( S ( NP-SBJ ( NNP Continental ) ( NNPS Airlines ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Texas ) ( NNP Air ) ( NNP Corp. ) ) ( NP-LOC ( NNP Houston ) ) ) ) ) ) )

Continental Airlines is a unit of Texas Air Corp. Houston


( S ( NP-SBJ ( NNP American ) ( NNP Medical ) ( NNP International ) ( NNP Inc. ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN received ) ( NP ( DT any ) ( JJ other ) ( NNS offers ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( NN owner ) ( CC and ) ( NN operator ) ) ( PP ( IN of ) ( NP ( NNS hospitals ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD took ) ( NP ( NP ( DT another ) ( NN step ) ) ( PP ( IN toward ) ( NP ( NP ( NN completion ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 3 ) ( CD billion ) ) ) ( NN acquisition ) ) ( PP ( IN by ) ( NP ( NNP IMA ) ( NNPS Holdings ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

American Medical International Inc. said it has n't received any other offers to acquire the owner and operator of hospitals and took another step toward completion of its 3 billion acquisition by IMA Holdings Corp


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN month ) ) ( NP-SBJ ( NP ( NNP IMA ) ) ( NP ( NP ( DT an ) ( NN investment ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( NP ( NNP Chicago ) ( POS 's ) ) ( NNP Pritzker ) ( NN family ) ) ( CC and ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ) ) ) ) ) ) ( VP ( VBD submitted ) ( NP ( NP ( DT a ) ( VBN reduced ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP American ) ( NNP Medical ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB finance ) ( NP ( PRP$ its ) ( JJ initial ) ( NN offer ) ) ) ) ) ) ) )

Earlier this month IMA an investment group that includes Chicago 's Pritzker family and First Boston Corp. submitted a reduced bid for American Medical after it could n't finance its initial offer


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ new ) ( NN offer ) ) ) ( NP-SBJ ( NNP IMA ) ) ( VP ( MD will ) ( VP ( VB pay ) ( NP ( NP ( CD 26.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 63 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 86 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) )

Under the new offer IMA will pay 26.50 a share for 63 million shares or about 86 % of the shares outstanding


( S ( NP-SBJ ( NNP IMA ) ) ( ADVP ( RB also ) ) ( VP ( MD will ) ( VP ( VB assume ) ( NP ( NP ( QP ( CD 1.4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN debt ) ) ) ) ) ) )

IMA also will assume 1.4 billion in debt


( S ( NP-TMP ( NN Yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( NNP AMI ) ( NN common ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 23.625 ) ) ) ( ADVP ( RB up ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( RB almost ) ( CD 1.8 ) ( CD million ) ) ) ) ) ) )

Yesterday in composite trading on the New York Stock Exchange AMI common closed at 23.625 up 12.5 cents on volume of almost 1.8 million


( S ( ADVP-TMP ( RB Earlier ) ) ( NP-SBJ ( NNP American ) ( NNP Medical ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN approached ) ( ADVP-TMP ( RB again ) ) ( PP ( IN by ) ( NP-LGS ( NP ( CD two ) ( JJ other ) ( JJ possible ) ( NNS suitors ) ) ( SBAR ( SBAR ( WHNP-3 ( WP whom ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB identify ) ) ) ) ) ( CC but ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN submitted ) ( NP ( NP ( NNS bids ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier American Medical said it had been approached again by two other possible suitors whom it would n't identify but who had previously submitted bids for the company


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP American ) ( NNP Medical ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( JJ other ) ( NNS parties ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NN company ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT any ) ( JJ current ) ( NN intention ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG making ) ( NP ( DT a ) ( NN takeover ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yesterday American Medical said that the two other parties told the company that they do n't have any current intention of making a takeover bid


( S ( NP-SBJ ( NNP American ) ( NNP Medical ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNS directors ) ) ( VP ( VBP have ) ( VP ( VBN approved ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( PP ( IN in ) ( NP ( NN effect ) ) ) ( NP-PRD ( NP ( NP ( DT a ) ( NN draft ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN solvency ) ( NN opinion ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN acquisition ) ) ) ) ) ) ( VP ( VBN submitted ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( ADJP ( NNP Los ) ( JJ Angeles-based ) ) ( NN investment ) ( NN banking ) ( CC and ) ( NN evaluation ) ( NN consulting ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Houlian ) ( NNP Lokey ) ( NNP Howard ) ( CC & ) ( NNP Zukin ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

American Medical said its directors have approved what is in effect a draft of a solvency opinion on the acquisition submitted by the Los Angeles-based investment banking and evaluation consulting firm of Houlian Lokey Howard & Zukin Inc


( S ( NP-SBJ-1 ( DT A ) ( JJ final ) ( NN opinion ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN approved ) ( ADVP-TMP ( RB prior ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN acceptance ) ) ( PP ( IN of ) ( NP ( JJ tendered ) ( NNS shares ) ) ) ( PP ( IN for ) ( NP ( NN payment ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN offer ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ due ) ( S ( VP ( TO to ) ( VP ( VB expire ) ( PP-TMP ( IN at ) ( NP ( NP ( CD 12:01 ) ( RB a.m. ) ( NNP EDT ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A final opinion must be approved prior to the acceptance of tendered shares for payment under the offer which was due to expire at 12:01 a.m. EDT today


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc. ) ) ( VP ( VBD downgraded ) ( NP ( NP ( NP ( DT the ) ( NNS ratings ) ) ( PP ( IN of ) ( NP ( NP ( NNP American ) ( NNP Medical ) ( POS 's ) ) ( ADJP ( JJ senior ) ( CC and ) ( JJ subordinated ) ) ( NN debt ) ( NNS issues ) ) ) ) ( CC and ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ international ) ( NN affiliate ) ) ) ) ) ) )

Separately Moody 's Investors Service Inc. downgraded the ratings of American Medical 's senior and subordinated debt issues and those of its international affiliate


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN downgrade ) ) ( VP ( VBZ anticipates ) ( NP ( NP ( NP ( NN completion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP IMA ) ( NNPS Holdings ) ( NN acquisition ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ( NP-SBJ ( NNP Moody ) ( POS 's ) ) ( VP ( VBD said ) ) )

The downgrade anticipates completion of the IMA Holdings acquisition today Moody 's said


( S ( NP-SBJ ( DT The ) ( NNS ratings ) ( NN concern ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT the ) ( NN acquisition ) ) ( VP ( MD should ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ pretax ) ( NNS losses ) ) ( PP ( IN from ) ( NP ( NNS operations ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( NNS increases ) ) ( PP ( IN in ) ( NP ( NN interest ) ( NN expense ) ) ) ) ( CC and ) ( NP ( NP ( NNS charges ) ) ( PP ( IN for ) ( NP ( NN depreciation ) ( CC and ) ( NN amortization ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-1 ( DT the ) ( NNS losses ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN reduced ) ( PP-MNR ( IN through ) ( NP ( NP ( NN productivity ) ( NNS gains ) ) ( CC and ) ( NP ( NP ( ADJP ( JJ above ) ( JJ average ) ) ( NN growth ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS hospitals ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The ratings concern said the acquisition should result in pretax losses from operations because of increases in interest expense and charges for depreciation and amortization but that it expects the losses to be reduced through productivity gains and above average growth of the company 's hospitals


( S ( NP-SBJ ( NNP Moody ) ( POS 's ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS ratings ) ) ( VP ( VBP anticipate ) ( NP ( NP ( DT a ) ( JJ successful ) ( NN debt-reduction ) ( NN program ) ) ( CC and ) ( NP ( NP ( JJ modest ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( JJ discretionary ) ( NN cash ) ( NN flow ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ planned ) ( NN asset ) ( NNS sales ) ) ) ) ) ) ) ) ) )

Moody 's said the ratings anticipate a successful debt-reduction program and modest improvement in discretionary cash flow because of planned asset sales


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNS changes ) ) ( VP ( VBD affected ) ( NP ( DT the ) ( JJ following ) ( NNS issues ) ) ) )

Moody 's changes affected the following issues


( FRAG ( NP ( NNP American ) ( NNP Medical ) ( NNP International ) ) ( FRAG ( FRAG ( NP ( NP ( JJ Senior ) ( NNS notes ) ) ( NP ( NN sinking-fund ) ( NNS debentures ) ) ( NP ( NNP Euromarket ) ( NNS notes ) ) ( NP ( NNPS Eurobonds ) ) ( NP ( JJ Swiss ) ( NN franc ) ( NNS bonds ) ) ( NP ( JJ unsecured ) ( NN loan ) ( NN stock ) ) ) ( PP ( TO to ) ( ADJP ( JJ Ba3 ) ) ) ( PP ( IN from ) ( ADJP ( JJ Baa2 ) ) ) ) ( FRAG ( NP ( NP ( JJ convertible ) ( JJ subordinated ) ( NNS debentures ) ) ( NP ( NNS notes ) ) ( CC and ) ( NP ( NN sinking-fund ) ( NNS debentures ) ) ) ( PP ( TO to ) ( ADJP ( JJ B2 ) ) ) ( PP ( IN from ) ( ADJP ( JJ Baa3 ) ) ) ) ) )

American Medical International Senior notes sinking-fund debentures Euromarket notes Eurobonds Swiss franc bonds unsecured loan stock to Ba3 from Baa2 convertible subordinated debentures notes and sinking-fund debentures to B2 from Baa3


( FRAG ( NP ( NNP American ) ( NNP Medical ) ( NNP International ) ( NNP N.V. ) ) ( FRAG ( NP ( JJ Guaranteed ) ( NNS Euroissues ) ) ( PP ( TO to ) ( ADJP ( JJ Ba3 ) ) ) ( PP ( IN from ) ( ADJP ( JJ Baa2 ) ) ) ) )

American Medical International N.V. Guaranteed Euroissues to Ba3 from Baa2


( S ( NP-SBJ ( DT An ) ( NNP American ) ( NNP Medical ) ( NN spokeswoman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Moody ) ( POS 's ) ) ( NN downgrading ) ) ( VP ( VBD was ) ( VP ( JJ expected ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT the ) ( NN nature ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN takeover ) ) ) ) ) ) ) ) ) ) )

