( S ( PP-TMP ( IN Before ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN tumult ) ) ( PP-LOC ( IN in ) ( NP ( JJ global ) ( JJ financial ) ( NNS markets ) ) ) ) ) ( NP-SBJ ( NNP B.A.T ) ( NNS officials ) ( NNS holders ) ( CC and ) ( NNS analysts ) ) ( VP ( VBD had ) ( VP ( VBN expected ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ substantial ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN restructuring ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ complete ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ) ) ) ) ) ) )

Before the recent tumult in global financial markets B.A.T officials holders and analysts had expected a substantial part of the restructuring to be complete by the end of the first half


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( RB not ) ( PP-PRD ( IN in ) ( NP ( DT any ) ( NN hurry ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( NNP Saks ) ) ( NP ( NNP Marshall ) ( NNP Field ) ) ( CC or ) ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( JJ other ) ( NNP U.S. ) ( NN retail ) ( NNS properties ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Chairman ) ( NNP Patrick ) ( NNP Sheehy ) ) )

We are not in any hurry to sell Saks Marshall Field or B.A.T 's other U.S. retail properties said Chairman Patrick Sheehy


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( NN distress ) ( NN sale ) ) ) )

This is n't a distress sale


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBN determined ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( JJ good ) ( NNS prices ) ) ) ) ) ) ) )

We are determined to get good prices


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS flotations ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN paper ) ( CC and ) ( JJ British ) ( NN retailing ) ( NNS businesses ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ) ( ADVP ( RB only ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NNS disposals ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN retailing ) ( NNS assets ) ) ) ) ) ) ) ) ) )

Company officials say the flotations of the paper and British retailing businesses are likely only after the disposals of the U.S. retailing assets


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NNP Sir ) ( NNP James ) ) ( ADVP ( RB still ) ) ( VP ( VBZ is ) ( VP ( VBG pursuing ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NP ( NP ( NNP U.S. ) ( NN insurance ) ( NNS regulators ) ( POS ' ) ) ( NN approval ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( NNP B.A.T ) ( POS 's ) ) ( NNP Farmers ) ( NNP Group ) ( NNP Inc. ) ( NN unit ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile Sir James still is pursuing efforts to gain U.S. insurance regulators ' approval for a change in control of B.A.T 's Farmers Group Inc. unit


( S ( NP-SBJ ( DT The ) ( JJ Anglo-French ) ( NN financier ) ) ( VP ( VBZ has ) ( VP ( VBN indicated ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( ADVP ( RB again ) ) ( PP-CLR ( IN for ) ( NP ( NNP B.A.T ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ receives ) ( NP ( NN approval ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Anglo-French financier has indicated he intends to bid again for B.A.T if he receives approval


( S ( NP-VOC ( NNP WALL ) ( NNP STREET ) ) ( VP ( VB SHAKE ) ( NP ( NNS hands ) ) ( PP-CLR ( IN with ) ( NP ( NNP George ) ( NNP Orwell ) ) ) ) )

WALL STREET SHAKE hands with George Orwell


( S ( NP-SBJ ( NP ( DT The ) ( NN author ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ futuristic ) ( NN novel ) ( NX-TTL ( CD 1984 ) ) ) ) ) ( VP ( VBD invented ) ( NP ( NP ( DT a ) ( NN language ) ) ( VP ( VBD called ) ( S ( NP-PRD ( NNP Newspeak ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBN made ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ impossible ) ) ( S-2 ( VP ( TO to ) ( ADVP ( RB fully ) ) ( VP ( VB develop ) ( NP ( NP ( DT a ) ( JJ heretical ) ( NN thought ) ) ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN anything ) ) ( ADJP ( JJ negative ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NNS policies ) ( CC and ) ( NNS practices ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The author of the futuristic novel 1984 invented a language called Newspeak that made it impossible to fully develop a heretical thought that is anything negative about the policies and practices of the state


( S ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN gotten ) ( ADVP-DIR ( IN that ) ( RB far ) ) ( ADVP ( RB yet ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( NP ( DT a ) ( JJ promising ) ( NN start ) ) ) ) ) )

Wall Street has n't gotten that far yet but it has made a promising start


( S ( NP-SBJ-1 ( PRP$ Its ) ( NN language ) ) ( PRN ( S ( VP ( VB call ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( VB Streetspeak ) ) ) ) ) ) ( VP ( VBZ is ) ( UCP-PRD ( ADVP ( RB increasingly ) ) ( ADJP ( JJ mellifluous ) ) ( ADJP ( VBG reassuring ) ) ( CC and ) ( VP ( VBD designed ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( JJ financial ) ( NNS products ) ( CC and ) ( NNS maneuvers ) ) ( VP ( VB appear ) ( ADJP-PRD ( ADJP ( JJR better ) ( JJR safer ) ( CC or ) ( JJR cheaper ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB really ) ) ( VP ( VBP are ) ) ) ) ) ) ) ) ) ) ) ) ) )

Its language call it Streetspeak is increasingly mellifluous reassuring and designed to make financial products and maneuvers appear better safer or cheaper than they really are


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NP ( NN something ) ) ( ADJP ( RB undeniably ) ( JJ nasty ) ) ) ( VP ( VBZ happens ) ) ) ) ( NP-SBJ-3 ( DT a ) ( JJ few ) ( NNS euphemisms ) ) ( VP ( VBP are ) ( VP ( VBN deployed ) ( S-PRP ( VP ( TO to ) ( ADVP ( RB simply ) ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VB disappear ) ) ) ) ) ) ( SBAR-ADV ( ADVP ( RB much ) ) ( IN as ) ( S ( NP-SBJ-1 ( DT a ) ( JJ fresh ) ( NN grave ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN covered ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN blanket ) ) ( PP ( IN of ) ( NP ( NNS flowers ) ) ) ) ) ) ) ) ) ) ) ) )

When something undeniably nasty happens a few euphemisms are deployed to simply make it disappear much as a fresh grave may be covered by a blanket of flowers


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB bet ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD thought ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBD crashed ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) )

For example we 'll bet you thought that the stock market crashed two years ago


Wrong


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ grand ) ( NNS panjandrums ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD happened ) ) )

According to some of the grand panjandrums of the market it never happened


( S ( PP-LOC ( IN In ) ( NP ( PRP$ their ) ( NN lexicon ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ 508-point ) ( NN collapse ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 19 ) ( CD 1987 ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( RB just ) ( DT a ) ( JJ big ) ( NN blip ) ) ) )

In their lexicon the 508-point collapse in the Dow Jones Industrial Average on Oct. 19 1987 was just a big blip


( S ( S-ADV ( VP ( VBG Trotting ) ( PRT ( RP out ) ) ( NP ( DT a ) ( JJ much-beloved ) ( NNP Streetspeak ) ( NN term ) ) ) ) ( NP-SBJ-1 ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNP Chairman ) ( NNP John ) ( NNP Phelan ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD declared ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN history ) ) ( VP ( MD would ) ( VP ( VB record ) ( NP ( DT the ) ( NN event ) ) ( PP-CLR ( IN as ) ( NP ( RB only ) ( DT a ) ( JJ major ) ( JJ technical ) ( NN correction ) ) ) ) ) ) ) ) )

Trotting out a much-beloved Streetspeak term New York Stock Exchange Chairman John Phelan recently declared that history would record the event as only a major technical correction


( S ( NP-SBJ ( DT Another ) ( JJ much-beloved ) ( VBG saying ) ) ( ADVP ( RB however ) ) ( S-ADV ( NP-SBJ ( DT this ) ( CD one ) ) ( PP-PRD ( IN in ) ( NP ( JJ plain ) ( NNP English ) ) ) ) ( VP ( VBZ holds ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN something ) ) ( VP ( VP ( VBZ walks ) ( PP-MNR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ( CC and ) ( VP ( VBZ quacks ) ( PP-MNR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN duck ) ) ) ) ) ) )

Another much-beloved saying however this one in plain English holds that if something walks like a duck and quacks like a duck it is a duck


( S ( PP-TMP ( IN On ) ( NP ( NP ( NNP Oct. ) ( CD 29 ) ( CD 1929 ) ) ( PRN ( NP ( NP ( DT a ) ( NN date ) ) ( SBAR ( S ( NP-SBJ-2 ( NNS historians ) ) ( ADVP-MNR ( RB stubbornly ) ) ( VP ( VBP insist ) ( PP-CLR ( RP on ) ( S-NOM ( VP ( VBG associating ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( VBN dreaded ) ( NN C-word ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP DJ ) ( NNS industrials ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 12.8 ) ( NN % ) ) ) )

On Oct. 29 1929 a date historians stubbornly insist on associating with the dreaded C-word the DJ industrials fell 12.8 %


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( JJ technical ) ( NN correction ) ) ( PP ( IN of ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD lost ) ( NP ( DT a ) ( JJ whopping ) ( CD 22.6 ) ( NN % ) ) ) )

In the technical correction of two years ago they lost a whopping 22.6 %


( S ( NP-SBJ ( NNS Customers ) ) ( VP ( VBP hear ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN stuff ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP them ) ) ( NP ( NN stock ) ) ) ) ) ) ) ) ) ) ) )

Customers hear a lot of this stuff from people who try to sell them stock


( S ( S ( NP-SBJ-2 ( DT These ) ( NNS people ) ) ( VP ( VBD used ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( NNS brokers ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( RB apparently ) ) ( NP-SBJ ( DT this ) ( NN word ) ) ( VP ( CC either ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ grandiose ) ( RB enough ) ) ) ( CC or ) ( VP ( VBZ carries ) ( NP ( NP ( ADJP ( RB too ) ( JJ many ) ) ( JJ negative ) ( NNS connotations ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ aforementioned ) ( JJ technical ) ( NN correction ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( VBN terrified ) ( NNS customers ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB raise ) ( NP ( NNS brokers ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN phone ) ) ) ) ) ) ) ) ) ) ) ) ) )

These people used to be called brokers but apparently this word either is not grandiose enough or carries too many negative connotations from the aforementioned technical correction when terrified customers could n't raise brokers on the phone


( S ( NP-ADV ( CC Either ) ( NN way ) ) ( NP-SBJ ( DT the ) ( NN word ) ( NN broker ) ) ( VP ( VBZ is ) ( ADVP ( RB clearly ) ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN favor ) ) ) ) ) )

Either way the word broker is clearly out of favor


( S ( PP-TPC-1 ( IN Of ) ( NP ( DT the ) ( JJ major ) ( ADJP ( NNP New ) ( JJ York-based ) ) ( NNS securities ) ( NNS firms ) ) ) ( NP-SBJ ( NP ( RB only ) ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ) ( ADVP ( RB still ) ) ( VP ( VBZ calls ) ( S ( NP-SBJ ( PRP$ its ) ( NN salespeople ) ) ( NP-PRD ( NNS brokers ) ) ) ) )

Of the major New York-based securities firms only Morgan Stanley & Co. still calls its salespeople brokers


( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( JJ financial ) ( NNS consultants ) ) ) )

At Merrill Lynch & Co. and Shearson Lehman Hutton Inc. they are financial consultants


( S ( PP-LOC ( IN At ) ( NP ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( NP ( NNP Prudential ) ( NNP Bache ) ( NNP Securities ) ) ( CC and ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc. ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( NN account ) ( NNS executives ) ) ) )

At Drexel Burnham Lambert Inc. Prudential Bache Securities and Dean Witter Reynolds Inc. they are account executives


( S ( PP-LOC ( IN At ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( NN investment ) ( NNS executives ) ) ) )

At PaineWebber Inc. they are investment executives


( S ( NP-SBJ-1 ( JJ Such ) ( NNS titles ) ) ( VP ( VBP are ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB convey ) ( NP ( NP ( DT a ) ( NN sense ) ) ( PP ( IN of ) ( NP ( JJ dignified ) ( JJ broad-scale ) ( NN competence ) ( CC and ) ( NN expertise ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ myriad ) ( JJ financial ) ( NNS products ) ) ) ) ) ) ) ) ) ) )

