( S ( NP-SBJ ( NP ( NN Demand ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS bonds ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ strong ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB permit ) ( S ( NP-SBJ ( NNS underwriters ) ) ( VP ( TO to ) ( VP ( VB trim ) ( NP ( NP ( DT some ) ( NNS yields ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ tax-exempt ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offering ) ) ) ) ) ) ( NP-TMP ( JJ late ) ( NNP Monday ) ) ) ) ) ) ) ) ) ) )

Demand for the bonds was strong enough to permit underwriters to trim some yields in the tax-exempt portion of the offering late Monday


( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ two-part ) ( ADJP ( QP ( CD 75.1 ) ( CD million ) ) ) ( NN offering ) ) ( PP ( IN of ) ( NP ( NN wastewater ) ( NN treatment ) ( NNS bonds ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP Jersey ) ( NNP Wastewater ) ( NNP Treatment ) ( NNP Trust ) ) ) ) ( VP ( VBD was ) ( VP ( ADVP ( RBR more ) ( IN than ) ( RB half ) ) ( VBN sold ) ( PP-TMP ( IN by ) ( PP ( ADVP ( RB late ) ) ( IN in ) ( NP ( DT the ) ( NN session ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( JJ lead ) ( NN underwriter ) ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) ) ) ) )

A two-part 75.1 million offering of wastewater treatment bonds by the New Jersey Wastewater Treatment Trust was more than half sold by late in the session according to lead underwriter Merrill Lynch Capital Markets


( S ( NP-SBJ-1 ( DT The ) ( NN debt ) ) ( VP ( VBD was ) ( VP ( VBN reoffered ) ( S-ADV ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 7.15 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2008-2009 ) ) ) ) ) ) ) ) ) ) ) ) )

The debt was reoffered priced to yield from 6 % in 1991 to 7.15 % in 2008-2009


Foreign Bonds


( S ( NP-SBJ ( JJS Most ) ( JJ foreign ) ( NN government ) ( NNS bonds ) ( NNS markets ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ quiet ) ) ) )

Most foreign government bonds markets were quiet


( S ( S ( NP-SBJ ( ADJP ( JJ West ) ( JJ German ) ) ( NNS bonds ) ) ( VP ( VBD firmed ) ( NP-ADV ( DT a ) ( NN bit ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN fall ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ bearish ) ) ( PP-PRP ( RB due ) ( PP ( TO to ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( VP ( MD could ) ( VP ( VB rise ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

West German bonds firmed a bit after Monday 's fall but traders said the market remains bearish due to speculation that interest rates could rise again


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN speech ) ) ( VP ( VP ( VBN given ) ( NP-TMP ( NNP Friday ) ) ) ( CC but ) ( VP ( VBN released ) ( NP-TMP ( JJ late ) ( NNP Monday ) ) ) ) ) ) ( NP-SBJ ( NNP Bundesbank ) ( NNP Vice ) ( NNP President ) ( NNP Helmut ) ( NNP Schlesinger ) ) ( VP ( VBD suggested ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ risky ) ) ( S-1 ( VP ( TO to ) ( VP ( VB claim ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ booming ) ( JJ German ) ( NN economy ) ) ( VP ( VBZ has ) ( VP ( VBN reached ) ( NP ( NP ( DT the ) ( NN peak ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN cycle ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a speech given Friday but released late Monday Bundesbank Vice President Helmut Schlesinger suggested that it was risky to claim that the booming German economy has reached the peak of its cycle


( S ( NP-SBJ-1 ( PRP$ His ) ( NNS comments ) ) ( VP ( VBD were ) ( VP ( VBN interpreted ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN sign ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJR higher ) ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ possible ) ) ) ) ) ) ) ) ) )

His comments were interpreted as a sign that higher interest rates are possible


( S ( PP-TMP ( IN On ) ( NP ( NNP Oct. ) ( CD 5 ) ) ) ( NP-SBJ ( DT the ) ( NNP Bundesbank ) ) ( VP ( VBD raised ) ( NP ( DT the ) ( NNP Lombard ) ( CC and ) ( NN discount ) ( NNS rates ) ) ( PP-EXT ( IN by ) ( NP ( CD one ) ( NN percentage ) ( NN point ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 8 ) ( NN % ) ( CC and ) ( CD 6 ) ( NN % ) ) ) ( ADVP ( RB respectively ) ) ( NP ( NP ( DT the ) ( JJS highest ) ( NNS levels ) ) ( PP-TMP ( IN in ) ( NP ( CD seven ) ( NNS years ) ) ) ) ) ) ) )

On Oct. 5 the Bundesbank raised the Lombard and discount rates by one percentage point to 8 % and 6 % respectively the highest levels in seven years


( S ( NP-SBJ-1 ( NP ( NP ( NNP Germany ) ( POS 's ) ) ( ADJP ( CD 7 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP October ) ( CD 1999 ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( CD 99.35 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.09 ) ( NN % ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( ADJP ( CD 6 ) ( CD 3\/4 ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP July ) ( CD 1994 ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 0.025 ) ( NN point ) ) ( PP-DIR ( TO to ) ( NP ( CD 97.275 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.445 ) ( NN % ) ) ) ) ) ) ) ) ) )

Germany 's 7 % bond due October 1999 was unchanged at 99.35 to yield 7.09 % while the 6 3\/4 % notes due July 1994 rose 0.025 point to 97.275 to yield 7.445 %


( S ( NP-SBJ ( JJ Japanese ) ( NN government ) ( NNS bonds ) ) ( VP ( VBD showed ) ( NP ( JJ little ) ( NN change ) ) ) )

Japanese government bonds showed little change


( S ( NP-SBJ-1 ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ benchmark ) ( NN No. ) ( CD 111 ) ( NN issue ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1998 ) ) ) ) ( VP ( VBD ended ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS brokers ) ( POS ' ) ) ( NNS screens ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 95.90 ) ) ) ( ADVP ( RB down ) ( NP-ADV ( CD 0.02 ) ( NN point ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 5.435 ) ( NN % ) ) ) ) ) ) )

Japan 's benchmark No. 111 issue due 1998 ended on brokers ' screens at 95.90 down 0.02 point to yield 5.435 %


( S ( NP-SBJ ( JJ British ) ( NN government ) ( NNS bonds ) ) ( VP ( VBD were ) ( VP ( ADVP ( RB little ) ) ( VBN changed ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD awaited ) ( NP ( NP ( DT an ) ( NN address ) ) ( PP-LOC ( IN on ) ( NP ( JJ economic ) ( NN policy ) ) ) ( PP ( IN by ) ( NP ( NP ( NNP John ) ( NNP Major ) ) ( NP ( NP ( DT the ) ( JJ new ) ( NNP Chancellor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ) ) ) ) ) ) ) ) )

British government bonds were little changed as investors awaited an address on economic policy by John Major the new Chancellor of the Exchequer


( S ( NP-SBJ-1 ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( JJ benchmark ) ( ADJP ( CD 11 ) ( CD 3\/4 ) ( NN % ) ) ( NN bond ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003\/2007 ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2\/32 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 111 ) ( CD 1\/2 ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 10.14 ) ( NN % ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( ADJP ( CD 11 ) ( CD 3\/4 ) ( NN % ) ) ( NNS notes ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1991 ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 98 ) ( CD 21\/32 ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 12.95 ) ( NN % ) ) ) ) ) ) ) ) ) )

Britain 's benchmark 11 3\/4 % bond due 2003\/2007 rose 2\/32 to 111 1\/2 to yield 10.14 % while the 11 3\/4 % notes due 1991 were unchanged at 98 21\/32 to yield 12.95 %


( S ( NP-SBJ ( NP ( NNP Gillette ) ( NNP Co. ) ) ( NP ( NNP Boston ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB restructure ) ( NP ( PRP$ its ) ( ADJP ( JJ South ) ( JJ African ) ) ( NN subsidiary ) ) ) ) ) ) ) ) ) ) )

Gillette Co. Boston said it is planning to restructure its South African subsidiary


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN plan ) ) ) ( NP-SBJ ( NNP Gillette ) ( NNP South ) ( NNP Africa ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( NP ( NN manufacturing ) ( NNS facilities ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Springs ) ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN business ) ) ( PP ( IN in ) ( NP ( NP ( NNS toiletries ) ) ( CC and ) ( NP ( NN plastic ) ( NNS bags ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Twins ) ( NNP Pharmaceuticals ) ( NNP Ltd. ) ) ( NP ( NP ( DT an ) ( NN affiliate ) ) ( PP ( IN of ) ( NP ( NP ( NNP Anglo ) ( NNP American ) ( NNP Corp. ) ) ( NP ( DT a ) ( ADJP ( JJ South ) ( JJ African ) ) ( NN company ) ) ) ) ) ) ) ) ) )

Under the plan Gillette South Africa will sell manufacturing facilities in Springs South Africa and its business in toiletries and plastic bags to Twins Pharmaceuticals Ltd. an affiliate of Anglo American Corp. a South African company


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB not ) ( VP ( VBN disclosed ) ) ) )

Terms were not disclosed


( S ( S-TPC-2 ( S ( NP-SBJ-1 ( DT A ) ( JJ final ) ( NN agreement ) ) ( VP ( VBZ has ) ( RB not ) ( VP ( VBN been ) ( VP ( VBN signed ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS moves ) ) ( VP ( MD will ) ( RB not ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ material ) ( NN effect ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Gillette ) ) ( VP ( VBD said ) ) )

A final agreement has not been signed and the moves will not have a material effect on the company Gillette said


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( VBG continuing ) ( JJ world-wide ) ( NN restructuring ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN downsized ) ( CC or ) ( VBN sold ) ( NP ( NP ( NNS operations ) ) ( PP-LOC ( IN in ) ( NP ( JJ several ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said it is part of a continuing world-wide restructuring in which it has downsized or sold operations in several countries


( S ( NP-SBJ ( NNP Gillette ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ continued ) ( NN presence ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ( VP ( VBZ enables ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( JJ meaningful ) ( NNS contributions ) ) ( PP ( PP ( TO to ) ( NP ( ADJP ( JJ South ) ( JJ African ) ) ( NN society ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS lives ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS employees ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS communities ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ operates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Gillette said its continued presence in South Africa enables it to make meaningful contributions to South African society to the lives of its employees and to the communities in which it operates


( S ( NP-SBJ ( NNP Gillette ) ( NNP South ) ( NNP Africa ) ) ( VP ( VBZ employs ) ( NP ( QP ( RB about ) ( CD 250 ) ) ( NNS people ) ) ) )

Gillette South Africa employs about 250 people


( S ( S-1 ( NP-SBJ ( NP ( QP ( RB About ) ( CD 60 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN work ) ( NN force ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB continue ) ( PP-CLR ( IN with ) ( NP ( NNP Gillette ) ) ) ) ( CC or ) ( VP ( VB transfer ) ( PP-DIR ( TO to ) ( NP ( NNP Twins ) ( NNPS Pharmaceuticals ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

About 60 % of the work force will continue with Gillette or transfer to Twins Pharmaceuticals the company said


( S-HLN ( NP-SBJ-1 ( DT A ) ( JJ NEW ) ( NN MINIMUM-WAGE ) ( NN PLAN ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN worked ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( NNP Congress ) ( CC and ) ( NNP Bush ) ) ) ( S-ADV ( VP ( VBG opening ) ( NP ( NP ( DT the ) ( NN way ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( NN increase ) ) ( PP-TMP ( IN in ) ( NP ( QP ( IN over ) ( CD nine ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

A NEW MINIMUM-WAGE PLAN has been worked out by Congress and Bush opening the way for the first increase in over nine years