An American Medical spokeswoman said the Moody 's downgrading was expected because of the nature of the takeover


( S ( NP-SBJ-1 ( NNP Tokyo ) ( NNS stocks ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RBR easier ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ second ) ( JJ consecutive ) ( NN day ) ) ) ( S-ADV ( VP ( VBG finishing ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN intraday ) ( JJ low ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ index-linked ) ( NN investment ) ( NN trust ) ( NN fund ) ( NN selling ) ) ( PP-TMP ( IN toward ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN afternoon ) ( NN session ) ) ) ) ) ) ) ) ) ) )

Tokyo stocks closed easier for the second consecutive day finishing at the intraday low on index-linked investment trust fund selling toward the end of the afternoon session


( S ( NP-SBJ ( NNS Stocks ) ) ( VP ( VP ( VBD rose ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ( CC but ) ( VP ( VBD fell ) ( ADVP ( RB again ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ) )

Stocks rose in London but fell again in Frankfurt


( S ( NP-SBJ ( NP ( NNP Tokyo ) ( POS 's ) ) ( NNP Nikkei ) ( NN index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 84.15 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35442.40 ) ) ) ) )

Tokyo 's Nikkei index fell 84.15 points to 35442.40


( S ( NP-SBJ ( NN Trading ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ active ) ) ) )

Trading was active


( S ( NP-SBJ-1 ( NP ( NN Volume ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ first ) ( NN section ) ) ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ( NNS shares ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 914 ) ( CD million ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) ) ) ) )

Volume on the first section was estimated at 1 billion shares up from 914 million Tuesday


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NN stock ) ( NN price ) ( NN index ) ) ( PP ( IN of ) ( NP ( JJ first ) ( NN section ) ( NNS issues ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 8.65 ) ) ) ( X ( IN at ) ) ) )

The Tokyo stock price index of first section issues was down 8.65 at


( S ( PP-LOC ( IN In ) ( NP ( JJ early ) ( NN trading ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Thursday ) ) ( NP-SBJ ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 145.45 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 35587.85 ) ) ) ) )

In early trading in Tokyo Thursday the Nikkei index rose 145.45 points to 35587.85


( S ( PP-TMP ( IN On ) ( NP ( NNP Wednesday ) ) ) ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBD opened ) ( ADVP-MNR ( RB bullishly ) ) ( PP ( IN with ) ( NP ( JJ high ) ( NN turnover ) ) ) ( S-ADV ( VP ( VBG ignoring ) ( NP ( NP ( DT the ) ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNS stocks ) ) ) ) ) ) ) )

On Wednesday the market opened bullishly with high turnover ignoring the volatility in New York stocks


( S ( CC But ) ( NP-SBJ-1 ( NNS losers ) ) ( VP ( VBD were ) ( VP ( VBN spread ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( JJ broad ) ( NN range ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN session ) ) ) ) ) ) ) )

But losers were spread in a broad range by the end of the session


( S ( NP-SBJ ( DT A ) ( NN trader ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( X ( SBAR-ADV ( X ( DT the ) ( JJR more ) ) ( S ( NP-SBJ ( DT an ) ( NN issue ) ) ( VP ( VBD gained ) ( ADVP-TMP ( RB recently ) ) ) ) ) ( X ( DT the ) ( JJR sharper ) ) ( NP ( NP ( DT the ) ( NN loss ) ) ( VP ( VBN sustained ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ) ) )

A trader said that the more an issue gained recently the sharper the loss sustained Wednesday


( S ( NP-SBJ ( NP ( DT A ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NNP Yamaichi ) ( NNPS Securities ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN mood ) ) ( VP ( VBD was ) ( VP ( VBN undercut ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( VBG continuing ) ( NN fall ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Nippon ) ( NNP Telegraph ) ( CC & ) ( NNP Telephone ) ) ( NNS shares ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD declined ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP$ their ) ( JJS lowest ) ( NN level ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN begining ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A trader at Yamaichi Securities said the market 's mood was undercut by the continuing fall of Nippon Telegraph & Telephone shares which declined to their lowest level since the begining of this year


( S ( NP-SBJ ( NNP NTT ) ) ( VP ( VBD lost ) ( NP-EXT ( CD 30,000 ) ( NNS yen ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 1,380,000 ) ( NNS yen ) ) ( PRN ( NP ( CD 9,756 ) ) ) ) ) ) )

NTT lost 30,000 yen to 1,380,000 yen 9,756


( S ( NP-SBJ ( DT Some ) ( NNS traders ) ) ( VP ( VBD noted ) ( SBAR ( S ( NP-SBJ ( JJ individual ) ( NNS investors ) ) ( VP ( VBD dumped ) ( NP ( NNP NTT ) ( NNS shares ) ) ( PP ( IN amid ) ( NP ( NP ( VBG growing ) ( NN expectation ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT a ) ( NN division ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN suggested ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ recent ) ( JJ government-sponsored ) ( NN panel ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some traders noted individual investors dumped NTT shares amid growing expectation for a division of the company as suggested by a recent government-sponsored panel


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( ADVP ( RB also ) ) ( VP ( VBD took ) ( NP ( NNS profits ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NP ( NNS holdings ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( JJ own ) ( NN account ) ) ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP October ) ( NN transaction ) ( NN period ) ) ) ) ) ) ) ) ) )

Dealers said they also took profits to reduce holdings in their own account at the end of the October transaction period


( S ( PP-LOC ( IN Among ) ( NP ( JJ pharmaceutical ) ( NNS shares ) ) ) ( S ( NP-SBJ ( NNP Chugai ) ) ( VP ( VBD lost ) ( NP-EXT ( CD 60 ) ( NNS yen ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 2,290 ) ( NNS yen ) ) ( PRN ( NP ( CD 16.20 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Mochida ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 150 ) ) ( PP-DIR ( TO to ) ( NP ( CD 4,290 ) ) ) ) ) )

Among pharmaceutical shares Chugai lost 60 yen to 2,290 yen 16.20 and Mochida fell 150 to 4,290


( S ( NP-SBJ ( JJ Other ) ( VBG losing ) ( NNS issues ) ) ( VP ( VBD included ) ( NP ( NP ( NNP Showa ) ( NNP Shell ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,520 ) ) ) ) ) ) ) ) )

Other losing issues included Showa Shell which fell 40 to 1,520


( S ( NP-SBJ ( NNP Toyota ) ( NNP Motor ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2,680 ) ) ) ) )

Toyota Motor fell 40 to 2,680


( S ( NP-SBJ ( NP ( NNP Sekisui ) ( NNP House ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD gained ) ( NP-EXT ( CD 150 ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) ( VP ( VBD lost ) ( NP-EXT ( CD 70 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2640 ) ) ) ) )

Sekisui House which gained 150 Tuesday lost 70 to 2640


( S ( S ( NP-SBJ-1 ( NNP Daiwa ) ( NNP House ) ) ( ADVP ( RB also ) ) ( VP ( VBD ended ) ( ADVP-CLR ( RB easier ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Misawa ) ( NNP Home ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJR firmer ) ) ) ) )

Daiwa House also ended easier but Misawa Home was firmer


( S ( NP-SBJ-2 ( NP ( NP ( NNP Pioneer ) ( NNP Electronic ) ) ( CC and ) ( NP ( NNP Sony ) ) ) ( SBAR ( WHNP-1 ( DT both ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD dominated ) ( NP ( NN buying ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB fall ) ) ) ) ( NP-TMP ( NNP Wednesday ) ) ) )

Pioneer Electronic and Sony both of which dominated buying earlier this month continued to fall Wednesday


( S ( S ( NP-SBJ ( NNP Pioneer ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( NP ( CD 90 ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 5,810 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Sony ) ) ( VP ( VBD lost ) ( NP-EXT ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 8,550 ) ) ) ( ADVP ( RB down ) ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( NN record ) ) ( VP ( VBN set ) ( NP-TMP ( NNP Oct. ) ( CD 11 ) ) ) ) ) ) ) ) )

Pioneer was down 90 at 5,810 and Sony lost 40 to 8,550 down 10 % from its record set Oct. 11


( S ( NP-SBJ ( NNP London ) ( NN share ) ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB modestly ) ( RBR higher ) ) ( PP-CLR ( ADVP ( RB largely ) ) ( IN on ) ( NP ( JJ technical ) ( NNS factors ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN underpinned ) ( PP-TMP ( IN near ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN session ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJR firmer ) ( NN trend ) ) ) ) ) ) ) ) )

London share prices closed modestly higher largely on technical factors although the market was underpinned near the end of the session by Wall Street 's firmer trend


( S ( NP-SBJ ( DT The ) ( NNP Financial ) ( NNPS Times ) ( JJ 100-share ) ( NN index ) ) ( VP ( VBD finished ) ( PP-CLR ( IN at ) ( NP ( CD 2161.9 ) ) ) ( ADVP ( RB up ) ( NP ( CD 12.6 ) ( NNS points ) ) ) ) )

The Financial Times 100-share index finished at 2161.9 up 12.6 points


( S ( NP-SBJ-1 ( DT The ) ( JJ 30-share ) ( NN index ) ) ( VP ( VBD ended ) ( ADVP-CLR ( NP ( CD 12.6 ) ( NNS points ) ) ( RBR higher ) ) ( PP-CLR ( IN at ) ( NP ( CD 1751.9 ) ) ) ) )

The 30-share index ended 12.6 points higher at 1751.9


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ thin ) ) ( PP-CLR ( IN at ) ( NP ( NP ( NP ( QP ( CD 374.6 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBD traded ) ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 405.4 ) ( CD million ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) )

Volume was thin at 374.6 million shares traded down from 405.4 million Tuesday


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD gained ) ( NP ( DT some ) ( JJ late ) ( NN steam ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN flurry ) ) ( PP ( IN of ) ( NP ( NP ( NN buying ) ) ( PP ( IN by ) ( NP ( NP ( NNS market-makers ) ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( JJ blue-chip ) ( NNS issues ) ( CC and ) ( NNS stocks ) ) ( VP ( VBN viewed ) ( PP-CLR ( IN as ) ( ADJP ( JJ oversold ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ recent ) ( NN downtrend ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said the market gained some late steam on a flurry of buying by market-makers looking at blue-chip issues and stocks viewed as oversold during the market 's recent downtrend