Such titles are designed to convey a sense of dignified broad-scale competence and expertise in selling today 's myriad financial products


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN competence ) ( CC and ) ( NN expertise ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( NP ( DT some ) ( NNS brokers ) ) ( NP ( PRP themselves ) ) ) ( S-ADV ( VP ( VBN overwhelmed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT all ) ( DT the ) ( JJ new ) ( NNS things ) ) ( VP ( VBG being ) ( VP ( VBN dreamed ) ( PRT ( RP up ) ) ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB peddle ) ) ) ) ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB feel ) ) ) ) ) ) ) )

It is a competence and expertise that some brokers themselves overwhelmed by all the new things being dreamed up for them to peddle do n't feel


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ s ) ( ADVP ( RB almost ) ) ( NP ( NN product ) ( FW de ) ( FW jour ) ) ) ) ( VP ( VBZ grouses ) ) ( NP-SBJ ( NP ( CD one ) ( NN account ) ( NN executive ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dean ) ( NNP Witter ) ) ) ) )

It s almost product de jour grouses one account executive at Dean Witter


( S ( NP-SBJ-2 ( DT The ) ( VBN transmogrified ) ( NNS brokers ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBP let ) ( S ( NP-SBJ ( DT the ) ( NN C-word ) ) ( VP ( VB cross ) ( NP ( PRP$ their ) ( NNS lips ) ) ) ) ( S-ADV ( ADVP ( RB instead ) ) ( VP ( VBG stressing ) ( NP ( NP ( JJ such ) ( NNS terms ) ) ( PP ( IN as ) ( ADJP ( ADJP ( JJ safe ) ) ( ADJP ( VBN insured ) ) ( CC and ) ( ADJP ( VBN guaranteed ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ-1 ( DT these ) ( NNS terms ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADVP-MNR ( RB severely ) ) ( VP ( VBN limited ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ their ) ( NN application ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ particular ) ( JJ new ) ( JJ financial ) ( NN product ) ) ) ) ) ) ) ) ) ) ) ) ) )

The transmogrified brokers never let the C-word cross their lips instead stressing such terms as safe insured and guaranteed even though these terms may be severely limited in their application to a particular new financial product


( S ( NP-SBJ ( NP ( DT The ) ( NNS names ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS products ) ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB suggest ) ( NP ( NP ( DT the ) ( NN risk ) ) ( VP ( VBN involved ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG buying ) ( NP ( PRP them ) ) ) ) ) ) ) ( ADVP ( RB either ) ) ) ) )

The names of some of these products do n't suggest the risk involved in buying them either


( NP ( NP ( NP ( DT A ) ( NN case ) ) ( PP ( IN in ) ( NP ( NN point ) ) ) ) ( NP ( JJ government-plus ) ( NN bond ) ( NNS funds ) ) )

A case in point government-plus bond funds


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( MD could ) ( VP ( VB imply ) ( NP ( NP ( JJR more ) ( NN safety ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG investing ) ( PP-CLR ( IN in ) ( NP ( NN government ) ( NNS bonds ) ) ) ) ) ) ) ) ) )

What could imply more safety than investing in government bonds


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJR better ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG getting ) ( NP ( NP ( ADJP ( NP-ADV ( DT a ) ( NN tad ) ) ( JJR more ) ) ( NN income ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( PRP them ) ) ( PRN ( NP ( DT the ) ( NN plus ) ) ) ) ) ( PP-2 ( IN than ) ( NP ( JJ other ) ( NNS people ) ) ) ) ) ) ) ) ) )

What could be better than getting a tad more income from them the plus than other people


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( JJ conservative ) ( NNS investors ) ) ( S-ADV ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( ADJP-PRD ( JJ elderly ) ) ) ( VP ( VBP have ) ( VP ( VBN poured ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 50 ) ( CD billion ) ) ) ( PP-DIR ( IN into ) ( NP ( NP ( JJ such ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP promise ) ( NP ( NP ( JJR fatter ) ( NNS yields ) ) ( PP ( IN than ) ( NP ( JJ ordinary ) ( NNP Treasury ) ( NNS bonds ) ) ) ) ) ) ) ) ) ( S ( ADVP ( RB only ) ) ( VP ( TO to ) ( VP ( VB learn ) ( ADVP-TMP ( JJ later ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT these ) ( NNS funds ) ) ( VP ( VBP use ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN money ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB dabble ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ high-risk ) ( NN bond ) ( NNS options ) ) ( NP ( NP ( DT a ) ( NN gambler ) ( POS 's ) ) ( NN game ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Indeed conservative investors many of them elderly have poured more than 50 billion into such funds which promise fatter yields than ordinary Treasury bonds only to learn later that these funds use part of their money to dabble in high-risk bond options a gambler 's game


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ certain ) ( NN class ) ) ( PP ( IN of ) ( NP ( NN investment ) ) ) ) ( VP ( VBZ performs ) ( ADVP-MNR ( ADVP ( RB so ) ( RB poorly ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP$ its ) ( NN reputation ) ) ( VP ( VBZ is ) ( VP ( VBN tarnished ) ) ) ) ) ) ) ) ) ( VP ( VB look ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( TO to ) ( VP ( VB give ) ( NP ( PRP it ) ) ( NP ( DT a ) ( JJ new ) ( NN moniker ) ) ) ) ) ) ) )

When a certain class of investment performs so poorly that its reputation is tarnished look for Wall Street to give it a new moniker


( S ( NP-SBJ-1 ( DT This ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG happening ) ( ADVP-TMP ( RB now ) ) ( PP-CLR ( TO to ) ( NP ( NP ( VBN limited ) ( NNS partnerships ) ) ( SBAR ( WHNP-2 ( WHNP ( JJ many ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( CC either ) ( VP ( VBP have ) ( VP ( VBN gone ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN tank ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ( CC or ) ( VP ( VBP have ) ( ADVP ( RB otherwise ) ) ( VP ( VBN been ) ( NP-PRD ( JJ grievous ) ( NNS disappointments ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This seems to be happening now to limited partnerships many of which either have gone into the tank in recent years or have otherwise been grievous disappointments


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( VP ( VBG being ) ( VP ( VBN sold ) ( PRN ( CC but ) ( ADVP-TMP ( RBR more ) ( CC and ) ( RBR more ) ( RB often ) ) ( PP-MNR ( IN as ) ( NP ( NP ( JJ direct ) ( NNS investments ) ) ( PP ( IN with ) ( NP ( NP ( DT all ) ( DT the ) ( JJ same ) ( NNS risks ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ old ) ( NN label ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They are still being sold but more and more often as direct investments with all the same risks they had under the old label


( S ( PP-LOC ( IN In ) ( NP ( JJ such ) ( NNS cases ) ) ) ( S ( NP-SBJ ( DT the ) ( NN game ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD changed ) ) ) ) ( FRAG ( ADVP ( RB only ) ) ( NP-SBJ ( DT the ) ( NN name ) ) ) )

In such cases the game has n't changed only the name


( S ( PP-LOC ( IN In ) ( NP ( NNS others ) ) ) ( S ( NP-SBJ ( DT a ) ( JJ familiar ) ( JJ old ) ( NN name ) ) ( ADVP ( RB still ) ) ( VP ( VBZ prevails ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( JJ underlying ) ( NN game ) ) ( VP ( VBZ has ) ( VP ( VBN changed ) ) ) ) )

In others a familiar old name still prevails but the underlying game has changed


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( DT no ) ( NN load ) ( JJ mutual ) ( NNS funds ) ) ( VP ( VBP remain ) ( NP-PRD ( DT a ) ( NN favorite ) ) ( PP ( IN with ) ( NP ( NNS investors ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB carry ) ( NP ( DT a ) ( NN frontend ) ( NNS sales ) ( NN commission ) ) ) ) ) ) ) )

For example no load mutual funds remain a favorite with investors because they do n't carry a frontend sales commission


( S ( S-NOM-SBJ ( VP ( VBG Getting ) ( PP-DIR ( RB out ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ) ) ( ADVP ( RB however ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ different ) ( NN story ) ) ( ADVP-TMP ( RB now ) ) ) ) )

Getting out of them however may be a different story now


( S ( S ( NP-SBJ-1 ( JJ Traditional ) ( NNS no-loads ) ) ( VP ( VBD made ) ( NP ( PRP$ their ) ( NN money ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG charging ) ( NP ( NP ( DT an ) ( JJ annual ) ( NN management ) ( NN fee ) ) ( RRC ( ADVP-TMP ( RB usually ) ) ( NP ( DT a ) ( JJ modest ) ( CD one ) ) ) ) ) ) ) ) ) ( S ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD imposed ) ( NP ( DT no ) ( JJ other ) ( NNS fees ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ many ) ) ( ADVP ( RB still ) ) ( VP ( VBP do ) ( RB n't ) ) ) ) )

Traditional no-loads made their money by charging an annual management fee usually a modest one they imposed no other fees and many still do n't


( S ( PP-TMP ( IN In ) ( NP ( JJ recent ) ( NNS years ) ) ) ( ADVP ( RB though ) ) ( NP-SBJ ( NP ( DT a ) ( NN passel ) ) ( PP ( IN of ) ( NP ( NP ( NNS others ) ) ( VP ( VBG flying ) ( NP ( DT the ) ( JJ no-load ) ( NN flag ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG imposing ) ( NP ( NP ( JJ hefty ) ( NNS charges ) ) ( NP ( QP ( NP-ADV ( DT all ) ( DT the ) ( NN way ) ) ( IN up ) ( TO to ) ( CD 6 ) ) ( NN % ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT an ) ( NN investor ) ) ( VP ( VBZ sells ) ( NP ( PRP$ his ) ( NNS shares ) ) ) ) ) ) ) ) )

In recent years though a passel of others flying the no-load flag have been imposing hefty charges all the way up to 6 % when an investor sells his shares


( SQ ( MD Should ) ( RB n't ) ( NP-SBJ-1 ( PRP they ) ) ( ADVP ( RB properly ) ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( JJ exit-load ) ( NNS funds ) ) ) ) ) )

Should n't they properly be called exit-load funds


( S ( S ( NP-SBJ ( DT The ) ( JJ mutual-fund ) ( NN industry ) ) ( VP ( VBZ is ) ( VP ( VBG debating ) ( NP ( DT the ) ( NN question ) ) ) ) ) ( CC but ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( NP ( DT a ) ( JJ new ) ( NN name ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( JJ old ) ( CD one ) ) ( VP ( VBZ is ) ( VP ( VBG working ) ( ADVP-MNR ( RB so ) ( RB well ) ) ) ) ) ) ) ) ) )

The mutual-fund industry is debating the question but do n't expect a new name while the old one is working so well


( S ( CC And ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( S ( NP-SBJ ( NN anyone ) ) ( VP ( TO to ) ( VP ( VB change ) ( NP ( DT the ) ( NN term ) ( JJ blue ) ( NN chip ) ) ) ) ) ( ADVP ( CC either ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB still ) ) ( VP ( VBP enjoy ) ( NP ( DT the ) ( NN title ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( JJR riskier ) ( NNS investments ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ) ) ) ) ) ) ) ) ) ) )

And do n't expect anyone to change the term blue chip either even though some of the companies that still enjoy the title may be riskier investments than they were


( S ( S ( NP-SBJ ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( PP ( IN for ) ( NP ( CD one ) ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( NP-PRD ( NP ( DT a ) ( JJ favorite ) ) ( PP ( IN of ) ( NP ( NP ( NNS widows ) ) ( NP ( NNS orphans ) ) ( CC and ) ( NP ( NN trust ) ( NNS departments ) ) ) ) ) ) ) ( CC but ) ( S ( S-ADV ( VP ( VP ( VB shorn ) ( PP-CLR ( IN of ) ( NP ( PRP$ its ) ( JJ regional ) ( NN telephone ) ( NNS units ) ) ) ) ( CC and ) ( VP ( VBN exposed ) ( PP-CLR ( TO to ) ( NP ( NP ( NN competition ) ) ( PP-LOC ( IN on ) ( NP ( DT every ) ( NN side ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB far ) ( JJ different ) ) ( NN investment ) ( NN prospect ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-TMP ( IN before ) ( NP ( NN divestiture ) ) ) ) ) ) ) ) ) )