( S ( NP-SBJ ( NP ( DT The ) ( NN compromise ) ( NN proposal ) ) ( VP ( VBG ending ) ( NP ( NP ( DT a ) ( JJ long ) ( NN impasse ) ) ( PP ( IN between ) ( NP ( NP ( NNPS Democrats ) ) ( CC and ) ( NP ( DT the ) ( NN president ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB boost ) ( NP ( DT the ) ( JJ minimum ) ( NN wage ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 4.25 ) ) ( NP-ADV ( DT an ) ( NN hour ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NNP April ) ( CD 1991 ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 3.35 ) ) ( NP-TMP ( RB now ) ) ) ) ) ) )

The compromise proposal ending a long impasse between Democrats and the president would boost the minimum wage to 4.25 an hour by April 1991 from 3.35 now


( S ( NP-SBJ ( DT The ) ( NN legislation ) ) ( ADVP ( RB also ) ) ( VP ( VBZ includes ) ( NP ( NP ( DT a ) ( JJR lower ) ( NN training ) ( NN wage ) ) ( PP ( IN for ) ( NP ( NP ( JJ new ) ( NNS workers ) ) ( SBAR ( WHNP-148 ( WP who ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NNS teen-agers ) ) ) ) ) ) ) ) ) )

The legislation also includes a lower training wage for new workers who are teen-agers


( S ( NP-SBJ-2 ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( S ( VP ( VBG reviving ) ( NP ( NP ( DT a ) ( NN curb ) ) ( PP ( IN on ) ( NP ( NN program ) ( NN trading ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ volatile ) ) ) ) ) ) ) ) ) )

The Big Board is considering reviving a curb on program trading when the market is volatile


( S ( NP-SBJ ( NP ( DT The ) ( NN exchange ) ) ( SBAR ( WHNP-149 ( WDT which ) ) ( S ( VP ( VBD abandoned ) ( NP ( PDT such ) ( DT a ) ( NN collar ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB prevent ) ( NP ( JJ sharp ) ( NN price ) ( NNS swings ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN under ) ( NP ( NN attack ) ) ) ( ADVP-TMP ( RB recently ) ) ( PP-PRP ( IN for ) ( S-NOM ( RB not ) ( VP ( VBG taking ) ( NP ( NN action ) ) ( PP-CLR ( IN against ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) )

The exchange which abandoned such a collar last year because it did n't prevent sharp price swings has been under attack recently for not taking action against program trading


( S ( NP-SBJ ( NNP Great ) ( NNP Northern ) ( NNP Nekoosa ) ) ( VP ( VBD reacted ) ( ADVP-MNR ( RB coolly ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( NN takeover ) ( NN bid ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 58 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 3.19 ) ( CD billion ) ) ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN suitor ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT all ) ( NNS terms ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ negotiable ) ) ) ) ) ) ) ) ) )

Great Northern Nekoosa reacted coolly to Georgia-Pacific 's takeover bid of 58 a share or 3.19 billion though the suitor said all terms are negotiable


( S ( NP-SBJ ( NP ( NNP Great ) ( NNP Northern ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD soared ) ( NP-EXT ( CD 20.125 ) ) ( PP-DIR ( TO to ) ( NP ( CD 62.875 ) ) ) ( PP ( IN on ) ( NP ( NN speculation ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJR higher ) ( NN bid ) ) ( VP ( MD would ) ( VP ( VB emerge ) ) ) ) ) ) ) ) )

Great Northern 's stock soared 20.125 to 62.875 on speculation that a higher bid would emerge


( S ( NP-SBJ ( NN Stock ) ( NNS prices ) ) ( VP ( VBD rallied ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NNP Georgia-Pacific ) ( NN bid ) ) ( VP ( VBD broke ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN gloom ) ) ) ) ) ) )

Stock prices rallied as the Georgia-Pacific bid broke the market 's recent gloom


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( VP ( VBD finished ) ( ADVP-CLR ( RB up ) ( NP ( CD 41.60 ) ) ) ( PP ( IN at ) ( NP ( CD 2645.08 ) ) ) ) )

The Dow Jones industrials finished up 41.60 at 2645.08


( S ( NP-SBJ ( NP ( DT The ) ( NN dollar ) ) ( CC and ) ( NP ( NN bond ) ( NNS prices ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD closed ) ( ADVP-CLR ( JJR higher ) ) ) )

The dollar and bond prices also closed higher


( S ( NP-SBJ ( JJ Leading ) ( NNS indicators ) ) ( VP ( VP ( VBD rose ) ( NP-EXT ( DT a ) ( JJ slight ) ( CD 0.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( NP-ADV ( NP ( DT a ) ( JJ further ) ( NN indication ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG slowing ) ) ( CC but ) ( VP ( PP=1 ( IN without ) ( NP ( NP ( DT any ) ( JJ clear ) ( NN sign ) ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( VBZ looms ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Leading indicators rose a slight 0.2 % in September a further indication the economy is slowing but without any clear sign of whether a recession looms


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( JJ new-home ) ( NNS sales ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 14 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN month ) ) ) ) )

Meanwhile new-home sales plunged 14 % in the month


( S ( NP-SBJ-1 ( NN Labor ) ( NNS costs ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 1.2 ) ( NN % ) ) ( PP-LOC ( IN in ) ( NP ( JJ private ) ( NN industry ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG matching ) ( NP ( DT the ) ( JJ second-quarter ) ( NN rise ) ) ) ) ) )

Labor costs climbed 1.2 % in private industry during the third quarter matching the second-quarter rise


( S ( NP-SBJ ( NN Health-insurance ) ( NNS costs ) ) ( VP ( VBD soared ) ) )

Health-insurance costs soared


( S ( NP-SBJ-1 ( NP ( NN Time ) ( NNP Warner ) ) ( CC and ) ( NP ( NNP Sony ) ) ) ( VP ( MD could ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S ( VP ( VBG becoming ) ( NP-PRD ( NP ( NNS partners ) ) ( PP-LOC ( IN in ) ( NP ( JJ several ) ( NN business ) ( NNS ventures ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN settlement ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NN dispute ) ) ( PP ( IN over ) ( NP ( NNP Hollywood ) ( NNS producers ) ( NNP Peter ) ( NNP Guber ) ( CC and ) ( NNP Jon ) ( NNP Peters ) ) ) ) ) ) ) ) ) ) ) ) ) )

Time Warner and Sony could end up becoming partners in several business ventures as part of a settlement of their dispute over Hollywood producers Peter Guber and Jon Peters


( S ( NP-SBJ ( NP ( DT A ) ( NN bidding ) ( NN war ) ) ( PP ( IN for ) ( NP ( NN Jaguar ) ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( RBR more ) ( JJ likely ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNP Britain ) ) ( ADVP ( RB unexpectedly ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB end ) ( NP ( NP ( NNS restrictions ) ) ( VP ( VBG blocking ) ( NP ( NP ( DT a ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN luxury ) ( NN car ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ) ) )

A bidding war for Jaguar became more likely as Britain unexpectedly decided to end restrictions blocking a takeover of the luxury car maker


( S ( NP-SBJ-1 ( NNP Sea ) ( NNPS Containers ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( NP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ( CC and ) ( VP ( VB use ) ( NP-2 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS proceeds ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( RB about ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( NNS shares ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 70 ) ) ( ADVP ( DT each ) ) ) ) ) ) ) ) ) ) ) ) )

Sea Containers plans to sell 1.1 billion of assets and use some of the proceeds to buy about 50 % of its common shares for 70 each


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( JJ hostile ) ( NN bid ) ) ( PP ( IN by ) ( NP ( CD two ) ( JJ European ) ( NN shipping ) ( NNS firms ) ) ) ) ) ) ) ) ) )

The company is trying to fend off a hostile bid by two European shipping firms


( S ( NP-SBJ-1 ( NNP Eastern ) ( NNP Airlines ) ( NNS pilots ) ) ( VP ( VBD were ) ( VP ( VP ( VBN awarded ) ( NP ( NP ( QP ( IN between ) ( CD 60 ) ( CD million ) ( CC and ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ back ) ( NN pay ) ) ) ) ( PP ( IN by ) ( NP-LGS ( DT an ) ( NN arbitrator ) ) ) ) ( NP-ADV ( NP ( DT a ) ( NN decision ) ) ( SBAR ( WHNP-150 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB complicate ) ( NP ( NP ( DT the ) ( NN carrier ) ( POS 's ) ) ( NN bankruptcy ) ( NN reorganization ) ) ) ) ) ) ) ) ) )

Eastern Airlines pilots were awarded between 60 million and 100 million in back pay by an arbitrator a decision that could complicate the carrier 's bankruptcy reorganization


( S ( S ( NP-SBJ ( NNP LTV ) ( NNP Steel ) ) ( VP ( VBZ is ) ( VP ( VBG boosting ) ( NP ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( JJ flat ) ( VBN rolled ) ( NN steel ) ( NNS products ) ) ) ) ( NP-EXT ( DT an ) ( JJ average ) ( CD 3 ) ( NN % ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ unclear ) ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS increases ) ) ( VP ( VBN set ) ( PP-TMP ( IN for ) ( NP ( NNP Jan. ) ( CD 1 ) ( CD 1990 ) ) ) ) ) ( VP ( MD will ) ( VP ( VB stick ) ) ) ) ) ) ) )

LTV Steel is boosting prices of flat rolled steel products an average 3 % but it 's unclear whether the increases set for Jan. 1 1990 will stick


( S ( NP-SBJ-1 ( NP ( NNP Southern ) ( POS 's ) ) ( NNP Gulf ) ( NNP Power ) ( NN unit ) ) ( VP ( VBD paid ) ( NP ( NP ( CD 500,000 ) ) ( PP ( IN in ) ( NP ( NNS fines ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG pleading ) ( ADJP ( JJ guilty ) ( PP ( TO to ) ( NP ( NP ( NN conspiracy ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ illegal ) ( JJ political ) ( NNS contributions ) ) ) ) ) ) ( CC and ) ( NP ( NN tax ) ( NN evasion ) ) ) ) ) ) ) ) ) )

Southern 's Gulf Power unit paid 500,000 in fines after pleading guilty to conspiracy to make illegal political contributions and tax evasion


( S ( NP-SBJ ( JJR More ) ( JJ big ) ( NNP Japanese ) ( NNS investors ) ) ( VP ( VBP are ) ( VP ( VBG buying ) ( NP ( NNP U.S. ) ( JJ mortgage-backed ) ( NNS securities ) ) ( S-ADV ( VP ( VBG reversing ) ( NP ( DT a ) ( JJ recent ) ( NN trend ) ) ) ) ) ) )

More big Japanese investors are buying U.S. mortgage-backed securities reversing a recent trend


( S ( NP-SBJ ( NP ( NNP USX ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 23 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( JJ improved ) ( NN oil ) ( NNS results ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN steel ) ( CC and ) ( JJ natural ) ( NN gas ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) )

USX 's profit dropped 23 % in the third quarter as improved oil results failed to offset weakness in the firm 's steel and natural gas operations


( S ( NP-SBJ ( NNP Miniscribe ) ) ( VP ( VP ( VBD reported ) ( NP ( DT a ) ( JJ negative ) ( JJ net ) ( NN worth ) ) ) ( CC and ) ( VP ( VBD hinted ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB file ) ( PP-CLR ( IN for ) ( NP ( NNP Chapter ) ( NNP 11 ) ) ) ) ) ) ) ) ) )

Miniscribe reported a negative net worth and hinted it may file for Chapter 11


( S ( NP-SBJ ( DT The ) ( NN disk-drive ) ( NN maker ) ) ( VP ( VBD disclosed ) ( NP ( DT a ) ( JJ major ) ( NN fraud ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS months ) ) ( RB ago ) ) ) )