( S ( PP ( IN Outside ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( ADVP ( RB essentially ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN bookkeeping ) ( NN exercise ) ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( NNP London ) ( NNS dealings ) ) ( VP ( VBD were ) ( ADVP ( RB largely ) ) ( VP ( VBN dulled ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( JJ active ) ( NN interest ) ) ) ( PP-LOC ( IN beyond ) ( NP ( DT the ) ( NNS market-makers ) ) ) ) ) ) ) ) ) ) )

Outside what essentially amounted to a bookkeeping exercise dealers said London dealings were largely dulled by the absence of active interest beyond the market-makers


( S-2 ( NP-SBJ-1 ( DT The ) ( JJ late ) ( NN buying ) ) ( VP ( VBD was ) ( VP ( VBN drawn ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ( PRN ( S ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD added ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD showed ) ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( NP ( NN stability ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( PRP$ its ) ( JJ rocky ) ( NN opening ) ) ) ) ) ) ) ) )

The late buying was drawn into the London market dealers added after Wall Street showed signs of stability following its rocky opening


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNS Stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD suffered ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( JJ active ) ( NNP U.S. ) ( NNS operations ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD noted ) ) )

Stocks that suffered on the day were those with active U.S. operations dealers noted


( SINV ( PP-LOC-PRD-TPC-2 ( IN Among ) ( NP ( PRP them ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NNP B.A.T ) ( NNPS Industries ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD settled ) ( ADVP-CLR ( NP-ADV ( NP ( CD 6 ) ( NN pence ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 753 ) ) ( PRN ( NP ( CD 12.10 ) ) ) ) ) ) ) ) ) )

Among them were B.A.T Industries which settled 6 pence a share lower at 753 12.10


( S ( NP-SBJ-1 ( NNP Hanson ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( QP ( CD 15 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN traded ) ) ) ) ( VP ( VBD closed ) ( ADVP-CLR ( NP-ADV ( CD 2.5 ) ) ( RBR lower ) ) ( PP-CLR ( IN at ) ( NP ( CD 212.5 ) ) ) ) )

Hanson with 15 million shares traded closed 2.5 lower at 212.5


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS shares ) ) ( VP ( VBD were ) ( VP ( VBN hit ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS fears ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said the shares were hit by fears of a slowdown in the U.S. economy


( S ( NP-SBJ-1 ( NNP Cable ) ( CC & ) ( NNP Wireless ) ) ( VP ( VBD benefited ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN market ) ( NN squeeze ) ) ) ( S-ADV ( VP ( VBG bouncing ) ( NP-EXT ( CD 13 ) ) ( PP-CLR ( TO to ) ( NP ( CD 498 ) ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB moderately ) ( JJ active ) ) ( NN volume ) ) ) ) ) ) )

Cable & Wireless benefited from a market squeeze bouncing 13 to 498 in moderately active volume


( S ( NP-SBJ-1 ( NNP Jaguar ) ) ( VP ( VBD was ) ( VP ( VBN boosted ) ( NP-EXT ( CD 21 ) ) ( PP-DIR ( TO to ) ( NP ( CD 715 ) ) ) ( PP ( IN on ) ( NP ( JJ follow-through ) ( NN buying ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NP ( NNP Ford ) ( NNP Motor ) ( POS 's ) ) ( NN announcement ) ) ( NP-TMP ( NNP Tuesday ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ prepared ) ( S ( VP ( TO to ) ( VP ( VB mount ) ( NP ( NP ( DT a ) ( JJ full ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP U.K. ) ( NN luxury ) ( NN auto ) ( NN maker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Jaguar was boosted 21 to 715 on follow-through buying after Ford Motor 's announcement Tuesday that it might be prepared to mount a full bid for the U.K. luxury auto maker


( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( VBD was ) ( ADVP-TMP ( RBR further ) ) ( VP ( VBN helped ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Ford ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD announced ) ( PP-TMP ( IN after ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NN close ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN raised ) ( NP ( PRP$ its ) ( NN stake ) ) ( PP-CLR ( TO to ) ( NP ( CD 12 ) ( NN % ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( QP ( RB just ) ( IN under ) ( CD 11 ) ) ( NN % ) ) ( PP-TMP ( IN on ) ( NP ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It was further helped by Ford which announced after London 's close that it had raised its stake to 12 % from just under 11 % on Tuesday


( S ( NP-SBJ-1 ( NNP Frankfurt ) ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB sharply ) ( RBR lower ) ) ( PP ( IN in ) ( NP ( JJ thin ) ( NNS dealings ) ) ) ( S-ADV ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NP ( DT the ) ( NN roller-coaster ) ( NN session ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ( CC and ) ( NP ( NP ( NNS worries ) ) ( PP ( IN about ) ( NP ( NP ( NN wage ) ( NNS demands ) ) ( PP ( IN by ) ( NP ( DT the ) ( JJS largest ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN trade ) ( NN union ) ) ) ) ) ) ) ) ) ) ) )

Frankfurt prices closed sharply lower in thin dealings hurt by the roller-coaster session on Wall Street Tuesday and worries about wage demands by the largest West German trade union


( S ( NP-SBJ-1 ( DT The ) ( JJ German ) ( NN stock ) ( NN index ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 26.29 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB end ) ( X ( IN at ) ) ) ) ) ) )

The German stock index tumbled 26.29 to end at


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ dead ) ( JJ listless ) ( JJ depressing ) ( CC and ) ( JJ negative ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( CD one ) ( NN trader ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NNP U.S. ) ( NN bank ) ) ( PP-LOC ( IN in ) ( NP ( NNP Frankfurt ) ) ) ) ) ) )

It was dead listless depressing and negative said one trader at a U.S. bank in Frankfurt


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ little ) ( NN turnover ) ) ( CC and ) ( NP ( NP ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB stimulate ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) )

There was little turnover and nothing to stimulate the market


( S ( S-TPC-2 ( NP-SBJ ( NNS Equities ) ) ( VP ( VBD tumbled ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN opening ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNS gyrations ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD recovered ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ 80-point ) ( NN loss ) ) ) ) ) ) ) ) ) ) ( VP ( VBD fueled ) ( NP ( NP ( NNS fears ) ) ( PP ( IN of ) ( NP ( DT another ) ( NN stock ) ( NN market ) ( NN crash ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS brokers ) ) ( VP ( VBD said ) ) )

Equities tumbled at the opening as Tuesday 's gyrations on Wall Street where the Dow Jones Industrial Average recovered most of an 80-point loss fueled fears of another stock market crash brokers said


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Tough ) ( NN talk ) ) ( PP ( IN from ) ( NP ( NP ( NN trade ) ( NN union ) ( NNS officials ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN conference ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ powerful ) ( NNP IG ) ( NNP Metall ) ( NNS metals ) ( NN worker ) ( NN union ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP West ) ( NNP Berlin ) ) ) ) ) ) ) ) ( VP ( VBD raised ) ( NP ( NP ( DT the ) ( NN specter ) ) ( PP ( IN of ) ( NP ( NP ( JJ nationwide ) ( NNS strikes ) ) ( NP-TMP ( JJ next ) ( NN spring ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) )

Tough talk from trade union officials at the conference of the powerful IG Metall metals worker union in West Berlin raised the specter of nationwide strikes next spring they said


( S ( PP ( IN For ) ( NP ( DT the ) ( CD 1990 ) ( NN wage ) ( NNS negotiations ) ) ) ( NP-SBJ ( DT the ) ( NNP IG ) ( NNP Metall ) ) ( VP ( VBZ is ) ( VP ( VBG demanding ) ( NP ( NP ( NP ( NP ( DT a ) ( JJ further ) ( NN cut ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ German ) ( NN workweek ) ) ) ) ( CC and ) ( NP ( JJ steep ) ( NN wage ) ( NNS increases ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD could ) ( ADVP ( RB sharply ) ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( JJ German ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) )

For the 1990 wage negotiations the IG Metall is demanding a further cut in the German workweek and steep wage increases which could sharply increase the costs for German industry


( S ( S-TPC-1 ( S ( NP-SBJ ( NP ( PDT All ) ( DT the ) ( JJ positive ) ( NNS figures ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN economy ) ) ) ) ( VP ( VBP are ) ( ADVP-PRD ( RP out ) ) ( ADVP ( RB already ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG focusing ) ( ADVP ( RBR more ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( DT the ) ( NNS dangers ) ) ( PP ( IN for ) ( NP ( JJ next ) ( NN year ) ) ) ) ( ADVP ( RB mostly ) ) ( NP ( NP ( DT the ) ( NN wage ) ( NNS talks ) ) ( CC and ) ( NP ( DT the ) ( JJ parliamentary ) ( NNS elections ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN trader ) ) ( VP ( VBD said ) ) )

All the positive figures on the economy are out already and people are focusing more on the dangers for next year mostly the wage talks and the parliamentary elections the U.S. trader said


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN market ) ) ( ADVP ( RB also ) ) ( VP ( VBD shrugged ) ( PRT ( RP off ) ) ( NP ( NP ( JJ positive ) ( NNS factors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJR higher ) ( NN bond ) ( NNS prices ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( JJ monetary ) ( NN growth ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

The market also shrugged off positive factors such as higher bond prices and a slowdown in monetary growth in September traders said


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( DT the ) ( JJ bearish ) ( NN mood ) ) ( VP ( TO to ) ( VP ( VB persist ) ( ADVP-TMP ( NP ( DT a ) ( NN while ) ) ( RB longer ) ) ) ) ) ( SBAR-PRP ( IN as ) ( S ( S ( NP-SBJ ( NN trading ) ( NN volume ) ) ( VP ( VBZ is ) ( VP ( VBG falling ) ( PP-TMP ( IN toward ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG becoming ) ( ADJP-PRD ( RBR more ) ( JJ volatile ) ) ) ) ) ) ) ) ) ) ) )