American Telephone & Telegraph Co. for one is still a favorite of widows orphans and trust departments but shorn of its regional telephone units and exposed to competition on every side it is a far different investment prospect than it was before divestiture


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( JJ blue ) ( NNS chips ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ( VP ( VBP have ) ( VP ( VBN suffered ) ( NP ( ADJP ( RB much ) ( RBR more ) ) ( JJ short-term ) ( NN price ) ( NN volatility ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) )

Also blue chips in general have suffered much more short-term price volatility in recent years


( S ( NP-SBJ ( NP ( NNP Larry ) ( NNP Biehl ) ) ( NP ( NP ( DT a ) ( NN money ) ( NN manager ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP San ) ( NNP Mateo ) ) ( NP ( NNP Calif. ) ) ) ) ) ) ( VP ( VBZ blames ) ( NP ( DT that ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN advent ) ) ( PP ( IN of ) ( NP ( NP ( NN program ) ( NN trading ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-2 ( NP ( NNS computers ) ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( JJ big ) ( JJ institutional ) ( NNS investors ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN programmed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC and ) ( VB sell ) ( NP ( JJ big ) ( NNS blocks ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( JJ certain ) ( NN market ) ( NNS conditions ) ) ( VP ( VBP prevail ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Larry Biehl a money manager in San Mateo Calif. blames that on the advent of program trading in which computers used by big institutional investors are programmed to buy and sell big blocks when certain market conditions prevail


( S-2 ( NP-SBJ-1 ( JJ Blue ) ( NNS chips ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG being ) ( VP ( VBN referred ) ( PP-CLR ( TO to ) ) ( PP-CLR ( IN as ) ( NP ( NN poker ) ( NNS chips ) ) ) ) ) ) )

Blue chips he says are now being referred to as poker chips


( S ( ADVP ( RB Finally ) ) ( NP-SBJ ( NP ( RB even ) ( DT the ) ( JJ time-honored ) ( NN strategy ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NN value ) ( NN investing ) ) ) ) ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VBZ means ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB once ) ) ( VP ( VBD did ) ) ) ) ) )

Finally even the time-honored strategy called value investing no longer means what it once did


( S ( PP-TMP ( IN Before ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN mania ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS '80s ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD referred ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG rooting ) ( PRT ( RP out ) ) ( PP-MNR ( IN through ) ( NP ( NN analysis ) ) ) ( NP ( NP ( VBN undervalued ) ( NNS stocks ) ) ( ADVP ( RB especially ) ) ( NP ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( NP ( JJ shrewd ) ( NN management ) ) ( NP ( NN sound ) ( NNS fundamentals ) ) ( CC and ) ( NP ( JJ decent ) ( NNS prospects ) ) ) ) ) ) ) ) ) ) )

Before the takeover mania of the '80s it referred to rooting out through analysis undervalued stocks especially those with shrewd management sound fundamentals and decent prospects


( S-2 ( ADVP-TMP ( RB Now ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Biehl ) ) ) ) ( NP-SBJ ( NN value ) ( NN investing ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VBZ means ) ( S ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ downtrodden ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( JJ terrible ) ( NN management ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( JJ real ) ( NN trouble ) ) ) ) ) ) ) ) ) ) ) )

Now says Mr. Biehl value investing often means looking for downtrodden companies with terrible management that are in real trouble


( S-1 ( PP ( TO To ) ( NP ( NP ( JJ institutional ) ( NNS investors ) ) ( CC or ) ( NP ( NNS brokers ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN company ) ) ( PP ( IN with ) ( NP ( NN value ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN company ) ) ( PP ( IN at ) ( NP ( NP ( NN risk ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN swallowed ) ( PRT ( RP up ) ) ) ) ) ) ) ) ) ) )

To institutional investors or brokers he adds a company with value is a company at risk of being swallowed up


( S ( NP-SBJ ( NNP Ms. ) ( NNP Bettner ) ) ( VP ( VBZ covers ) ( NP ( JJ personal ) ( NN finance ) ) ( PP ( IN from ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( POS 's ) ) ( NNP Los ) ( NNP Angeles ) ( NN bureau ) ) ) ) )

Ms. Bettner covers personal finance from The Wall Street Journal 's Los Angeles bureau


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG buying ) ( CC and ) ( VBG selling ) ( NP ( NNS shares ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Westridge ) ( NNP Capital ) ( NNP Management ) ( NNP Inc. ) ) ( VP ( VBZ takes ) ( NP-CLR ( DT a ) ( JJ back ) ( NN seat ) ) ( PP-CLR ( TO to ) ( NP ( DT no ) ( PRP one ) ) ) ) )

When it comes to buying and selling shares Westridge Capital Management Inc. takes a back seat to no one


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NP ( DT Every ) ( NN dollar ) ( POS 's ) ) ( NN worth ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NN money ) ( NN manager ) ( POS 's ) ) ( NN portfolio ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN traded ) ( NP-TMP ( NP ( QP ( CD seven ) ( CC or ) ( CD eight ) ) ( NNS times ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBZ estimates ) ) )

Every dollar 's worth of stock in the Los Angeles money manager 's portfolio is traded seven or eight times a year the firm estimates


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( NN trader ) ) ( PP-LOC ( IN among ) ( NP ( DT all ) ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN investment ) ( NNS advisers ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ( NNS filings ) ) ) ) ) )

That makes it the most active trader among all the nation 's investment advisers according to Securities and Exchange Commission filings


( S ( CC But ) ( VP ( VB wait ) ( NP-TMP ( DT a ) ( NN second ) ) ) )

But wait a second


( S ( NP-SBJ ( NNP Westridge ) ( NNP Capital ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN index ) ( NN fund ) ) ( NP ( NP ( DT the ) ( NN type ) ) ( PP ( IN of ) ( NP ( NP ( JJ stolid ) ( JJ long-term ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN goal ) ) ( S ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NN nothing ) ) ( ADJP ( JJR more ) ( PP ( IN than ) ( ADJP ( JJ average ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Westridge Capital is an index fund the type of stolid long-term investor whose goal is to be nothing more than average


( S ( NP-SBJ ( NP ( NNP Westridge ) ( NNP Capital ) ( POS 's ) ) ( JJ frenetic ) ( NN trading ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT the ) ( NNS changes ) ) ( VP ( VBG sweeping ) ( PP-DIR ( IN through ) ( NP ( NP ( DT the ) ( ADJP ( RB previously ) ( JJ sleepy ) ) ( NN world ) ) ( PP ( IN of ) ( NP ( NN indexing ) ) ) ) ) ) ) ) )

Westridge Capital 's frenetic trading reflects the changes sweeping through the previously sleepy world of indexing


( S ( NP-SBJ-2 ( NN Indexing ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJS most ) ( NN part ) ) ) ( VP ( VBZ has ) ( VP ( VBN involved ) ( S ( VP ( VP ( ADVP ( RB simply ) ) ( VBG buying ) ) ( CC and ) ( VP ( ADVP ( RB then ) ) ( VBG holding ) ) ( NP-1 ( NP ( NNS stocks ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ correct ) ( NN mix ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB mirror ) ( NP ( NP ( DT a ) ( NN stock ) ( NN market ) ( NN barometer ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Standard ) ) ( CC & ) ( NP ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ) ) ) ) ( CC and ) ( VP ( VB match ) ( NP ( PRP$ its ) ( NN performance ) ) ) ) ) ) ) ) )

Indexing for the most part has involved simply buying and then holding stocks in the correct mix to mirror a stock market barometer such as Standard & Poor 's 500-stock index and match its performance


( S ( NP-SBJ ( JJ Institutional ) ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VBN poured ) ( NP ( QP ( CD 210 ) ( CD billion ) ) ) ( PP-CLR ( IN into ) ( NP ( NN stock ) ( CC and ) ( NN bond ) ( NN indexing ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( JJ cheap ) ( CC and ) ( JJ easy ) ( NN form ) ) ( PP ( IN of ) ( NP ( NN investment ) ( NN management ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ promises ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( JJ average ) ( NN market ) ( NNS returns ) ) ) ) ) ) ) ) ) ) ) ) )

Institutional investors have poured 210 billion into stock and bond indexing as a cheap and easy form of investment management that promises to post average market returns


( S ( NP-SBJ ( DT These ) ( JJ big ) ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VBN flocked ) ( PP-DIR ( TO to ) ( NP ( NN indexing ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( ADJP ( RB relatively ) ( JJ few ) ) ( JJ active ) ( NN stock ) ( NNS pickers ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VP ( ADVP ( RB consistently ) ) ( VB match ) ( NP ( NP ( DT the ) ( NNS returns ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ) ( CC or ) ( NP ( JJ other ) ( NNS bellwethers ) ) ) ) ) ) ( VP ( ADVP ( RB much ) ( RBR less ) ) ( VB beat ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) )

These big investors have flocked to indexing because relatively few active stock pickers have been able to consistently match the returns of the S&P 500 or other bellwethers much less beat it


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NNS fees ) ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP pay ) ( PP-CLR ( IN for ) ( NP ( NN indexing ) ) ) ) ) ) ) ( VP ( VBP run ) ( NP ( NP ( NP ( DT a ) ( JJ few ) ( NNS pennies ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( CD 100 ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN fraction ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( JJ active ) ( NNS managers ) ) ) ) ) ) ) ) )

And the fees investors pay for indexing run a few pennies for each 100 of assets a fraction of the cost of active managers


( S ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( NNS computers ) ) ( VP ( VBP do ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN work ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ low ) ( NN trading ) ( NN activity ) ) ( VP ( VBZ keeps ) ( NP-CLR ( DT a ) ( NN lid ) ) ( PP-CLR ( IN on ) ( NP ( NN commission ) ( NNS costs ) ) ) ) ) )

That 's because computers do most of the work and low trading activity keeps a lid on commission costs


( S ( CC But ) ( NP-TMP ( NN today ) ) ( NP-SBJ ( NN indexing ) ) ( VP ( VBZ is ) ( VP ( VBG moving ) ( PP-DIR ( IN from ) ( NP ( DT a ) ( NN passive ) ( NN investment ) ( NN strategy ) ) ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( ADJP ( RB increasingly ) ( JJ active ) ) ( CD one ) ) ) ) ) )

But today indexing is moving from a passive investment strategy to an increasingly active one


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( JJ index-fund ) ( NNS managers ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( ADJP-PRD ( VBN satisfied ) ( PP ( IN with ) ( S-NOM ( ADVP ( RB merely ) ) ( VP ( VBG being ) ( ADJP-PRD ( JJ average ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN developed ) ( NP ( NP ( VBN enhanced ) ( NN indexing ) ( NNS strategies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( JJ outperform ) ( NP ( DT the ) ( NN market ) ) ( NP-EXT ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD three ) ) ( NN percentage ) ( NNS points ) ) ) ) ) ) ) ) ) ) ) ) )

Because index-fund managers are no longer satisfied with merely being average they have developed enhanced indexing strategies that are intended to outperform the market as much as three percentage points


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NN Indexing ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ single ) ( JJ successful ) ) ( NN investment ) ( NN concept ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( NN decade ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN index ) ( NN money ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP ( RB just ) ) ( ADVP ( NN sort ) ( IN of ) ) ( VP ( VBG sitting ) ( ADVP-LOC-CLR ( RB there ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Seth ) ( NNP M. ) ( NNP Lynn ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Axe ) ( NNP Core ) ( NNP Investors ) ( NNP Inc. ) ) ( NP ( NP ( DT an ) ( NN indexer ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Tarrytown ) ) ( NP ( NNP N.Y ) ) ) ) ) ) ) ) ) ) )

