pinnacle 's moribund Merabank thrift unit suspended its dividend and reported a 91 % plunge in third-quarter net income


( S ( NP-SBJ ( NNP Security ) ( NNP Pacific ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( NN credit ) ( NNS losses ) ) ( VP ( VBD surged ) ( NP-EXT ( DT a ) ( JJ third ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 109 ) ( CD million ) ) ) ) ( PP-PRP ( ADVP ( RB mainly ) ) ( IN because ) ( IN of ) ( NP ( JJ sour ) ( NNP Arizona ) ( JJ real-estate ) ( NNS loans ) ) ) ) ) ) ) )

Security Pacific Corp. said third-quarter credit losses surged a third to 109 million mainly because of sour Arizona real-estate loans


( S ( NP-SBJ ( ADJP ( NNP New ) ( JJ York-based ) ) ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) ) ( VP ( VBD took ) ( NP ( DT an ) ( ADJP ( QP ( CD 85 ) ( CD million ) ) ) ( JJ Arizona-related ) ( NN charge ) ) ) )

New York-based Chase Manhattan Corp. took an 85 million Arizona-related charge


( S ( ADVP ( RB Furthermore ) ) ( NP-SBJ ( NP ( DT the ) ( JJ regulatory ) ( NN maneuvering ) ) ( PP ( IN behind ) ( NP ( NP ( NNP First ) ( NNP Interstate ) ( POS 's ) ) ( NN loss ) ) ) ) ( VP ( VBZ suggests ) ( SBAR ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( VP ( VBP have ) ( VP ( VBN concluded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS lenders ) ( POS ' ) ) ( NNS reserves ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB far ) ( RB too ) ( JJ low ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB absorb ) ( NP ( PRP$ their ) ( JJ future ) ( NNP Arizona ) ( NNS losses ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBG forcing ) ( S ( NP-SBJ ( NNS bankers ) ) ( VP ( TO to ) ( VP ( VB do ) ( NP ( NN something ) ) ( PP-CLR ( IN about ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) )

Furthermore the regulatory maneuvering behind First Interstate 's loss suggests regulators have concluded that lenders ' reserves are far too low to absorb their future Arizona losses and are forcing bankers to do something about it


( S ( S ( NP-SBJ ( NP ( NNS Examiners ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Comptroller ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Currency ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG combing ) ( PP-LOC-CLR ( IN through ) ( NP ( NP ( NNP First ) ( NNP Interstate ) ( POS 's ) ) ( NN real-estate ) ( NN portfolio ) ) ) ( PP-TMP ( IN since ) ( NP ( JJ last ) ( NN month ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB first ) ) ( VP ( VBD recommended ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP First ) ( NNP Interstate ) ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( NN provision ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ eventual ) ( ADJP ( QP ( CD 350 ) ( CD million ) ) ) ( JJ third-quarter ) ( NN hit ) ) ) ) ) ) ) ) ) ) ) ) ) )

Examiners from the Office of the Comptroller of the Currency had been combing through First Interstate 's real-estate portfolio since last month they first recommended that First Interstate take a provision that was less than the eventual 350 million third-quarter hit


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ-2 ( NNP First ) ( NNP Interstate ) ) ( VP ( VBD balked ) ( S-ADV ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN figure ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB too ) ( JJ high ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( NNS regulators ) ) ( VP ( VBD responded ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG raising ) ( NP ( PRP$ their ) ( NN recommendation ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 350 ) ( CD million ) ) ) ) ) ) ) ) )

When First Interstate balked arguing that the figure was too high regulators responded by raising their recommendation to 350 million


( SINV ( S-TPC-1 ( PP-TMP ( IN At ) ( NP ( DT that ) ( NN point ) ) ) ( NP-SBJ ( NNP First ) ( NNP Interstate ) ) ( VP ( VBD decided ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJR better ) ( NN part ) ) ( PP ( IN of ) ( NP ( NN valor ) ) ) ) ( S-2 ( RB not ) ( VP ( TO to ) ( VP ( VB negotiate ) ( RBR further ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( CD one ) ( NN industry ) ( NN official ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( DT the ) ( NNS talks ) ) ) ) ) )

At that point First Interstate decided it was the better part of valor not to negotiate further said one industry official close to the talks


( S ( NP-SBJ ( NP ( NNP Thomas ) ( NNP P. ) ( NNP Marrie ) ) ( NP ( JJ chief ) ( JJ financial ) ( NN officer ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NNS details ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS negotiations ) ) ) ) ) ) ) )

Thomas P. Marrie chief financial officer would n't comment about the details of the negotiations


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( DT the ) ( NN provision ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN forced ) ( PP-LOC-CLR ( IN upon ) ( NP ( PRP us ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NNS regulators ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( RB very ) ( JJ clear ) ) ( SBAR-1 ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD thought ) ( SBAR ( S ( VP ( VBD was ) ( NP-PRD ( DT an ) ( JJ appropriate ) ( NN number ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said the provision was n't forced upon us but the regulators made it very clear what they thought was an appropriate number


( S ( NP-SBJ ( DT The ) ( JJ tough ) ( JJ regulatory ) ( NN stance ) ) ( VP ( VBZ portends ) ( NP ( JJ large ) ( JJ future ) ( NNS losses ) ) ( PP-LOC ( ADVP ( RB especially ) ) ( IN at ) ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NNS thrifts ) ) ) ) )

The tough regulatory stance portends large future losses especially at the state 's thrifts


( S ( S ( NP-SBJ-1 ( NP ( QP ( IN At ) ( JJS least ) ( CD six ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Arizona ) ( POS 's ) ) ( CD 12 ) ( NNS savings ) ( CC and ) ( NN loan ) ( NNS institutions ) ) ) ) ( VP ( VP ( VBP have ) ( ADVP ( RB either ) ) ( VP ( VBN been ) ( VP ( VBN taken ) ( PRT ( RP over ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN conservatorship ) ( NN program ) ) ) ) ) ) ( CC or ) ( VP ( VBP are ) ( ADJP-PRD ( RB essentially ) ( JJ insolvent ) ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG sitting ) ( PP-LOC-CLR ( IN on ) ( NP ( JJ enormous ) ( JJ unrecognized ) ( NNS losses ) ) ) ) ) ) )

At least six of Arizona 's 12 savings and loan institutions have either been taken over by the government 's conservatorship program or are essentially insolvent they are sitting on enormous unrecognized losses


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NNP Western ) ( NNPS Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( PP-PRD ( IN in ) ( NP ( NN conservatorship ) ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( JJ tangible ) ( NNS capital-assets ) ( CC minus ) ( NNS liabilities ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ negative ) ( QP ( CD 357.4 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NNP June ) ( CD 30 ) ) ) ) )

For example Western Savings & Loan Association which is now in conservatorship had tangible capital-assets minus liabilities of a negative 357.4 million at June 30


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD had ) ( NP ( DT a ) ( ADJP ( QP ( CD 258.9 ) ( CD million ) ) ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) )

It had a 258.9 million loss in the second quarter


( S ( CC Yet ) ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBD held ) ( NP ( NP ( QP ( CD 916.3 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ repossessed ) ( JJ real ) ( NN estate ) ) ) ( SBAR ( WHPP-1 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ maintains ) ( NP ( NP ( DT no ) ( NNS reserves ) ) ( ADVP ( RB whatsoever ) ) ) ) ) ) ) ) )

Yet it still held 916.3 million of repossessed real estate for which it maintains no reserves whatsoever


( S ( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( NP ( NP ( QP ( CD 479.7 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ past-due ) ( NNS loans ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN against ) ( NP ( DT those ) ) ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( RB immediately ) ( JJ available ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ small ) ) ) ) ) ) ) ) ) ) ) )

It also had 479.7 million of past-due loans its level of reserves against those was n't immediately available though it is believed to be small


( S ( NP-SBJ ( NP ( DT The ) ( JJ rapid ) ( NN deterioration ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Arizona ) ( NNS thrifts ) ) ) ) ( ADVP ( RB only ) ) ( VP ( VBZ adds ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ ever-swelling ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ massive ) ( NN thrift ) ( NN bailout ) ) ( VP ( ADVP ( RB officially ) ) ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( IN about ) ( CD 166 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

The rapid deterioration of the Arizona thrifts only adds to the ever-swelling cost of the government 's massive thrift bailout officially estimated at about 166 billion


( S ( ADVP ( RB Together ) ) ( NP-SBJ ( DT the ) ( CD six ) ( ADJP ( ADJP ( JJ government-controlled ) ) ( CC or ) ( ADJP ( RB essentially ) ( JJ insolvent ) ) ) ( NNP Arizona ) ( NNS thrifts ) ) ( VP ( VBP have ) ( NP ( NP ( NP ( JJ tangible ) ( NN capital ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ negative ) ( QP ( CD 1.5 ) ( CD billion ) ) ) ) ) ( NP ( NP ( VBN foreclosed ) ( NN property ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.8 ) ( CD billion ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ pastdue ) ( NNS loans ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.63 ) ( CD billion ) ) ) ) ) ) ) )

Together the six government-controlled or essentially insolvent Arizona thrifts have tangible capital of a negative 1.5 billion foreclosed property of 1.8 billion and pastdue loans of 1.63 billion


( S ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP have ) ( NP ( NP ( DT no ) ( NNS reserves ) ) ( PP ( IN against ) ( NP ( DT the ) ( JJ real ) ( NN estate ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP$ their ) ( NNS reserves ) ) ( PP ( IN against ) ( NP ( DT the ) ( NNS loans ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ miniscule ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( NNS reserves ) ) ) ( SBAR ( S ( NP-SBJ-2 ( NNS banks ) ) ( VP ( VBP are ) ( VP ( VBG moving ) ( S ( VP ( TO to ) ( VP ( VB set ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They have no reserves against the real estate and their reserves against the loans are miniscule compared with the levels of reserves banks are moving to set up


( S ( NP-SBJ ( DT The ) ( NNS thrifts ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ combined ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 487.8 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) )

The thrifts had a combined loss of 487.8 million in the second quarter


( S ( NP-SBJ ( JJ Other ) ( NNS lenders ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG recovering ) ( NP ( NP ( QP ( RB only ) ( CD 50 ) ) ( NNS cents ) ) ( PP ( TO to ) ( NP ( NP ( CD 60 ) ( NNS cents ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ( PP ( IN on ) ( NP ( VBN foreclosed ) ( NNP Arizona ) ( NN property ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB sell ) ( NP ( PRP it ) ) ( PP ( IN at ) ( NP ( DT all ) ) ) ) ) ) ) ) ) ) )

Other lenders have been recovering only 50 cents to 60 cents on the dollar on foreclosed Arizona property if they can sell it at all


( S ( NP-SBJ ( PDT All ) ( DT this ) ( NN havoc ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS worst ) ( NNS busts ) ) ( PP ( IN in ) ( NP ( NP ( NNP Arizona ) ( POS 's ) ) ( JJ boom-and-bust ) ( NN history ) ) ) ( VP ( VBN compounded ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ usual ) ( NNS suspects ) ) ( PP ( IN in ) ( NP ( NNS 1980s ) ( NN banking ) ( NNS debacles ) ) ) ) ) ) ( NP ( NP ( NN greed ) ) ( NP ( NN fraud ) ) ( CC and ) ( NP ( JJ plain ) ( JJ bad ) ( NN banking ) ) ) ) ) ) ) ) ) ) ) ) )

All this havoc is the result of one of the worst busts in Arizona 's boom-and-bust history compounded by some of the usual suspects in 1980s banking debacles greed fraud and plain bad banking