The disk-drive maker disclosed a major fraud two months ago


Markets


( NP ( NP ( NNS Stocks ) ) ( NP ( NN Volume ) ) ( NP ( CD 176,100,000 ) ( NNS shares ) ) )

Stocks Volume 176,100,000 shares


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( NP ( CD 2645.08 ) ) ( ADVP ( IN up ) ( NP ( CD 41.60 ) ) ) ) ( NP ( NP ( NN transportation ) ) ( NP ( CD 1205.01 ) ) ( ADVP ( RB up ) ( NP ( CD 13.15 ) ) ) ) ( NP ( NP ( NNS utilities ) ) ( NP ( CD 219.19 ) ) ( ADVP ( RB up ) ( NP ( CD 2.45 ) ) ) ) )

Dow Jones industrials 2645.08 up 41.60 transportation 1205.01 up 13.15 utilities 219.19 up 2.45


( NP ( NP ( NNS Bonds ) ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Treasury ) ( NN index ) ) ( NP ( CD 3426.33 ) ) ( ADVP ( RB up ) ) )

Bonds Shearson Lehman Hutton Treasury index 3426.33 up


( NP ( NP ( NNS Commodities ) ) ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS futures ) ( NN index ) ) ( NP ( CD 129.63 ) ) ( ADVP ( RB up ) ( NP ( CD 0.25 ) ) ) ) ( NP ( NP ( NN spot ) ( NN index ) ) ( NP ( CD 129.84 ) ) ( ADVP ( RB off ) ( NP ( CD 0.25 ) ) ) ) )

Commodities Dow Jones futures index 129.63 up 0.25 spot index 129.84 off 0.25


( NP ( NP ( NN Dollar ) ) ( NP ( NP ( CD 142.85 ) ( NNS yen ) ) ( ADVP ( IN up ) ( NP ( CD 0.95 ) ) ) ) ( NP ( NP ( CD 1.8415 ) ( NNS marks ) ) ( ADVP ( IN up ) ( NP ( CD 0.0075 ) ) ) ) )

Dollar 142.85 yen up 0.95 1.8415 marks up 0.0075


( S ( S ( NP-SBJ ( UCP ( JJ Federal ) ( CC and ) ( NN state ) ) ( NN thrift ) ( NNS examiners ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD saw ) ( NP ( NP ( NN evidence ) ) ( PP ( IN of ) ( NP ( JJ criminal ) ( NN wrongdoing ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( NNP Lincoln ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT a ) ( NNP California ) ( NN regulator ) ) ( VP ( VBD described ) ( NP ( NP ( DT an ) ( JJ attempted ) ( NN whitewash ) ) ( PP ( IN by ) ( NP ( NP ( NNS deputies ) ) ( PP ( IN of ) ( NP ( JJ chief ) ( JJ federal ) ( NN regulator ) ( NNP Danny ) ( NNP Wall ) ) ) ) ) ) ) ) )

Federal and state thrift examiners said they saw evidence of criminal wrongdoing in the collapse of Lincoln Savings & Loan Association and a California regulator described an attempted whitewash by deputies of chief federal regulator Danny Wall


( S ( PP ( IN In ) ( NP ( NP ( DT a ) ( JJ riveting ) ( NN day ) ) ( PP ( IN of ) ( NP ( NP ( NNS hearings ) ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NNP House ) ( NNP Banking ) ( NNP Committee ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS examiners ) ) ( VP ( VBD described ) ( S ( VP ( VBG finding ) ( NP ( NP ( JJ shredded ) ( NNS documents ) ) ( NP ( DT a ) ( JJ mysterious ) ( JJ Panamanian ) ( NN subsidiary ) ) ( NP ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ( VP ( VBN funneled ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( JJ Swiss ) ( NN bank ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ complacent ) ( NN attitude ) ) ( PP ( IN by ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Wall ) ( POS 's ) ) ( NNS deputies ) ) ( SBAR ( WHNP-1 ( WHNP ( CD one ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBD was ) ( VP ( VBN portrayed ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG acting ) ( PP ( PP ( ADVP ( RBR more ) ) ( IN like ) ( NP ( NP ( DT a ) ( NN public-relations ) ( NN man ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN thrift ) ) ) ) ) ( PP ( IN than ) ( NP ( DT a ) ( JJ federal ) ( NN regulator ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a riveting day of hearings before the House Banking Committee the examiners described finding shredded documents a mysterious Panamanian subsidiary millions of dollars funneled into a Swiss bank and a complacent attitude by Mr. Wall 's deputies one of whom was portrayed as acting more like a public-relations man for the thrift than a federal regulator


( S ( NP-SBJ ( DT A ) ( NNP California ) ( NN official ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD sent ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Bureau ) ) ( PP ( IN of ) ( NP ( NNP Investigation ) ) ) ) ( NP ( NP ( DT a ) ( NN packet ) ) ( PP ( IN of ) ( NP ( NP ( NNS documents ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT a ) ( ADJP ( RB previously ) ( VBN reported ) ) ( ADJP ( CD 400,000 ) ) ( NN contribution ) ) ( PP ( IN from ) ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( NN parent ) ) ) ) ( VP ( VBN solicited ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Sen. ) ( NNP Alan ) ( NNP Cranston ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Calif ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A California official also said he sent the Federal Bureau of Investigation a packet of documents relating to a previously reported 400,000 contribution from Lincoln 's parent solicited by Sen. Alan Cranston D. Calif


( S ( NP-SBJ ( JJ Federal ) ( NN examiner ) ( NNP Alex ) ( NNP Barabolak ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Lincoln ) ( POS 's ) ) ( NNS operations ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG pyramiding ) ( NP ( NN debt ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB provide ) ( NP ( DT a ) ( JJ luxurious ) ( NN life ) ( NN style ) ) ( PP-BNF ( IN for ) ( NP ( PRP$ its ) ( NNS owners ) ) ) ) ) ) ) ) ) ) ) ) ) )

Federal examiner Alex Barabolak said Lincoln 's operations amounted to pyramiding debt to provide a luxurious life style for its owners


( S ( NP-SBJ ( NP ( DT Another ) ( JJ federal ) ( NN examiner ) ) ( NP ( NNP John ) ( NNP Meek ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( JJ principal ) ( NN owner ) ) ( NP ( NNP Charles ) ( NNP Keating ) ( NNP Jr. ) ) ) ( CC and ) ( NP ( PRP$ his ) ( NN family ) ) ) ( VP ( VBD drew ) ( PRT ( RP off ) ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 34 ) ( CD million ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN thrift ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS salaries ) ( NNS bonuses ) ( CC and ) ( NNS proceeds ) ) ( PP ( IN from ) ( NP ( NP ( NNS securities ) ( NNS sales ) ) ( PP ( IN in ) ( NP-TMP ( NP ( DT the ) ( QP ( CD 3 ) ( CD 1\/2 ) ) ( NNS years ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( JJ federal ) ( NNS authorities ) ) ( VP ( VBD seized ) ( NP ( PRP it ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another federal examiner John Meek said Lincoln 's principal owner Charles Keating Jr. and his family drew off at least 34 million from the thrift in salaries bonuses and proceeds from securities sales in the 3 1\/2 years before federal authorities seized it earlier this year


( S ( NP-SBJ ( NP ( NNP Lincoln ) ( POS 's ) ) ( NN collapse ) ) ( VP ( MD may ) ( VP ( VB cost ) ( NP ( NNS taxpayers ) ) ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 2.5 ) ( CD billion ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNS estimates ) ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ expensive ) ) ( NN thrift ) ( NN failure ) ) ( PP-TMP ( IN in ) ( NP ( NN history ) ) ) ) ) ) ) ) ) )

Lincoln 's collapse may cost taxpayers as much as 2.5 billion according to estimates making it the most expensive thrift failure in history


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( POS 's ) ( NP-PRD ( NP ( JJ overwhelming ) ( NN evidence ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB indicate ) ( NP ( JJ probable ) ( JJ criminal ) ( NN activity ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Meek ) ) ( SBAR ( WHNP-91 ( WP who ) ) ( S ( VP ( VBD participated ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT an ) ( NN examination ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC-LOC ( NNP Irvine ) ( NNP Calif. ) ) ( NN thrift ) ) ) ) ) ) ) ) ) )

I think there 's overwhelming evidence to indicate probable criminal activity said Mr. Meek who participated last year in an examination of the Irvine Calif. thrift


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN evidence ) ) ( VP ( VBD pointed ) ( PP-CLR ( TO to ) ( NP ( NP ( NN wrongdoing ) ) ( PP ( IN by ) ( NP ( NP ( NNP Mr. ) ( NNP Keating ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB allege ) ( NP ( DT any ) ( JJ specific ) ( NN violation ) ) ) ) ) ) ) ) ) ) )

He said the evidence pointed to wrongdoing by Mr. Keating and others although he did n't allege any specific violation


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Newsom ) ) ( NP ( NP ( DT a ) ( NNP California ) ( NN state ) ( NN official ) ) ( SBAR ( WHNP-92 ( WP who ) ) ( S ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD examined ) ( NP ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( NN parent ) ) ( NP ( NNP American ) ( NNP Continental ) ( NNP Corp. ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( ADVP ( RB also ) ) ( VP ( VBD saw ) ( NP ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS crimes ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN committed ) ) ) ) ) ) ) ) ) ) ) )

Richard Newsom a California state official who last year examined Lincoln 's parent American Continental Corp. said he also saw evidence that crimes had been committed


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( ADVP ( RB sure ) ) ( VP ( VBZ smells ) ( PP-CLR ( IN like ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

It sure smells like it he said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( CD 30 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS loans ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBN sampled ) ) ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( JJ dead ) ( NN meat ) ) ( PP-TMP ( IN on ) ( NP ( NP ( DT the ) ( NN day ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN made ) ) ) ) ) ) ) ) ) ) ) )

He said 30 % of the loans he sampled were dead meat on the day they were made


( S ( NP-SBJ ( DT The ) ( NN state ) ( NN examiner ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS supervisors ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ parallel ) ( JJ federal ) ( NN examination ) ) ) ) ( VP ( VBD seemed ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB demand ) ( NP ( NP ( NNS write-downs ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lincoln ) ( POS 's ) ) ( JJ bad ) ( NNS loans ) ) ) ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB immediately ) ) ( VP ( VBD grew ) ( ADJP-PRD ( JJ suspicious ) ) ) ) ) ) ) ) ) ) )

The state examiner also said supervisors of a parallel federal examination seemed so reluctant to demand write-downs of Lincoln 's bad loans that he immediately grew suspicious


( S ( S-TPC-1 ( ADVP-TMP ( RB Later ) ( RB on ) ) ( NP-SBJ ( NP ( PRP$ my ) ( NNS concerns ) ) ( PP ( IN about ) ( NP ( DT a ) ( NN whitewash ) ) ) ) ( VP ( VBD became ) ( ADJP-PRD ( RB even ) ( RBR more ) ( JJ serious ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Later on my concerns about a whitewash became even more serious he said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( JJ sour ) ( NNS loans ) ) ( ADJP-PRD ( JJ appalling ) ) ) ) ( CC and ) ( VP ( VBD added ) ( S ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBD opened ) ( NP ( DT the ) ( NN file ) ) ( PRT ( RP up ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB just ) ) ( VP ( VBD jumped ) ( PP-CLR ( IN at ) ( NP ( PRP you ) ) ) ) ) ) ) ) )

He called the sour loans appalling and added You opened the file up and it just jumped at you