Indexing has been the most single successful investment concept in the last decade but the index money has been just sort of sitting there says Seth M. Lynn president of Axe Core Investors Inc. an indexer based in Tarrytown N.Y


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( DT the ) ( NN interest ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( SBARQ-NOM ( WHNP-1 ( WP what ) ( RB else ) ) ( SQ ( MD can ) ( NP-SBJ ( PRP I ) ) ( VP ( VB do ) ( PP-CLR ( IN with ) ( NP ( DT that ) ( NN money ) ) ) ) ) ) ) ) )

Now the interest is in what else can I do with that money


( S ( PP-LOC ( IN Among ) ( NP ( DT the ) ( JJ souped-up ) ( NN indexing ) ( NNS strategies ) ) ) ( NP-SBJ-1 ( JJ Indexed ) ( NNS portfolios ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN built ) ( PP-CLR ( IN around ) ( NP ( NP ( NP ( NNS thousands ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( CC or ) ( NP ( RB just ) ( DT a ) ( JJ few ) ( NN dozen ) ) ) ) ( PP ( RB rather ) ( IN than ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN restricted ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS companies ) ) ) ) ) ) ) ) ) ) )

Among the souped-up indexing strategies Indexed portfolios can be built around thousands of stocks or just a few dozen rather than being restricted to the S&P 500 companies


( S ( NP-SBJ ( PRP They ) ) ( VP ( MD can ) ( VP ( VP ( VB ignore ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS stocks ) ) ( ADVP ( RB altogether ) ) ) ( CC and ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ particular ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJR smaller ) ( NNS companies ) ) ( NP ( DT those ) ( VBG paying ) ( JJ high ) ( NNS dividends ) ) ( CC or ) ( NP ( NP ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ particular ) ( NN industry ) ( NN state ) ( CC or ) ( NN country ) ) ) ) ) ) ) ) ) ) ) )

They can ignore the S&P 500 stocks altogether and focus on particular types of stocks such as smaller companies those paying high dividends or companies in a particular industry state or country


( S ( PP ( IN With ) ( NP ( NP ( NN today ) ( POS 's ) ) ( JJ computer-driven ) ( NN program ) ( NN trading ) ( NNS techniques ) ) ) ( NP-SBJ ( NN index ) ( NNS funds ) ) ( VP ( MD can ) ( VP ( VB trade ) ( ADVP ( RB back ) ( CC and ) ( RB forth ) ) ( PP-CLR ( IN between ) ( NP ( NP ( JJ stock-index ) ( NNS futures ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ actual ) ( NNS stocks ) ) ( VP ( VBG making ) ( PRT ( RP up ) ) ( NP ( NNS indexes ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ) ) ) ) ) ) ) )

With today 's computer-driven program trading techniques index funds can trade back and forth between stock-index futures and the actual stocks making up indexes such as the S&P 500


( S ( NP-SBJ ( NNS Futures ) ( CC and ) ( NNS options ) ) ( ADVP ( RB also ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ possible ) ) ( S-3 ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( JJ synthetic ) ( NN index ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBP do ) ( RB n't ) ( ADVP ( RB actually ) ) ( VP ( VB own ) ( NP ( NP ( DT a ) ( JJ single ) ( NN share ) ) ( PP ( IN of ) ( NP ( NN stock ) ) ) ) ) ) ( CC but ) ( VP ( MD can ) ( VP ( VB produce ) ( NP ( NP ( NNS returns ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP match ) ( CC or ) ( VBP exceed ) ( NP ( DT the ) ( JJ broad ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Futures and options also make it possible to build synthetic index funds that do n't actually own a single share of stock but can produce returns that match or exceed the broad stock market


( S ( NP-SBJ ( NP ( CD One ) ( NN reason ) ) ( PP ( IN for ) ( NP ( DT these ) ( NNS hybrids ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ ( NP ( NN indexing ) ( POS 's ) ) ( JJ rapid ) ( NN growth ) ) ( VP ( VBZ is ) ( VP ( VBG slowing ) ( PP ( ADVP ( RB particularly ) ) ( IN for ) ( NP ( NP ( DT those ) ( ADJP ( JJ plain ) ( NN vanilla ) ) ( NNS funds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP mirror ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ) ) ) ) ) ) ) ) ) ) ) )

One reason for these hybrids is that indexing 's rapid growth is slowing particularly for those plain vanilla funds that mirror the S&P 500


( SINV ( S-TPC-3 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD-1 ( NP ( DT a ) ( NN boatload ) ) ( PP ( IN of ) ( NP ( JJ big ) ( NNS investors ) ) ) ) ( ADVP-LOC ( RB out ) ( RB there ) ) ( S-ADV ( ADVP ( RB still ) ) ( VP ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PP-DIR ( IN into ) ( NP ( NN indexing ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP P. ) ( NNP James ) ( NNP Kartalia ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP ANB ) ( NNP Investment ) ( NNP Management ) ( NNP Co. ) ) ( NP ( NNP Chicago ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ offers ) ( NP ( DT both ) ( NP ( NN indexing ) ) ( CC and ) ( NP ( JJ active ) ( NN management ) ( NNS services ) ) ) ) ) ) ) ) ) ) )

There is n't a boatload of big investors out there still waiting to get into indexing says P. James Kartalia vice president of ANB Investment Management Co. Chicago which offers both indexing and active management services


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG tripling ) ( PP ( IN in ) ( NP ( NN size ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD five ) ( NNS years ) ) ) ) ) ) ( NP-SBJ ( NN index ) ( NNS funds ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP hold ) ( NP ( NP ( QP ( RB about ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN stock ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NN pension ) ( NNS funds ) ) ) ) ) ) ) ) )

After tripling in size in the past five years index funds now hold about 20 % of the stock owned by pension funds


( S ( NP-SBJ ( DT A ) ( JJ further ) ( NN problem ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ razor-thin ) ( NNS profits ) ) ) )

A further problem is razor-thin profits


( S ( NP-SBJ ( JJ Plain-vanilla ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( ADJP-PRD ( RB so ) ( JJ commonplace ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS fees ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB charge ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VP ( VBN plunged ) ( PP-DIR ( TO to ) ( NP ( RB almost ) ( NN nothing ) ) ) ) ( CC and ) ( VP ( PP ( IN in ) ( NP ( DT some ) ( NNS cases ) ) ) ( VBP are ) ( NP-PRD ( RB just ) ( DT that ) ) ) ) ) ) ) ) ) ) )

Plain-vanilla funds have become so commonplace that fees they can charge have plunged to almost nothing and in some cases are just that


( S ( S-PRP ( VP ( TO To ) ( VP ( VB land ) ( NP ( NP ( NNS customers ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ well-paying ) ( NN stock ) ( JJ custodial ) ( NN business ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJ big ) ( NNS banks ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( MD will ) ( VP ( VB throw ) ( PRT ( RP in ) ) ( NP ( NP ( JJ basic ) ( NN indexing ) ( NNS services ) ) ( PP ( IN for ) ( ADJP ( JJ free ) ) ) ) ) ) )

To land customers for their well-paying stock custodial business big banks sometimes will throw in basic indexing services for free


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG getting ) ( NP ( DT a ) ( JJ free ) ( NN toaster ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP open ) ( NP ( DT an ) ( NN account ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Axe ) ( NNP Core ) ( POS 's ) ) ( NNP Mr. ) ( NNP Lynn ) ) )

It 's like getting a free toaster when you open an account says Axe Core 's Mr. Lynn


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NNS indexers ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( NNS investors ) ) ( NP ( NP ( NN something ) ) ( ADJP ( JJR more ) ( PP ( IN than ) ( NP ( DT the ) ( NN average ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) )

As a result indexers have been looking for ways to give investors something more than the average for their money


( S ( CC And ) ( NP-SBJ ( JJ many ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ successful ) ) ( PP ( IN as ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN index ) ( NN fund ) ) ( VP ( VBN operated ) ( PP ( IN by ) ( NP-LGS ( NN hyper-trader ) ( NNP Westridge ) ( NNP Capital ) ) ) ) ) ) ) ) ) ) ) )

And many have been successful as in the case of the index fund operated by hyper-trader Westridge Capital


( S ( NP-SBJ-1 ( NNP Westridge ) ( NNP Capital ) ) ( VP ( VBZ has ) ( VP ( VBN used ) ( NP ( JJ enhanced ) ( NN indexing ) ( NNS techniques ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB beat ) ( NP ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( POS 's ) ) ( NNS returns ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 2.5 ) ( TO to ) ( CD 3 ) ) ( NN percentage ) ( NNS points ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD four ) ( NNS years ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ same ) ( NN risk ) ( NN level ) ) ( PP ( IN as ) ( S-NOM ( VP ( VBG holding ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP James ) ( NNP Carder ) ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN president ) ) ) ) ) ) ) )

Westridge Capital has used enhanced indexing techniques to beat the S&P 500 's returns by 2.5 to 3 percentage points over the past four years with the same risk level as holding the S&P 500 stocks according to James Carder the firm 's president


( S ( NP-SBJ ( NNS Strategies ) ) ( VP ( VBP vary ) ( PP ( IN for ) ( NP ( NP ( NNP Westridge ) ( NNP Capital ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( PP-LOC ( IN under ) ( NP ( NN management ) ) ) ) ) ) ) ) ) ) )

Strategies vary for Westridge Capital which has 300 million under management


( S ( NP-SBJ-2 ( DT The ) ( NN firm ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VP ( VBZ buys ) ( NP ( NNP S&P ) ( CD 500 ) ( NNS futures ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG selling ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ actual ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB switch ) ( ADVP ( RB back ) ( CC and ) ( RB forth ) ) ( PP-CLR ( IN between ) ( NP ( NP ( NNS stocks ) ) ( CC and ) ( NP ( JJ stock-index ) ( NNS futures ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB take ) ( NP-CLR ( NNS advantages ) ) ( PP-CLR ( IN of ) ( NP ( DT any ) ( JJ momentary ) ( NN price ) ( NNS discrepencies ) ) ) ) ) ) ) ) ) )

The firm sometimes buys S&P 500 futures when they are selling at a discount to the actual stocks and will switch back and forth between stocks and stock-index futures to take advantages of any momentary price discrepencies


( S ( NP-SBJ ( NNP Mr. ) ( NNP Carder ) ) ( ADVP ( RB also ) ) ( VP ( VBZ goes ) ( PP-DIR ( IN through ) ( NP ( NP ( NNS periods ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ buys ) ( NP ( NNS stocks ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NN conjunction ) ) ( PP ( IN with ) ( NP ( NNS options ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB boost ) ( NP ( NNS returns ) ) ) ( CC and ) ( VP ( VB protect ) ( PP-CLR ( IN against ) ( NP ( NNS declines ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Carder also goes through periods when he buys stocks in conjunction with options to boost returns and protect against declines


( S ( CC And ) ( PP-TMP ( IN in ) ( NP ( DT some ) ( NNS months ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ buys ) ( NP ( NP ( JJ stock-index ) ( NNS futures ) ) ( CC and ) ( RB not ) ( NP ( NNS stocks ) ) ( ADVP ( IN at ) ( DT all ) ) ) ) )

And in some months he buys stock-index futures and not stocks at all


( S ( S-TPC-2 ( PP ( IN By ) ( NP ( PRP$ their ) ( NN nature ) ) ) ( NP-SBJ-1 ( PRP$ our ) ( NNS trades ) ) ( VP ( VP ( VBP are ) ( ADJP-PRD ( RB very ) ( JJ short-term ) ) ) ( CC and ) ( VBP are ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB create ) ( NP ( JJ high ) ( NN turnover ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Carder ) ) ( VP ( VBZ adds ) ) )

By their nature our trades are very short-term and are going to create high turnover Mr. Carder adds