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ late ) ( NNS 1970s ) ) ( CC and ) ( NP ( RB early ) ( NNS 1980s ) ) ) ) ( NP-SBJ-1 ( NNS lenders ) ( CC and ) ( NNS developers ) ) ( VP ( VBD poured ) ( NP ( NN money ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NN office ) ( NNS buildings ) ) ( NP ( NNS condominiums ) ) ( CC and ) ( NP ( NP ( JJ massive ) ( NNS tracts ) ) ( PP ( IN of ) ( NP ( JJ raw ) ( NN desert ) ( NN land ) ) ) ) ) ) ( S-ADV ( ADJP-PRD ( JJ confident ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Arizona ) ( POS 's ) ) ( NN population ) ) ( VP ( MD would ) ( VP ( VB grow ) ( PP-CLR ( IN at ) ( NP ( NP ( JJ annual ) ( NNS rates ) ) ( PP ( IN of ) ( NP ( QP ( CD 4 ) ( NN % ) ( TO to ) ( CD 6 ) ( NN % ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( NNS years ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the late 1970s and early 1980s lenders and developers poured money into office buildings condominiums and massive tracts of raw desert land confident that Arizona 's population would grow at annual rates of 4 % to 6 % for years to come


( S ( ADVP-TMP ( RB Now ) ) ( S ( NP-SBJ ( JJ annual ) ( NN population ) ( NN growth ) ) ( VP ( VBZ is ) ( VP ( VBG running ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( IN about ) ( CD 2 ) ) ( NN % ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( DT some ) ( NN desert ) ( NNS tracts ) ) ( VP ( VBD bought ) ( ADVP-TMP ( NP ( CD three ) ( NNS years ) ) ( RB ago ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 90,000 ) ) ( NP-ADV ( DT an ) ( NN acre ) ) ) ) ) ) ( VBP are ) ( VP ( VBG being ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 25,000 ) ) ( NP-ADV ( DT an ) ( NN acre ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Phoenix ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ seven-year ) ( NN supply ) ) ( PP ( IN of ) ( NP ( JJ unoccupied ) ( NN office ) ( NN space ) ) ) ) ) ) )

Now annual population growth is running at about 2 % a year some desert tracts bought three years ago for 90,000 an acre are being sold at 25,000 an acre and Phoenix has a seven-year supply of unoccupied office space


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ horrible ) ) ( S-2 ( VP ( TO to ) ( VP ( VB say ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ unfortunate ) ( SBAR ( S ( NP-SBJ ( IN that ) ( NN earthquake ) ) ( VP ( VBD was ) ( RB n't ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP Phoenix ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( MD might ) ( VP ( VB have ) ( VP ( VBN knocked ) ( PRT ( RP out ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( JJ empty ) ( NNS buildings ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP C.W. ) ( NNP Jackson ) ) ( NP ( NP ( DT a ) ( JJ prominent ) ( NNP Arizona ) ( NN businessman ) ) ( PP ( IN with ) ( NP ( NP ( NNS interests ) ) ( PP ( IN in ) ( NP ( NP ( JJ real ) ( NN estate ) ) ( NP ( NN banking ) ) ( CC and ) ( NP ( JJ many ) ( JJ other ) ( NNS businesses ) ) ) ) ) ) ) ) )

It 's horrible to say but it 's unfortunate that earthquake was n't in Phoenix it might have knocked out some of our empty buildings said C.W. Jackson a prominent Arizona businessman with interests in real estate banking and many other businesses


( S ( NP-SBJ ( JJ Many ) ( NNP Arizona ) ( NN real-estate ) ( NNS experts ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJS worst ) ) ( VP ( MD may ) ( VP ( VB be ) ( S-PRD ( ADVP-TMP ( RB yet ) ) ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) ) ) ) ) )

Many Arizona real-estate experts think the worst may be yet to come


( S ( NP-SBJ ( NP ( NNP Ralph ) ( NNP Shattuck ) ) ( NP ( NP ( NN publisher ) ) ( PP ( IN of ) ( NP ( NNP Foreclosure ) ( NNP Update ) ( NN newsletter ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS foreclosures ) ) ( VP ( VBP have ) ( VP ( VBN climbed ) ( PP-DIR ( TO to ) ( NP ( NP ( IN about ) ( CD 1,482 ) ) ( NP-ADV ( DT a ) ( NN month ) ) ) ) ( PP-LOC ( ADVP ( RB just ) ) ( IN in ) ( NP ( NP ( NNP Maricopa ) ( NNP County ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( NNP Phoenix ) ) ( VP ( VBZ is ) ( VP ( VBN located ) ) ) ) ) ) ) ) ) ) ) ) )

Ralph Shattuck publisher of Foreclosure Update newsletter said foreclosures have climbed to about 1,482 a month just in Maricopa County where Phoenix is located


( S ( S ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADVP-PRD ( RB up ) ( PP ( IN from ) ( NP ( NP ( IN about ) ( CD 687 ) ) ( NP-ADV ( DT a ) ( NN month ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1985 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG accelerating ) ) ) ) ) ( S ( NP-TMP ( ADVP ( RB So ) ( RB far ) ) ( DT this ) ( NN month ) ) ( NP-SBJ ( NNS foreclosures ) ) ( VP ( VBP are ) ( VP ( VBG averaging ) ( NP ( NP ( IN about ) ( CD 85 ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) )

That 's up from about 687 a month in 1985 and it 's accelerating So far this month foreclosures are averaging about 85 a day


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ frightening ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Shattuck ) ) ( VP ( VBD said ) ) )

It 's frightening Mr. Shattuck said


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Shattuck ) ) ( CC and ) ( NP ( NNS others ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NP ( JJ residential ) ( JJ real ) ( NN estate ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN remained ) ( ADJP-PRD ( RB fairly ) ( JJ strong ) ) ( PP-TMP ( IN through ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN downturn ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB comprise ) ( ADJP ( ADJP ( JJR more ) ( CC and ) ( JJR more ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS foreclosures ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover Mr. Shattuck and others said residential real estate which had remained fairly strong through most of the downturn is beginning to comprise more and more of the foreclosures


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( RB generally ) ( JJ frail ) ( NN condition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Arizona ) ( POS 's ) ) ( NNS lenders ) ) ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ little ) ( NN capital ) ) ( ADJP ( JJ available ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ( S ( VP ( TO to ) ( VP ( VP ( NN shore ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN economy ) ) ) ( CC and ) ( VP ( VB slow ) ( PRT ( RP down ) ) ( NP ( DT the ) ( NN slide ) ) ) ) ) ) ) ) ) ) ) ) )

And the generally frail condition of Arizona 's lenders means there is little capital available in the state to shore up the economy and slow down the slide


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ reasonable ) ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( S ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( JJ solvent ) ( NN S&L ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ viable ) ( NN bank ) ( NN capital ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ low ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jackson ) ) )

It 's reasonable to say there is not a solvent S&L in the state and the amount of viable bank capital is very low said Mr. Jackson


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( DT another ) ( JJ big ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NNS failures ) ( CC and ) ( NNS defaults ) ) ) ) ( PP-TMP ( IN between ) ( NP ( RB now ) ( CC and ) ( RB year-end ) ) ) ) ) ) ) ) )

We 're going to see another big wave of failures and defaults between now and year-end


( S ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS lenders ) ) ) ) ( VP ( MD can ) ( VP ( VB get ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN mouth ) ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VB Pay ) ( NP ( PRP me ) ) ( PP-TMP ( IN in ) ( NP ( CD 60 ) ( NNS days ) ) ) ) ) ) )

The only thing a lot of these lenders can get out of their mouth now is Pay me in 60 days


( S ( NP-SBJ ( NNP First ) ( NNP Interstate ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 214.4 ) ( CD million ) ) ) ( NN loss ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1988 ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ) ( PP-1 ( ADVP ( RB mainly ) ) ( IN from ) ( NP ( NP ( NNS writedowns ) ( CC and ) ( NNS reserves ) ) ( VP ( VBN connected ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NNP Texas ) ( NNS operations ) ) ) ) ) ) ) )

First Interstate had a 214.4 million loss in 1988 's third quarter mainly from writedowns and reserves connected with its Texas operations


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( CD six ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP June ) ( CD 30 ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 234.3 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.83 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( QP ( CD 46 ) ( CD million ) ) ) ( PP ( IN from ) ( NP ( NN tax ) ( NNS credits ) ( CC and ) ( NN accounting ) ( NNS changes ) ) ) ) ) ) )

For the six months ended June 30 it reported net income of 234.3 million or 4.83 a share including 46 million from tax credits and accounting changes


( S ( NP-SBJ ( NP ( DT The ) ( NN bank ) ( POS 's ) ) ( NNP Arizona ) ( NN unit ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( IN about ) ( CD 6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP First ) ( NNP Interstate ) ( POS 's ) ) ( QP ( CD 50 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) )

The bank 's Arizona unit holds about 6 billion of First Interstate 's 50 billion of assets


( S ( NP-SBJ ( NNP Mr. ) ( NNP Marrie ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NP ( NNP Arizona ) ( NN real-estate ) ( NNS prices ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD plummeted ) ( NP-EXT ( CD 40 ) ( NN % ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ last ) ( NN year ) ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB fall ) ( NP-EXT ( QP ( DT another ) ( CD 20 ) ) ( NN % ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG stabilizing ) ) ) ) ) ) ) ) ) ) ) )

Mr. Marrie said the bank expects Arizona real-estate prices which plummeted 40 % over the last year to fall another 20 % before stabilizing


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arizona ) ) ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( IN that ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ optimistic ) ) ) ) ) ) ) )

Some in Arizona think that may be optimistic


( S ( NP-SBJ ( NNP First ) ( NNP Interstate ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NNS operations ) ) ( ADVP-LOC ( JJ outside ) ( PP ( IN of ) ( NP ( NNP Arizona ) ) ) ) ) ( VP ( VBD achieved ) ( NP ( NNS results ) ) ( SBAR ( IN as ) ( S ( VP ( VBN expected ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB specify ) ( NP ( DT the ) ( NNS results ) ) ) ) ) )

First Interstate said its operations outside of Arizona achieved results as expected for the quarter but did n't specify the results


( S ( NP-SBJ ( NNP First ) ( NNP Interstate ) ( NN stock ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 57.625 ) ) ) ( ADVP-CLR ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NNP Friday ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) )

First Interstate stock closed at 57.625 down 25 cents in composite trading Friday on the New York Stock Exchange


( S ( PP-TMP ( IN Since ) ( NP ( NP ( PRP$ its ) ( JJ unsuccessful ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP BankAmerica ) ( NNP Corp. ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ has ) ( VP ( VBN undertaken ) ( NP ( DT a ) ( JJ major ) ( NN restructuring ) ) ( PP-PRP ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ( CC and ) ( VP ( VB boost ) ( NP ( NN performance ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJ many ) ( NN industry ) ( NNS officials ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ ripe ) ( PP ( IN for ) ( NP ( DT a ) ( NN takeover ) ( NN bid ) ) ) ) ( SBAR ( ADVP ( RB especially ) ) ( IN with ) ( S ( NP-SBJ-1 ( JJ interstate ) ( NN banking ) ) ( VP ( VBN set ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Since its unsuccessful bid for BankAmerica Corp. in 1986 the bank has undertaken a major restructuring in an effort to cut costs and boost performance but many industry officials believe it may be ripe for a takeover bid especially with interstate banking set to begin in California in 1991


( S ( NP-SBJ ( NNP Mr. ) ( NNP Marrie ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arizona ) ) ) ) ( VP ( VBP have ) ( ADVP ( RB only ) ) ( VP ( VBN increased ) ( NP ( PRP$ our ) ( NN resolve ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP$ our ) ( NN restructuring ) ) ( ADJP-PRD ( RB even ) ( RBR more ) ( JJ effective ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Marrie said the problems in Arizona have only increased our resolve to continue to make our restructuring even more effective