( S ( NP-SBJ ( NP ( NNP Leonard ) ( NNP Bickwit ) ) ( NP ( NP ( DT a ) ( NNP Washington ) ( NN attorney ) ) ( PP ( IN for ) ( NP ( NP ( NN Lincoln ) ( POS 's ) ) ( NN parent ) ( NN corporation ) ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP deny ) ( NP ( NP ( DT any ) ( JJ criminal ) ( NN behavior ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN association ) ) ( CC or ) ( NP ( PRP$ its ) ( NNS officers ) ) ) ) ) ) ) ) )

Leonard Bickwit a Washington attorney for Lincoln 's parent corporation said in an interview We deny any criminal behavior by the association or its officers


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT Those ) ) ( SBAR ( WHNP-93 ( WP who ) ) ( S ( VP ( VBD testified ) ( PRN ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ( VP ( VB have ) ( VP ( ADVP-MNR ( RB consistently ) ) ( VBN maintained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN anyone ) ) ( SBAR ( WHNP-94 ( WP who ) ) ( S ( VP ( VBD did ) ( RB n't ) ( VP ( VB agree ) ( PP-CLR ( IN with ) ( NP ( PRP them ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN coverup ) ) ( NP ( DT a ) ( NN whitewash ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( JJ excessive ) ( NN influence ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bickwit ) ) ( VP ( VBD said ) ) )

Those who testified yesterday have consistently maintained that anyone who did n't agree with them is part of a coverup a whitewash or the subject of excessive influence Mr. Bickwit said


( S ( NP-SBJ ( PRP We ) ) ( ADVP ( RB simply ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB agree ) ( PP-CLR ( IN with ) ( NP ( NP ( DT that ) ) ( CC or ) ( NP ( NP ( DT the ) ( NNS findings ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN investigation ) ) ) ) ) ) ) ) )

We simply do n't agree with that or the findings of their investigation


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Wall ) ( POS 's ) ) ( NNS deputies ) ) ( VP ( VBD complained ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN given ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN criticism ) ) ( VP ( VBD brought ) ( PRT ( RP out ) ) ( PP-TMP ( IN during ) ( NP ( NP ( NP ( DT the ) ( NNP Banking ) ( NNP Committee ) ( POS 's ) ) ( NNS hearings ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( NP-SBJ ( NP ( NNP Committee ) ( NNP Chairman ) ( NNP Henry ) ( NNP Gonzalez ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Texas ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN used ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN forum ) ) ) ( S-CLR ( VP ( VP ( TO to ) ( VP ( VB flay ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Wall ) ( POS 's ) ) ( NN handling ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN affair ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB demand ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VB step ) ( ADVP-DIR ( RB aside ) ) ( PP-DIR ( IN from ) ( NP ( PRP$ his ) ( NN job ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Wall 's deputies complained that they had n't been given an opportunity to respond to the criticism brought out during the Banking Committee 's hearings which Committee Chairman Henry Gonzalez D. Texas has used as a forum to flay Mr. Wall 's handling of the affair and to demand that he step aside from his job


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( DT A ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS things ) ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Newsom ) ) ( VP ( VBD said ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADVP ( IN at ) ( JJS least ) ) ( JJ misleading ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kevin ) ( NNP O'Connell ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Washington ) ( VBZ regulators ) ) ( ADJP ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN handling ) ) ( PP ( IN of ) ( NP ( NNP Lincoln ) ) ) ) ) ) ) ) ) ) )

A couple of things Mr. Newsom said were at least misleading said Kevin O'Connell one of the Washington regulators responsible for the handling of Lincoln


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( NN interview ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ federal ) ( NNS regulators ) ) ( VP ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD declared ) ( S ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS loans ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN state ) ( NN regulator ) ) ( VP ( VBD cited ) ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ total ) ( NN loss ) ) ) ) ) ) ( CC and ) ( VP ( VBD forced ) ( S ( NP-SBJ ( NNP Lincoln ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT an ) ( ADJP ( QP ( CD 18 ) ( CD million ) ) ) ( JJ downward ) ( NN adjustment ) ) ( PP-LOC ( IN on ) ( NP ( DT another ) ) ) ) ) ) ) ) ) ) ) ) )

In an interview he said federal regulators eventually declared one of the loans the state regulator cited to be a total loss and forced Lincoln to make an 18 million downward adjustment on another


( S ( S-TPC-1 ( NP-SBJ ( NP ( PRP$ Our ) ( NN response ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN whitewash ) ) ) ) ( VP ( MD would ) ( ADVP ( RB simply ) ) ( VP ( VB be ) ( SBAR-PRD ( S ( VP ( VB look ) ( SBAR-CLR ( WHNP-95 ( WP what ) ) ( S ( VP ( VBD happened ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT another ) ( NNP Washington ) ( NN official ) ) ( NP ( NNP Alvin ) ( NNP Smuzynski ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ) )

Our response to the whitewash would simply be look what happened another Washington official Alvin Smuzynski said in an interview


( S ( NP-SBJ ( JJ Federal ) ( NNS officials ) ) ( VP ( VBD seized ) ( NP ( DT the ) ( NN association ) ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ( SBAR-TMP ( NP-ADV ( DT a ) ( NN day ) ) ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN parent ) ( NN corporation ) ) ( VP ( VBD entered ) ( NP ( NN bankruptcy-law ) ( NNS proceedings ) ) ) ) ) ) )

Federal officials seized the association in April a day after the parent corporation entered bankruptcy-law proceedings


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( ADVP-TMP ( RB later ) ) ( VP ( VBD brought ) ( NP ( DT a ) ( ADJP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( NN fraud ) ( NN suit ) ) ( PP-CLR ( IN against ) ( NP ( NP ( NNP Mr. ) ( NNP Keating ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ) )

The government later brought a 1.1 billion fraud suit against Mr. Keating and others


( S ( NP-SBJ ( NNP Rep. ) ( NNP Gonzalez ) ) ( VP ( VBZ has ) ( VP ( VBN complained ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS regulators ) ) ( VP ( VBD waited ) ( ADVP-TMP ( RB far ) ( RB too ) ( RB long ) ) ( ADVP ( RB however ) ) ( S-ADV ( VP ( VBG ignoring ) ( NP ( NP ( DT a ) ( NN recommendation ) ) ( PP ( IN from ) ( NP ( JJ regional ) ( NNS officials ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB place ) ( NP ( NNP Lincoln ) ) ( PP-CLR ( IN into ) ( NP ( NN receivership ) ) ) ( SBAR-TMP ( NP-ADV ( CD two ) ( NNS years ) ) ( IN before ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD failed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rep. Gonzalez has complained that regulators waited far too long however ignoring a recommendation from regional officials to place Lincoln into receivership two years before it failed


( S ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( VP ( VBD took ) ( NP ( NP ( DT the ) ( JJ reckless ) ( NN course ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG ignoring ) ( NP ( DT the ) ( NN evidence ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Rep. ) ( NNP Gonzalez ) ) ( VP ( VBD said ) ) )

He took the reckless course of ignoring the evidence Rep. Gonzalez said


( S ( NP-SBJ ( NN State ) ( NN thrift ) ( NN examiner ) ( NNP Eugene ) ( NNP Stelzer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( DT the ) ( JJ chief ) ( JJ federal ) ( NN examiner ) ( NNP Steve ) ( NNP Scott ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB totally ) ( JJ uninterested ) ( PP ( IN in ) ( NP ( NP ( CD one ) ( RB allegedly ) ( JJ fraudulent ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) ) ) )

State thrift examiner Eugene Stelzer said he found the chief federal examiner Steve Scott to be totally uninterested in one allegedly fraudulent series of transactions


( S ( S-TPC-1 ( ADVP ( RB Frankly ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN like ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD worked ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP Lincoln ) ( NN public-relations ) ( NN department ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Stelzer ) ) ( VP ( VBD testified ) ) )

Frankly it was like he worked for the Lincoln public-relations department Mr. Stelzer testified


( S ( CC And ) ( NP-SBJ ( NP ( NNP David ) ( NNP Riley ) ) ( NP ( NP ( DT a ) ( JJ federal ) ( NN examiner ) ) ( SBAR ( WHNP-96 ( WP who ) ) ( S ( VP ( VBD worked ) ( PP-LOC ( IN under ) ( NP ( NNP Mr. ) ( NNP Scott ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD found ) ( S ( NP-SBJ ( PRP$ his ) ( NN chief ) ) ( ADJP-PRD ( RB oddly ) ( JJ upbeat ) ( PP ( IN about ) ( NP ( NNP Lincoln ) ) ) ) ) ) ) ) ) )

And David Riley a federal examiner who worked under Mr. Scott said he found his chief oddly upbeat about Lincoln


( S ( S ( VP ( VBN Asked ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Scott ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Scott ) ) ( VP ( VBZ has ) ( VP ( VBN spoken ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ his ) ( NN attorney ) ) ( SBAR ( WHNP-97 ( WP who ) ) ( S ( VP ( VBZ has ) ( VP ( VBN advised ) ( S ( NP-SBJ ( PRP him ) ) ( RB not ) ( VP ( TO to ) ( VP ( VB talk ) ( PP-CLR ( TO to ) ( NP ( NN anybody ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Asked to comment a spokesman for Mr. Scott said Mr. Scott has spoken to his attorney who has advised him not to talk to anybody


( S ( NP-SBJ ( NNP Mr. ) ( NNP Meek ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( NP-ADV ( DT a ) ( NN day ) ( CC or ) ( CD two ) ) ( IN before ) ( S ( NP-SBJ ( NP ( NN Lincoln ) ( POS 's ) ) ( NN parent ) ) ( VP ( VBD entered ) ( NP ( NN bankruptcy ) ( NNS proceedings ) ) ) ) ) ( NP-SBJ ( NP ( PRP he ) ) ( CC and ) ( NP ( JJ other ) ( NNS examiners ) ) ) ( VP ( VBD saw ) ( NP ( NP ( DT a ) ( NN truck ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN sign ) ) ( PP-LOC ( IN on ) ( NP ( PRP it ) ) ) ( SBAR ( WHNP-98 ( WDT that ) ) ( S ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-PRD ( IN from ) ( NP ( DT the ) ( NNP Document ) ( NNP Destruction ) ( NNP Center ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Meek said that a day or two before Lincoln 's parent entered bankruptcy proceedings he and other examiners saw a truck with a sign on it that said it was from the Document Destruction Center


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD observed ) ( S ( NP-SBJ-1 ( NP ( QP ( IN at ) ( JJS least ) ( CD two ) ) ( JJ large ) ( NN plastic ) ( NNS bags ) ) ( PP ( IN of ) ( NP ( JJ shredded ) ( NN paper ) ) ) ) ( VP ( VBN loaded ) ( PP-CLR ( IN into ) ( NP ( DT this ) ( NN truck ) ) ) ) ) ) )

We observed at least two large plastic bags of shredded paper loaded into this truck


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bickwit ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN paper ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN donated ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ charitable ) ( NN organization ) ) ( SBAR ( WHNP-99 ( WDT that ) ) ( S ( VP ( VBZ sells ) ( NP ( PRP it ) ) ( PP-PRP ( IN for ) ( NP ( VBG recycling ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Bickwit said the paper had been donated to a charitable organization that sells it for recycling


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD shredded ) ( NP ( PRP it ) ) ( SBAR-PRP ( ADVP ( RB simply ) ) ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD contained ) ( NP ( NP ( JJ financial ) ( NN information ) ) ( PP ( IN about ) ( NP ( PRP$ their ) ( NNS creditors ) ( CC and ) ( NNS depositors ) ) ) ) ) ) ) ) )