( X ( X ( DT The ) ( JJR more ) ( NN turnover ) ) ( X ( DT the ) ( JJR better ) ( PP ( IN for ) ( NP ( PRP$ our ) ( NNS clients ) ) ) ) )

The more turnover the better for our clients


( S ( NP-SBJ ( JJ Big ) ( NN indexer ) ( NNP Bankers ) ( NNP Trust ) ( NNP Co. ) ) ( ADVP ( RB also ) ) ( VP ( VBZ uses ) ( NP ( NNS futures ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN strategy ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( PP ( IN on ) ( NP ( NN average ) ) ) ( VP ( VBZ has ) ( VP ( VBN added ) ( NP ( CD one ) ( NN percentage ) ( NN point ) ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ its ) ( JJ enhanced ) ( NN fund ) ( POS 's ) ) ( NNS returns ) ) ) ) ) ) ) ) ) ) )

Big indexer Bankers Trust Co. also uses futures in a strategy that on average has added one percentage point to its enhanced fund 's returns


( S ( NP-SBJ ( NP ( NNP J. ) ( NNP Thomas ) ( NNP Allen ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( JJ Pittsburgh-based ) ( NNP Advanced ) ( NNP Investment ) ( NNP Management ) ( NNP Inc. ) ) ) ) ) ( VP ( VBZ agrees ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ good ) ( NN idea ) ) ( S-1 ( VP ( TO to ) ( VP ( VB jump ) ( PP-CLR ( IN between ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS stocks ) ( CC and ) ( NNS futures ) ) ) ) ) ) ) ) ) ) )

J. Thomas Allen president of Pittsburgh-based Advanced Investment Management Inc. agrees it 's a good idea to jump between the S&P 500 stocks and futures


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP 're ) ( VP ( VBG buying ) ( NP ( DT the ) ( NNP S&P ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP you ) ) ( ADVP-TMP ( RB always ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( NP ( NP ( DT the ) ( JJS cheapest ) ( NN form ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

You 're buying the S&P and you always want to hold the cheapest form of it he says


( S ( CC But ) ( NP-SBJ-1 ( DT some ) ( NNS indexers ) ) ( VP ( VBP make ) ( NP ( NP ( ADJP ( JJ little ) ( CC or ) ( DT no ) ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS futures ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT these ) ( NNS instruments ) ) ( VP ( VBP present ) ( NP ( NP ( VBN added ) ( NNS risks ) ) ( PP ( IN for ) ( NP ( NNS investors ) ) ) ) ) ) ) ) ) ) )

But some indexers make little or no use of futures saying that these instruments present added risks for investors


( SINV ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS futures ) ) ( NNS markets ) ) ( VP ( VBP have ) ( NP ( DT a ) ( NN problem ) ) ) ) ) ( RB then ) ( NP-SBJ ( DT those ) ( NNS products ) ) ( VP ( MD could ) ( VP ( VB have ) ( NP ( DT a ) ( NN problem ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Zumbrunn ) ) ( NP ( NP ( VBG managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP Prudential ) ( NNP Insurance ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NP ( NNP America ) ( POS 's ) ) ( NNP Investment ) ( NNP Index ) ( NNP Technologies ) ( NNP Inc. ) ( NN unit ) ) ) ) ) ) ) )

If the futures markets have a problem then those products could have a problem says John Zumbrunn managing director of Prudential Insurance Co. of America 's Investment Index Technologies Inc. unit


( S ( NP-SBJ ( NNP Prudential ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( NP ( DT a ) ( JJ new ) ( NN fund ) ) ( VP ( VBG offering ) ( NP ( NP ( DT a ) ( NN return ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NN index ) ) ( IN plus ) ( NP ( NP ( CD 5\/100 ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Prudential currently is seeking approval to offer a new fund offering a return equal to the S&P 500 index plus 5\/100 of a percentage point


( S ( NP-SBJ ( DT An ) ( VBN added ) ( NN feature ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( NN slighty ) ( VBD improved ) ) ( NN return ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN guaranteed ) ( PP ( IN by ) ( NP-LGS ( NNP Prudential ) ) ) ) ) ) ) ) ) )

An added feature is that the slighty improved return would be guaranteed by Prudential


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ many ) ( JJ other ) ( NNS strategies ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB bolster ) ( NP ( NP ( DT the ) ( NNS returns ) ) ( PP ( IN of ) ( NP ( NN index ) ( NNS funds ) ) ) ) ) ) ) ) ) ) )

There are many other strategies to bolster the returns of index funds


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP include ) ) )

They include


( NP-HLN ( JJ LIMITED ) ( NN RISK ) ( NNS FUNDS ) )

LIMITED RISK FUNDS


( S ( NP-SBJ-1 ( DT These ) ) ( VP ( VBP guarantee ) ( NP ( NP ( NN protection ) ) ( PP ( IN against ) ( NP ( NN stock ) ( NN market ) ( NNS declines ) ) ) ) ( PP-TMP ( IN while ) ( S-NOM ( ADVP ( RB still ) ) ( VP ( VBG passing ) ( ADVP-DIR ( RB along ) ) ( NP ( JJS most ) ( NNS gains ) ) ) ) ) ) )

These guarantee protection against stock market declines while still passing along most gains


( S ( ADVP-LOC ( RB Here ) ) ( NP-SBJ-1 ( DT a ) ( NN fund ) ) ( VP ( MD may ) ( VP ( VB promise ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP back ) ) ( INTJ ( VB say ) ) ( NP ( NP ( CD 95 ) ) ( PP ( IN of ) ( NP ( NP ( DT every ) ( CD 100 ) ) ( VP ( VBN invested ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN year ) ) ) ) ) ) ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ goes ) ( ADVP-CLR ( RB much ) ( RBR lower ) ) ) ) ) ) ) ) ) ) )

Here a fund may promise to pay back say 95 of every 100 invested for a year even if the market goes much lower


( S ( NP-SBJ-1 ( DT The ) ( NN fund ) ) ( VP ( MD could ) ( VP ( VB invest ) ( NP ( CD 87 ) ) ( PP-TMP ( IN for ) ( NP ( CD one ) ( NN year ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Treasury ) ( NNS bills ) ) ( VP ( VBG yielding ) ( NP ( CD 8 ) ( NN % ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB return ) ( NP ( DT the ) ( VBN guaranteed ) ( CD 95 ) ) ) ) ) ) ) )

The fund could invest 87 for one year in Treasury bills yielding 8 % to return the guaranteed 95


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ leaves ) ( NP ( NP ( CD 13 ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP S&P ) ( CD 500 ) ( NNS options ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD will ) ( ADVP ( RB nearly ) ) ( VP ( VB match ) ( NP ( NP ( DT any ) ( NN gain ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP S&P ) ( NN index ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That leaves 13 which could be used to buy S&P 500 options that will nearly match any gain in the S&P index


( NP-HLN ( NN MANAGER ) ( NN REPLICATION ) ( NNS FUNDS ) )

MANAGER REPLICATION FUNDS


( S ( VP ( VB Say ) ( SBAR ( S ( NP-SBJ ( DT a ) ( JJ big ) ( NN investor ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( NP ( NN growth ) ( NNS stocks ) ) ) ) ) ) ) ) )

Say a big investor is interested in growth stocks


( S ( S ( PP ( RB Instead ) ( IN of ) ( S-NOM ( VP ( VBG hiring ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ many ) ( JJ active ) ( NNS managers ) ) ( VP ( VBG specializing ) ( PP-CLR ( IN in ) ( NP ( NN growth ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNS indexers ) ) ( VP ( MD can ) ( VP ( VB design ) ( NP ( DT a ) ( NN portfolio ) ) ( PP-CLR ( IN around ) ( NP ( DT the ) ( JJ same ) ( NNS stocks ) ) ) ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN portfolio ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN maintained ) ( PP ( IN by ) ( NP-LGS ( NN computer ) ) ) ( S-ADV ( VP ( VBG reducing ) ( NP ( DT both ) ( NP ( NNS fees ) ) ( CC and ) ( PRN ( PP ( IN in ) ( NP ( NN theory ) ) ) ) ( NP ( NN risk ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ large ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) )

Instead of hiring one of the many active managers specializing in growth stocks indexers can design a portfolio around the same stocks the portfolio will be maintained by computer reducing both fees and in theory risk because of the large number of stocks


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP see ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT those ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NNS things ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Frank ) ( NNP Salerno ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Bankers ) ( NNP Trust ) ) ) ) ) )

We see a lot of interest in those kind of things says Frank Salerno a vice president of Bankers Trust


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( JJ comfortable ) ( PP ( IN with ) ( NP ( DT the ) ( JJ passive ) ( NN approach ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG using ) ( NP ( PRP them ) ) ( PP-CLR ( IN for ) ( NP ( JJ other ) ( NNS strategies ) ) ) ) ) )

People comfortable with the passive approach are using them for other strategies


TILT FUNDS


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN index ) ( NN fund ) ) ( PP ( IN with ) ( NP ( DT a ) ( NN bet ) ) ) ) ) )

This is an index fund with a bet


( S ( PP ( RB Instead ) ( IN of ) ( S-NOM ( VP ( VBG replicating ) ( NP ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ) ( CC or ) ( NP ( DT some ) ( JJ other ) ( NN index ) ) ) ( ADVP-MNR ( RB exactly ) ) ) ) ) ( NP-SBJ-2 ( DT some ) ( NNS stocks ) ) ( VP ( VBP are ) ( VP ( VBN overweighted ) ( CC or ) ( VBN underweighted ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN portfolio ) ) ) ) ) )

Instead of replicating the S&P 500 or some other index exactly some stocks are overweighted or underweighted in the portfolio


( S ( S ( NP-SBJ ( CD One ) ( JJ simple ) ( NN approach ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB exclude ) ( NP ( NP ( NNP S&P ) ( CD 500 ) ( NNS companies ) ) ( VP ( VBN considered ) ( S ( NP-PRD ( NN bankruptcy ) ( NNS candidates ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT this ) ) ( VP ( MD can ) ( VP ( VP ( VB avoid ) ( NP ( JJ weak ) ( NNS sisters ) ) ) ( CC but ) ( ADVP ( RB also ) ) ( VP ( MD can ) ( VP ( VB hurt ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( NN company ) ) ( PP ( IN like ) ( NP ( NNP Chrysler ) ( NNP Corp. ) ) ) ) ( VP ( NNS rebounds ) ) ) ) ) ) ) ) ) )

One simple approach is to exclude S&P 500 companies considered bankruptcy candidates this can avoid weak sisters but also can hurt when a company like Chrysler Corp. rebounds


( FRAG ( NP ( DT Another ) ( NN approach ) ) ( S ( NP-SBJ-1 ( NP ( DT An ) ( NN investor ) ) ( PP ( IN with ) ( NP ( QP ( CD 100 ) ( CD million ) ) ) ) ) ( VP ( MD might ) ( VP ( VP ( VB use ) ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NN index ) ) ) ) ) ) ( CC and ) ( VP ( VB spend ) ( NP ( DT the ) ( JJ other ) ( QP ( CD 25 ) ( CD million ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ favorite ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) )

Another approach An investor with 100 million might use 75 million to buy the S&P 500 index and spend the other 25 million on a favorite group of stocks


( NP-HLN ( JJ SPECIALIZED ) ( NNS FUNDS ) )

SPECIALIZED FUNDS


( S ( NP-SBJ-1 ( NNS Indexes ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN constructed ) ( NP ( SBAR-PRP ( S ( VP ( TO to ) ( VP ( VB serve ) ( NP ( NP ( JJ social ) ( NNS goals ) ) ( PP ( JJ such ) ( IN as ) ( S-NOM ( VP ( VBG eliminating ) ( NP ( NP ( DT the ) ( NNS stocks ) ) ( PP ( IN of ) ( NP ( NP ( NNS companies ) ) ( VP ( VBG doing ) ( NP ( NN business ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Indexes can be constructed to serve social goals such as eliminating the stocks of companies doing business in South Africa