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NN Corp. ) ) ( VP ( VBD lowered ) ( NP ( NP ( PRP$ its ) ( NNS ratings ) ) ( PP ( IN on ) ( NP ( NP ( NNP Valley ) ( NNP National ) ( NNP Corp. ) ( POS 's ) ) ( JJ senior ) ( NN debt ) ) ) ) ( PP-DIR ( TO to ) ( ADJP ( JJ double-B ) ) ) ( PP-DIR ( IN from ) ( ADJP ( JJ double-B-plus ) ) ) ( S-ADV ( VP ( VBG affecting ) ( NP ( NP ( QP ( IN about ) ( CD 300 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ long-term ) ( NN debt ) ) ) ) ) ) ) )

Separately Standard & Poor 's Corp. lowered its ratings on Valley National Corp. 's senior debt to double-B from double-B-plus affecting about 300 million of long-term debt


( S ( NP-SBJ ( NNP S&P ) ) ( ADVP ( RB also ) ) ( VP ( VBD lowered ) ( NP ( NP ( NNS ratings ) ) ( PP ( IN on ) ( NP ( NP ( JJ unsecured ) ( NNS deposits ) ( CC and ) ( NNS issues ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN bank ) ( VBG holding ) ( NN company ) ( POS 's ) ) ( JJ principal ) ( NN unit ) ) ( NP ( NP ( NNP Valley ) ( NNP National ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Arizona ) ) ) ) ) ) ) ) ) ) ) ) ) )

S&P also lowered ratings on unsecured deposits and issues backed by a letter of credit from the bank holding company 's principal unit Valley National Bank of Arizona


( S ( NP-SBJ ( DT The ) ( NNS ratings ) ( NN service ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS downgrades ) ) ( VP ( VBP reflect ) ( NP ( NP ( DT the ) ( JJ continued ) ( NN slide ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ financial ) ( NN condition ) ) ) ) ) ) ) ) )

The ratings service said the downgrades reflect the continued slide in the company 's financial condition


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( ADJP ( NNP Phoenix ) ( JJ Ariz.-based ) ) ( NNP Valley ) ( NNP National ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN concern ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB withstand ) ( NP ( NP ( DT the ) ( JJ current ) ( NN downturn ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arizona ) ( JJ real ) ( NN estate ) ) ) ) ) ) ) ) ) ) ) ) ) )

A spokesman for Phoenix Ariz.-based Valley National said the concern will be able to withstand the current downturn in Arizona real estate


( S-1 ( S ( NP-SBJ ( JJ Commercial ) ( NN paper ) ( NNS holders ) ) ( VP ( VBP have ) ( VP ( VBN reinvested ) ( NP ( PRP$ their ) ( NNS funds ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN consumer ) ( NNS deposits ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADVP-PRD ( RB up ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( JJ few ) ( NNS days ) ) ) ) ) ) )

Commercial paper holders have reinvested their funds he said and consumer deposits have been up in the last few days


( FRAG ( SBAR ( WHADJP ( WRB How ) ( RB interestingly ) ( JJ clever ) ( PP ( IN of ) ( NP-1 ( NNP Robert ) ( NNP Goldberg ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( JJ pretend ) ( NN advocacy ) ( NN journalism ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB explain ) ( NP ( NP ( PRP$ his ) ( NN perception ) ) ( PP ( IN of ) ( NP-TTL ( NP ( NNS Days ) ) ( PP ( IN of ) ( NP ( NN Rage ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ his ) ( NN television ) ( NN critique ) ) ( PRN ( NP ( NP ( NN Leisure ) ( CC & ) ( NNS Arts ) ) ( NP-TMP ( NNP Sept ) ( CD 11 ) ) ) ) ) ) ) ) ) ) ) ) ) )

How interestingly clever of Robert Goldberg to use the form of pretend advocacy journalism to explain his perception of Days of Rage in his television critique Leisure & Arts Sept 11


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ chastises ) ( NP ( NNP Jo ) ( NNP Franklin-Trout ) ) ( PP-CLR ( IN for ) ( NP ( NP ( PRP$ her ) ( JJ inept ) ( NN presentation ) ) ( PP ( IN of ) ( NP ( NN advocacy ) ( NN journalism ) ) ) ) ) ( S-ADV ( VP ( VBG judging ) ( NP ( PRP$ her ) ( NN project ) ) ( PP-CLR ( IN as ) ( ADJP ( RB intellectually ) ( JJ slipshod ) ) ) ) ) ) )

He chastises Jo Franklin-Trout for her inept presentation of advocacy journalism judging her project as intellectually slipshod


( SQ ( VBD Was ) ( RB not ) ( NP-SBJ ( DT the ) ( NN title ) ) ( ADJP-PRD ( RB very ) ( JJ clear ) ) )

Was not the title very clear


( FRAG ( NP ( CD One ) ( NN example ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ gives ) ) ) ) ( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB ask ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( DT the ) ( JJ Palestinian ) ( NNS children ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS soldiers ) ) ( VP ( VBG throwing ) ( NP ( NNS stones ) ) ) ) ) ) ) ) ) ) )

One example he gives She did n't ask why the Palestinian children are soldiers throwing stones


( SQ ( ADVP ( RB Really ) ( RB now ) ) ( VBD did ) ( NP-SBJ-1 ( PRP she ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB ask ) ) ) ) ) )

Really now did she have to ask


( SQ ( VBD Were ) ( RB not ) ( NP-SBJ ( NP ( DT the ) ( NNS pictures ) ( CC and ) ( NNS happenings ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG continuing ) ( NP ( NN news ) ( NNS headlines ) ) ) ) ) ) ) ) ( NP-PRD ( NNS answers ) ( JJ enough ) ) )

Were not the pictures and happenings which have been continuing news headlines answers enough


( S ( NP-SBJ ( NNP Mr. ) ( NNP Goldberg ) ) ( VP ( VBZ contends ) ( SBAR ( IN that ) ( S ( PP ( RB even ) ( IN as ) ( NP ( NN propaganda ) ) ) ( NP-SBJ ( DT the ) ( NN film ) ) ( VP ( VBZ fails ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ presents ) ( NP ( RB only ) ( CD one ) ( NN view ) ) ) ) ) ) ) ) ) )

Mr. Goldberg contends that even as propaganda the film fails because it presents only one view


( S ( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( DT the ) ( NNPS Palestinians ) ) ( VP ( VBP complain ) ( PP-CLR ( IN about ) ( NP ( PRP$ their ) ( NN treatment ) ) ) ) ) ( S ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP-SBJ ( DT the ) ( NNPS Israelis ) ) ( VP ( VBP feel ) ( VP ( VBN put ) ( PRT ( RP upon ) ) ) ) ) )

Of course the Palestinians complain about their treatment of course the Israelis feel put upon


( S ( CC But ) ( NP-SBJ ( PRP$ his ) ( NN complaint ) ( SBAR ( IN that ) ( S ( NP-TTL-SBJ ( NP ( NNS Days ) ) ( PP ( IN of ) ( NP ( NN Rage ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB contain ) ( NP ( NP ( JJ balanced ) ( NNS comments ) ) ( PP ( IN from ) ( NP ( NNPS Israelis ) ) ) ( PP ( IN about ) ( SBAR-NOM ( WHADVP-1 ( WRB how ) ( RB badly ) ) ( S ( NP-SBJ ( DT the ) ( NNPS Palestinians ) ) ( VP ( VBP are ) ( VP ( VBG behaving ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ irrelevant ) ) ) )

But his complaint that Days of Rage does n't contain balanced comments from Israelis about how badly the Palestinians are behaving is irrelevant


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VP ( VBG doing ) ( NP ( NP ( DT a ) ( NN documentary ) ) ( PP ( IN on ) ( NP ( NN apartheid ) ) ) ) ) ( CC and ) ( VP ( VBG insisting ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( JJ equal ) ( NN time ) ) ( VP ( VB be ) ( VP ( VBN given ) ( PP-DTV ( TO to ) ( SBAR ( WHADVP-2 ( WRB how ) ( JJ terrific ) ) ( S ( NP-SBJ ( JJ white ) ( NNPS South ) ( NNPS Africans ) ) ( VP ( VBP are ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's like doing a documentary on apartheid and insisting that equal time be given to how terrific white South Africans are


( S ( NP-SBJ-7 ( DT This ) ( NN film ) ) ( VP ( VBD did ) ( VP ( VB emphasize ) ( SBAR-NOM ( WHADVP-3 ( WRB how ) ( JJ long ) ) ( S ( NP-SBJ ( DT the ) ( JJ Israeli\/Palestinian ) ( NN stalemate ) ) ( VP ( VBZ has ) ( VP ( VBN existed ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG tracing ) ( NP ( DT the ) ( NN conflict ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS days ) ) ( PP ( IN of ) ( NP ( NNP World ) ( NNP War ) ( PRP I ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-4 ( DT the ) ( NNPS British ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB guarantee ) ( NP ( DT both ) ( NP ( DT a ) ( JJ Jewish ) ( NN state ) ) ( CC and ) ( NP ( DT a ) ( JJ Palestinian ) ( NN state ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG specifying ) ( SBAR-MNR ( WHADVP-5 ( WRB how ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN done ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This film did emphasize how long the Israeli\/Palestinian stalemate has existed by tracing the conflict to the days of World War I when the British tried to guarantee both a Jewish state and a Palestinian state without specifying how it was to be done


( S ( INTJ ( UH Well ) ) ( NP-SBJ ( NP-TTL ( NP ( NNS Days ) ) ( PP ( IN of ) ( NP ( NN Rage ) ) ) ) ( VP ( VBG airing ) ( PP ( PP ( IN with ) ( NP ( JJ before-and-after ) ( NN packaging ) ) ) ( CC and ) ( PP-TMP ( IN after ) ( NP ( JJ repeated ) ( NNS delays ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN beginning ) ) ) )

Well Days of Rage airing with before-and-after packaging and after repeated delays was a beginning


( S ( NP-SBJ ( DT Every ) ( NN issue ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ multisided ) ) ) )

Every issue is multisided


( S ( NP-SBJ-1 ( DT This ) ( NN film ) ) ( VP ( VBZ attempts ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( DT a ) ( NN side ) ) ( VP ( ADVP ( RB rarely ) ) ( VBN seen ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( NNS media ) ) ) ) ) ) ) ) ) )

This film attempts to show a side rarely seen in our media


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD must ) ( VP ( VB endure ) ( NP ( NP ( DT a ) ( NN rash ) ) ( PP ( IN of ) ( NP ( NP ( NNS critics ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( ADVP ( RB apparently ) ) ( VBP wish ) ( S ( VP ( TO to ) ( VP ( VB know ) ( NP ( NP ( NNS details ) ) ( PP ( IN of ) ( NP ( NP ( CD one ) ( NN side ) ) ( ADVP ( RB only ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now we must endure a rash of critics who apparently wish to know details of one side only


Salaam


Shalom


( NP ( NP ( NNP Charlotte ) ( NNP Carpenter ) ) ( NP ( NP ( NNP Bainbridge ) ( NNP Island ) ) ( NP ( NNP Wash ) ) ) )

Charlotte Carpenter Bainbridge Island Wash


( S-HLN ( NP-SBJ ( NN Oil ) ( NN Spill ) ( NN Case ) ) ( VP ( VBZ Shows ) ( NP ( NN Liability ) ( NN Fund ) ( NNS Flaws ) ) ) )

Oil Spill Case Shows Liability Fund Flaws


( S ( NP-SBJ-1 ( NP ( DT AN ) ( JJ UNRESOLVED ) ( JJ two-year-old ) ( NN dispute ) ) ( VP ( VBG stemming ) ( PP-CLR ( IN from ) ( NP ( DT an ) ( JJ Alaskan ) ( NN oil ) ( NN spill ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN helped ) ( S ( VP ( VB spur ) ( NP ( NP ( DT a ) ( NN drive ) ) ( PP ( IN for ) ( NP ( NP ( JJR tougher ) ( JJ federal ) ( NNS laws ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( NP ( NNS victims ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NNS accidents ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

AN UNRESOLVED two-year-old dispute stemming from an Alaskan oil spill has helped spur a drive for tougher federal laws to protect victims of such accidents