They shredded it simply because it contained financial information about their creditors and depositors


( S ( NP-SBJ ( NNP Mr. ) ( NNP Meek ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ his ) ( NNS suspicions ) ) ( VP ( VBD were ) ( VP ( VBN aroused ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ several ) ( JJ foreign ) ( NNS investments ) ) ( PP ( IN by ) ( NP ( NNP Lincoln ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( QP ( CD 22 ) ( CD million ) ) ) ( VP ( VBN paid ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Credit ) ( NNP Suisse ) ) ( PP ( IN of ) ( NP ( NNP Switzerland ) ) ) ) ) ) ) ( NP ( NP ( DT an ) ( ADJP ( QP ( CD 18 ) ( CD million ) ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( NNP Saudi ) ( NNP European ) ( NNP Bank ) ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 17.5 ) ( CD million ) ) ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NNPS Bahamas ) ( NN trading ) ( NN company ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( RB recently ) ( VBN discovered ) ) ( NN holding ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ Panama-based ) ( NN company ) ) ( NP ( NNP Southbrook ) ( NNPS Holdings ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Meek said his suspicions were aroused by several foreign investments by Lincoln including 22 million paid to Credit Suisse of Switzerland an 18 million interest in Saudi European Bank in Paris a 17.5 million investment in a Bahamas trading company and a recently discovered holding in a Panama-based company Southbrook Holdings


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bickwit ) ) ( VP ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB see ) ( SBAR ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ ( DT an ) ( NN S&L ) ( NN examiner ) ) ( VP ( MD would ) ( VP ( VB regard ) ( NP ( DT these ) ) ( PP-CLR ( IN as ) ( NP ( JJ unusual ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ overseas ) ( NNS investments ) ) ( ADVP ( RB essentially ) ) ( VP ( VBD broke ) ( ADVP-CLR ( RB even ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN S&L ) ) ) ) ) ) ) ) )

Mr. Bickwit said I can see why an S&L examiner would regard these as unusual activities but said the overseas investments essentially broke even for the S&L


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

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


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

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


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

Estimated and actual results involving losses are omitted


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

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


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

Otherwise actual profit is compared with the 300-day estimate


( S ( NP-SBJ-1 ( NP ( NNP Barbara ) ( NNP Hackman ) ( NNP Franklin ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Franklin ) ( NNPS Associates ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN building ) ( NNS products ) ( NN maker ) ) ) ) ) ) ) )

Barbara Hackman Franklin president of Franklin Associates was elected a director of this building products maker


( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Franklin ) ) ( ADJP ( NP ( CD 49 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBZ fills ) ( NP ( NP ( DT the ) ( NN position ) ) ( VP ( VBN vacated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Naomi ) ( NNP G. ) ( NNP Albanese ) ) ( SBAR ( WHNP-211 ( WP who ) ) ( S ( VP ( VBD retired ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ( PP ( IN at ) ( NP ( NN age ) ( CD 72 ) ) ) ) ) ) ) ) ) ) ) )

Ms. Franklin 49 years old fills the position vacated by Naomi G. Albanese who retired earlier this year at age 72


( S ( NP-SBJ-1 ( NNS Shares ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB sharply ) ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ( POS 's ) ) ( JJS thinnest ) ( NN volume ) ) ) ( NP-TMP ( NNP Monday ) ) ( S-ADV ( VP ( VBN supported ) ( ADVP ( RB largely ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ technical ) ( NN bounce ) ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( JJ sharp ) ( NNS declines ) ) ) ) ) ) ) ) )

Shares closed sharply higher in London in the year 's thinnest volume Monday supported largely by a technical bounce after last week 's sharp declines


( S ( NP-SBJ ( NNP Tokyo ) ( NNS stocks ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( JJ second-consecutive ) ( NN loss ) ) ( NP-TMP ( NNP Monday ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( VBG trading ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Frankfurt ) ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ mixed ) ) ) ) ) ) )

Tokyo stocks posted a second-consecutive loss Monday while trading in Frankfurt West Germany was mixed


( S ( PP-LOC ( IN In ) ( NP ( NNP London ) ) ) ( NP-SBJ ( DT the ) ( NNP Financial ) ( NNP Times ) ( JJ 100-share ) ( NN index ) ) ( VP ( VBD finished ) ( ADVP-CLR ( NP ( CD 30.1 ) ( NNS points ) ) ( JJR higher ) ) ( PP ( IN at ) ( NP ( CD 2112.2 ) ) ) ) )

In London the Financial Times 100-share index finished 30.1 points higher at 2112.2


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD settled ) ( PP-CLR ( IN off ) ( NP ( NP ( DT the ) ( JJ high ) ) ( PP ( IN of ) ( NP ( CD 2117.1 ) ) ) ( VP ( VBN posted ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD opened ) ( ADVP-CLR ( JJR stronger ) ) ) ) ) ) ) ) ) )

The index settled off the high of 2117.1 posted after Wall Street opened stronger


( S ( CC But ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD showed ) ( NP ( NN strength ) ) ( PP-TMP ( IN throughout ) ( NP ( DT the ) ( NN session ) ) ) ( S-ADV ( VP ( VBG hitting ) ( NP ( NP ( DT a ) ( NN low ) ) ( PP ( IN of ) ( NP ( RB only ) ( CD 2102.2 ) ) ) ) ( PP-TMP ( IN within ) ( NP ( NP ( DT the ) ( JJ first ) ( JJ few ) ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NNS dealings ) ) ) ) ) ) ) ) )

But it showed strength throughout the session hitting a low of only 2102.2 within the first few minutes of dealings


( S ( NP-SBJ ( DT The ) ( JJ 30-share ) ( NN index ) ) ( VP ( VBD settled ) ( ADVP-CLR ( NP ( CD 23.2 ) ( NNS points ) ) ( JJR higher ) ) ( PP ( IN at ) ( NP ( CD 1701.7 ) ) ) ) )

The 30-share index settled 23.2 points higher at 1701.7


( S ( NP-SBJ-1 ( NN Volume ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( RB only ) ( CD 256.6 ) ( CD million ) ) ( NNS shares ) ) ( S-ADV ( VP ( VBG breaking ) ( NP ( NP ( NP ( DT the ) ( JJ previous ) ( CD 1989 ) ( NN low ) ) ( PP ( IN of ) ( NP ( QP ( CD 276.8 ) ( CD million ) ) ( NNS shares ) ) ) ) ( VP ( VBN recorded ) ( NP-TMP ( NNP Oct. ) ( CD 23 ) ) ) ) ) ) ) )

Volume was only 256.6 million shares breaking the previous 1989 low of 276.8 million shares recorded Oct. 23


( S ( NP-SBJ ( NN Turnover ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( ADVP-PRD ( RB down ) ( RB substantially ) ( PP ( IN from ) ( NP ( QP ( CD 840.8 ) ( CD million ) ) ( NNS shares ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) )

Turnover was also down substantially from 840.8 million shares on Friday


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN supported ) ( PP ( TO to ) ( NP ( DT some ) ( NN extent ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJR firmer ) ( NN pound ) ) ( NP ( NP ( NNS gains ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( CC and ) ( NP ( NP ( NN shopping ) ) ( PP ( IN by ) ( NP ( NNS market-makers ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( JJ internal ) ( NNS requirements ) ) ( PP ( IN for ) ( NP ( NP ( JJ selected ) ( NNS stocks ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ 100-share ) ( NN index ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said the market was supported to some extent by a firmer pound gains on Wall Street and shopping by market-makers to cover internal requirements for selected stocks in the 100-share index


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD attributed ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN day ) ( POS 's ) ) ( NNS gains ) ) ) ) ( PP-CLR ( TO to ) ( NP ( S-NOM ( NP-SBJ ( NNS market-makers ) ) ( VP ( VBG moving ) ( NP ( NNS prices ) ) ( ADJP ( RBR higher ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( NP ( DT an ) ( NN outbreak ) ) ( PP ( IN of ) ( NP ( JJ significant ) ( NN buying ) ( NN interest ) ) ) ) ) ) ) )

Dealers attributed most of the day 's gains to market-makers moving prices higher rather than an outbreak of significant buying interest


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( RBS most ) ( JJ blue-chip ) ( NNS stocks ) ) ( VP ( VBG registering ) ( NP ( JJ solid ) ( NNS gains ) ) ) ) ) ) )

Prices were up across the board with most blue-chip stocks registering solid gains


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJR stronger ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ fresh ) ( NN buying ) ( NN interest ) ) ( VP ( VBD was ) ( VP ( VBN sidelined ) ( ADVP ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( JJ potential ) ( JJ market-affecting ) ( NN debate ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP House ) ) ( PP ( IN of ) ( NP ( NNP Commons ) ) ) ) ) ) ( VP ( NN set ) ( PP-TMP ( IN for ) ( NP ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) ) ) )

Though the market was stronger dealers said fresh buying interest was sidelined ahead of a potential market-affecting debate in the House of Commons set for Tuesday


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( NAC ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP John ) ( NNP Major ) ( POS 's ) ) ( JJ first ) ( NN appearance ) ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NN opposition ) ( NNP Labor ) ( NNP Party ) ) ) ) ) ) )

It will be Chancellor of the Exchequer John Major 's first appearance before the opposition Labor Party


( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB keenly ) ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG hearing ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( NP ( SBAR ( S ( VP ( TO to ) ( VP ( VB say ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NN status ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ current ) ( ADJP ( CD 15 ) ( NN % ) ) ( JJ base ) ( NN lending ) ( NN rate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The market is keenly interested in hearing what he has to say about the status of the current 15 % base lending rate


( S ( PP-LOC ( IN In ) ( NP ( NNP London ) ( NN trading ) ) ) ( NP-SBJ ( NP ( NNP Courtaulds ) ) ( NP ( DT a ) ( NNS chemicals ) ( CC and ) ( NNS textiles ) ( NN company ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 15 ) ( NN pence ) ) ( PP-DIR ( TO to ) ( NP ( CD 362 ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD disclosed ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( PRP$ its ) ( NNS textiles ) ( NNS operations ) ) ( PP-DIR ( IN into ) ( NP ( DT a ) ( RB separately ) ( VBN listed ) ( NN company ) ) ) ) ) ) ) ( PP-TMP-1 ( IN on ) ( NP ( NNP Jan. ) ( CD 1 ) ) ) ) ) ) ) )

In London trading Courtaulds a chemicals and textiles company increased 15 pence to 362 after it disclosed plans to spin off its textiles operations into a separately listed company on Jan. 1


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( RBS most ) ( JJ active ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 100-share ) ( NN index ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( QP ( CD 8.3 ) ( CD million ) ) ( NNS shares ) ) ( SBAR ( WHNP-2 ( WHNP ( QP ( CD 6.5 ) ( CD million ) ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD were ) ( VP ( VBN traded ) ( PP-TMP ( IN by ) ( NP ( NN midday ) ) ) ) ) ) ) ) ) ) )

It was the most active of the 100-share index at 8.3 million shares 6.5 million of which were traded by midday


( S ( NP-SBJ ( NNP Jaguar ) ) ( VP ( VBD ended ) ( ADVP-CLR ( NP ( CD 22 ) ) ( JJR higher ) ) ( PP ( IN at ) ( NP ( CD 747 ) ) ) ) )