( S ( NP-SBJ-1 ( JJ Other ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB concentrate ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS stocks ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ geographic ) ( NN area ) ) ) ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB encourage ) ( NP ( JJ local ) ( NN investment ) ) ) ) ) ) ) ) ) ) ) ) )

Other funds have been designed to concentrate on stocks in a geographic area in order to encourage local investment


( S ( NP-SBJ ( NNP Pennsylvania ) ( NNP State ) ( NNP Employees ) ( NNP Retirement ) ( NNP System ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD 130 ) ( CD million ) ) ) ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN fund ) ) ( PP ( IN of ) ( NP ( NP ( CD 244 ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBP are ) ( ADVP ( DT either ) ) ( ADJP-PRD ( JJ Pennsylvania-based ) ) ) ( CC or ) ( VP ( VBP have ) ( NP ( NP ( CD 25 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN work ) ( NNS forces ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Pennsylvania State Employees Retirement System for example has about 130 million invested in a fund of 244 companies that are either Pennsylvania-based or have 25 % of their work forces in the state


( S ( NP-SBJ ( NP ( NN Row ) ( CD 21 ) ) ( PP ( IN of ) ( NP ( NP ( NN Section ) ( CD 9 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Upper ) ( NNP Reserved ) ) ( PP-LOC ( IN at ) ( NP ( NNP Candlestick ) ( NNP Park ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ lofty ) ( NN perch ) ) ( NP ( NP ( RB only ) ( DT a ) ( JJ few ) ( NNS steps ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ very ) ( NN top ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS stands ) ) ) ) ) ) ) ) )

Row 21 of Section 9 of the Upper Reserved at Candlestick Park is a lofty perch only a few steps from the very top of the stands


( S ( PP ( IN From ) ( NP ( PRP$ my ) ( NN orange ) ( NN seat ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD looked ) ( PP-DIR ( IN over ) ( NP ( NP ( DT the ) ( JJ first-base ) ( NN line ) ) ( CC and ) ( NP ( DT the ) ( JJ new-mown ) ( NN ball ) ( NN field ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ warm ) ( NN sun ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ last ) ( JJ few ) ( NNS minutes ) ) ( PP-TMP ( IN before ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD was ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( JJ third ) ( NN game ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP World ) ( NNP Series ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

From my orange seat I looked over the first-base line and the new-mown ball field in the warm sun of the last few minutes before what was to have been the third game of the World Series


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-TMP-PRD ( NP ( CD five ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN afternoon ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBD was ) ( NP-PRD ( NNP Pacific ) ( NN time ) ) ) ) )

It was five in the afternoon but that was Pacific time


( S ( S ( ADVP-LOC ( RB Back ) ( PP ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( NP-SBJ ( DT the ) ( NN work ) ( NN day ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB already ) ( RB over ) ) ) ) ( IN so ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB feel ) ( ADJP-PRD ( JJ guilty ) ) ) ) ) ) ) ) )

Back in New York the work day was already over so I did n't have to feel guilty


( S ( ADVP ( RB Even ) ( RB still ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD did ) ( VP ( VB feel ) ( ADJP-PRD ( JJ self-indulgent ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB help ) ( S ( VP ( VBG remembering ) ( NP ( NP ( NP ( PRP$ my ) ( NN father ) ( POS 's ) ) ( NN contempt ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ rich ) ( JJ medical ) ( NN colleague ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD would ) ( VP ( VB go ) ( S ( VP ( TO to ) ( VP ( VB watch ) ( NP ( DT the ) ( NNP Tigers ) ) ( PP-TMP ( IN on ) ( NP ( NN summer ) ( NNS afternoons ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Even still I did feel self-indulgent and I could n't help remembering my father 's contempt for a rich medical colleague who would go to watch the Tigers on summer afternoons


( S ( S ( NP-SBJ ( NP ( DT This ) ( NN ballpark ) ) ( NP ( DT the ) ( NNP Stick ) ) ) ( VP ( VBD was ) ( RB not ) ( NP-PRD ( DT a ) ( JJ classic ) ( NN baseball ) ( NN stadium ) ) ) ) ( FRAG ( ADJP ( RB too ) ( JJ symmetrical ) ) ( NP ( ADJP ( RB too ) ( JJ much ) ) ( JJ bald ) ( NN concrete ) ) ) )

This ballpark the Stick was not a classic baseball stadium too symmetrical too much bald concrete


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( VBN crowded ) ( JJ wild ) ( NN intimacy ) ) ( PP ( IN of ) ( NP ( NNP Yankee ) ( NNP Stadium ) ) ) ) ) ) )

And it did n't have the crowded wild intimacy of Yankee Stadium


( S ( CC But ) ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBD liked ) ( NP ( NP ( DT the ) ( JJ easy ) ( NN friendliness ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS people ) ) ( PP-LOC ( IN around ) ( NP ( PRP me ) ) ) ) ) ) ) ( VP ( VBD liked ) ( NP ( PRP it ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD 'd ) ( VP ( VBD brought ) ( NP ( PRP$ their ) ( NNS children ) ) ) ) ) ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ charming ) ) ( SBAR-1 ( IN that ) ( S ( S-ADV ( NP-PRD ( NP ( JJ true ) ( NNS citizens ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN brought ) ( NP ( ADJP ( IN so ) ( JJ many ) ) ( NNS TVs ) ( CC and ) ( NNS radios ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stay ) ( PP-PRD ( IN in ) ( NP ( NP ( NN touch ) ) ( PP ( IN with ) ( NP ( NN electroreality ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ live ) ( NN event ) ) ) ) ) ) ) ) ) ) ) ) ) )

But I liked the easy friendliness of the people around me liked it that they 'd brought their children found it charming that true citizens of the state of the future they had brought so many TVs and radios to stay in touch with electroreality at a live event


( S ( ADVP ( RB Maybe ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( PRP$ their ) ( JJ peculiar ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN history ) ) ) ) ) )

Maybe it was their peculiar sense of history


( S ( NP-SBJ ( DT The ) ( NNS broadcasters ) ) ( VP ( VBD were ) ( PP ( IN after ) ( NP ( DT all ) ) ) ( VP ( VP ( VBG documenting ) ( NP ( DT the ) ( NN game ) ) ) ( VP ( VBG ratifying ) ( NP ( PRP$ its ) ( NN occurrence ) ) ( PP ( IN for ) ( NP ( NP ( NNS millions ) ) ( PP-LOC ( IN outside ) ( NP ( DT the ) ( NNP Stick ) ) ) ) ) ) ) ) )

The broadcasters were after all documenting the game ratifying its occurrence for millions outside the Stick


( FRAG ( WHADVP ( WRB Why ) ) ( RB not ) ( VP ( VB watch ) ( CC or ) ( VB hear ) ( S ( NP-SBJ-1 ( PRP$ your ) ( NN experience ) ) ( VP ( VBN historicized ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD were ) ( VP ( VBG living ) ( NP ( PRP it ) ) ) ) ) ) ) )

Why not watch or hear your experience historicized while you were living it


( S ( NP-SBJ-1 ( DT The ) ( NN day ) ) ( VP ( VBD was ) ( VP ( VBN saturated ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN weight ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ own ) ( JJ impending ) ( NN history ) ) ) ) ) ) ) )

The day was saturated with the weight of its own impending history


( S ( NP-SBJ-1 ( NP ( JJ Long ) ( NNS lines ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( VBD waited ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( JJ special ) ( NN souvenir ) ( NNP World ) ( NNP Series ) ( NNS postcards ) ) ( PP ( IN with ) ( NP ( JJ official ) ( NNS postmarks ) ) ) ) ) ) ) ) )

Long lines of people waited to buy special souvenir World Series postcards with official postmarks


( S ( NP-SBJ ( NP ( NNS Thousands ) ) ( PP ( IN of ) ( NP ( PRP us ) ) ) ) ( VP ( VBD had ) ( VP ( VBN paid ) ( NP ( CD 5 ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( JJ official ) ( NN souvenir ) ( NN book ) ) ( PP ( IN with ) ( NP ( NP ( NP ( PRP$ its ) ( JJ historical ) ( NNS essays ) ) ( PP ( IN on ) ( NP ( NNP Series ) ( NNS trivia ) ) ) ) ( NP ( NP ( PRP$ its ) ( JJ historical ) ( NNS photographs ) ) ( PP ( IN of ) ( NP ( NP ( JJ great ) ( NNS moments ) ) ( PP-TMP ( IN in ) ( NP ( NNP Series ) ( NN past ) ) ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NNS instructions ) ) ( PP ( IN in ) ( NP ( NNP English ) ( CC and ) ( NNP Spanish ) ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG filling ) ( PRT ( RP in ) ) ( NP ( DT the ) ( NN scorecard ) ) ) ) ) ) ) ) ) ) ) ) )

Thousands of us had paid 5 for the official souvenir book with its historical essays on Series trivia its historical photographs of great moments in Series past and its instructions in English and Spanish for filling in the scorecard


( S ( NP-SBJ ( NN Pitcher ) ) ( VP ( SYM = ) ( NP ( FW lanzador ) ) ) )

Pitcher = lanzador


( S ( NP-SBJ ( NN Homerun ) ) ( VP ( SYM = ) ( NP ( FW jonron ) ) ) )

Homerun = jonron


( S ( S ( NP-SBJ ( NNS Players ) ) ( VP ( VBD ran ) ( ADVP-DIR ( RB out ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN field ) ) ( ADVP-LOC ( RB way ) ( RB below ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NNS stands ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB reverberate ) ) ) ) ) ) )

Players ran out on the field way below and the stands began to reverberate


( S-2 ( NP-SBJ ( PRP It ) ) ( VP ( MD must ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ local ) ( NN custom ) ) ) ( PRN ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD thought ) ) ) ) ( S-NOM-3 ( VP ( VBG stamping ) ( NP ( NNS feet ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB welcome ) ( NP ( DT the ) ( NN team ) ) ) ) ) ) ) ) ) )

It must be a local custom I thought stamping feet to welcome the team


( S ( CC But ) ( ADVP ( RB then ) ) ( NP-SBJ ( DT the ) ( NN noise ) ) ( VP ( VBD turned ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( NN roar ) ) ) ) )

But then the noise turned into a roar


( S ( CC And ) ( NP-SBJ ( DT no ) ( PRP one ) ) ( VP ( VBD was ) ( VP ( VBG shouting ) ) ) )

And no one was shouting


( S ( NP-SBJ ( NP ( DT No ) ( PRP one ) ) ( PP-LOC ( IN around ) ( NP ( PRP me ) ) ) ) ( VP ( VBD was ) ( VP ( VBG saying ) ( NP ( NN anything ) ) ) ) )

No one around me was saying anything


( SBAR-TMP ( IN Because ) ( S ( NP-SBJ-1 ( NP ( PRP we ) ) ( NP ( DT all ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ busy ) ( S ( VP ( VBG riding ) ( NP ( DT a ) ( NN wave ) ) ) ) ) ) ) )

Because we all were busy riding a wave


( S-NOM ( NP-SBJ ( NP ( QP ( CD Sixty ) ( CD thousand ) ) ( NNS surfers ) ) ( PP-LOC ( IN atop ) ( NP ( DT a ) ( JJ concrete ) ( NN wall ) ) ) ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN wipeout ) ) ) ) )

Sixty thousand surfers atop a concrete wall waiting for the wipeout


( SINV ( PP-TMP ( ADVP ( RB Only ) ) ( IN at ) ( NP ( NP ( DT the ) ( NN moment ) ) ( PP ( IN of ) ( NP ( NN maximum ) ( NN roll ) ) ) ) ) ( VBD did ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP grasp ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD was ) ( VP ( VBG going ) ( PRT ( RP on ) ) ) ) ) ) ) )