( S ( NP-SBJ ( DT The ) ( JJ class-action ) ( NN suit ) ) ( VP ( VBZ highlights ) ( NP ( NP ( NNS shortcomings ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Trans-Alaska ) ( NNP Pipeline ) ( NNP Liability ) ( NNP Fund ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBZ gets ) ( NP ( PRP$ its ) ( NN money ) ) ( PP ( IN from ) ( NP ( NP ( NN oil ) ( NNS companies ) ) ( VP ( VBG using ) ( NP ( DT the ) ( NN pipeline ) ) ) ) ) ) ( CC and ) ( VP ( VBZ compensates ) ( NP ( NP ( DT those ) ) ( ADJP ( VBN harmed ) ( PP ( IN by ) ( NP ( NN oil ) ( NNS spills ) ) ) ) ) ) ) ) ) ) ) ) ) )

The class-action suit highlights shortcomings of the Trans-Alaska Pipeline Liability Fund which gets its money from oil companies using the pipeline and compensates those harmed by oil spills


( S ( PP-TMP ( IN On ) ( NP ( NNP July ) ( CD 2 ) ( CD 1987 ) ) ) ( NP-SBJ ( DT the ) ( NN tanker ) ( NNP S.S. ) ( NNP Glacier ) ( NNP Bay ) ) ( VP ( VP ( VBD struck ) ( NP ( DT a ) ( NN rock ) ) ) ( CC and ) ( VP ( VBD spilled ) ( NP ( NP ( QP ( RB almost ) ( CD 150,000 ) ) ( NNS gallons ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ) ( PP-LOC-CLR ( IN into ) ( NP ( DT the ) ( NNP Cook ) ( NNP Inlet ) ) ) ) ) )

On July 2 1987 the tanker S.S. Glacier Bay struck a rock and spilled almost 150,000 gallons of oil into the Cook Inlet


( S ( NP-SBJ ( JJ Commercial ) ( NNS fishermen ) ( CC and ) ( NN fish ) ( NNS processors ) ) ( VP ( VBD filed ) ( NP ( NN suit ) ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ federal ) ( NN court ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN claim ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN ballooned ) ( PP-CLR ( TO to ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 104.8 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

Commercial fishermen and fish processors filed suit in federal court in a claim that has ballooned to more than 104.8 million


( S ( NP-SBJ ( NNS Defendants ) ) ( VP ( VBP include ) ( NP ( NP ( NNP British ) ( NNP Petroleum ) ( NNP America ) ) ( NP ( NP ( NNP Trinidad ) ( NNP Corp. ) ) ( NP ( DT the ) ( NN shipper ) ) ) ( CC and ) ( NP ( DT the ) ( NN pipeline ) ( NN liability ) ( NN fund ) ) ) ) )

Defendants include British Petroleum America Trinidad Corp. the shipper and the pipeline liability fund


( S ( NP-SBJ-1 ( DT The ) ( NN fund ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Trans-Alaska ) ( NNP Pipeline ) ( NNP Act ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ provides ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN owner ) ( CC or ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN vessel ) ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( DT an ) ( NN oil ) ( NN spill ) ) ) ) ) ) ) ( VP ( MD must ) ( VP ( VB pay ) ( NP ( NP ( DT the ) ( JJ first ) ( QP ( CD 14 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS damages ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The fund was created by the Trans-Alaska Pipeline Act which provides that the owner or operator of a vessel involved in an oil spill must pay the first 14 million in damages


( S ( NP-SBJ-1 ( DT The ) ( NN fund ) ) ( VP ( VBZ is ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNS claims ) ) ( NP ( QP ( IN up ) ( TO to ) ( DT an ) ( JJ additional ) ( CD 86 ) ( CD million ) ) ) ) ) ) ) ) )

The fund is required to pay claims up to an additional 86 million


( S ( NP-SBJ ( NP ( DT The ) ( NN fund ) ( POS 's ) ) ( NN purpose ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB provide ) ( NP ( ADJP ( JJ quick ) ( CC and ) ( JJ adequate ) ) ( NN relief ) ) ) ) ) ) )

The fund 's purpose is to provide quick and adequate relief


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NNP Glacier ) ( NNP Bay ) ( NN case ) ) ( NP ( NP ( DT the ) ( NN fund ) ( POS 's ) ) ( JJ first ) ( NN test ) ) ) ( VP ( VBZ shows ) ( SBAR ( WHADVP-2 ( WRB how ) ( RB easily ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN fund ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN undermined ) ) ) ) ) ) ) )

But the Glacier Bay case the fund 's first test shows how easily the fund can be undermined


( S ( NP-SBJ ( NNP Trinidad ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( VP ( VBG contesting ) ( NP ( NN liability ) ) ) ) )

Trinidad Corp. is contesting liability


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ claims ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNP Coast ) ( NNP Guard ) ) ( VP ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB chart ) ( NP ( DT the ) ( NN rock ) ) ) ) ) ) ( CC and ) ( VP ( VBZ refuses ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNS damages ) ) ) ) ) ) ) ) ) ) ) )

It claims the Coast Guard failed to chart the rock and refuses to pay damages


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN fund ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN obligated ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NN anything ) ) ) ) ) ( ADVP-TMP ( ADVP ( IN at ) ( JJS least ) ) ( RB so ) ( RB far ) ) ) ) ) ) ) )

That means the fund is n't obligated to pay anything at least so far


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NNP Oil ) ( NNP Pollution ) ( NNP Act ) ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP up ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ) ) ( NP-TMP ( DT this ) ( NN fall ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB provide ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS claimants ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN paid ) ( PP-TMP ( IN within ) ( NP ( NP ( CD 90 ) ( NNS days ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN spill ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN liability ) ( NN fund ) ) ( VP ( MD would ) ( VP ( VP ( VB compensate ) ( NP ( PRP them ) ) ) ( CC and ) ( VP ( VB seek ) ( NP ( NP ( NN reimbursement ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN owner ) ( CC or ) ( NN operator ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN vessel ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( NNP Rep. ) ( NNP George ) ( NNP Miller ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif. ) ) ) ) ( NP ( NP ( DT a ) ( NN sponsor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bill ) ) ) ) ) ) ) )

The Oil Pollution Act scheduled to come up for a vote in Congress this fall would provide that if claimants are n't paid within 90 days of a spill the liability fund would compensate them and seek reimbursement from the owner or operator of the vessel says a spokesman for Rep. George Miller D. Calif. a sponsor of the bill


( S ( NP-SBJ ( DT The ) ( NN spokesman ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN glitch ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN statute ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS worst ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN Catch-22 ) ) ) ) ) ) ) ) )

The spokesman says the glitch in the statute is the worst kind of Catch-22


( S-HLN ( NP-SBJ ( JJ Many ) ( NN Law ) ( NN School ) ( NNS Grads ) ) ( VP ( VBP Find ) ( SBAR ( S ( NP-SBJ ( NNS Classes ) ) ( ADVP-TMP ( RB Never ) ) ( VP ( VB End ) ) ) ) ) )

Many Law School Grads Find Classes Never End


( S ( NP-SBJ ( JJ RECENT ) ( NN LAW ) ( NN school ) ( NNS graduates ) ) ( VP ( VBP are ) ( VP ( VP ( VBG starting ) ( NP ( NP ( NNS jobs ) ) ( PP ( IN with ) ( NP ( NN law ) ( NNS firms ) ) ) ) ( NP-TMP ( DT this ) ( NN fall ) ) ) ( CC and ) ( VP ( VBG heading ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( NN class ) ) ) ) ) ) )

RECENT LAW school graduates are starting jobs with law firms this fall and heading back to class


( S ( NP-SBJ ( NN Bar ) ( NNS associations ) ( CC and ) ( NNS consultants ) ) ( VP ( VBP are ) ( VP ( VBG offering ) ( NP ( NP ( JJR more ) ( NNS programs ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB teach ) ( NP ( NNS associates ) ) ( NP ( NP ( DT all ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB know ) ( PP ( IN about ) ( NP ( NN law ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB learn ) ( PP-LOC ( IN in ) ( NP ( NN law ) ( NN school ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bar associations and consultants are offering more programs to teach associates all they need to know about law but did n't learn in law school


( SINV ( S-TPC-2 ( S ( NP-SBJ ( NN Law ) ( NN school ) ) ( VP ( VBZ teaches ) ( NP ( JJ wonderful ) ( NN theory ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB teach ) ( NP ( NP ( DT the ) ( NNS nuts ) ( CC and ) ( NNS bolts ) ) ( PP ( IN of ) ( NP ( JJ practical ) ( NN lawyering ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Aaron ) ( NNP Weitz ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NNP County ) ( NNP Lawyers ) ( POS ' ) ) ( NNP Association ) ( NN committee ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ sponsors ) ( NP ( PDT such ) ( DT a ) ( NN course ) ) ) ) ) ) ) ) ) )

Law school teaches wonderful theory but it does n't teach the nuts and bolts of practical lawyering says Aaron Weitz head of a New York County Lawyers ' Association committee that sponsors such a course


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN past ) ) ) ( NP-SBJ ( NNS associates ) ) ( VP ( VBD learned ) ( NP ( DT the ) ( NNS basics ) ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ senior ) ( NNS lawyers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD acted ) ( PP-CLR ( IN as ) ( NP ( NNS mentors ) ) ) ) ) ) ) ) ) )

In the past associates learned the basics from senior lawyers who acted as mentors


( SINV ( S-TPC-3 ( CC But ) ( NP-TMP ( DT these ) ( NNS days ) ) ( S ( NP-SBJ ( JJ large ) ( NNS firms ) ) ( VP ( VBP hire ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 30 ) ) ( JJ new ) ( NNS associates ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ impossible ) ) ( S-2 ( VP ( TO to ) ( VP ( ADVP-MNR ( RB personally ) ) ( VB train ) ( NP ( NN everyone ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Joel ) ( NNP Henning ) ) ( PP ( IN of ) ( NP ( NP ( NNP Hildebrandt ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN consulting ) ( NN firm ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ runs ) ( NP ( NN training ) ( NNS classes ) ) ) ) ) ) ) ) ) )

But these days large firms hire as many as 30 new associates a year and it 's impossible to personally train everyone says Joel Henning of Hildebrandt Inc. a consulting firm that runs training classes


( S ( NP-SBJ ( DT The ) ( NNP Hildebrandt ) ( NN course ) ) ( VP ( VBZ enables ) ( S ( NP-SBJ ( NNS students ) ) ( VP ( TO to ) ( VP ( VB brush ) ( PRT ( RP up ) ) ( PP-CLR ( IN on ) ( NP ( NN negotiation ) ( NNS skills ) ) ) ) ) ) ( PP-MNR ( IN by ) ( NP ( NP ( NN role ) ( NN playing ) ) ( PP-LOC ( IN in ) ( NP ( JJ simulated ) ( NNS deals ) ) ) ) ) ) )

The Hildebrandt course enables students to brush up on negotiation skills by role playing in simulated deals


( S ( NP-SBJ-1 ( NNS Students ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( VP ( VBN taught ) ( S ( VP ( VP ( TO to ) ( VP ( VB return ) ( NP ( NP ( NNS clients ) ( POS ' ) ) ( NN phone ) ( NNS calls ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB treat ) ( NP ( DT the ) ( NN support ) ( NN staff ) ) ( PP-CLR ( IN with ) ( NP ( NN respect ) ) ) ) ) ) ) ) ) )

Students also are taught to return clients ' phone calls immediately and to treat the support staff with respect


( S ( NP-SBJ ( JJ Many ) ( NN law ) ( NNS firms ) ) ( VP ( VBP sponsor ) ( NP ( PRP$ their ) ( JJ own ) ( NNS programs ) ) ) )