Jaguar ended 22 higher at 747


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ fresh ) ( NN buying ) ) ( VP ( VBD was ) ( VP ( VBN drawn ) ( PP-CLR ( IN into ) ( NP ( NNP Jaguar ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ senior ) ( NN executive ) ) ( PP ( IN of ) ( NP ( NP ( NNP Daimler-Benz ) ) ( NP ( DT the ) ( NN auto ) ( NN maker ) ) ) ) ) ( VP ( VBD told ) ( NP ( DT a ) ( JJ British ) ( NN television ) ( NN interviewer ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN weekend ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ West ) ( JJ German ) ( NN company ) ) ( VP ( VBD held ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN luxury ) ( NN auto ) ( NN maker ) ) ) ( PP ( IN over ) ( NP ( JJ possible ) ( JJ joint ) ( NNS ventures ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said fresh buying was drawn into Jaguar after a senior executive of Daimler-Benz the auto maker told a British television interviewer during the weekend that the West German company held talks with the luxury auto maker over possible joint ventures


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( NNP Daimler ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG mounting ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP Jaguar ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN name ) ) ( VP ( ADVP ( RB further ) ) ( VBD underlined ) ( NP ( NP ( DT the ) ( VBG growing ) ( NN interest ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ British ) ( NN concern ) ) ) ) ) ) ) ) )

Although Daimler has said it is n't interested in mounting a bid for Jaguar dealers said its name further underlined the growing interest in the British concern


( S ( NP-SBJ-1 ( NNP Glaxo ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( JJS biggest ) ( NN gainer ) ) ( S-ADV ( VP ( VBG jumping ) ( NP-EXT ( CD 35 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 13.78 ) ) ( PRN ( NP ( CD 21.72 ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN stock ) ( NN split ) ) ( NP-TMP ( JJ next ) ( NN week ) ) ) ) ) ) ) ) ) )

Glaxo was the biggest gainer jumping 35 to 13.78 21.72 on anticipation of a stock split next week


( S ( NP-SBJ ( NP ( JJ Total ) ( NN turnover ) ) ( PP-LOC ( IN in ) ( NP ( NNP Glaxo ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ thin ) ( CD 975,000 ) ( NNS shares ) ) ) )

Total turnover in Glaxo was a thin 975,000 shares


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ second-consecutive ) ( NN loss ) ) ( NP-TMP ( NNP Monday ) ) ( PP-LOC ( IN in ) ( NP ( JJ quiet ) ( NN trading ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN exception ) ) ( PP ( IN of ) ( NP ( NP ( JJ concentrated ) ( NN buying ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( JJ incentive-backed ) ( NNS issues ) ) ) ) ) ) ) ) )

In Tokyo stocks had a second-consecutive loss Monday in quiet trading with the exception of concentrated buying in some incentive-backed issues


( S ( NP-SBJ ( NP ( DT The ) ( NNP Nikkei ) ( NN index ) ) ( PP ( IN of ) ( NP ( CD 225 ) ( JJ selected ) ( NNS issues ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 109.85 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35417.44 ) ) ) ) )

The Nikkei index of 225 selected issues fell 109.85 points to 35417.44


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 151.20 ) ) ( NP-TMP ( NNP Friday ) ) ) )

The index fell 151.20 Friday


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ early ) ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 35.28 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35452.72 ) ) ) ) )

In early trading in Tokyo Tuesday the Nikkei index rose 35.28 points to 35452.72


( S ( PP-TMP ( IN On ) ( NP ( NNP Monday ) ) ) ( NP-SBJ-1 ( NP ( NN volume ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP First ) ( NNP Section ) ) ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 600 ) ( CD million ) ) ( NNS shares ) ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( QP ( CD 1.24 ) ( CD billion ) ) ( NNS shares ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) )

On Monday volume on the First Section was estimated at 600 million shares down from 1.24 billion shares Friday


( S ( S ( NP-SBJ ( VBG Declining ) ( NNS issues ) ) ( VP ( VBD outnumbered ) ( NP ( NNS advancers ) ) ( NP-EXT ( NP ( CD 551 ) ) ( PP ( TO to ) ( NP ( CD 349 ) ) ) ) ) ) ( S ( NP-SBJ ( CD 224 ) ( NNS issues ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unchanged ) ) ) ) )

Declining issues outnumbered advancers 551 to 349 224 issues were unchanged


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Investors ) ) ( SBAR ( WHNP-203 ( WP who ) ) ( S ( VP ( VBD took ) ( NP ( NNS profits ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( VP ( ADVP ( RB mostly ) ) ( VBD took ) ( NP ( DT a ) ( JJ wait-and-see ) ( NN attitude ) ) ( NP-TMP ( NNP Monday ) ) ( PP-LOC ( IN amid ) ( NP ( NP ( NN uncertainty ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN foreign-currency ) ( NN market ) ) ( CC and ) ( NP ( NNP New ) ( NNP York ) ( NNS stocks ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Investors who took profits Friday mostly took a wait-and-see attitude Monday amid uncertainty in the foreign-currency market and New York stocks traders said


( S ( NP-SBJ ( NP ( NNP Takamori ) ( NNP Matsuda ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dresdner-ABD ) ( NNP Securities ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ fading ) ( NN expectation ) ) ( PP ( IN for ) ( NP ( JJR lower ) ( NN interest ) ( NNS rates ) ) ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VB step ) ( ADVP-DIR ( RB back ) ( PP ( IN from ) ( NP ( NP ( NN real-estate ) ( NNS shares ) ) ( SBAR ( WHNP-204 ( WDT which ) ) ( S ( VP ( VBD advanced ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Takamori Matsuda an analyst at Dresdner-ABD Securities said fading expectation for lower interest rates made investors step back from real-estate shares which advanced last week


( S ( NP-SBJ ( DT Some ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNS institutions ) ) ( VP ( VBD were ) ( VP ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( JJ jobless ) ( NN rate ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN issued ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some traders said institutions were waiting to see the U.S. jobless rate to be issued Friday


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Price ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNS issues ) ) ( VP ( VBN listed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP First ) ( NNP Section ) ) ) ) ( SBAR ( WHNP-205 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 15.82 ) ( NNS points ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( NP ( CD 5.16 ) ( NNS points ) ) ( CC or ) ( NP ( CD 0.19 ) ( NN % ) ) ) ) ( PP ( IN at ) ( NP ( CD 2676.60 ) ) ) ) )

The Tokyo Stock Price Index of all issues listed in the First Section which fell 15.82 points Friday was down 5.16 points or 0.19 % at 2676.60


( S ( NP-SBJ ( NP ( DT The ) ( NNP Second ) ( NNP Section ) ( NN index ) ) ( SBAR ( WHNP-206 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 36.87 ) ( NNS points ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( NP ( CD 21.44 ) ( NNS points ) ) ( CC or ) ( NP ( CD 0.59 ) ( NN % ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB close ) ( PP-LOC ( IN at ) ( NP ( CD 3636.06 ) ) ) ) ) ) ) )

The Second Section index which fell 36.87 points Friday was down 21.44 points or 0.59 % to close at 3636.06


( S ( NP-SBJ-1 ( NNP Second ) ( NNP Section ) ( NN volume ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 15 ) ( CD million ) ) ( NNS shares ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 24.5 ) ( CD million ) ) ( NNS shares ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) )

Second Section volume was estimated at 15 million shares down from 24.5 million shares Friday


( S ( NP-SBJ ( NP ( NNP Monday ) ( POS 's ) ) ( NNS losers ) ) ( VP ( VBD included ) ( NP ( NN railway ) ( JJ electric-utility ) ( CC and ) ( NN high-technology ) ( NNS issues ) ) ) )

Monday 's losers included railway electric-utility and high-technology issues


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN energy ) ) ( PP ( IN of ) ( NP ( VBG participating ) ( NNS investors ) ) ) ) ( VP ( VBD streamed ) ( PP-DIR ( IN into ) ( NP ( NNP Tokyu ) ( NNP Group ) ( NNS shares ) ) ) ( S-ADV ( VP ( VBG pushing ) ( NP ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS companies ) ) ) ) ( PRT ( RP up ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) )

The energy of participating investors streamed into Tokyu Group shares pushing prices of its companies up across the board


( S ( NP-SBJ ( NNP Tokyu ) ( NNP Group ) ) ( VP ( VBD announced ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN weekend ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT each ) ( NNP Group ) ( NN company ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NP ( DT the ) ( NNS others ) ( POS ' ) ) ( NNS stocks ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB defend ) ( NP ( PRP themselves ) ) ( PP ( IN against ) ( NP ( DT a ) ( JJ rumored ) ( NN takeover ) ) ) ) ) ) ) ) ) ) ) )

Tokyu Group announced during the weekend that each Group company will buy the others ' stocks to defend themselves against a rumored takeover


( S ( NP-SBJ ( DT The ) ( NN announcement ) ) ( VP ( VBD fueled ) ( NP ( NP ( NN speculation ) ) ( PP ( IN for ) ( NP ( NP ( JJ future ) ( NNS advances ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS shares ) ) ) ) ) ) ) )

The announcement fueled speculation for future advances in the shares


( S ( NP-SBJ ( NNP Tokyu ) ( NNP Department ) ( NNP Store ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 260 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2410 ) ) ) ) )

Tokyu Department Store advanced 260 to 2410


( S ( NP-SBJ ( NNP Tokyu ) ( NNP Corp. ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 150 ) ) ) ( PP ( IN at ) ( NP ( CD 2890 ) ) ) ) )

Tokyu Corp. was up 150 at 2890


( S ( NP-SBJ ( NNP Tokyu ) ( NNP Construction ) ) ( VP ( VBD gained ) ( NP-EXT ( CD 170 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1610 ) ) ) ) )

Tokyu Construction gained 170 to 1610


( S ( NP-SBJ ( JJ Other ) ( NNS winners ) ) ( NP-TMP ( NNP Monday ) ) ( VP ( VBD included ) ( NP ( NP ( JJ nonferrous ) ( NNS metals ) ) ( SBAR ( WHNP-207 ( WDT which ) ) ( S ( VP ( VBD attracted ) ( NP ( NNS investors ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( NN surge ) ) ( PP-LOC ( IN in ) ( NP ( NN gold ) ( NNS prices ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN back ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ unstable ) ( NN dollar ) ) ) ) ) ) ) ) ) ) ) ) )

Other winners Monday included nonferrous metals which attracted investors because of a surge in gold prices on the back of the unstable dollar


( S ( NP-SBJ ( NN Petroleum ) ( NNS companies ) ) ( VP ( VBD were ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJ popular ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS expectations ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJR weaker ) ( NN dollar ) ) ( SBAR ( WHNP-208 ( WDT which ) ) ( S ( VP ( VBZ cuts ) ( NP ( JJ dollar-denominated ) ( JJ crude-oil ) ( NNS prices ) ) ) ) ) ) ) ) ) ) )

Petroleum companies were also popular because of expectations of a weaker dollar which cuts dollar-denominated crude-oil prices


( S ( NP-SBJ-1 ( NP ( NN Share ) ( NNS prices ) ) ( PP-LOC ( IN in ) ( NP ( NN Frankfurt ) ) ) ) ( VP ( VBD closed ) ( S-CLR ( ADJP-PRD ( RB narrowly ) ( JJ mixed ) ) ) ( PP ( IN after ) ( NP ( ADJP ( JJ listless ) ( CC and ) ( JJ directionless ) ) ( NN trading ) ) ) ) )

Share prices in Frankfurt closed narrowly mixed after listless and directionless trading


( S ( NP-SBJ ( DT The ) ( NNP DAX ) ( NN index ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 1466.29 ) ) ) ( ADVP ( RB up ) ( NP ( RB only ) ( CD 3.36 ) ) ) ) )

The DAX index closed at 1466.29 up only 3.36


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN turnover ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB particularly ) ( JJ thin ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD waited ) ( SBAR-CLR ( IN for ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( TO to ) ( VP ( VB set ) ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders said turnover was particularly thin as investors waited for Wall Street to set the direction for the week