They said they expect the bearish mood to persist a while longer as trading volume is falling toward the end of the year and the market is becoming more volatile


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( NN auto ) ( NN sector ) ) ) ( S ( NP-SBJ ( NNP Bayerische ) ( NNP Motoren ) ( NNP Werke ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 14.5 ) ( NNS marks ) ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 529 ) ( NNS marks ) ) ( PRN ( NP ( CD 288 ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNP Daimler-Benz ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 10.5 ) ) ( PP-CLR ( TO to ) ( NP ( CD 700 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Volkswagen ) ) ( VP ( VBD slumped ) ( NP-EXT ( CD 9 ) ) ( PP-CLR ( TO to ) ( NP ( CD 435.5 ) ) ) ) ) )

In the auto sector Bayerische Motoren Werke plunged 14.5 marks to 529 marks 288 Daimler-Benz dropped 10.5 to 700 and Volkswagen slumped 9 to 435.5


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Continental ) ) ( VP ( VBD gave ) ( PRT ( RP up ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ recent ) ( NNS gains ) ) ) ) ( S-ADV ( VP ( VBG dropping ) ( NP-EXT ( CD 8 ) ) ( PP-CLR ( TO to ) ( NP ( CD 338 ) ) ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNS rumors ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( JJ impending ) ( NN takeover ) ( NN attempt ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN tiremaker ) ) ) ) ) ) ( VP ( VBD faded ) ) ) ) ) ) ( NP-SBJ ( NNS brokers ) ) ( VP ( VBD said ) ) )

Continental gave up some of its recent gains dropping 8 to 338 as rumors of an impending takeover attempt for the tiremaker faded brokers said


( S ( NP-SBJ-1 ( NNP Deutsche ) ( NNP Bank ) ) ( VP ( VBD plummeted ) ( NP-EXT ( CD 12 ) ) ( PP-CLR ( TO to ) ( NP ( CD 645 ) ) ) ( S-ADV ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ general ) ( NN mood ) ) ) ) ) ) )

Deutsche Bank plummeted 12 to 645 hurt by the general mood


( S ( NP-SBJ ( JJ Other ) ( NNS banks ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADVP ( RB slightly ) ( RBR more ) ) ( JJ resilient ) ) ( PP ( IN with ) ( S-NOM ( S ( NP-SBJ ( NNP Dresdner ) ( NNP Bank ) ) ( VP ( VBG shedding ) ( NP-EXT ( CD 4.8 ) ) ( PP-CLR ( TO to ) ( NP ( CD 320 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Commerzbank ) ) ( VP ( VBG slipping ) ( NP-EXT ( CD 2.5 ) ) ( X ( TO to ) ) ) ) ) ) ) )

Other banks were slightly more resilient with Dresdner Bank shedding 4.8 to 320 and Commerzbank slipping 2.5 to


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( NN volatility ) ) ( VP ( VBD unnerved ) ( NP ( NP ( NNS investors ) ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS markets ) ) ) ) ) )

Meanwhile Wall Street 's volatility unnerved investors in other markets


( S ( NP-SBJ-1 ( NN Share ) ( NNS prices ) ) ( VP ( VP ( VBD closed ) ( ADVP-CLR ( RBR lower ) ) ( PP-LOC-3 ( IN in ) ( NP ( NP ( NNP Paris ) ) ( NP ( NNP Zurich ) ) ( NP ( NNP Brussels ) ) ( NP ( NNP Milan ) ) ( CC and ) ( NP ( NNP Stockholm ) ) ) ) ) ( CC and ) ( VP ( S-CLR-ADV=2 ( ADJP-PRD ( JJ mixed ) ) ) ( PP-LOC=3 ( IN in ) ( NP ( NN Amsterdam ) ) ) ) ) )

Share prices closed lower in Paris Zurich Brussels Milan and Stockholm and mixed in Amsterdam


( S ( PP-LOC ( IN Among ) ( NP ( NNP Pacific ) ( NNS markets ) ) ) ( NP-SBJ-1 ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RBR lower ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sydney ) ) ( NP ( NNP Seoul ) ) ( NP ( NNP Hong ) ( NNP Kong ) ) ( NP ( NNP Manila ) ) ( NP ( NNP Singapore ) ) ( CC and ) ( NP ( NNP Wellington ) ) ) ) ) )

Among Pacific markets prices closed lower in Sydney Seoul Hong Kong Manila Singapore and Wellington


( S ( NP-SBJ-1 ( NP ( NN Trading ) ) ( PP-LOC ( IN in ) ( NP ( NNP Taipei ) ) ) ) ( VP ( VBD was ) ( VP ( VBN suspended ) ( PP-PRP ( IN for ) ( NP ( DT a ) ( JJ national ) ( NN holiday ) ) ) ) ) )

Trading in Taipei was suspended for a national holiday


( S ( NP-SBJ ( RB Here ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NN price ) ( NNS trends ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ major ) ( NN stock ) ( NNS markets ) ) ) ( SBAR-MNR ( 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 ) ( S-NOM ( NP-SBJ ( 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 ( NP-SBJ ( NNP Sun ) ( NNPS Microsystems ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Prime ) ( NNP Computer ) ( NNP Inc. ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB resell ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 200 ) ( CD million ) ) ( NN worth ) ) ( PP ( IN of ) ( NP ( NP ( NNP Sun ) ( POS 's ) ) ( NNS machines ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD two ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

Sun Microsystems Inc. said Prime Computer Inc. has agreed to resell as much as 200 million worth of Sun 's machines over the next two years


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS computers ) ) ( VP ( VBP use ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ own ) ( NN microprocessor ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NNP Sparc ) ) ) ) ) ) ) ( NP-SBJ ( NNP Sun ) ) ( VP ( VBD said ) ) )

The computers use the company 's own microprocessor called Sparc Sun said


( S ( S ( NP-SBJ ( NNP Maggie ) ( NNP Thatcher ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBG doing ) ( NP ( NN something ) ) ( ADVP ( RB right ) ) ) ) ) ) ( S ( NP-SBJ ( PRP$ her ) ( JJ political ) ( NNS enemies ) ) ( VP ( VBP are ) ( VP ( VBG screaming ) ( ADVP-MNR ( ADVP ( RBR louder ) ) ( PP ( IN than ) ( ADVP ( RB ever ) ) ) ) ) ) ) )

Maggie Thatcher must be doing something right her political enemies are screaming louder than ever


( S ( NP-SBJ ( NP ( NNP Mrs. ) ( NNP Thatcher ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBG practicing ) ( NP ( NP ( DT the ) ( JJ read-my-lips ) ( NN school ) ) ( PP ( IN of ) ( NP ( NNS politics ) ) ) ) ( SBAR-TMP ( NP-ADV ( NNS years ) ) ( IN before ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD encountered ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( S ( ADJP-PRD ( JJ clear ) ) ( NP-SBJ ( NP ( PRP$ her ) ( NN opposition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG refashioning ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( JJ free-market ) ( NNS policies ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB suit ) ( NP ( NP ( DT the ) ( NNS bureaucrats ) ) ( PP-LOC ( IN in ) ( NP ( NNP Brussels ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mrs. Thatcher who was practicing the read-my-lips school of politics years before Mr. Bush encountered it has made clear her opposition to refashioning Britain 's free-market policies to suit the bureaucrats in Brussels


( S ( PP ( IN In ) ( NP ( NN return ) ) ) ( NP-SBJ-1 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ is ) ( VP ( VBN excoriated ) ( PP-LOC ( PP ( IN from ) ( NP ( NNP Fleet ) ( NNP Street ) ) ) ( PP ( TO to ) ( NP ( NNP Paris ) ) ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN obstructionist ) ) ) ) ) )

In return Mrs. Thatcher is excoriated from Fleet Street to Paris as an obstructionist


( S ( INTJ ( UH Well ) ) ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ turns ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB travel ) ( PP-DIR ( IN across ) ( NP ( DT the ) ( NN globe ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( JJ 49-member ) ( NNP Commonwealth ) ( NN summit ) ) ( PP-LOC ( IN in ) ( NP ( NNP Kuala ) ( NNP Lumpur ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB discomfit ) ( NP ( NP ( DT the ) ( NNP Holy ) ( NNP Order ) ) ( PP ( IN of ) ( NP ( NNP Consensus ) ( NNPS Builders ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Well it now turns out that Mrs. Thatcher had to travel across the globe to the 49-member Commonwealth summit in Kuala Lumpur to discomfit the Holy Order of Consensus Builders


( SINV ( NP-TPC-1 ( NP ( DT A ) ( JJ disastrous ) ( NN farce ) ) ( PP-LOC ( IN in ) ( NP ( NNP Malaysia ) ) ) ) ( VP ( VBD screamed ) ) ( NP-SBJ ( DT the ) ( NNP Manchester ) ( NNP Guardian ) ) )

A disastrous farce in Malaysia screamed the Manchester Guardian


( S ( NP-SBJ-1 ( PRP She ) ) ( VP ( MD can ) ( ADVP-TMP ( RB no ) ( RB longer ) ) ( VP ( VB be ) ( VP ( VBN trusted ) ( S ( VP ( TO to ) ( VP ( VB behave ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( ADJP ( ADJP ( JJ civilised ) ) ( PRN ( S-ADV ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ) ) ( ADJP ( JJ unflaky ) ) ) ) ( NN fashion ) ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( FRAG ( ADVP-LOC ( RB abroad ) ) ) ) ) ) ) ) ) ) )

She can no longer be trusted to behave in a civilised that is unflaky fashion when abroad


Egad


( S-1 ( NP-SBJ ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( NNP Brian ) ( NNP Mulroney ) ) ( CC and ) ( NP ( NP ( NNP Australia ) ( POS 's ) ) ( NNP Bob ) ( NNP Hawke ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NN paper ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ enraged ) ) ) )

Canada 's Brian Mulroney and Australia 's Bob Hawke the paper said were enraged


( S ( NP-SBJ ( DT The ) ( NNP London ) ( NNPS Times ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD had ) ( VP ( VBN contravened ) ( NP ( NN protocol ) ) ) ) ) ) ) )