Many law firms sponsor their own programs


( S ( PP-LOC ( IN At ) ( NP ( NP ( DT the ) ( NNP Baltimore ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Weinberg ) ( CC & ) ( NNP Green ) ) ) ) ) ( NP-SBJ-1 ( JJ new ) ( JJ corporate ) ( CC and ) ( JJ banking ) ( NNS associates ) ) ( VP ( VBP are ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB enroll ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( JJ 20-class ) ( NN course ) ) ) ) ) ) ) ) )

At the Baltimore firm of Weinberg & Green new corporate and banking associates are required to enroll in a 20-class course


( S ( NP-SBJ ( NNS Partners ) ) ( VP ( VBP lecture ) ( PP-CLR ( IN on ) ( SBAR-NOM ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB form ) ( NP ( NNS corporations ) ) ) ( VP ( NN draft ) ( NP ( NNS agreements ) ) ) ( CC and ) ( VP ( VB defend ) ( NP ( NNS clients ) ) ( PP-CLR ( IN against ) ( NP ( JJ unwanted ) ( NN tender ) ( NNS offers ) ) ) ) ) ) ) ) ) ) )

Partners lecture on how to form corporations draft agreements and defend clients against unwanted tender offers


( SINV ( S-1 ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NNS clients ) ) ( VP ( VBP know ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( JJ new ) ( NNS associates ) ) ( VP ( VBP have ) ( VP ( VBN had ) ( NP ( DT some ) ( JJ practical ) ( NN training ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG working ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( NNS cases ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP J. ) ( NNP Hanks ) ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN firm ) ) ) ) ) )

Now clients know that new associates have had some practical training before working on their cases says James J. Hanks a partner at the firm


( S-HLN ( NP-SBJ ( NNP Los ) ( NNP Angeles ) ) ( VP ( VBZ Creates ) ( NP ( NP ( DT A ) ( NN Courthouse ) ) ( PP ( IN for ) ( NP ( NNS Kids ) ) ) ) ) )

Los Angeles Creates A Courthouse for Kids


( S ( NP-SBJ ( NP ( DT THE ) ( NNS CHILDREN ) ) ( PP ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ( VP ( MD will ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB have ) ( NP ( PRP$ their ) ( JJ own ) ( ADJP ( QP ( CD 52 ) ( CD million ) ) ) ( NN courthouse ) ) ) ) )

THE CHILDREN of Los Angeles will soon have their own 52 million courthouse


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN building ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB handle ) ( NP ( NN child ) ( NN abuse ) ( NN custody ) ( CC and ) ( JJ foster ) ( NN care ) ( NNS cases ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( ADJP ( RBR less ) ( JJ formal ) ) ( ADJP ( RBR less ) ( JJ threatening ) ) ( CC and ) ( ADJP ( RB just ) ( RB basically ) ( RBR less ) ( JJ grim ) ) ) ( PP ( IN than ) ( NP ( JJS most ) ( NNS courthouses ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Edmund ) ( NNP Edelman ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NNP County ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNPS Supervisors ) ) ) ) ) ) ) )

The building which will handle child abuse custody and foster care cases will be less formal less threatening and just basically less grim than most courthouses says Edmund Edelman chairman of the Los Angeles County Board of Supervisors


( S ( NP-SBJ ( NNS Designs ) ) ( VP ( VBP call ) ( PP-CLR ( IN for ) ( NP ( NP ( DT an ) ( JJ L-shaped ) ( NN structure ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN playground ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN center ) ) ) ) ) ) ) ) )

Designs call for an L-shaped structure with a playground in the center


( S ( NP-SBJ ( EX There ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NN recreation ) ( CC and ) ( NN movie ) ( NNS rooms ) ) ) ) )

There will be recreation and movie rooms


( S ( NP-SBJ-1 ( NNS Teens ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB listen ) ( PP-CLR ( TO to ) ( NP ( NN music ) ) ) ( PP-MNR ( IN with ) ( NP ( NNS headsets ) ) ) ) ) ) ) ) ) )

Teens will be able to listen to music with headsets


( S ( NP-SBJ ( NP ( NN Study ) ( NNS halls ) ) ( ADJP ( JJ complete ) ( PP ( IN with ) ( NP ( NN reference ) ( NNS materials ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ available ) ) ) ) )

Study halls complete with reference materials will be available


( S ( CC And ) ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT a ) ( NN nurse ) ( POS 's ) ) ( NN station ) ) ( CC and ) ( NP ( NP ( NNS rooms ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS children ) ) ( VP ( TO to ) ( VP ( VB meet ) ( PP-CLR ( IN with ) ( NP ( JJ social ) ( NNS workers ) ) ) ) ) ) ) ) ) ) ) )

And there will be a nurse 's station and rooms for children to meet with social workers


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN building ) ( POS 's ) ) ( CD 25 ) ( NNS courtrooms ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJR smaller ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Charlene ) ( NNP Saunders ) ) ( NP ( DT a ) ( NN court ) ( NN administrator ) ) ) )

The building 's 25 courtrooms will be smaller says Charlene Saunders a court administrator


( S ( S ( NP-SBJ ( DT The ) ( NN bench ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJR lower ) ) ( SBAR-ADV ( IN so ) ( S ( NP-SBJ ( DT the ) ( NN judge ) ) ( VP ( VBZ seems ) ( ADJP-PRD ( RBR less ) ( JJ intimidating ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS walls ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VP ( VBN painted ) ( PP-MNR ( IN in ) ( NP ( JJ bright ) ( NNS colors ) ) ) ) ( CC and ) ( VP ( VBN covered ) ( PP-CLR ( IN with ) ( NP ( NNS murals ) ) ) ) ) ) ) ) )

The bench will be lower so the judge seems less intimidating and walls will be painted in bright colors and covered with murals


( S ( NP-SBJ ( NP ( NNS Cases ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ( NNP County ) ) ) ( VP ( VBG involving ) ( NP ( JJ dependent ) ( NNS children ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBN heard ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Criminal ) ( NNPS Courts ) ( NNP Building ) ) ) ) ) )

Cases in Los Angeles County involving dependent children are usually heard in the Criminal Courts Building


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT the ) ( NNS kids ) ) ( PP-CLR ( RB away ) ( PP ( IN from ) ( NP ( DT the ) ( NNS criminals ) ) ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( RBR less ) ( JJ traumatic ) ( NN environment ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Edelman ) ) )

We need to get the kids away from the criminals into a less traumatic environment says Mr. Edelman


( S-2 ( S ( NP-SBJ ( NP ( QP ( IN About ) ( CD 45,000 ) ) ( NNS children ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ( NNP County ) ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN under ) ( NP ( NN court ) ( NN supervision ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Edelman ) ) ( VP ( VBZ says ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( CD 1,500 ) ( JJ new ) ( NNS children ) ) ) ) ( VP ( VBP are ) ( VP ( VBN added ) ( NP-TMP ( DT each ) ( NN month ) ) ) ) ) )

About 45,000 children in Los Angeles County are under court supervision Mr. Edelman says and an average of 1,500 new children are added each month


( S ( NP-SBJ-2 ( NP ( DT The ) ( NN courthouse ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN built ) ( PP-LOC ( IN in ) ( NP ( NNP Monterey ) ( NNP Park ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB open ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN spring ) ) ( PP ( IN of ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) )

The courthouse to be built in Monterey Park is expected to open in the spring of 1992


( S-HLN ( NP-SBJ ( NN Law ) ( NN Firm ) ( NN Management ) ) ( VP ( MD Can ) ( VP ( VB Be ) ( NP-PRD ( JJ Quite ) ( NN Rewarding ) ) ) ) )

Law Firm Management Can Be Quite Rewarding


( S ( NP-SBJ-1 ( NP ( PRP IT ) ) ) ( VP ( VBZ PAYS ) ( S-2 ( VP ( TO to ) ( VP ( VB follow ) ( NP ( DT a ) ( NN management ) ( NN career ) ( NN path ) ) ( PP-LOC ( ADVP ( RB even ) ) ( IN at ) ( NP ( NN law ) ( NNS firms ) ) ) ) ) ) ) )

IT PAYS to follow a management career path even at law firms


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN conclusion ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ recent ) ( NN study ) ) ( PP ( IN of ) ( NP ( JJ large ) ( NN law ) ( NNS firms ) ) ) ( VP ( VBN conducted ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Altman ) ( CC & ) ( NNP Weil ) ( NNP Inc. ) ) ( NP ( DT an ) ( NAC-LOC ( NNP Ardmore ) ( NNP Pa. ) ) ( NN law ) ( NN firm ) ( NN consultant ) ) ) ) ) ) ) ) ) )

That 's the conclusion of a recent study of large law firms conducted by Altman & Weil Inc. an Ardmore Pa. law firm consultant


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN survey ) ) ( PP ( IN of ) ( NP ( NP ( CD 96 ) ( NNS firms ) ) ( NP ( NP ( DT each ) ) ( PP ( IN with ) ( NP ( QP ( CD 100 ) ( TO to ) ( CD 1,000 ) ) ( NNS lawyers ) ) ) ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ ( VBG managing ) ( NNS partners ) ) ( VP ( VBD earned ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( CD 395,974 ) ) ( PP ( IN in ) ( NP ( NN compensation ) ( CC and ) ( NN cash ) ( NNS benefits ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS firms ) ( POS ' ) ) ( CD 1988 ) ( JJ fiscal ) ( NNS years ) ) ) ) ) ) ) )

Its survey of 96 firms each with 100 to 1,000 lawyers shows that managing partners earned an average of 395,974 in compensation and cash benefits in the firms ' 1988 fiscal years


( S ( NP-SBJ-4 ( NP ( VBG Managing ) ( NNS partners ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD responded ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN survey ) ) ) ) ) ) ) ( VP ( ADVP ( RB typically ) ) ( VP ( VBP spend ) ( NP-CLR-2 ( QP ( IN over ) ( PDT half ) ) ( PRP$ their ) ( NN time ) ) ( S-CLR-3 ( VP ( VBG supervising ) ( NP ( NP ( PRP$ their ) ( NNS firms ) ( POS ' ) ) ( JJ day-to-day ) ( NNS operations ) ) ) ) ) ( CC and ) ( VP ( NP-CLR=2 ( NP ( QP ( RB just ) ( DT a ) ( RB little ) ( JJR more ) ( IN than ) ( DT a ) ( NN third ) ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN time ) ) ) ) ( S-CLR=3 ( VP ( VBG practicing ) ( NP ( NN law ) ) ) ) ) ) )

Managing partners who responded to the survey typically spend over half their time supervising their firms ' day-to-day operations and just a little more than a third of their time practicing law


( S ( NP-SBJ-2 ( NP ( NNS Partners ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN survey ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP devote ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN time ) ) ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG practicing ) ( NP ( NN law ) ) ) ) ) ) ) ) ) ( VP ( VBD earned ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 217,000 ) ) ) ) ) ) )

Partners in the survey who devote most of their time to practicing law earned an average of about 217,000


( S ( S-TPC-1 ( NP-SBJ ( NNP Japan ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( JJ unadjusted ) ( NN trade ) ( NN surplus ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.82 ) ( CD billion ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD 10 ) ( NNS days ) ) ( PP ( IN of ) ( NP ( NNP October ) ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 3.16 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Finance ) ( NNP Ministry ) ) ( VP ( VBD said ) ) )

Japan had an unadjusted trade surplus of 1.82 billion for the first 10 days of October down from 3.16 billion a year earlier the Finance Ministry said


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN drop ) ) ( VP ( VBZ shows ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN narrowing ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN trade ) ( NN gap ) ) ) ( VP ( VBN reflected ) ( PP-LOC ( IN in ) ( NP ( JJ successive ) ( JJ full ) ( JJ monthly ) ( NNS reports ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG continuing ) ) ) ) ) ) )

The latest drop shows the narrowing in the nation 's trade gap reflected in successive full monthly reports is continuing


( S ( NP-SBJ ( DT The ) ( NN report ) ) ( VP ( VBZ follows ) ( NP ( NP ( JJ five-consecutive ) ( NNS declines ) ) ( PP ( IN in ) ( NP ( JJ full ) ( JJ monthly ) ( NNS figures ) ) ) ) ) )