( S ( NP-SBJ ( JJS Most ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NP ( DT the ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NN stock ) ( NNS prices ) ) ) ) ( VP ( TO to ) ( VP ( VB continue ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ) ) )

Most expect the decline in New York stock prices to continue this week


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT Another ) ( NN factor ) ) ( VP ( VBG weighing ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Frankfurt ) ( NN market ) ) ) ) ) ( VP ( VBZ involves ) ( NP ( NP ( NNS fears ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( JJ impending ) ( NN wage ) ( NNS talks ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP IG ) ( NNP Metall ) ( NNS metal-workers ) ( NN union ) ) ( CC and ) ( NP ( NN industry ) ( NNS representatives ) ) ) ) ( SBAR ( WHNP-209 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NNS strikes ) ) ) ( PP-TMP ( IN next ) ( NP ( NN spring ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Another factor weighing on the Frankfurt market involves fears about the impending wage talks between the IG Metall metal-workers union and industry representatives which could result in a wave of strikes next spring traders said


( S ( NP-SBJ-1 ( DT A ) ( JJ few ) ( JJ blue-chip ) ( NNS stocks ) ) ( VP ( VBD posted ) ( NP ( JJ strong ) ( NNS gains ) ) ( S-ADV ( VP ( VBN boosted ) ( PP ( IN by ) ( NP-LGS ( JJ special ) ( NNS factors ) ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NNS shares ) ) ) ) ( VP ( VBD ended ) ( ADJP ( RB little ) ( JJ changed ) ) ) ) ) ) )

A few blue-chip stocks posted strong gains boosted by special factors while the majority of shares ended little changed


( S ( ADVP-TMP ( RB Elsewhere ) ) ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD-1 ( JJR lower ) ) ( PP-LOC-2 ( IN in ) ( NP ( NNP Brussels ) ( NNP Milan ) ( CC and ) ( NNP Stockholm ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=1 ( JJ mixed ) ) ( PP-LOC=2 ( IN in ) ( NP ( NNP Amsterdam ) ( NNP Paris ) ( CC and ) ( NNP Zurich ) ) ) ) ) )

Elsewhere stock prices were lower in Brussels Milan and Stockholm and mixed in Amsterdam Paris and Zurich


( S ( NP-SBJ ( NNS Stocks ) ) ( VP ( VP ( VBD closed ) ( ADVP-CLR ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ) ( NP ( NNP Manila ) ) ( NP ( NNP Seoul ) ) ( NP ( NNP Sydney ) ) ( NP ( NNP Taipei ) ) ( CC and ) ( NP ( NNP Wellington ) ) ) ) ) ( CC but ) ( VP ( VBD were ) ( ADJP-PRD ( JJR lower ) ) ( PP-LOC ( IN in ) ( NP ( NNP Singapore ) ) ) ) ) )

Stocks closed higher in Hong Kong Manila Seoul Sydney Taipei and Wellington but were lower in Singapore


( SINV ( ADVP-LOC-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NN price ) ( NNS trends ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ major ) ( NN stock ) ( NNS markets ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Morgan ) ( NNP Stanley ) ( NNP Capital ) ( NNP International ) ( NNP Perspective ) ) ( NP-LOC ( NNP Geneva ) ) ) ) ) ) ) ) )

Here are price trends on the world 's major stock markets as calculated by Morgan Stanley Capital International Perspective Geneva


( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ) ) ( NP-SBJ-1 ( DT each ) ( NN index ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 1969 ) ) ) ( VP ( VBG equaling ) ( NP ( CD 100 ) ) ) ) ) ) ) )

To make them directly comparable each index is based on the close of 1969 equaling 100


( S ( NP-SBJ ( DT The ) ( NN percentage ) ( NN change ) ) ( VP ( VBZ is ) ( PP-TMP-PRD ( IN since ) ( NP ( NN year-end ) ) ) ) )

The percentage change is since year-end


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP Thomas ) ( NNP W. ) ( NNP Wathen ) ) ( VP ( VBD went ) ( ADVP-PRD ( JJ big ) ( NN league ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD acquired ) ( NP ( NP ( NP ( DT a ) ( NN treasure-trove ) ) ( PP ( IN of ) ( NP ( NNS Americana ) ) ) ) ( CONJP ( IN along ) ( IN with ) ) ( NP ( NP ( DT a ) ( ADJP ( JJ well-known ) ( CC but ) ( JJ ailing ) ) ( NN security ) ( NN business ) ) ( NP-TTL ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NNP Inc ) ) ) ) ) )

When Thomas W. Wathen went big league last year he acquired a treasure-trove of Americana along with a well-known but ailing security business Pinkerton 's Inc


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT a ) ( JJ wanted ) ( NN poster ) ) ( VP ( VBG offering ) ( NP ( NP ( NNS Rewards ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN Arrest ) ) ( PP ( IN of ) ( NP ( NN Express ) ( CC and ) ( NN Train ) ( NNS Robbers ) ( NX ( NX ( NNP Frank ) ( NNP James ) ) ( CC and ) ( NX ( NNP Jesse ) ( NNP W. ) ( NNP James ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ original ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NN logo ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( JJ open ) ( NN eye ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN inscription ) ) ( S-TTL ( NP-SBJ ( PRP We ) ) ( ADVP-TMP ( RB Never ) ) ( VP ( VBP Sleep ) ) ) ) ) ) ( SBAR ( WHNP-12 ( WDT which ) ) ( S ( VP ( VBD inspired ) ( NP ( NP ( DT the ) ( NN phrase ) ) ( NP ( JJ private ) ( NN eye ) ) ) ) ) ) ) ) ) )

There was a wanted poster offering Rewards for the Arrest of Express and Train Robbers Frank James and Jesse W. James and the original Pinkerton 's logo with an open eye and the inscription We Never Sleep which inspired the phrase private eye


( S ( ADVP ( RB Then ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( CD two ) ( NN gold ) ( NNS watches ) ) ( VP ( ADVP-TMP ( RB once ) ) ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Allan ) ( NNP Pinkerton ) ) ( SBAR ( WHNP-13 ( WP who ) ) ( S ( VP ( VBD founded ) ( NP ( DT the ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1850 ) ) ) ) ) ) ) ) ) ) ) )

Then there were two gold watches once owned by Allan Pinkerton who founded the company in Chicago in 1850


( S ( S-TPC-2 ( CC But ) ( NP-SBJ-1 ( EX there ) ) ( VP ( VBD were ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( CD three ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Wathen ) ( POS 's ) ) ( NN company ) ) ( VP ( VBZ claims ) ) )

But there were supposed to be three Mr. Wathen 's company claims


( S ( NP-SBJ ( DT The ) ( JJ missing ) ( NN watch ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ emblematic ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBD encountered ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG building ) ( NP ( PRP$ his ) ( ADJP ( RB closely ) ( VBN held ) ) ( NNP California ) ( NNP Plant ) ( NNP Protection ) ( NNP Security ) ( NNP Service ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN detective ) ( CC and ) ( NN security ) ( NN agency ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ( PP-MNR ( IN through ) ( NP ( NNS acquisitions ) ) ) ) ) ) ) ) ) ) ) ) ) )

The missing watch is emblematic of the problems Mr. Wathen encountered in building his closely held California Plant Protection Security Service into the largest detective and security agency in the U.S. through acquisitions


( S ( NP-SBJ ( DT The ) ( JJ ever-optimistic ) ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBZ has ) ( VP ( VBN learned ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN while ) ( S ( S-NOM-SBJ ( VP ( VBG acquiring ) ( NP ( DT a ) ( JJ big ) ( JJ brand-name ) ( NN company ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN shortcut ) ) ( PP ( TO to ) ( NP ( NN growth ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( ADVP ( RB also ) ) ( VP ( VB bring ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( JJ unforeseen ) ( NNS problems ) ) ) ) ) ) ) ) ) ) )

The ever-optimistic Mr. Wathen has learned that while acquiring a big brand-name company can be a shortcut to growth it can also bring a host of unforeseen problems


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD cleared ) ( PRT ( RP out ) ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NNS rats ) ( POS ' ) ) ( NNS nests ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT the ) ( JJ 60-year-old ) ( NN security ) ( NN veteran ) ) )

We cleared out a lot of rats ' nests says the 60-year-old security veteran


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Wathen ) ) ( SBAR ( WHNP-14 ( WP who ) ) ( S ( VP ( VP ( VBD started ) ( NP ( NP ( PRP$ his ) ( NN career ) ) ( PP ( IN as ) ( NP ( DT an ) ( NNP Air ) ( NNP Force ) ( NN investigator ) ) ) ) ) ( CC and ) ( VP ( VBD worked ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN security ) ( NN officer ) ) ) ( PP-CLR ( IN for ) ( NP ( JJ several ) ( JJ large ) ( NNS companies ) ) ) ) ) ) ) ) ( VP ( VBD built ) ( NP ( PRP$ his ) ( NNP California ) ( NNP Plant ) ( NNP Protection ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( JJ tiny ) ( JJ mom-and-pop ) ( NN security ) ( NN patrol ) ( NN firm ) ) ( ADVP-LOC ( RB here ) ( PP ( IN in ) ( NP ( DT the ) ( NNP San ) ( NNP Fernando ) ( NNP Valley ) ) ) ) ) ) ) )

Mr. Wathen who started his career as an Air Force investigator and worked as a security officer for several large companies built his California Plant Protection from a tiny mom-and-pop security patrol firm here in the San Fernando Valley


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD joined ) ( NP ( DT the ) ( NN firm ) ) ( PP-TMP ( IN in ) ( NP ( CD 1963 ) ) ) ) ) ( CC and ) ( S ( VP ( VBD bought ) ( NP ( PRP it ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNS owners ) ) ) ( NP-TMP ( DT the ) ( JJ next ) ( NN year ) ) ) ) )

He joined the firm in 1963 and bought it from the owners the next year


( S ( PP-TMP ( IN Over ) ( NP ( DT the ) ( JJ next ) ( CD 20 ) ( NNS years ) ) ) ( NP-SBJ ( NNP California ) ( NNP Plant ) ( NNP Protection ) ) ( VP ( VBD opened ) ( NP ( CD 125 ) ( NNS offices ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN country ) ) ) ) )

Over the next 20 years California Plant Protection opened 125 offices around the country


( S ( CC Yet ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NNP California ) ( NNP Plant ) ( NNP Protection ) ) ( VP ( VBD was ) ( VP ( VBG netting ) ( NP ( ADJP ( JJR bigger ) ( CC and ) ( JJR bigger ) ) ( NNS clients ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBD provided ) ( NP ( NN security ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( CD 1984 ) ( NNP Summer ) ( NNP Olympics ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NN name ) ( NN recognition ) ) ( PP ( IN of ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ) ) ) ) )

Yet although California Plant Protection was netting bigger and bigger clients the firm provided security for the 1984 Summer Olympics in Los Angeles it still did n't have the name recognition of Pinkerton 's


( S ( RB So ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP American ) ( NNP Brands ) ( NNP Inc. ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NN unit ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN divestiture ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN food ) ( CC and ) ( NN security ) ( NNS industries ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBD saw ) ( NP ( DT a ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB accomplish ) ( NP ( JJ several ) ( NNS objectives ) ) ) ) ) ) ) )

So when American Brands Inc. decided to sell the unit in 1987 as part of a divestiture of its food and security industries operations Mr. Wathen saw a chance to accomplish several objectives