The London Times said she had contravened protocol


( S ( PP ( IN As ) ( ADJP ( JJ usual ) ) ) ( NP-SBJ ( PRP$ her ) ( NN sin ) ) ( VP ( VBD was ) ( VP ( VBG saying ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD thought ) ) ) ) ) ) )

As usual her sin was saying what she thought


( S ( NP-SBJ-1 ( PRP She ) ) ( VP ( VBD issued ) ( NP ( DT a ) ( JJ separate ) ( NN statement ) ) ( S-ADV ( VP ( VBG separating ) ( NP ( PRP herself ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NNP Commonwealth ) ( NN document ) ) ( VP ( VBG reasserting ) ( NP ( NP ( DT the ) ( JJ political ) ( NN value ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG imposing ) ( NP ( NP ( NNS sanctions ) ) ( PP ( IN against ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

She issued a separate statement separating herself from a Commonwealth document reasserting the political value of imposing sanctions against South Africa


( S ( SBAR-ADV ( IN While ) ( S ( VP ( VBG supporting ) ( NP ( DT the ) ( NNP Commonwealth ) ) ( PP-CLR ( IN in ) ( S-NOM ( ADVP ( RB utterly ) ) ( VP ( VBG condemning ) ( NP ( NN apartheid ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP$ her ) ( NN statement ) ) ( VP ( VBD urged ) ( NP-2 ( PRP it ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB encourage ) ( NP ( VB change ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( VP ( VB inflict ) ( NP ( JJ further ) ( NN punishment ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJ black ) ( NN population ) ) ) ) ) ) ) ) )

While supporting the Commonwealth in utterly condemning apartheid her statement urged it to encourage change rather than inflict further punishment on the country 's black population


( S ( S ( ADVP ( RB Actually ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN consensus ) ) ( ADVP-LOC ( RB somewhere ) ) ( PP ( IN on ) ( NP ( NNS sanctions ) ) ) ) ) ) ( S ( PP-TMP ( IN In ) ( NP ( NNP May ) ) ) ( NP-SBJ ( DT a ) ( NNP Gallup ) ( NNP Poll ) ) ( VP ( VBD found ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( JJS most ) ( ADJP ( JJ South ) ( JJ African ) ) ( NNS blacks ) ) ( NP ( CD 85 ) ( NN % ) ) ) ( VP ( VBP oppose ) ( NP ( JJ economic ) ( NNS sanctions ) ) ) ) ) ) ) )

Actually there is a consensus somewhere on sanctions In May a Gallup Poll found that most South African blacks 85 % oppose economic sanctions


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBD had ) ( ADVP ( RB once ) ( RB again ) ) ( VP ( VBN gone ) ( PP-CLR ( IN against ) ( NP ( DT the ) ( NN grain ) ) ) ) ) )

Still Mrs. Thatcher had once again gone against the grain


( S ( NP-SBJ ( NP ( NNP Malaysia ) ( POS 's ) ) ( NNP Prime ) ( NNP Minister ) ( NNP Mahathir ) ( NNP Mohamad ) ) ( VP ( VBD sniffed ) ( S ( SBAR-ADV ( IN If ) ( S ( S ( NP-SBJ ( NN everybody ) ( RB else ) ) ( VP ( VBZ puts ) ( PRT ( RP out ) ) ( NP ( PRP$ their ) ( JJ left ) ( NN foot ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP put ) ( PRT ( RP out ) ) ( NP ( PRP$ your ) ( JJ right ) ( NN foot ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP are ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN step ) ) ) ) ) ) ) )

Malaysia 's Prime Minister Mahathir Mohamad sniffed If everybody else puts out their left foot and you put out your right foot you are out of step


( FRAG ( NP-SBJ ( NNP Mrs. ) ( NNP Thatcher ) ) ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN against ) ( NP ( CD 48 ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( RB very ) ( JJ sorry ) ( PP ( IN for ) ( NP ( DT the ) ( CD 48 ) ) ) ) ) ) )

Mrs. Thatcher If it 's one against 48 I 'm very sorry for the 48


( S ( SBAR-ADV ( IN If ) ( S ( ADVP ( RB indeed ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ has ) ( NP ( NP ( CD one ) ( NN opponent ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB throw ) ( NP ( PRP her ) ) ( PP-DIR ( RB off ) ( NP ( JJ political ) ( NN course ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Britain ) ( POS 's ) ) ( ADJP ( RB mysteriously ) ( JJ intractable ) ) ( NN inflation ) ( NN problem ) ) ) )

If indeed Mrs. Thatcher has one opponent that could throw her off political course it is Britain 's mysteriously intractable inflation problem


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD can ) ( RB not ) ( ADVP ( RB however ) ) ( VP ( VB join ) ( NP ( NP ( DT the ) ( JJ political ) ( NN chorus ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( PP-MNR ( IN as ) ( NP ( CD one ) ) ) ( VP ( VBZ proclaims ) ( SBAR ( WHADJP-3 ( WRB how ) ( JJ offputting ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-4 ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ refuses ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PRT ( RP along ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG going ) ( PRT ( RB along ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We can not however join the political chorus that as one proclaims how offputting it is that Mrs. Thatcher refuses to get along by going along


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ refreshing ) ) ( S-2 ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( NN world ) ( NN figure ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VP ( VBZ knows ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ believes ) ( PP-CLR ( RB in ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( VBN inclined ) ( S ( VP ( TO to ) ( ADVP-MNR ( RB reflexively ) ) ( VP ( VB compromise ) ( NP ( DT those ) ( NNS beliefs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is refreshing to see at least one world figure who knows what she believes in and is not inclined to reflexively compromise those beliefs


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Thatcher ) ) ( VP ( VBZ understands ) ( ADVP-MNR ( ADVP ( RBR better ) ) ( PP ( IN than ) ( NP ( NP ( DT those ) ) ( ADJP ( JJ distressed ) ( PP ( IN at ) ( NP ( PRP$ her ) ( NN style ) ) ) ) ) ) ) ( SBAR ( IN that ) ( S ( ADVP ( RB ultimately ) ) ( NP-SBJ ( NP ( NN history ) ) ( CC and ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NNS voters ) ) ) ( VP ( MD will ) ( VP ( VB decide ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ right ) ( PP ( IN about ) ( NP ( NP ( NNP Europe ) ) ( S-NOM ( VP ( VBG sanctioning ) ( NP ( NNP South ) ( NNP Africa ) ) ) ) ( CC or ) ( S-NOM ( VP ( VBG running ) ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Perhaps Mrs. Thatcher understands better than those distressed at her style that ultimately history and Britain 's voters will decide who is right about Europe sanctioning South Africa or running Britain 's economy


( S ( NP-SBJ ( NNP Kennametal ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP J&L ) ( NNP America ) ( NNP Inc. ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 44 ) ( CD million ) ) ) ( IN plus ) ( NP ( NP ( DT a ) ( NN consideration ) ) ( PP ( IN of ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( NP ( DT an ) ( JJ additional ) ( QP ( CD 12 ) ( CD million ) ) ) ( ADJP ( JJ payable ) ( PP-TMP ( IN over ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Kennametal Inc. said it intends to acquire J&L America Inc. for 44 million plus a consideration of as much as an additional 12 million payable over five years


( S ( NP-SBJ ( NNP Kennametal ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( ADJP ( NNS carbide-products ) ( CC and ) ( NNS cutting-tools ) ) ( NN company ) ) ) )

Kennametal is a carbide-products and cutting-tools company


( S ( NP-SBJ ( NP ( NN J&L ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJ principal ) ( NNS offices ) ) ( S ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NNP Detroit ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ mail-order ) ( NN distributer ) ) ( PP ( IN of ) ( NP ( JJ industrial ) ( NNS tools ) ( CC and ) ( NNS supplies ) ) ) ) ) )

J&L whose principal offices are in Detroit is a mail-order distributer of industrial tools and supplies


( S ( NP-SBJ ( DT The ) ( NN acquisition ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( NP ( NNP Kennametal ) ( POS 's ) ) ( NN board ) ) ) ) ) ) ) )

The acquisition is subject to approval by Kennametal 's board


( S ( NP-SBJ ( NNP U.S. ) ( NN steel ) ( NNS imports ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 14 ) ( NN % ) ) ( PP-DIR ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( JJR earlier ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,531,000 ) ( NNS tons ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NNP American ) ( NNP Iron ) ( CC and ) ( NNP Steel ) ( NNP Institute ) ) ) ) ) )

U.S. steel imports in August fell 14 % from a year earlier to 1,531,000 tons according to the American Iron and Steel Institute


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN trade ) ( NN group ) ( POS 's ) ) ( NN compilation ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ( NNP Department ) ( NNS data ) ) ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP August ) ( NNS imports ) ) ( NP ( NP ( DT the ) ( ADJP ( JJ second ) ( JJS largest ) ) ( JJ monthly ) ( NN total ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( VP ( VBD were ) ( UCP-PRD ( ADVP ( IN up ) ( NP ( CD 5 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( NNP July ) ( POS 's ) ) ( CD 1,458,000 ) ( NNS tons ) ) ) ) ( CC but ) ( PP-LOC ( IN below ) ( NP ( NP ( NP ( JJ last ) ( NN year ) ( VBZ 's ) ) ( JJ high ) ) ( PP ( IN of ) ( NP ( CD 1,979,000 ) ( NNS tons ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

The trade group 's compilation of Commerce Department data showed that August imports the second largest monthly total of the year were up 5 % from July 's 1,458,000 tons but below last year 's high of 1,979,000 tons in June 1988


( S ( NP-SBJ ( NNP August ) ( NNS imports ) ) ( VP ( VBD claimed ) ( NP ( NP ( CD 18.5 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN market ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NP ( CD 19.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ( CC and ) ( NP ( NP ( CD 20.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ( CD 1988 ) ) ) ) ) ) ) ) )

August imports claimed 18.5 % of the U.S. market compared with 19.3 % in July and 20.5 % in August 1988