The report follows five-consecutive declines in full monthly figures


( S ( NP-SBJ ( NNS Imports ) ) ( VP ( VP ( VBD rose ) ( ADVP ( RB sharply ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 5.19 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 4.04 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ( NP ( NP ( DT a ) ( NN change ) ) ( PP ( IN of ) ( NP ( CD 28 ) ( NN % ) ) ) ) ) )

Imports rose sharply in the period to 5.19 billion from 4.04 billion a year earlier a change of 28 %


( S ( NP-SBJ ( NP ( NNS Exports ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN period ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( QP ( CD 7.01 ) ( CD billion ) ) ) ( PP ( NP ( CD 2.6 ) ( NN % ) ) ( IN below ) ( NP ( NP ( QP ( CD 7.20 ) ( CD billion ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) )

Exports during the period were 7.01 billion 2.6 % below 7.20 billion a year ago


( S ( NP-SBJ ( NNP ENGRAPH ) ( NNP INC. ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD reported ) ( NP ( NP ( JJ third-quarter ) ( NNS earnings ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( ADVP ( RB mistakenly ) ) ( VBN shown ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Quarterly ) ( NNS Earnings ) ( NNS Surprises ) ( NN table ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ last ) ( NNP Tuesday ) ( POS 's ) ) ( NN edition ) ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJR lower ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

ENGRAPH INC. recently reported third-quarter earnings which were mistakenly shown in the Quarterly Earnings Surprises table in last Tuesday 's edition to be lower than the average of analysts ' estimates


( S ( NP-SBJ ( NNP Zacks ) ( NNP Investment ) ( NNP Research ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB adjust ) ( NP ( NP ( NP ( CD one ) ( NN analyst ) ( POS 's ) ) ( NN estimate ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN stock ) ( NN split ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB therefore ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB artificially ) ( JJ high ) ) ) ) ) ) ) ) )

Zacks Investment Research did n't adjust one analyst 's estimate for a stock split which therefore was artificially high


( S ( NP-SBJ ( NP ( NP ( NNP Engraph ) ( POS 's ) ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( CD 15 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP ( RB actually ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( NP-EXT ( CD 7 ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJ adjusted ) ( NN average ) ) ( PP ( IN of ) ( NP ( NNS estimates ) ) ) ) ) ) ) )

Engraph 's third-quarter net income of 15 cents a share actually was 7 % higher than the adjusted average of estimates


( S ( NP-SBJ-1 ( DT This ) ( NN letter ) ) ( VP ( VBD was ) ( VP ( VBN inspired ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NP ( NNP David ) ( NNP Asman ) ( POS 's ) ) ( NNP Sept. ) ( CD 25 ) ( JJ editorial-page ) ( NN article ) ) ( PP ( IN about ) ( NP ( NNP Fidel ) ( NNP Castro ) ) ) ) ( NP-TTL ( NP ( NN Man ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN Middle ) ) ( PP ( IN of ) ( NP ( NN Drug ) ( NN Trafficking ) ) ) ) ) ) ) ) ) ) )

This letter was inspired by David Asman 's Sept. 25 editorial-page article about Fidel Castro Man in the Middle of Drug Trafficking


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN organized ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNS exchanges ) ) ( NP ( NNS exhibitions ) ) ( CC and ) ( NP ( JJ other ) ( VBG continuing ) ( NNS projects ) ) ) ( PP ( IN between ) ( NP ( JJ Cuban ) ( CC and ) ( JJ American ) ( NNS artists ) ) ) ) ) ) ) ) )

I 've organized a series of exchanges exhibitions and other continuing projects between Cuban and American artists


( S ( S ( PP-LOC ( IN In ) ( NP ( NP ( DT any ) ( NNS matters ) ) ( PP ( IN between ) ( NP ( NP ( PRP us ) ) ( CC and ) ( NP ( DT the ) ( NNPS Cubans ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( DT no ) ( NN simplicity ) ) ) ) ) ( S ( ADVP ( RB consequently ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN become ) ( ADJP-PRD ( JJ familiar ) ( PP ( CONJP ( RB not ) ( RB only ) ) ( PP ( IN with ) ( NP ( JJ Cuban ) ( NN art ) ( CC and ) ( NNS artists ) ) ) ( CONJP ( CC but ) ( RB also ) ) ( PP ( IN with ) ( NP ( NP ( JJ Cuban ) ( NNS bureaucrats ) ) ( CC and ) ( NP ( NP ( PRP$ their ) ( NNS counterparts ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ our ) ( JJ own ) ( NN government ) ) ) ) ) ) ) ) ) ) ) )

In any matters between us and the Cubans there can be no simplicity consequently I 've become familiar not only with Cuban art and artists but also with Cuban bureaucrats and their counterparts in our own government


( S ( PP ( IN Despite ) ( NP ( NP ( NNS levels ) ) ( PP ( IN of ) ( NP ( NP ( NN obstruction ) ) ( NP ( NN incompetence ) ) ( CC and ) ( NP ( NP ( VBG ensuing ) ( NN frustration ) ) ( PP ( IN of ) ( NP ( JJ mythic ) ( NN proportion ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT these ) ( NNS projects ) ) ) ( ADVP ( DT all ) ) ( VP ( VBP remain ) ( PP-LOC ( IN in ) ( NP ( PRP$ my ) ( NN mind ) ) ) ( ADJP-PRD ( ADJP ( JJ valuable ) ) ( CC and ) ( ADJP ( RB well ) ( JJ worth ) ( NP ( DT the ) ( NN effort ) ) ) ) ) )

Despite levels of obstruction incompetence and ensuing frustration of mythic proportion these projects all remain in my mind valuable and well worth the effort


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT a ) ( JJ simple ) ( NN reason ) ) ( PP ( IN for ) ( NP ( DT this ) ) ) ) ( NP ( DT the ) ( NNP Cuban ) ( NNS people ) ) ) ) )

There is a simple reason for this the Cuban people


( S ( VP ( VB Let ) ( S ( NP-SBJ ( PRP me ) ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VB put ) ( NP ( NNS limits ) ) ( PP-CLR ( TO to ) ( SBAR ( WHNP-1 ( WDT whatever ) ( JJ nostalgic ) ( NNS notions ) ) ( S ( NP-SBJ ( WDT that ) ) ( VP ( MD may ) ( VP ( VB intimate ) ) ) ) ) ) ) ) ) )

Let me immediately put limits to whatever nostalgic notions that may intimate


( S ( S ( NP-SBJ ( NP ( DT Those ) ( NNS people ) ) ( SBAR ( WHPP-1 ( TO to ) ( WHNP ( WP whom ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP refer ) ) ) ) ) ( VP ( VBP are ) ( RB not ) ( NP-PRD ( DT some ) ( JJ heroic ) ( JJ indecipherable ) ( NN quantity ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNS artists ) ) ( NP ( NNS critics ) ) ( NP ( NN taxi ) ( NNS drivers ) ) ( NP ( NNS grandmothers ) ) ( NP ( NP ( RB even ) ( DT some ) ( NNS employees ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Culture ) ) ) ) ) ) ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-2 ( WP whom ) ) ( S ( VP ( VBP share ) ( NP ( NP ( DT a ) ( JJ deep ) ( NN belief ) ) ( PP ( IN in ) ( NP ( NP ( NP ( DT the ) ( JJ original ) ( NNS principles ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Cuban ) ( NNP Revolution ) ) ) ) ( VP ( VBN spelled ) ( ADVP ( RB out ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP ( NN equality ) ) ( PP ( IN among ) ( NP ( NP ( DT all ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN society ) ) ) ) ) ) ( NP ( NP ( NN reverence ) ) ( PP ( IN for ) ( NP ( NP ( NN education ) ) ( CC and ) ( NP ( JJ creative ) ( NN expression ) ) ) ) ) ( NP ( NP ( JJ universal ) ( NNS rights ) ) ( PP ( TO to ) ( NP ( NN health ) ( CC and ) ( NN livelihood ) ) ) ) ( NP ( NN housing ) ) ( NP ( FW etc ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Those people to whom I refer are not some heroic indecipherable quantity they are artists critics taxi drivers grandmothers even some employees of the Ministry of Culture all of whom share a deep belief in the original principles of the Cuban Revolution spelled out in terms such as equality among all members of the society reverence for education and creative expression universal rights to health and livelihood housing etc


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN generation ) ) ( PP ( IN of ) ( NP ( NP ( NNS painters ) ) ( VP ( VBG growing ) ( PP-CLR ( IN into ) ( NP ( NN maturity ) ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ) ( VP ( VBZ works ) ( PP ( IN with ) ( NP ( NP ( JJ such ) ( ADJP ( RB profoundly ) ( JJ held ) ) ( JJ humanist ) ( NNS assumptions ) ) ( CC and ) ( NP ( NP ( JJ such ) ( JJ passionate ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( JJ moral ) ( CC and ) ( JJ ethical ) ( NNS principles ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( NP ( NNP Che ) ( NNP Guevara ) ( POS 's ) ) ( JJ famous ) ( NNS linkages ) ) ( PP ( IN of ) ( NP ( NN art ) ( NN idealism ) ( CC and ) ( NN revolution ) ) ) ) ( VP ( VBP seem ) ( ADJP-PRD ( JJ modest ) ) ) ) ) ) ) ) ) ) )

In fact the generation of painters growing into maturity right now works with such profoundly held humanist assumptions and such passionate commitment to moral and ethical principles that it makes Che Guevara 's famous linkages of art idealism and revolution seem modest


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( PP-PRD ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS people ) ) ) ) ) ( CC and ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( NP ( PRP$ my ) ( JJ real ) ( NN respect ) ) ( PP ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ) ( SBAR ( WHADVP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( VP ( VBG responding ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Asman ) ( POS 's ) ) ( NNS opinions ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN country ) ) ) ) ) ) ) ) ) ) )

It is on behalf of these people and out of my real respect for them that I am responding to Mr. Asman 's opinions of their country


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Ochoa ) ( NN trial ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( NNS revelations ) ) ( PP ( IN of ) ( NP ( RB deeply ) ( JJ rooted ) ( CC and ) ( JJ widespread ) ( NN corruption ) ) ) ) ) ) ( CC and ) ( NP ( DT the ) ( NN summary ) ( NN trial ) ( CC and ) ( NN execution ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB extremely ) ( JJ disturbing ) ( PP ( TO to ) ( NP ( NP ( NN everyone ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ has ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN considered ) ( S ( NP-SBJ ( PRP himself ) ) ( NP-PRD ( NP ( DT a ) ( NN friend ) ) ( PP ( IN of ) ( NP ( NNP Cuba ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Ochoa trial in July with its revelations of deeply rooted and widespread corruption and the summary trial and execution was extremely disturbing to everyone who has ever considered himself a friend of Cuba


( S ( ADVP ( RB However ) ) ( SBAR-ADV ( ADJP-PRD-TPC-1 ( JJ unacceptable ) ) ( IN though ) ( S ( NP-SBJ ( DT those ) ( NNS occurrences ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN been ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( ADVP ( RB still ) ) ( VP ( VBP provide ) ( NP ( DT no ) ( NN excuse ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ wholesale ) ( NNS departures ) ) ( PP ( IN from ) ( NP ( NN truth ) ) ) ) ) ) )

However unacceptable though those occurrences may have been they still provide no excuse for wholesale departures from truth


( S ( NP-SBJ ( NNP Mr. ) ( NNP Asman ) ) ( VP ( MD should ) ( VP ( VB make ) ( NP ( NP ( NNS distinctions ) ) ( PP ( IN among ) ( NP ( NP ( NNP Fidel ) ) ( NP ( DT the ) ( NN army ) ) ( CC and ) ( NP ( DT the ) ( JJ Cuban ) ( NNS people ) ) ) ) ) ) ) )