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD decided ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD could ) ( ADVP-MNR ( RB easily ) ) ( VP ( VB merge ) ( NP ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NNS operations ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ his ) ( JJ own ) ) ) ( SBAR-TMP ( NN while ) ( S ( VP ( VBG slashing ) ( NP ( JJ overhead ) ( NNS costs ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( CD two ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBD operated ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ same ) ( NNS cities ) ) ) ) ) ) ) ) ) ) ) ) )

He decided he could easily merge Pinkerton 's operations with his own while slashing overhead costs because the two already operated in many of the same cities


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( MD could ) ( VP ( VB acquire ) ( NP ( NP ( DT a ) ( NN staff ) ) ( PP ( IN of ) ( NP ( NP ( JJ loyal ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NNS employees ) ) ( SBAR ( WHNP-15 ( NP ( DT many ) ) ( WHPP ( IN of ) ( WHNP ( WP whom ) ) ) ) ( S ( VP ( VBD had ) ( VP ( VBN spent ) ( NP ( PRP$ their ) ( JJ entire ) ( NNS careers ) ) ( PP-MNR ( IN with ) ( NP ( DT the ) ( NN firm ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( VP ( VB eliminate ) ( NP ( DT a ) ( NN competitor ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( VP ( VB get ) ( NP ( NP ( DT the ) ( NN name ) ( NN recognition ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD 'd ) ( VP ( VBN wanted ) ) ) ) ) ) ) ) ) )

He could acquire a staff of loyal Pinkerton 's employees many of whom had spent their entire careers with the firm he could eliminate a competitor and he could get the name recognition he 'd wanted


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Wathen ) ) ( ADVP ( RB also ) ) ( VP ( VBD relished ) ( NP ( DT the ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB demonstrate ) ( SBAR ( S ( NP-SBJ ( NP ( DT an ) ( NN entrepreneur ) ) ( PP ( IN like ) ( NP ( PRP himself ) ) ) ( SBAR ( WHNP-16 ( WP who ) ) ( S ( VP ( VBD 'd ) ( VP ( VBN spent ) ( NP ( PRP$ his ) ( JJ whole ) ( NN career ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN security ) ( NN business ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB run ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ( ADVP-MNR ( ADVP ( RBR better ) ) ( PP ( IN than ) ( NP ( DT an ) ( NX ( NX ( JJ unfocused ) ( NN conglomerate ) ) ( CC or ) ( NX ( NN investment ) ( NN banker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Wathen also relished the chance to demonstrate an entrepreneur like himself who 'd spent his whole career in the security business could run Pinkerton 's better than an unfocused conglomerate or investment banker


( S ( NP-SBJ ( DT The ) ( NN security ) ( NN business ) ) ( VP ( VBZ is ) ( NP-PRD ( PRP$ my ) ( JJ favorite ) ( NN subject ) ) ) )

The security business is my favorite subject


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP love ) ( NP ( DT this ) ( NN business ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

I love this business he says


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP LBO ) ( NNS guys ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB run ) ( NP ( DT a ) ( NN business ) ) ( ADVP ( RB anyway ) ) ) ) ) ) ) ) )

Most of the LBO guys do n't know how to run a business anyway


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS hitches ) ) ( SBAR ( RB not ) ( WHNP-17 ( NP ( DT the ) ( JJS least ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD was ) ( SBAR-PRD ( DT that ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBZ says ) ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD proceeded ) ( ADVP-MNR ( RB almost ) ( RB blindly ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG doing ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 95 ) ( CD million ) ) ) ( NN acquisition ) ) ( SBAR ( WHNP-18 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN completed ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But there were hitches not the least of which was that Mr. Wathen says he proceeded almost blindly in doing the 95 million acquisition which was completed in January 1988


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( DT any ) ( JJ due ) ( NN diligence ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ competitive ) ( NNS reasons ) ) ) ) ) )

We were n't allowed to do any due diligence because of competitive reasons


( S ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN scared ) ( NP ( PRP us ) ) ( PRT ( RP off ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

If we had it might have scared us off he says


( S ( S-TPC-1 ( NP-SBJ ( NP ( CD Five ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NP ( JJ rapid ) ( NN expansion ) ) ( PP-LOC ( IN under ) ( NP ( NNP American ) ( NNP Brands ) ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( NN emphasis ) ) ( PP-LOC ( IN on ) ( S-NOM ( VP ( VP ( VBG marketing ) ( NP ( NP ( DT the ) ( NN agency ) ( POS 's ) ) ( NNS services ) ) ) ( CONJP ( RB instead ) ( IN of ) ) ( VP ( VBG improving ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN hurt ) ( NP ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NNS profits ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBZ claims ) ) )

Five years of rapid expansion under American Brands with an emphasis on marketing the agency 's services instead of improving them had hurt Pinkerton 's profits Mr. Wathen claims


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN team ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB tell ) ( SBAR ( IN whether ) ( S ( NP-SBJ-1 ( NP ( NNS accounts ) ) ( ADJP ( JJ receivable ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN paid ) ) ) ) ) ( CC or ) ( RB not ) ) ) ) ) ) ) )

He says his team could n't tell whether accounts receivable had been paid or not


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Pinkerton ) ( POS 's ) ) ( VP ( VBD had ) ( VP ( VBN locked ) ( NP ( PRP itself ) ) ( PP-CLR ( IN into ) ( NP ( JJ low-price ) ( NNS contracts ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB win ) ( NP ( JJ new ) ( NN business ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT no ) ( NN hope ) ) ( PP ( IN of ) ( NP ( NN profitability ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-3 ( DT the ) ( NNS contracts ) ) ( VP ( VBD expired ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

Pinkerton 's had locked itself into low-price contracts to win new business with no hope of profitability until the contracts expired he adds


( S ( CC And ) ( S-TPC-1 ( NP-SBJ ( JJ regional ) ( NNS offices ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB egregiously ) ( JJ overstaffed ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ claims ) ) )

And regional offices were egregiously overstaffed he claims


( S ( S ( NP-SBJ ( CD One ) ( NN office ) ) ( VP ( VBD had ) ( S ( NP-SBJ ( CD 19 ) ( NNS people ) ) ( VP ( VBG doing ) ( NP ( NP ( DT the ) ( NN work ) ) ( PP ( IN of ) ( NP ( CD three ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS employees ) ) ) ) ( VP ( VBD had ) ( NP ( NN company ) ( NNS automobiles ) ) ) ) )

One office had 19 people doing the work of three and half of the employees had company automobiles


( S ( NP-SBJ-1 ( NNP American ) ( NNP Brands ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP Mr. ) ( NNP Wathen ) ( POS 's ) ) ( NNS accusations ) ) ) ) ) ) ) )

American Brands declined to comment on Mr. Wathen 's accusations


( S ( NP-SBJ-1 ( DT The ) ( NN acquisition ) ) ( VP ( VBD combined ) ( NP ( NP ( NP ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJ second-largest ) ( NN security ) ( NN company ) ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ) ( PP ( IN with ) ( NP ( NP ( CD 1987 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 410 ) ( CD million ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( ADJP ( JJ fourth ) ( JJS largest ) ) ) ( NP ( NNP California ) ( NNP Plant ) ( NNP Protection ) ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 250 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS sales ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG creating ) ( NP ( NP ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( JJS biggest ) ( NN firm ) ) ( SBAR ( WHNP-19 ( WDT which ) ) ( S ( VP ( VBD took ) ( PRT ( RP on ) ) ( NP ( DT the ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NN name ) ) ) ) ) ) ) ) ) )

The acquisition combined the country 's second-largest security company Pinkerton 's with 1987 sales of 410 million and the fourth largest California Plant Protection with 250 million in sales creating the industry 's biggest firm which took on the Pinkerton 's name


( SINV ( S-TPC-3 ( PP-TMP ( ADVP ( RB Even ) ) ( IN after ) ( S-NOM ( VP ( VBG divesting ) ( NP ( PRP itself ) ) ( PP-CLR ( IN of ) ( NP ( NP ( QP ( CD 120 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ unprofitable ) ( NN business ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ new ) ( NX ( NNP Pinkerton ) ( POS 's ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 610 ) ( CD million ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( CC and ) ( NP ( NP ( NN operating ) ( NN profit ) ) ( NP ( NP ( QP ( RB roughly ) ( RB double ) ) ( DT the ) ( NN industry ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJ 2%-3 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Lloyd ) ( NNP Greif ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Sutro ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ( SBAR ( WHNP-20 ( WDT which ) ) ( S ( VP ( VBD arranged ) ( NP ( DT the ) ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NN acquisition ) ) ) ) ) ) ) ) )

Even after divesting itself of 120 million of unprofitable business the new Pinkerton 's will have sales of about 610 million this year and operating profit roughly double the industry average of 2%-3 % of sales says Lloyd Greif of Sutro & Co. in Los Angeles which arranged the Pinkerton 's acquisition


( S ( NP-SBJ ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ his ) ( NN turnaround ) ( NN strategy ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ simple ) ) ( S-1 ( ADVP ( RB just ) ) ( VP ( VB hack ) ( PRT ( RP away ) ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN fat ) ) ) ) ) ) ) ) ) ) )

Mr. Wathen says his turnaround strategy has been simple just hack away at the fat


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD began ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG closing ) ( NP ( NP ( CD 120 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ combined ) ( NNS companies ) ( POS ' ) ) ( CD 260 ) ( NNS offices ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD two ) ( NNS months ) ) ) ( S-ADV ( VP ( VBG eliminating ) ( NP ( NP ( NP ( QP ( RB about ) ( CD 31 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ 2,500-person ) ( JJ adminstrative ) ( NN staff ) ) ) ) ( PP ( VBG including ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 100 ) ) ( NNS sales ) ( NNS positions ) ) ) ) ) ) ) ) ) ) )

He began by closing 120 of the combined companies ' 260 offices in two months eliminating about 31 % of the company 's 2,500-person adminstrative staff including more than 100 sales positions


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD shut ) ( PRT ( RP down ) ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ tony ) ( NNP New ) ( NNP York ) ( NN headquarters ) ) ) )

He shut down the company 's tony New York headquarters


( S ( NP-SBJ ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NN world ) ( NN headquarters ) ) ( NP-TMP ( NN today ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ nondescript ) ( JJ two-story ) ( NN office ) ( NN building ) ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN street ) ) ( PP ( IN from ) ( NP ( DT the ) ( JJ small ) ( NNP Van ) ( NNP Nuys ) ( NNP Airport ) ) ) ) ) ) )

Pinkerton 's world headquarters today is a nondescript two-story office building across the street from the small Van Nuys Airport


( S ( ADVP-TMP ( RB Next ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Wathen ) ) ( VP ( VBD raised ) ( NP ( NP ( NP ( NNP Pinkerton ) ( POS 's ) ) ( NNS rates ) ) ( SBAR ( WHNP-21 ( WDT which ) ) ( S ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( NP ( NNS 75-cents-an-hour ) ) ( JJR lower ) ) ( PP ( IN than ) ( NP ( NP ( NP ( NNP California ) ( NNP Plant ) ( NNP Protection ) ( POS 's ) ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( QP ( IN around ) ( CD 8.63 ) ) ) ) ) ) ) ) ) ) ) ) )

Next Mr. Wathen raised Pinkerton 's rates which were 75-cents-an-hour lower than California Plant Protection 's average rate of around 8.63


( S ( CC And ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD got ) ( VP ( JJ rid ) ( PP-CLR ( IN of ) ( NP ( NP ( JJ low-margin ) ( NNS businesses ) ) ( SBAR ( WHNP-22 ( WDT that ) ) ( S ( ADVP ( RB just ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBG making ) ( NP ( NN money ) ) ( PP-BNF ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

And he got rid of low-margin businesses that just were n't making money for the company