( S ( NP-SBJ ( NP ( DT The ) ( JJS latest ) ( NN month ) ( POS 's ) ) ( NNS figures ) ) ( VP ( VB show ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS imports ) ) ( PP ( IN of ) ( NP ( NN steel ) ) ) ( PP ( IN from ) ( NP ( NNP European ) ( NNP Community ) ( NNS nations ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( CD 466,000 ) ( NNS tons ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 481,000 ) ) ( ADVP-TMP ( NP ( DT a ) ( NN month ) ) ( RB earlier ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS imports ) ) ( PP ( IN from ) ( NP ( NNP Japan ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 323,000 ) ( NNS tons ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 288,000 ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ) )

The latest month 's figures show that imports of steel from European Community nations fell to 466,000 tons from 481,000 a month earlier while imports from Japan rose to 323,000 tons from 288,000 in July


( S ( NP-SBJ ( NP ( NNS Imports ) ) ( PP ( IN from ) ( NP ( NNP Canada ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 272,000 ) ( NNS tons ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 209,000 ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) )

Imports from Canada rose to 272,000 tons in August from 209,000 in July


( S ( NP-SBJ ( NP ( DT The ) ( NNP American ) ( NNP Institute ) ) ( PP ( IN for ) ( NP ( NNP Imported ) ( NNP Steel ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS imports ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ first ) ( CD eight ) ( NNS months ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN below ) ( NP ( NP ( DT the ) ( NN level ) ) ( VP ( VBN allowed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Voluntary ) ( NNP Restraint ) ( NNP Agreement ) ( NN program ) ) ) ) ) ) ) ) ) ) )

The American Institute for Imported Steel said imports for the first eight months of 1989 were below the level allowed by the Voluntary Restraint Agreement program


( S ( NP-SBJ ( DT The ) ( NN institute ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( VBG excluding ) ( NP ( VBN semifinished ) ( NN steel ) ( NNS products ) ) ) ( NP-SBJ ( JJ year-to-date ) ( NNS imports ) ) ( VP ( VBD represented ) ( NP ( NP ( CD 15.2 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN consumption ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( VBN permitted ) ( NN maximum ) ) ( PP ( IN of ) ( NP ( CD 18.5 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

The institute said that excluding semifinished steel products year-to-date imports represented 15.2 % of consumption compared with a permitted maximum of 18.5 %


( S ( PP-TMP ( IN Within ) ( NP ( NNS minutes ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( VP ( VBN closed ) ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBD called ) ( NP ( NP ( NNP Sen. ) ( NNP Bill ) ( NNP Bradley ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP Jersey ) ) ) ) ) ( VP ( VBD advised ) ( NP ( PRP him ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD had ) ( VP ( VBN declined ) ( PP-EXT ( IN by ) ( NP ( CD 190 ) ( NNS points ) ) ) ( NP-TMP ( RB late ) ( DT that ) ( NN afternoon ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB cheerfully ) ) ( VBD informed ) ( NP ( PRP him ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( JJ fellow ) ( NNPS Democrats ) ) ) ( VP ( VBD were ) ( S-PRD ( VP ( TO to ) ( VP ( VB blame ) ) ) ) ) ) ) ) ) )

Within minutes after the stock market closed Friday I called Sen. Bill Bradley of New Jersey advised him that the Dow Jones Industrial Average had declined by 190 points late that afternoon and cheerfully informed him that he and his fellow Democrats were to blame


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD had ) ( VP ( VBN dealt ) ( NP ( DT a ) ( JJ major ) ( NN setback ) ) ( NP-TMP ( DT that ) ( NN afternoon ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ( NN proposal ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN seemed ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NN bag ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD passed ) ( NP ( DT the ) ( NN House ) ) ( ADVP-MNR ( RB overwhelmingly ) ) ( ADVP-TMP ( RBR earlier ) ( PP ( IN in ) ( NP ( DT the ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They had dealt a major setback that afternoon to President Bush 's capital-gains tax cut proposal which had seemed in the bag after it passed the House overwhelmingly earlier in the month


( S ( NP-SBJ ( NNP Sen. ) ( NNP Bradley ) ) ( VP ( VBZ has ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( PP-LOC-PRD ( IN in ) ( NP ( PRP$ his ) ( NN mind ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( PDT such ) ( DT a ) ( NN tax ) ( NN cut ) ) ( VP ( MD would ) ( VP ( VB unravel ) ( NP ( NP ( DT the ) ( NN tax ) ( NN reform ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD helped ) ( VP ( VB engineer ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sen. Bradley has it in his mind that such a tax cut would unravel the tax reform he helped engineer in 1986


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ knows ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 20 ) ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ fellow ) ( NNPS Democrats ) ) ) ) ( VP ( VBP are ) ( VP ( VBN disposed ) ( S ( VP ( TO to ) ( VP ( VB vote ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN cut ) ) ( ADJP ( JJ popular ) ( PP-LOC ( IN among ) ( NP ( PRP$ their ) ( NNS constituents ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he knows that as many as 20 of his fellow Democrats are disposed to vote for the cut popular among their constituents


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD took ) ( NP ( NP ( DT the ) ( NN lead ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG arguing ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN cut ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN blocked ) ( PP-PRP ( IN on ) ( NP ( JJ procedural ) ( NNS grounds ) ) ) ) ) ) ) ) ) ) ) ) ) )

As a result he took the lead in arguing that the cut should be blocked on procedural grounds


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD helped ) ( S ( VP ( VB persuade ) ( NP-2 ( NP ( CD 10 ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS senators ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( NP ( PRP him ) ) ( CC and ) ( NP ( NNP Majority ) ( NNP Leader ) ( NNP George ) ( NNP Mitchell ) ) ) ( PP-PRP ( IN on ) ( NP ( DT these ) ( NNS grounds ) ) ) ) ) ) ) ) ) )

He helped persuade 10 of these senators to support him and Majority Leader George Mitchell on these grounds


( S ( S ( NP-SBJ-2 ( DT The ) ( NN budget ) ( NN reconciliation ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN dealt ) ( PP-CLR ( IN with ) ) ( PP-TMP ( IN by ) ( NP ( DT the ) ( NNP Oct. ) ( CD 15 ) ( NN deadline ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( DT these ) ( NNP Senate ) ( NNPS Democrats ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB agree ) ( S ( VP ( TO to ) ( VP ( VB allow ) ( NP ( NP ( DT a ) ( NN vote ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB append ) ( NP ( NN capital ) ( NNS gains ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN budget ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG knowing ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB pass ) ) ) ) ) ) ) ) ) )

The budget reconciliation had to be dealt with by the Oct. 15 deadline and these Senate Democrats refused to agree to allow a vote to append capital gains to the budget bill knowing it would pass


( S ( S-ADV ( VP ( VBN Denied ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( NN substance ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NNP GOP ) ( NN leadership ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ( NN morning ) ) ) ( VP ( VBD was ) ( VP ( VBN confronted ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( JJ hard ) ( NN choice ) ) ) ) ) )

Denied a vote on substance the GOP leadership in the Senate on Friday morning was confronted with a hard choice


( S ( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( MD could ) ( VP ( VP ( VB throw ) ( PRT ( RP in ) ) ( NP ( DT the ) ( NN towel ) ) ) ( CC and ) ( VP ( VB hope ) ( S ( VP ( TO to ) ( VP ( VB win ) ( PP ( IN on ) ( NP ( NN capital ) ( NNS gains ) ) ) ( NP-TMP ( RB late ) ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) ( CC or ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB follow ) ( NP ( NP ( DT the ) ( NNP White ) ( NNP House ) ( NN strategy ) ) ( S ( VP ( TO to ) ( VP ( VB veto ) ( NP ( NN reconciliation ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-1 ( JJ capital ) ( NNS gains ) ) ( VP ( VBD was ) ( VP ( VBN appended ) ) ) ) ) ) ) ) ) ) ) ) )

It could throw in the towel and hope to win on capital gains late this month or it could follow the White House strategy to veto reconciliation unless capital gains was appended


( S ( NP-SBJ ( NP ( DT The ) ( NNP U.S. ) ( NNP Chamber ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NN forefront ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG supporting ) ( NP ( DT the ) ( NNP Bush ) ( NN proposal ) ) ) ) ) ) ) )

The U.S. Chamber of Commerce has been in the forefront in supporting the Bush proposal


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD endorsed ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ( NN strategy ) ) ( S-ADV ( VP ( VBG believing ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS surest ) ( NN way ) ) ( PP ( TO to ) ( NP ( NN victory ) ) ) ) ) ) ) ) ) ) )

It endorsed the White House strategy believing it to be the surest way to victory


( S ( PP-TMP ( IN At ) ( NP ( NN noon ) ) ) ( NP-TMP ( NNP Friday ) ) ( NP-SBJ ( DT a ) ( JJ senior ) ( NNP White ) ( NNP House ) ( NN official ) ) ( VP ( VBD advised ) ( NP ( NP ( NNP Richard ) ( NNP Rahn ) ) ( NP ( NP ( DT the ) ( NNP Chamber ) ( POS 's ) ) ( JJ chief ) ( NN economist ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB agree ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN budget ) ( NN reconciliation ) ( NN bill ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( JJ firm ) ( NNS assurances ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( NN substance ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN permitted ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At noon Friday a senior White House official advised Richard Rahn the Chamber 's chief economist that the White House would not agree to a budget reconciliation bill unless it had firm assurances that a vote on substance would be permitted in the Senate


( S ( ADVP-TMP ( NP ( CD Two ) ( NNS hours ) ) ( RB later ) ) ( NP-SBJ ( DT the ) ( JJ first ) ( NN word ) ) ( VP ( VBD emerged ) ( PP-LOC ( IN on ) ( NP ( NNP Capitol ) ( NNP Hill ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBD had ) ( VP ( VBN agreed ) ( PP-CLR ( TO to ) ( NP ( NN reconciliation ) ) ) ( PP ( IN with ) ( NP ( NP ( DT no ) ( JJ such ) ( NNS assurances ) ) ( PP ( IN from ) ( NP ( NNP Senate ) ( NNPS Democrats ) ) ) ) ) ) ) ) ) ) )

Two hours later the first word emerged on Capitol Hill that the administration had agreed to reconciliation with no such assurances from Senate Democrats