Mr. Asman should make distinctions among Fidel the army and the Cuban people


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB not ) ( JJ interchangeable ) ) ( SBAR-PRP ( IN since ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN motivated ) ( S ( VP ( TO to ) ( VP ( VB act ) ) ) ) ( S-ADV ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( JJ own ) ( NNS circumstances ) ) ) ) ) ) ) ) ) ) )

They are not interchangeable since they are motivated to act based on their own circumstances


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NN naivete ) ) ( S-1 ( VP ( TO to ) ( VP ( VB equate ) ( NP ( NP ( NP ( DT a ) ( NN government ) ( POS 's ) ) ( NNS policies ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN will ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS people ) ) ) ) ) ) ) ) ) ) ( PRN ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( ADVP ( RB well ) ) ( VBP know ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( NP-PRD ( ADJP ( RB even ) ( JJR worse ) ) ( NN folly ) ) ( S-2 ( VP ( TO to ) ( VP ( VB merge ) ( NP ( NP ( DT the ) ( RB clearly ) ( JJ divergent ) ( NNS agendas ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fidel ) ) ( CC and ) ( NP ( DT the ) ( NN military ) ) ( CC and ) ( NP ( DT the ) ( NN state ) ( NN bureaucracy ) ) ) ) ) ) ) ) ) ) )

It is naivete to equate a government 's policies with the will of the people as we well know and it is even worse folly to merge the clearly divergent agendas of Fidel and the military and the state bureaucracy


( S ( NP-SBJ ( NNP Mr. ) ( NNP Asman ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB also ) ( JJ annoyed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Castro ) ) ( VP ( VBZ has ) ( VP ( VBN resisted ) ( NP ( NP ( NN collaboration ) ) ( PP ( IN with ) ( NP ( NNP U.S. ) ( NNS officials ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( PP ( IN by ) ( NP ( PRP$ his ) ( JJ own ) ( NN account ) ) ) ( NP-SBJ-1 ( DT that ) ( NN collaboration ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN devised ) ( ADVP ( RB essentially ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN mechanism ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNS acts ) ) ( ADJP ( RB directly ) ( JJ hostile ) ( PP ( TO to ) ( NP ( DT the ) ( JJ Cuban ) ( NN regime ) ) ) ) ) ( PP ( JJ such ) ( IN as ) ( S-NOM ( VP ( VBG facilitating ) ( NP ( NNS defections ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Asman is also annoyed that Mr. Castro has resisted collaboration with U.S. officials even though by his own account that collaboration has been devised essentially as a mechanism for acts directly hostile to the Cuban regime such as facilitating defections


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( S ( NP-SBJ-2 ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( DT a ) ( RB little ) ( JJ disingenuous ) ) ( S-1 ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ surprised ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Fidel ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB invite ) ( NP ( DT the ) ( NNP U.S. ) ( NNP State ) ( NNP Department ) ) ( S ( VP ( TO to ) ( VP ( VB violate ) ( NP ( NP ( DT the ) ( NN jurisdiction ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Cuban ) ( NN government ) ) ) ( PP-LOC ( IN over ) ( NP ( PRP$ its ) ( JJ own ) ( NN territory ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I think it 's a little disingenuous to be surprised that Fidel does n't invite the U.S. State Department to violate the jurisdiction of the Cuban government over its own territory


( S ( NP-SBJ-1 ( PRP We ) ) ( ADVP ( RB badly ) ) ( VP ( VBP need ) ( S ( VP ( TO to ) ( VP ( VB follow ) ( NP ( NN fact ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NP ( DT the ) ( NN rhetoric ) ) ( PP ( IN of ) ( NP ( JJ conventional ) ( NN wisdom ) ) ) ) ) ) ) ) ) )

We badly need to follow fact rather than the rhetoric of conventional wisdom


( S ( PP ( IN Without ) ( NP ( NP ( DT this ) ( JJ basic ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( NN attention ) ) ( PP ( TO to ) ( NP ( NN reality ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( PRP$ our ) ( NNS policies ) ) ( PP ( IN on ) ( NP ( NNP Cuba ) ) ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ counterproductive ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( PP-TMP ( IN for ) ( NP ( CD 30 ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) )

Without this basic level of attention to reality our policies on Cuba will continue to be as counterproductive as they have for 30 years


( S ( PP ( IN From ) ( NP ( NP ( PRP$ my ) ( JJ own ) ( NN point ) ) ( PP ( IN of ) ( NP ( NN view ) ) ) ) ) ( PP ( VBN given ) ( NP ( NP ( NP ( DT the ) ( NNS qualities ) ) ( PP ( IN of ) ( NP ( NP ( NN humanity ) ) ( NP ( NN creativity ) ) ( CC and ) ( NP ( JJ warm ) ( NN spirit ) ) ) ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( JJ Cuban ) ( NNS people ) ) ( VP ( VBP excel ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP deny ) ( NP ( PRP ourselves ) ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( NP ( NNS things ) ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP hold ) ( S ( ADJP-PRD ( RB dear ) ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB run ) ( PP ( IN in ) ( NP ( JJ such ) ( JJ short ) ( NN supply ) ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ) ) ) ) ) ) ) ) ) ) ) )

From my own point of view given the qualities of humanity creativity and warm spirit in which the Cuban people excel we deny ourselves access to things we hold dear and which seem to run in such short supply these days


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( JJ rational ) ( NN justification ) ) ( PP ( IN for ) ( NP ( JJ such ) ( NN behavior ) ) ) ) ) )

There is no rational justification for such behavior


( NP ( NP ( NNP Rachel ) ( NNP Weiss ) ) ( NP ( NP ( NNP Brookline ) ) ( NP ( NNP Mass ) ) ) )

Rachel Weiss Brookline Mass


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( NN seat ) ) ( VP ( VBD was ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( CD 500,000 ) ) ) ( S ( ADJP-PRD ( JJ unchanged ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( NP-TMP ( NNP Thursday ) ) ) ) ) ) ) ) ) ) ) )

The New York Stock Exchange said a seat was sold for 500,000 unchanged from the sale Thursday


( S ( NP-SBJ-1 ( NNS Seats ) ) ( VP ( VBP are ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( CD 430,000 ) ) ( VP ( NN bid ) ) ) ( CC and ) ( NP ( NP ( CD 525,000 ) ) ( VP ( VBN asked ) ) ) ) ) ) ) )

Seats are quoted at 430,000 bid and 525,000 asked


( S ( NP-SBJ-1 ( DT The ) ( VBG following ) ( NNP U.S. ) ( NNP Treasury ) ( JJ corporate ) ( CC and ) ( JJ municipal ) ( NNS offerings ) ) ( VP ( VBP are ) ( ADVP-MNR ( RB tentatively ) ) ( VP ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( NN sale ) ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNPS Markets ) ( NNP Report ) ) ) ) ( NP ( ADJP ( QP ( CD 15.6 ) ( CD billion ) ) ) ( JJ three-month ) ( CC and ) ( JJ six-month ) ( NNS bills ) ) ) ) )

The following U.S. Treasury corporate and municipal offerings are tentatively scheduled for sale this week according to Dow Jones Capital Markets Report 15.6 billion three-month and six-month bills


( NP ( NP ( QP ( CD 10 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ two-year ) ( NNS notes ) ) ) )

10 billion of two-year notes


( NP ( NP ( NNP Resolution ) ( NNP Funding ) ( NNP Corp. ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( ADJP ( QP ( CD 4.5 ) ( CD billion ) ) ) ( JJ 30-year ) ( NNS bonds ) ) ) ) ) ) )

Resolution Funding Corp. to sell 4.5 billion 30-year bonds


( NP ( NP ( NNP Aim ) ( NNP Prime ) ( NNP Rate ) ( NNP Plus ) ( NNP Fund ) ( NNP Inc. ) ) ( NP ( QP ( CD 10 ) ( CD million ) ( JJ common ) ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP PaineWebber ) ( NNP Inc ) ) ) )

Aim Prime Rate Plus Fund Inc. 10 million common shares via PaineWebber Inc


( NP ( NP ( NNP Allied ) ( NNP Capital ) ( NNP Corp. ) ( NNP II ) ) ( NP ( CD 6,500,000 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc ) ) ) )

Allied Capital Corp. II 6,500,000 common shares via Shearson Lehman Hutton Inc


( NP ( NP ( NNP American ) ( NNP Cyanamid ) ( NNP Co. ) ) ( NP ( CD 1,250,000 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNPS Markets ) ) ) )

American Cyanamid Co. 1,250,000 common shares via Merrill Lynch Capital Markets


( NP ( NP ( NNP Associated ) ( NNP Natural ) ( NNP Gas ) ( NNP Corp. ) ) ( NP ( CD 1,400,000 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Dillon ) ( NNP Read ) ( CC & ) ( NNP Co ) ) ) )

Associated Natural Gas Corp. 1,400,000 common shares via Dillon Read & Co


( NP ( NP ( NNP B ) ( CC & ) ( NNP H ) ( NNP Crude ) ( NNPS Carriers ) ( NNP Ltd. ) ) ( NP ( QP ( CD Four ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) )

B & H Crude Carriers Ltd. Four million common shares via Salomon Brothers Inc


( NP ( NP ( NNP Baldwin ) ( NNP Technology ) ( NNP Co. ) ) ( NP ( CD 2,600,000 ) ( NNP Class ) ( NNP A ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co ) ) ) )

Baldwin Technology Co. 2,600,000 Class A shares via Smith Barney Harris Upham & Co


( NP ( NP ( NNP Blockbuster ) ( NNP Entertainment ) ( NNP Corp. ) ) ( NP ( ADJP ( QP ( CD 250 ) ( CD million ) ) ) ( PRN ( NN face ) ( NN amount ) ) ( NN Liquid ) ( NN Yield ) ( NN Option ) ( NNS Notes ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) )

Blockbuster Entertainment Corp. 250 million face amount Liquid Yield Option Notes via Merrill Lynch


( NP ( NP ( NNP Chemex ) ( NNPS Pharmaceuticals ) ( NNP Inc. ) ) ( NP ( CD 1,200,000 ) ( NNS units ) ) ( PP ( IN via ) ( NP ( NNP PaineWebber ) ) ) )

Chemex Pharmaceuticals Inc. 1,200,000 units via PaineWebber


( NP ( NP ( NNP Immune ) ( NNP Response ) ( NNP Corp. ) ) ( NP ( QP ( CD Three ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) )

Immune Response Corp. Three million common shares via Merrill Lynch


( NP ( NP ( NNP Marsam ) ( NNPS Pharmaceuticals ) ( NNP Inc. ) ) ( NP ( CD 1,300,000 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ) ) )

Marsam Pharmaceuticals Inc. 1,300,000 common shares via Smith Barney Harris Upham


( NP ( NP ( NNP RMI ) ( NNP Titanium ) ( NNP Co. ) ) ( NP ( QP ( CD 15 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) )

RMI Titanium Co. 15 million common shares via Salomon Brothers Inc


( NP ( NP ( NNP Tidewater ) ( NNP Inc. ) ) ( NP ( CD 4,631,400 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Salomon ) ( NNPS Brothers ) ( NNP Inc ) ) ) )

Tidewater Inc. 4,631,400 common shares via Salomon Brothers Inc


( NP ( NP ( NNP Massachusetts ) ) ( NP ( NP ( QP ( RB Approximately ) ( CD 230 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ general ) ( NNS bonds ) ) ( NP ( NP ( NP ( JJ consolidated ) ( NN loan ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ( NP ( NN Series ) ( NNP D ) ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )

Massachusetts Approximately 230 million of general bonds consolidated loan of 1989 Series D via competitive bid


( NP ( NP ( NP ( NNP Montgomery ) ( NNP County ) ) ( NP ( NNP Maryland ) ) ) ( NP ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ general ) ( JJ consolidated ) ( JJ public ) ( NN improvement ) ( NNS bonds ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ( NP ( NN Series ) ( NNP B ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )

Montgomery County Maryland 75 million of general consolidated public improvement bonds of 1989 Series B via competitive bid


( NP ( NP ( NP ( NNP Trinity ) ( NNP River ) ( NNP Authority ) ) ( NP ( NNP Texas ) ) ) ( NP ( NP ( CD 134,750,000 ) ) ( PP ( IN of ) ( NP ( NP ( JJ regional ) ( NN wastewater ) ( NN system ) ( NN improvement ) ( NN revenue ) ( NNS bonds ) ) ( NP ( NN Series ) ( CD 1989 ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )

Trinity River Authority Texas 134,750,000 of regional wastewater system improvement revenue bonds Series 1989 via competitive bid


( NP ( NP ( NP ( NNP City ) ( CC and ) ( NNP County ) ) ( PP ( IN of ) ( NP ( NP ( NNP Honolulu ) ) ( NP ( NNP Hawaii ) ) ) ) ) ( NP ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN obligation ) ( NNS bonds ) ) ( NP ( CD 1989 ) ( NN Series ) ( NNP B ) ) ) ( ADJP ( RB due ) ( NP-TMP ( CD 1993-2009 ) ) ) ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) )

City and County of Honolulu Hawaii 75 million of obligation bonds 1989 Series B due 1993-2009 via competitive bid


( NP ( NP ( NNP Beverly ) ( NNPS Hills ) ) ( NP ( NP ( QP ( CD 110 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ civic ) ( NN center ) ( NN project ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN participation ) ) ) ) ( NP ( NN Series ) ( CD 1989 ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) )

Beverly Hills 110 million of civic center project certificates of participation Series 1989 via a Goldman Sachs & Co. group


( NP ( NP ( NP ( NNP Broward ) ( NNP County ) ( NNP School ) ( NNP District ) ) ( NP ( NNP Florida ) ) ) ( NP ( NP ( QP ( CD 185 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN school ) ( NN district ) ( JJ general ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ( NN group ) ) ) )

Broward County School District Florida 185 million of school district general bonds via a First Boston Corp. group


( NP ( NP ( NNP Connecticut ) ( NNP Housing ) ( NNP Finance ) ( NNP Authority ) ) ( NP ( NP ( CD 132,620,000 ) ) ( PP ( IN of ) ( NP ( NP ( NN housing ) ( NN mortgage ) ( NN revenue ) ( NNP AMT ) ( CC and ) ( JJ non-AMT ) ( NNS bonds ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP PaineWebber ) ( NN group ) ) ) )

Connecticut Housing Finance Authority 132,620,000 of housing mortgage revenue AMT and non-AMT bonds via a PaineWebber group


( NP ( NP ( NNP Maryland ) ( NNP Stadium ) ( NNP Authority ) ) ( NP ( NP ( CD 137,550,000 ) ) ( PP ( IN of ) ( NP ( NP ( NNS sports ) ( NNS facilities ) ( NN lease ) ( NN revenue ) ( NNP Alternative ) ( NNP Minimum ) ( NNP Tax ) ( PRN ( NNP AMT ) ) ( NNS bonds ) ) ( NP ( NN Series ) ( CD 1989 ) ( NNP D ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) )

Maryland Stadium Authority 137,550,000 of sports facilities lease revenue Alternative Minimum Tax AMT bonds Series 1989 D via a Morgan Stanley & Co. group


( NP ( NP ( NNP Michigan ) ) ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Michigan ) ( NNP First ) ( JJ general ) ( NNS bonds ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( QP ( CD 70 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ environmental ) ( NN protection ) ( NN project ) ( NNS bonds ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 10 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN recreation ) ( NN project ) ( NNS bonds ) ) ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NN group ) ) ) )

Michigan 80 million of Michigan First general bonds including 70 million of environmental protection project bonds and 10 million of recreation project bonds via a Shearson Lehman Hutton group


( NP ( NP ( NNP West ) ( NNP Virginia ) ( NNPS Parkways ) ( NNP Economic ) ( NNP Development ) ( CC and ) ( NNP Tourism ) ( NNP Authority ) ) ( NP ( NP ( QP ( CD 143 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NN parkway ) ( NN revenue ) ( NNS bonds ) ) ( NP ( NN Series ) ( CD 1989 ) ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP PaineWebber ) ( NN group ) ) ) )

West Virginia Parkways Economic Development and Tourism Authority 143 million of parkway revenue bonds Series 1989 via a PaineWebber group


( NP ( NP ( NP ( NNP San ) ( NNP Antonio ) ) ( NP ( NNP Texas ) ) ) ( NP ( NP ( QP ( CD 640 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN gas ) ( CC and ) ( JJ electric ) ( NN revenue ) ( VBG refunding ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP First ) ( NNP Boston ) ( NN group ) ) ) )

San Antonio Texas 640 million of gas and electric revenue refunding bonds via a First Boston group


( S ( NP-SBJ-1 ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Finance ) ( NNP Ministry ) ) ( ADVP-MNR ( RB strongly ) ) ( VP ( VBD denied ) ( S ( VP ( VBG playing ) ( NP ( NP ( DT any ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( JJ stock-price ) ( JJ free ) ( NN fall ) ) ) ) ) ) ) )

Japan 's Finance Ministry strongly denied playing any role in the New York stock-price free fall


( S ( NP-SBJ ( NP ( NNP Makoto ) ( NNP Utsumi ) ) ( NP ( NP ( NN vice ) ( NN minister ) ) ( PP ( IN for ) ( NP ( JJ international ) ( NNS affairs ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN ministry ) ) ( VP ( VBD did ) ( RB n't ) ( PP ( IN in ) ( NP ( DT any ) ( NN way ) ) ) ( VP ( VB suggest ) ( PP-CLR ( TO to ) ( NP ( JJ Japanese ) ( NNS banks ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VB stay ) ( PP-CLR ( RB out ) ( PP ( IN of ) ( NP ( DT the ) ( NNP UAL ) ( NNP Corp. ) ( JJ leveraged ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ) ) )

Makoto Utsumi vice minister for international affairs said the ministry did n't in any way suggest to Japanese banks that they stay out of the UAL Corp. leveraged buy-out


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN ministry ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB never ) ) ( ADVP ( RB even ) ) ( VP ( VBN suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ Japanese ) ( NNS banks ) ) ( VP ( VB be ) ( ADJP-PRD ( JJ cautious ) ( PP ( IN about ) ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Utsumi ) ) ( VP ( VBD said ) ) )

The ministry has never even suggested that Japanese banks be cautious about leveraged buy-outs in general Mr. Utsumi said


( S ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( DT no ) ( NNS facts ) ( PRN ( PP ( IN behind ) ( NP ( DT the ) ( NNS assertions ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD sent ) ( NP ( NP ( DT any ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN signal ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD declared ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ) )

There are no facts behind the assertions that we sent any kind of signal he declared in an interview


( S ( NP-SBJ ( DT The ) ( NNS comments ) ) ( VP ( VP ( VBD were ) ( NP-PRD ( NP ( NP ( DT the ) ( NN ministry ) ( POS 's ) ) ( RB first ) ( JJ detailed ) ( JJ public ) ( NN statement ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN subject ) ) ) ) ) ( CC and ) ( VP ( VBP reflect ) ( NP ( NP ( DT the ) ( NN ministry ) ( POS 's ) ) ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS foreigners ) ) ( VP ( MD will ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ is ) ( VP ( VBG using ) ( NP ( PRP$ its ) ( JJ tremendous ) ( JJ financial ) ( NN power ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB control ) ( NP ( NP ( NNS events ) ) ( PP-LOC ( IN in ) ( NP ( JJ foreign ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The comments were the ministry 's first detailed public statement on the subject and reflect the ministry 's concern that foreigners will think Japan is using its tremendous financial power to control events in foreign markets


( S ( NP-SBJ ( NP ( DT A ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS accounts ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS events ) ) ( VP ( VBG leading ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( CD 190 ) ( NN point ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NN stock ) ( NNS prices ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD accused ) ( NP ( NP ( DT the ) ( NN ministry ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG pulling ) ( NP ( DT the ) ( NN plug ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP UAL ) ( NN deal ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( CD one ) ( NN reason ) ) ( CC or ) ( NP ( DT another ) ) ) ) ) ) ) ) ) )

A number of accounts of the events leading to the 190 point drop in New York stock prices on Oct. 13 accused the ministry of pulling the plug on the UAL deal for one reason or another


( S ( NP-SBJ ( NNP Mr. ) ( NNP Utsumi ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJS most ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN ministry ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN done ) ) ) ) ) ) ( VP ( VBD was ) ( S-PRD ( VP ( VB ask ) ( NP ( JJ Japanese ) ( NNS banks ) ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN status ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NN participation ) ) ( PP-LOC ( IN in ) ( NP ( CD one ) ( JJ previous ) ( NNP U.S. ) ( JJ leveraged ) ( NN buy-out ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Utsumi said the most the ministry had ever done was ask Japanese banks about the status of their participation in one previous U.S. leveraged buy-out


( S ( NP-SBJ ( DT The ) ( NN ministry ) ) ( VP ( VBD inquired ) ( PP-CLR ( IN about ) ( NP ( NP ( DT that ) ( NN deal ) ) ( PRN ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ-3 ( NNP Mr. ) ( NNP Utsumi ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB identify ) ) ) ) ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ large ) ( NN presence ) ) ( PP ( IN of ) ( NP ( JJ Japanese ) ( NNS banks ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN deal ) ) ) ) ( VP ( VBD was ) ( VP ( VBG being ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBN criticized ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Congress ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ necessary ) ) ( SBAR-4 ( IN for ) ( S ( NP-SBJ ( PRP us ) ) ( VP ( TO to ) ( VP ( VB grasp ) ( NP ( DT the ) ( NN situation ) ) ) ) ) ) ) ) ) ) ) )

The ministry inquired about that deal which Mr. Utsumi declined to identify because the large presence of Japanese banks in the deal was being strongly criticized in the U.S. Congress and it was necessary for us to grasp the situation


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN inquiry ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN made ) ( PP-MNR ( IN in ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NNS banks ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN interpreted ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( DT either ) ( JJ encouraging ) ( CC or ) ( JJ discouraging ) ( NP ( NN participation ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Japanese ) ( NNS banks ) ) ) ) ( VP ( VBD changed ) ( NP ( NP ( PRP$ their ) ( NN posture ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN deal ) ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN inquiry ) ) ) ) ) ) ) ) ) ) )

He said the inquiry was n't made in a way that the banks could have interpreted as either encouraging or discouraging participation and he added that none of the Japanese banks changed their posture on the deal as a result of the inquiry


( S ( NP-SBJ ( NNP Mr. ) ( NNP Utsumi ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT some ) ( JJ Japanese ) ( NNS banks ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP UAL ) ( NN financing ) ) ) ( PP-TMP ( IN up ) ( PP ( TO to ) ( NP ( DT the ) ( JJ very ) ( NN end ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB suggest ) ( PP ( IN at ) ( NP ( DT the ) ( RB very ) ( JJS least ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( RB n't ) ( PP-PRD ( IN under ) ( NP ( NNS orders ) ( S ( VP ( TO to ) ( VP ( VB back ) ( PRT ( RB out ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Utsumi also said some Japanese banks were willing to participate in the UAL financing up to the very end which would suggest at the very least that they were n't under orders to back out


( S-1 ( PP ( IN In ) ( ADJP ( JJ general ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Utsumi ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( JJ Japanese ) ( NNS banks ) ) ( VP ( VBP are ) ( VP ( VBG becoming ) ( ADJP-PRD ( RBR more ) ( JJ independent ) ) ( PP ( IN in ) ( NP ( NP ( PRP$ their ) ( NN approach ) ) ( PP ( TO to ) ( NP ( JJ overseas ) ( NNS deals ) ) ) ) ) ) ) )

In general Mr. Utsumi said Japanese banks are becoming more independent in their approach to overseas deals