Only at the moment of maximum roll did I grasp what was going on


( S ( ADVP ( RB Then ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD remembered ) ( NP ( NP ( DT the ) ( NN quake ) ) ( PP ( IN of ) ( NP ( CD '71 ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD experienced ) ( PP-LOC ( IN in ) ( NP ( NNP Santa ) ( NNP Barbara ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ second-story ) ( NN motel ) ( NN room ) ) ) ) ) ) ) ) )

Then I remembered the quake of '71 which I experienced in Santa Barbara in a second-story motel room


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN swaying ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN building ) ) ) ) ( VP ( VBD woke ) ( NP ( PRP me ) ) ( PRT ( RP up ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD reasoned ) ( SBAR ( IN that ) ( S ( S ( LST ( LS a ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP Southern ) ( NNP California ) ) ) ) ) ( S ( LST ( LS b ) ) ( NP-SBJ ( DT the ) ( NN bed ) ) ( VP ( VBD was ) ( VP ( VBG moving ) ) ) ) ( S ( LST ( LS c ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD must ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NNP Magic ) ( NNP Fingers ) ( NN bed ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN short-circuited ) ) ) ) ) ) ) ) ) ) ) ) )

When the swaying of the building woke me up I reasoned that a I was in Southern California b the bed was moving c it must be a Magic Fingers bed that had short-circuited


( S ( ADVP ( RB Then ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBD noticed ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ overhead ) ( NN light ) ) ( VP ( VBD was ) ( VP ( VBG swaying ) ( PP-LOC ( IN on ) ( NP ( PRP$ its ) ( NN cord ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD realized ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD had ) ( VP ( VBN happened ) ) ) ) ) ) ) )

Then I noticed the overhead light was swaying on its cord and realized what had happened


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( MD should ) ( NP-SBJ ( PRP I ) ) ( VP ( VB do ) ) ) )

What should I do


( S ( VP ( VB Get ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RB possibly ) ( VBG collapsing ) ) ( NN building ) ) ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN parking ) ( NN lot ) ) ) ) )

Get out of the possibly collapsing building to the parking lot


( S ( CC But ) ( S ( NP-SBJ ( DT the ) ( NN lot ) ) ( VP ( MD might ) ( VP ( VB split ) ( PP-CLR ( IN into ) ( NP ( NNS crevasses ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD had ) ( ADVP ( RBR better ) ) ( VP ( VB stand ) ( PP-LOC ( IN on ) ( NP ( NP ( PRP$ my ) ( NN car ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB probably ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( JJR wider ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ average ) ( NN crevasse ) ) ) ) ) ) ) ) ) ) ) ) )

But the lot might split into crevasses so I had better stand on my car which probably was wider than the average crevasse


( S ( ADVP ( RB Fortunately ) ) ( NP-SBJ ( DT the ) ( NN quake ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB over ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VP ( VB run ) ( ADVP-DIR ( RB out ) ) ) ( CC and ) ( VP ( VB stand ) ( S-ADV ( ADJP-PRD ( JJ naked ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN hood ) ) ) ) ) ) ) ) ) ) ) )

Fortunately the quake was over before I managed to run out and stand naked on the hood


( S ( PP-LOC ( IN At ) ( NP ( DT the ) ( NNP Stick ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN world ) ) ( VP ( VBD shook ) ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD thought ) ( PP-CLR ( IN of ) ( NP ( DT that ) ( NN morning ) ) ) ) ) ( CC and ) ( ADVP ( RB then ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD struck ) ( NP ( PRP me ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT this ) ( NN time ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ different ) ) ) ) ) ) ) )

At the Stick while the world shook I thought of that morning and then it struck me that this time was different


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD survived ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN achieved ) ( NP ( NP ( DT every ) ( NN journalist ) ( POS 's ) ) ( JJS highest ) ( NN wish ) ) ) ) ) )

If I survived I would have achieved every journalist 's highest wish


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN eyewitness ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ newsworthy ) ) ( NN event ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN planet ) ) ) ( PP-TMP ( IN at ) ( NP ( DT that ) ( NN moment ) ) ) ) ) ) ) )

I was an eyewitness of the most newsworthy event on the planet at that moment


( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VP ( VBD was ) ( NP-PRD ( PRP$ my ) ( NN angle ) ) ) ) )

What was my angle


( SBARQ ( WHADVP-1 ( WRB How ) ) ( SQ ( MD would ) ( NP-SBJ ( PRP I ) ) ( VP ( VB file ) ) ) )

How would I file


( S ( NP-SBJ ( DT All ) ( DT these ) ( NNS thoughts ) ) ( VP ( VBD raced ) ( PP-DIR ( IN through ) ( NP ( PRP$ my ) ( NN head ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD 15 ) ( NNS seconds ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN earthquake ) ( POS 's ) ) ( JJ actual ) ( NN duration ) ) ) ) ) ) )

All these thoughts raced through my head in the 15 seconds of the earthquake 's actual duration


( S ( NP-SBJ ( DT The ) ( NN rest ) ) ( VP ( VBZ is ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP-PRD ( NN history ) ) ) )

The rest is of course history


( S ( NP-SBJ ( DT The ) ( NNP Stick ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB fall ) ) ) )

The Stick did n't fall


( S ( NP-SBJ ( DT The ) ( JJ real ) ( NNS tragedies ) ) ( VP ( VBD occurred ) ( ADVP-LOC ( RB elsewhere ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( ADVP-TMP ( RB soon ) ) ( VP ( VBD found ) ( PP ( RP out ) ) ) ) ) ) )

The real tragedies occurred elsewhere as we soon found out


( S ( CC But ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( JJ few ) ( NNS minutes ) ) ) ( ADVP-LOC ( RB there ) ) ( NP-SBJ ( NN relief ) ) ( VP ( VBD abounded ) ) )

But for a few minutes there relief abounded


( S ( NP-SBJ ( DT A ) ( JJ young ) ( NN mother ) ) ( VP ( VBD found ) ( NP ( NP ( PRP her ) ( NN boy ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( ADVP-PRD ( RB out ) ) ( S-ADV ( VP ( VBG buying ) ( NP ( DT a ) ( NN hotdog ) ) ) ) ) ) ) ) ) ) )

A young mother found her boy who had been out buying a hotdog


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN wall ) ) ( PP-LOC ( IN behind ) ( NP ( PRP me ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB slightly ) ( VBN deformed ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN center ) ) ( VP ( VBD had ) ( VP ( VBN held ) ) ) ) )

The wall behind me was slightly deformed but the center had held


( S ( CC And ) ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP us ) ) ) ) ( VP ( VBD waited ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN while ) ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN game ) ) ( VP ( TO to ) ( VP ( VB start ) ) ) ) ) ) )

And most of us waited for a while for the game to start


( S ( ADVP ( RB Then ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB file ) ( ADVP-DIR ( RB out ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB wait ) ( ADVP-MNR ( RB safely ) ) ( PP-LOC ( IN on ) ( NP ( NN terra ) ( NN firma ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( VBG opening ) ( NN pitch ) ) ) ) ) ) ) )

Then we began to file out to wait safely on terra firma for the opening pitch


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN during ) ( NP ( NP ( DT the ) ( JJ quiet ) ( NN exodus ) ) ( PP ( IN down ) ( NP ( NP ( DT the ) ( JJ pristine ) ( JJ concrete ) ( NNS ramps ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Stick ) ) ) ) ) ) ) ( SBAR ( WHADVP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP I ) ) ( ADVP ( RB really ) ) ( VP ( VBD understood ) ( NP ( NP ( DT the ) ( NN point ) ) ( PP ( IN of ) ( NP ( DT all ) ( DT those ) ( NNP Walkmen ) ( CC and ) ( NNP Watchmen ) ) ) ) ) ) ) ) )

It was during the quiet exodus down the pristine concrete ramps of the Stick that I really understood the point of all those Walkmen and Watchmen


( S ( NP-SBJ ( DT The ) ( NN crowd ) ) ( VP ( VBD moved ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS clumps ) ) ( NP ( NP ( NNS clumps ) ) ( VP ( VBN magnetized ) ( PP-LOC ( IN around ) ( NP ( DT an ) ( JJ electronic ) ( NN nucleus ) ) ) ) ) ) ) ) )

The crowd moved in clumps clumps magnetized around an electronic nucleus


( S ( PP-MNR ( IN In ) ( NP ( DT this ) ( NN way ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Stick ) ) ( NP ( PRP itself ) ) ) ( VP ( VBD was ) ( VP ( VBN blacked ) ( PRT ( RP out ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBD kept ) ( PP-CLR ( IN up ) ( PP ( TO to ) ( NP ( VB date ) ) ) ) ( PP-CLR ( IN on ) ( NP ( NNS events ) ) ) ) )

In this way while the Stick itself was blacked out we kept up to date on events


( S ( PP-TMP ( IN Within ) ( NP ( NP ( CD 15 ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN quake ) ) ( NP ( PRP itself ) ) ) ) ) ) ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( NNS pictures ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBN collapsed ) ( NN section ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Bay ) ( NNP Bridge ) ) ) ) ) ) ) ) ) ) ) )

Within 15 minutes of the quake itself I was able to see pictures of the collapsed section of the Bay Bridge


( S ( NP-SBJ ( NP ( ADJP ( RB Increasingly ) ( JJ accurate ) ) ( NNS estimates ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN severity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN quake ) ) ) ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ available ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD got ) ( PP-DIR ( TO to ) ( NP ( PRP$ my ) ( NN car ) ) ) ) ) ) ) )

Increasingly accurate estimates of the severity of the quake became available before I got to my car


( S ( CC And ) ( PP-TMP ( IN by ) ( ADVP ( RB then ) ) ) ( NP-SBJ ( JJ expensive ) ( NN automobile ) ( NN sound ) ( NNS systems ) ) ( VP ( VBD were ) ( VP ( VBG keeping ) ( S ( NP-SBJ ( NP ( DT the ) ( VBN gridlocked ) ( NN parking ) ( NN lot ) ) ( PP-LOC ( IN by ) ( NP ( DT the ) ( NN bay ) ) ) ) ( ADJP-PRD ( VBN informed ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN fire ) ) ( VP ( VBG causing ) ( NP ( NP ( DT the ) ( JJ big ) ( JJ black ) ( NN plume ) ) ( PP ( IN of ) ( NP ( NN smoke ) ) ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD saw ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ northern ) ( NN horizon ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And by then expensive automobile sound systems were keeping the gridlocked parking lot by the bay informed about the fire causing the big black plume of smoke we saw on the northern horizon


( S ( NP-SBJ ( NN Darkness ) ) ( VP ( VBD fell ) ) )

Darkness fell


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNS broadcasts ) ) ( VP ( VBN continued ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( JJ blacked-out ) ( NN night ) ) ) ( PP ( IN with ) ( NP ( NP ( NNS pictures ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( VBN sandwiched ) ( NN highway ) ( NN ganglion ) ) ( PP-LOC ( IN in ) ( NP ( NNP Oakland ) ) ) ) ( CC and ) ( NP ( NP ( NN firefighting ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Marina ) ( NN district ) ) ) ) ) ) ) ) ) )

But the broadcasts continued through the blacked-out night with pictures of the sandwiched highway ganglion in Oakland and firefighting in the Marina district


( S ( PP-TMP ( IN By ) ( ADVP ( RB then ) ) ) ( NP-SBJ-1 ( NP ( PRP$ our ) ( JJ little ) ( NN sand ) ( NN village ) ) ( PP ( IN of ) ( NP ( NNS cars ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN linked ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( JJ global ) ( NN village ) ) ( PP ( IN of ) ( NP ( NNS listeners ) ( CC and ) ( NNS viewers ) ) ) ) ) ) ) ) )

By then our little sand village of cars had been linked with a global village of listeners and viewers


( S ( NP-SBJ ( NP ( NN Everyone ) ) ( RRC ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP Stick ) ) ) ( NP-TMP ( DT that ) ( NN day ) ) ) ) ( VP ( VBD had ) ( VP ( VP ( VBN started ) ( PRT ( RP out ) ) ( PP-MNR ( IN as ) ( NP ( DT a ) ( NN spectator ) ) ) ) ( CC and ) ( VP ( VBD ended ) ( PRT ( RP up ) ) ( PP-MNR ( IN as ) ( NP ( DT a ) ( NN participant ) ) ) ) ) ) )