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Rahn ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ shocked ) ) ( S-ADV ( VP ( VBG telephoning ) ( NP ( NP ( DT the ) ( NN office ) ) ( PP ( IN of ) ( NP ( NP ( NNP Richard ) ( NNP Darman ) ) ( NP ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Management ) ( CC and ) ( NNP Budget ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN administration ) ( POS 's ) ) ( JJ chief ) ( NN strategist ) ) ( PP-LOC ( IN on ) ( NP ( DT this ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) )

Mr. Rahn was shocked telephoning the office of Richard Darman director of the Office of Management and Budget and the administration 's chief strategist on this issue


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD left ) ( NP ( NP ( DT a ) ( NN message ) ) ( VP ( VBG accusing ) ( NP-1 ( NNP Mr. ) ( NNP Darman ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG selling ) ( PRT ( RP out ) ) ) ) ) ) ) ) )

He left a message accusing Mr. Darman of selling out


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( NNP Senate ) ( NNPS Republicans ) ) ( ADVP ( RB though ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN edged ) ( ADVP-DIR ( RB away ) ( PP ( IN from ) ( NP ( DT the ) ( NN veto ) ( NN strategy ) ) ) ) ) ) ) ) ) )

It was the Senate Republicans though who had edged away from the veto strategy


( S ( NP-SBJ-2 ( DT The ) ( NN stock ) ( NN market ) ) ( VP ( VBD reacted ) ( SBAR-MNR ( IN as ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Rahn ) ) ( VP ( VBD did ) ) ) ) ( S-ADV ( VP ( VBG crumbling ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD absorbed ) ( NP ( DT the ) ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Darman ) ( POS 's ) ) ( NN strategy ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN abandoned ) ) ) ) ) ) ) ) ) ) ) ) ) )

The stock market reacted as Mr. Rahn did crumbling as it absorbed the news that Mr. Darman 's strategy had been abandoned


( S ( NP-SBJ ( DT The ) ( NN stock ) ( NN market ) ) ( PP ( IN after ) ( NP ( DT all ) ) ) ( VP ( VBZ represents ) ( NP ( NP ( DT the ) ( JJ collective ) ( NNS expectations ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ future ) ( NN income ) ( NN stream ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN capital ) ( NN stock ) ) ) ) ) ( VP ( VBD discounted ) ( PP-CLR ( TO to ) ( NP ( JJ present ) ( NN value ) ) ) ) ) ) ) ) )

The stock market after all represents the collective expectations about the value of the future income stream of the nation 's capital stock discounted to present value


( SBARQ ( WHADVP-2 ( WRB Why ) ) ( SQ ( MD should ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VB be ) ( ADJP-PRD ( RB so ) ( JJ surprising ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN cut ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS capital-gains ) ( NN tax ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( PDT such ) ( DT an ) ( JJ enormous ) ( NN impact ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN capital ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) )

Why should it be so surprising that a 30 % cut in the capital-gains tax would have such an enormous impact on the value of the nation 's capital stock


( S ( NP-SBJ ( NP ( DT The ) ( JJ total ) ( NN value ) ) ( PP ( IN of ) ( NP ( ADJP ( RB privately ) ( VBN held ) ) ( NNS assets ) ) ) ) ( VP ( VBZ is ) ( ADVP-MNR ( RB easily ) ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 15 ) ( CD trillion ) ) ) ) )

The total value of privately held assets is easily more than 15 trillion


( S ( NP-SBJ ( NP ( DT The ) ( NN value ) ) ( VP ( VBN traded ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNS exchanges ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( RB close ) ( TO to ) ( CD 3 ) ( CD trillion ) ) ) ) )

The value traded on the exchanges is close to 3 trillion


( SQ ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN tax ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT any ) ( NN gain ) ) ( PP ( TO to ) ( NP ( DT those ) ( NNS assets ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN doubled ) ) ) ) ) ( MD would ) ( RB n't ) ( NP-SBJ ( DT the ) ( NN value ) ) ( VP ( VB fall ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NNS owners ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS assets ) ) ) ) ) ) )

If the tax on any gain to those assets was doubled would n't the value fall to the owners of the assets


( SQ ( VBZ Is ) ( RB n't ) ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ reasonable ) ) ( S-2 ( VP ( TO to ) ( VP ( VB assume ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN asset ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP own ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ worth ) ( NP ( JJR more ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( ADVP-MNR ( RB suddenly ) ) ( VBD announced ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD sold ) ( NP ( PRP it ) ) ) ) ) ( NP-SBJ-3 ( PRP you ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( NP ( NP ( ADJP ( CD 30 ) ( NN % ) ) ( JJR more ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN gain ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP you ) ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBD believed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Is n't it reasonable to assume that the asset you own would be worth more if the government suddenly announced that if you sold it you would be able to keep 30 % more of its gain than you previously believed


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ steady ) ( NN advance ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( VP ( VBD tracked ) ( PP-LOC ( IN with ) ( NP ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( NN success ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG advancing ) ( NP ( PRP$ his ) ( NNS capital-gains ) ( NN proposal ) ) ) ) ) ) ) ) )

Indeed the stock market 's steady advance this year tracked with President Bush 's success in advancing his capital-gains proposal


( S ( NP-SBJ ( NP ( DT A ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN cut ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( NN capital ) ( NNS gains ) ) ) ( ADVP ( RB alone ) ) ) ( VP ( VBZ amounts ) ( PP-CLR ( TO to ) ( NP ( QP ( RB roughly ) ( CD 50 ) ( CD billion ) ) ) ) ) )

A 30 % cut in this year 's capital gains alone amounts to roughly 50 billion


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG talking ) ( NP ( JJ real ) ( NN money ) ) ) ) )

We 're talking real money


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NNP Richard ) ( NNP Rahn ) ) ( VP ( VBD advised ) ( NP ( DT the ) ( JJ financial ) ( NN press ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN market ) ( NN crash ) ) ( VP ( VBD was ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN setback ) ) ( PP ( TO to ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBD was ) ( VP ( VP ( ADVP ( RB generally ) ) ( VBN ignored ) ) ( CC and ) ( VP ( ADVP-MNR ( RB mildly ) ) ( VBN ridiculed ) ) ) ) )

When Richard Rahn advised the financial press that the market crash was caused by the setback to capital gains he was generally ignored and mildly ridiculed


( S ( ADVP ( RB Instead ) ) ( NP-SBJ ( DT the ) ( NN press ) ( NN corps ) ) ( VP ( ADVP-MNR ( RB readily ) ) ( VBD accepted ) ( NP ( DT the ) ( NN notion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN snag ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN financing ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ) ) ) ) ) ( VP ( VP ( ADVP ( RB instantly ) ) ( VBD knocked ) ( NP ( CD 7 ) ( NN % ) ) ( PP-CLR ( IN off ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN capital ) ( NN stock ) ) ) ) ) ) ( CC and ) ( VP ( VBD caused ) ( NP ( NNS convulsions ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) )

Instead the press corps readily accepted the notion that a snag in the takeover financing of United Airlines instantly knocked 7 % off the value of the nation 's capital stock and caused convulsions around the world


( S ( NP-SBJ ( NNP Mr. ) ( NNP Rahn ) ) ( VP ( VBD was ) ( VP ( VBG pointing ) ( PRT ( RP out ) ) ( NP ( NP ( DT an ) ( NN elephant ) ) ( VP ( VBG rumbling ) ( PP-DIR ( IN through ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ conventional ) ( NN wisdom ) ) ( VP ( VBD had ) ( VP ( VBN fastened ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP UAL ) ( NN flea ) ) ) ) ) ) ) ) ) )

Mr. Rahn was pointing out an elephant rumbling through Wall Street while conventional wisdom had fastened on the UAL flea


( SBARQ ( WHADVP-1 ( WRB Why ) ) ( SQ ( VBZ is ) ( NP-SBJ ( DT this ) ) ( VP ( NN happening ) ) ) )

Why is this happening


( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( NP ( PDT quite ) ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ leading ) ( NNS spokesmen ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ( VP ( VBP are ) ( RB not ) ( NP-PRD ( NP ( NN portfolio ) ( NNS managers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP understand ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB greatly ) ) ( VBN affected ) ( PP ( IN by ) ( SBAR-NOM-LGS ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ ( NN government ) ) ( VP ( VBZ taxes ) ( NP ( DT those ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For one thing quite a number of the leading spokesmen on Wall Street are not portfolio managers who understand that the value of assets is greatly affected by how government taxes those assets


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNS economists ) ) ( CC and ) ( NP ( JJ financial ) ( NNS reporters ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP sympathize ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN view ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ( VP ( VBZ benefits ) ( NP ( DT the ) ( JJ rich ) ) ) ) ) ) ) ) ) ) ) ) )

They are economists and financial reporters who sympathize with the view that a capital-gains tax cut benefits the rich


( S ( CC Yet ) ( NP-SBJ ( PRP they ) ) ( ADVP ( RB somehow ) ) ( VP ( VBP think ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Wall ) ( NNP Street ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ indifferent ) ( PP ( TO to ) ( S-NOM ( VP ( VBG losing ) ( NP ( NP ( DT the ) ( NN tax ) ( NN cut ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBD seemed ) ( ADVP-PRD ( RB so ) ( RB close ) ) ( NP-PRD ( NNP Friday ) ( NN morning ) ) ) ( CC and ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( JJ problematic ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Yet they somehow think that Wall Street is indifferent to losing the tax cut that seemed so close Friday morning and is now problematic


( S ( NP-SBJ ( DT The ) ( NN market ) ( NN rebound ) ) ( NP-TMP ( NNP Monday ) ) ( VP ( VBD followed ) ( NP ( NP ( NN weekend ) ( NNS assurances ) ) ( PP ( IN from ) ( NP ( NNP Mr. ) ( NNP Darman ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ other ) ( NNS plans ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB win ) ( NP ( NP ( DT the ) ( NN cut ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ alive ) ( CC and ) ( RB well ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The market rebound Monday followed weekend assurances from Mr. Darman that the administration has other plans to win the cut which is alive and well