Everyone at the Stick that day had started out as a spectator and ended up as a participant


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ entire ) ( NN population ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Bay ) ( NNP Area ) ) ) ) ( VP ( VBD had ) ( VP ( VBN ended ) ( PRT ( RP up ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT this ) ( JJ dual ) ( NN role ) ) ( PP ( IN of ) ( NP ( NN actor ) ( CC and ) ( NN audience ) ) ) ) ) ) ) )

In fact the entire population of the Bay Area had ended up with this dual role of actor and audience


( S ( S ( NP-SBJ ( DT The ) ( NNS reporters ) ) ( VP ( VBD were ) ( NP-PRD ( NNS victims ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS victims ) ) ) ) ( VP ( VBD turned ) ( PP-CLR ( IN into ) ( NP ( JJ unofficial ) ( NNS reporters ) ) ) ) ) )

The reporters were victims and some of the victims turned into unofficial reporters


( S ( NP-SBJ ( NP ( DT The ) ( JJ outstanding ) ( NN example ) ) ( PP ( IN of ) ( NP ( DT this ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN motorist ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Bay ) ( NNP Bridge ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( NP ( NP ( DT the ) ( NN presence ) ) ( PP ( IN of ) ( NP ( NN mind ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB take ) ( PRT ( RP out ) ) ( NP ( DT a ) ( JJ video ) ( NN camera ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( ADJP ( RB absolutely ) ( JJ crucial ) ) ( NN moment ) ) ) ) ( CC and ) ( VP ( VB record ) ( NP ( NP ( DT the ) ( NN car ) ) ( PP-LOC ( IN in ) ( NP ( NN front ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD fell ) ( PP-DIR ( IN into ) ( NP ( NP ( DT the ) ( NN gap ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN roadway ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The outstanding example of this was the motorist on the Bay Bridge who had the presence of mind to take out a video camera at the absolutely crucial moment and record the car in front as it fell into the gap in the roadway


( S ( NP-SBJ ( DT The ) ( NN tape ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN on ) ( NP ( NN tv ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NN night ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB out ) ) ) ) ) ) )

The tape was on tv before the night was out


( S ( NP-VOC ( NNP Marshall ) ( NNP McLuhan ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( ADVP-LOC-PRD ( RB there ) ) ( PP-TMP ( IN at ) ( NP ( DT that ) ( NN hour ) ) ) ) ) ) )

Marshall McLuhan you should have been there at that hour


( S ( NP-SBJ ( NN Bond ) ( NNS prices ) ) ( VP ( VBD posted ) ( NP ( JJ strong ) ( NNS gains ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD went ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( NN bargain ) ( NN hunt ) ) ) ) ) ) ) )

Bond prices posted strong gains as investors went on a bargain hunt


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( JJ overall ) ( NN market ) ) ( VP ( VBN improved ) ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ new-issue ) ( JJ junk-bond ) ( NN market ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB count ) ( NP ( NNS casualties ) ) ) ) ) ( SBAR-TMP ( RB even ) ( IN as ) ( S ( NP-SBJ ( JJ junk-bond ) ( NNS prices ) ) ( VP ( VBD rose ) ) ) ) ) )

But while the overall market improved the new-issue junk-bond market continued to count casualties even as junk-bond prices rose


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP Prudential-Bache ) ( NNP Securities ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD postponed ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 220 ) ( CD million ) ) ) ( JJ senior ) ( VBN subordinated ) ( NN debenture ) ( NN offering ) ) ( PP ( IN by ) ( NP ( NNP York ) ( NNP International ) ( NNP Corp ) ) ) ) ) ) ) ) )

Yesterday Prudential-Bache Securities Inc. said it postponed a 220 million senior subordinated debenture offering by York International Corp


( S ( CC And ) ( NP-SBJ-3 ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNP Securities ) ( NNP Corp. ) ) ( VP ( VBD scrambled ) ( S ( VP ( TO to ) ( VP ( VP ( NN restructure ) ) ( CC and ) ( VP ( VB improve ) ( NP ( NP ( DT the ) ( JJ potential ) ( NNS returns ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 475 ) ( CD million ) ) ) ( NN debenture ) ( NN offering ) ) ( PP ( IN by ) ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( NNP Acquisition ) ( NNP Corp. ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( ADVP ( RB still ) ) ( VP ( VBG being ) ( VP ( VBN negotiated ) ( NP-TMP ( JJ late ) ( JJ last ) ( NN night ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And Donaldson Lufkin & Jenrette Securities Corp. scrambled to restructure and improve the potential returns on a 475 million debenture offering by Chicago & North Western Acquisition Corp. that was still being negotiated late last night


( S ( NP-SBJ ( NP ( DT The ) ( NN issue ) ) ( PP ( IN by ) ( NP ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ so-called ) ( JJ good ) ( JJ junk-bond ) ( NNS offerings ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ new-issue ) ( NN calendar ) ) ) ) ) ) ) )

The issue by Chicago & North Western is one of the so-called good junk-bond offerings on the new-issue calendar


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN railroad ) ( NN concern ) ( POS 's ) ) ( NN issue ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( WHADJP-1 ( WRB how ) ( JJ tough ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( NNS underwriters ) ) ( VP ( TO to ) ( VP ( VB sell ) ( ADVP ( RB even ) ) ( NP ( NP ( DT the ) ( NN junk ) ( NNS bonds ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN company ) ) ( VP ( VBN considered ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( ADJP ( RB relatively ) ( JJ good ) ) ( NN credit ) ( NN risk ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some analysts said the restructuring of the railroad concern 's issue shows how tough it is for underwriters to sell even the junk bonds of a company considered to be a relatively good credit risk


( S ( PP-TMP ( IN Since ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( JJ junk-bond ) ( NN market ) ( NN debacle ) ) ) ( NP-SBJ-1 ( NP ( JJ many ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ high-yield ) ( JJ high-risk ) ( JJ corporate ) ( NNS bonds ) ) ) ) ( VP ( VBP have ) ( RB either ) ( VP ( VBN been ) ( VP ( VP ( VBN scaled ) ( PRT ( RP back ) ) ) ( VP ( VBN delayed ) ) ( CC or ) ( VP ( VBN dropped ) ) ) ) ) )

Since last week 's junk-bond market debacle many new issues of high-yield high-risk corporate bonds have either been scaled back delayed or dropped


( S ( PP-TMP ( IN On ) ( NP ( NNP Wednesday ) ) ) ( NP-SBJ-1 ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB slash ) ( NP ( NP ( DT the ) ( NN size ) ) ( PP ( IN of ) ( NP ( NP ( NNP Continental ) ( NNP Airlines ) ( POS ' ) ) ( JJ junk-bond ) ( NN offering ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 71 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ) ) ) ) ) )

On Wednesday Drexel Burnham Lambert Inc. had to slash the size of Continental Airlines ' junk-bond offering to 71 million from 150 million


( S ( NP-SBJ ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ( VP ( VBZ has ) ( VP ( VBN delayed ) ( NP ( NP ( NNP Grand ) ( NNP Union ) ( NNP Co. ) ( POS 's ) ) ( ADJP ( QP ( CD 1.16 ) ( CD billion ) ) ) ( JJ junk-bond ) ( NN offering ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ restructures ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ) ) )

Salomon Brothers Inc. has delayed Grand Union Co. 's 1.16 billion junk-bond offering while it restructures the transaction


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-2 ( DT the ) ( NNP Grand ) ( NNP Union ) ( NN offering ) ) ( VP ( VBD was ) ( VP ( VBN sweetened ) ( S-PRP ( VP ( TO to ) ( VP ( VB include ) ( NP ( NP ( NNS warrants ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP allow ) ( S ( NP-SBJ ( NNS bondholders ) ) ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Last week the Grand Union offering was sweetened to include warrants that allow bondholders to acquire common stock


( S ( NP-SBJ ( NNP Prudential-Bache ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNP York ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBN delayed ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NN market ) ( NNS conditions ) ) ) ) ) ) ) ) )

Prudential-Bache said the York issue was delayed because of market conditions


( SINV ( S-TPC-1 ( S ( NP-SBJ ( NN Everything ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( PP-DIR ( IN through ) ( NP ( NNS firehoops ) ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ) ( VP ( VBZ is ) ( NP-PRD ( DT no ) ( NN exception ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mariel ) ( NNP Clemensen ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( JJ high-yield ) ( NN research ) ) ( PP-LOC ( IN at ) ( NP ( NNP Citicorp ) ) ) ) ) )

Everything is going through firehoops right now and Chicago & North Western is no exception said Mariel Clemensen vice president high-yield research at Citicorp


( S ( NP-SBJ ( NN Portfolio ) ( NNS managers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS sweeteners ) ) ( PP ( IN like ) ( NP ( NP ( NN equity ) ( NNS kickers ) ) ( CC and ) ( NP ( JJR stricter ) ( JJ protective ) ( NNS covenants ) ) ) ) ) ( VP ( MD may ) ( ADVP ( RB increasingly ) ) ( VP ( VB be ) ( VP ( VBN required ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( NP ( JJ junk-bond ) ( NNS deals ) ) ) ) ) ) ) ) ) ) ) )

Portfolio managers say sweeteners like equity kickers and stricter protective covenants may increasingly be required to sell junk-bond deals


( S ( NP-SBJ ( NP ( NNP Dan ) ( NNP Baldwin ) ) ( NP ( NP ( VBG managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( JJ high-yield ) ( NNS investments ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Chancellor ) ( NNP Capital ) ( NNP Management ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( NN offering ) ) ( VP ( VBD was ) ( VP ( VBN restructured ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( JJ several ) ( JJ large ) ( NN insurance ) ( NNS buyers ) ) ( ADVP-TMP ( RB right ) ( RB now ) ) ( VP ( VBP are ) ( VP ( VBG demanding ) ( NP ( NN equity ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN package ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dan Baldwin managing director of high-yield investments at Chancellor Capital Management said the Chicago & North Western offering was restructured in part because several large insurance buyers right now are demanding equity as part of the package


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP 're ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( DT the ) ( NN risk ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN market ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP want ) ( NP ( NP ( NN something ) ) ( ADJP ( JJ extra ) ) ) ) )

If you 're going to take the risk in this market you want something extra


( S ( NP-SBJ ( NNP Mr. ) ( NNP Baldwin ) ) ( VP ( VBZ likes ) ( NP ( DT the ) ( NN offering ) ) ) )

Mr. Baldwin likes the offering


( S ( CC But ) ( NP-SBJ-3 ( JJ several ) ( JJ mutual-fund ) ( NNS managers ) ) ( S-ADV ( ADJP-PRD ( ADJP ( JJ nervous ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( VBG deteriorating ) ( NN quality ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ junk-bond ) ( NNS portfolios ) ) ) ) ) ) ( CC and ) ( ADJP ( JJ shy ) ( PP ( IN about ) ( S-NOM ( VP ( VBG buying ) ( NP ( JJ new ) ( NNS issues ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBG staying ) ( ADVP-LOC-CLR ( RB away ) ( PP ( IN from ) ( NP ( NP ( DT any ) ( NN junk ) ( NN security ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( JJ first ) ( NN rate ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN class ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But several mutual-fund managers nervous about the deteriorating quality of their junk-bond portfolios and shy about buying new issues said they 're staying away from any junk security that is n't considered first rate for its class


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP consider ) ( S ( NP-SBJ ( DT the ) ( NNP Chicago ) ( CC & ) ( NNP North ) ( NNP Western ) ( NN issue ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ good ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB view ) ( NP ( PRP it ) ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( JJS best ) ) ) ) ) )

While they consider the Chicago & North Western issue to be good they do n't view it as the best