( S ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Bradley ) ( POS 's ) ) ( NN argument ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ bad ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN economy ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJR longer ) ( NN run ) ) ) ) ) ) ) ) )

Sen. Bradley 's argument is that a capital-gains tax cut would be bad for the economy in the longer run


( S-1 ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( ADVP ( RB inevitably ) ) ( VP ( VB lead ) ( PP-DIR ( TO to ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ marginal ) ( NN income-tax ) ( NNS rates ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1990 ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ thinks ) ) ) ) ( SBAR-3 ( WHADVP-5 ( WRB when ) ) ( S ( NP-SBJ-2 ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBZ is ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB ask ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR higher ) ( NNS taxes ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NN budget ) ( NNS targets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It would inevitably lead to an increase in marginal income-tax rates in 1990 he thinks when the White House is forced to ask for higher taxes to meet budget targets


( S ( INTJ ( DT That ) ( VBZ is ) ) ( SBAR ( IN with ) ( S ( NP-SBJ-1 ( NN capital ) ( NNS gains ) ) ( VP ( VBN cut ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN glue ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1986 ) ( NN accord ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( VBN gone ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ political ) ( NNS realities ) ) ( VP ( MD will ) ( VP ( VB push ) ( PRT ( RP up ) ) ( NP ( NN income-tax ) ( NNS rates ) ) ) ) ) )

That is with capital gains cut the glue of the 1986 accord will be gone and political realities will push up income-tax rates


( S ( NP-SBJ ( NP ( DT The ) ( NN counter-argument ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN heard ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( JJ fellow ) ( NNP Democrats ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ successful ) ( PP ( IN in ) ( S-NOM ( VP ( VBG killing ) ( NP ( NP ( DT the ) ( NN president ) ( POS 's ) ) ( NN proposal ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN revenue ) ( NN gap ) ) ( VP ( MD will ) ( VP ( VB open ) ( PRT ( RP up ) ) ( ADVP-MNR ( RB tremendously ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ weakened ) ( NN economy ) ) ) ) ) ) ) ) )

The counter-argument which he has heard is that if he and his fellow Democrats are successful in killing the president 's proposal the revenue gap will open up tremendously in 1990 because of the weakened economy


( S ( PP-LOC ( IN In ) ( NP ( DT this ) ( NN atmosphere ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT no ) ( JJ serious ) ( NN consideration ) ) ( PP ( IN of ) ( NP ( NN tax ) ( NNS increases ) ) ) ) ) ) )

In this atmosphere there would be no serious consideration of tax increases


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NNP Sen. ) ( NNP Bradley ) ) ( VP ( MD would ) ( VP ( VB permit ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ) ) ) ) ( ADVP ( RB though ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB pass ) ) ) ) ( S ( NP-SBJ ( NNP Christmas ) ( JJ retail ) ( NNS sales ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( JJ strong ) ) ( CONJP ( RB instead ) ( IN of ) ) ( ADJP ( VBN burdened ) ( PP ( IN by ) ( NP ( DT a ) ( VBG falling ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( CD 1990 ) ( NN economy ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ robust ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN revenue ) ( NNS gains ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT every ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN government ) ) ) ( PP ( VBG including ) ( NP ( NNP New ) ( NNP Jersey ) ( POS 's ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( RB surprisingly ) ( JJ high ) ) ) ) ) )

If Sen. Bradley would permit a vote on capital gains though it would pass Christmas retail sales would be strong instead of burdened by a falling stock market the 1990 economy would be robust and the revenue gains at every level of government including New Jersey 's would be surprisingly high


( S ( NP-SBJ ( DT No ) ( NN tax ) ( NNS increases ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ) ) ) )

No tax increases would be necessary


( S ( NP-SBJ ( NP ( DT The ) ( NN struggle ) ) ( PP ( IN over ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( RBS most ) ( JJ important ) ( NN game ) ) ( PP-LOC ( IN in ) ( NP ( NN town ) ) ) ) ) )

The struggle over capital gains is the most important game in town


( FRAG ( PP-LOC ( PP ( IN In ) ( NP ( NNP Washington ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) )

In Washington and on Wall Street


( S ( NP-SBJ ( NNP Mr. ) ( NNP Wanniski ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Polyconomics ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Morristown ) ) ( NP ( NNP N.J ) ) ) ) ) ) ) ) )

Mr. Wanniski is president of Polyconomics Inc. of Morristown N.J


( S ( PP-LOC ( IN In ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ first ) ( JJ indoor ) ( NN air-pollution ) ( NNS cases ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( TO to ) ( NP ( NN trial ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN state-court ) ( NN jury ) ) ( VP ( VBD decided ) ( PP-CLR ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN defendant ) ) ( NP ( NNP Burlington ) ( NNP Industries ) ( NNP Inc ) ) ) ) ) ) ) )

In one of the first indoor air-pollution cases to go to trial a state-court jury decided in favor of the defendant Burlington Industries Inc


( S ( NP-SBJ ( NP ( DT The ) ( NN verdict ) ) ( VP ( VBN reached ) ( NP-TMP ( JJ late ) ( JJ last ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( NNS Cincinnati ) ) ) ) ) ( VP ( MD may ) ( VP ( VB end ) ( NP ( NP ( DT an ) ( JJ eight-year ) ( JJ legal ) ( NN battle ) ) ( PP ( IN for ) ( NP ( DT the ) ( NAC-LOC ( NNP Greensboro ) ( NNP N.C. ) ) ( NN carpet ) ( NN maker ) ) ) ) ) ) )

The verdict reached late last week in Cincinnati may end an eight-year legal battle for the Greensboro N.C. carpet maker


( S ( NP-SBJ-1 ( NP ( NNP Glenn ) ( CC and ) ( NNP Sharon ) ( NNP Beebe ) ) ( PP ( IN of ) ( NP ( NNP Cincinnati ) ) ) ) ( VP ( VBD had ) ( VP ( VBN sued ) ( NP ( DT the ) ( NN com ) ( NN pany ) ) ( PP-TMP ( IN in ) ( NP ( CD 1981 ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG installing ) ( NP ( NNP Burlington ) ( NNS carpets ) ) ( PP-LOC-CLR ( IN in ) ( NP ( PRP$ their ) ( NN office ) ) ) ) ) ) ) ) )

Glenn and Sharon Beebe of Cincinnati had sued the com pany in 1981 after installing Burlington carpets in their office


( S ( NP-SBJ ( DT The ) ( NNPS Beebes ) ) ( VP ( VBD alleged ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ toxic ) ( NNS fumes ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNS carpets ) ) ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( JJ sick ) ) ) ) ) ) ) )

The Beebes alleged that toxic fumes from the carpets made them sick


( S-1 ( PP-PRP ( IN As ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN illness ) ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNPS Beebes ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD lost ) ( NP ( NP ( QP ( CD 1.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS wages ) ( CC and ) ( NNS earnings ) ) ) ) ) )

As a result of their illness the Beebes said they lost 1.8 million in wages and earnings


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS months ) ) ( PP ( IN of ) ( NP ( NP ( NN exposure ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNS chemicals ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN left ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( JJ sensitive ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ wide ) ( NN range ) ) ( PP ( IN of ) ( NP ( ADJP ( RB commonly ) ( VBN used ) ) ( NNS substances ) ) ) ) ) ) ) ) ) ) ) ) )

In addition they said that months of exposure to the chemicals has left them sensitive to a wide range of commonly used substances


( S ( NP-SBJ-1 ( DT The ) ( NN case ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( ADVP-MNR ( RB closely ) ) ( VBN watched ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNS attorneys ) ) ( VP ( VBP anticipate ) ( NP ( NP ( JJ increasing ) ( NN litigation ) ) ( ADVP-LOC ( RB nationally ) ) ( PP ( IN over ) ( NP ( DT the ) ( JJ so-called ) ( JJ sick-building ) ( NN syndrome ) ) ) ) ) ) ) ) ) ) )

The case had been closely watched because attorneys anticipate increasing litigation nationally over the so-called sick-building syndrome


( S ( NP-SBJ ( NP ( NNS Plaintiffs ) ( POS ' ) ) ( NNS lawyers ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS buildings ) ) ( VP ( VBP become ) ( ADJP-PRD ( JJ sick ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( JJ inadequate ) ( JJ fresh ) ( NN air ) ) ( CC and ) ( NP ( JJ poor ) ( NN ventilation ) ( NNS systems ) ) ) ( VP ( VBP lead ) ( S ( NP-SBJ ( NNS pollutants ) ) ( VP ( TO to ) ( VP ( VB build ) ( PRT ( RP up ) ) ( ADVP-LOC ( RB inside ) ) ) ) ) ) ) ) ) ) ) ) )

Plaintiffs ' lawyers say that buildings become sick when inadequate fresh air and poor ventilation systems lead pollutants to build up inside


( S ( NP-SBJ ( NP ( NNP Anthony ) ( NNP J. ) ( NNP Iaciofano ) ) ( NP ( NP ( DT a ) ( NN lawyer ) ) ( PP ( IN for ) ( NP ( NNP Burlington ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNPS Beebes ) ( POS ' ) ) ( NNS symptoms ) ) ( VP ( VBD were ) ( RB not ) ( ADJP-PRD ( VBN related ) ( PP ( TO to ) ( NP ( DT the ) ( NN carpeting ) ) ) ) ) ) ) ) ) ) ) )

Anthony J. Iaciofano a lawyer for Burlington said the company believes the Beebes ' symptoms were not related to the carpeting


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ ill ) ( NNS effects ) ) ( PP ( IN from ) ( NP ( JJ new ) ( NNS carpets ) ) ) ) ( VP ( VBP manifest ) ( NP ( PRP themselves ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNPS Beebes ) ( POS ' ) ) ( NNS symptoms ) ) ( VP ( VBD appeared ) ( ADVP-TMP ( NP ( NNS months ) ) ( RB later ) ) ) ) ) ) ) )

He said that ill effects from new carpets manifest themselves immediately but that the Beebes ' symptoms appeared months later


( S ( NP-SBJ ( NP ( NNP Catherine ) ( NNP Adams ) ) ( NP ( NP ( DT the ) ( NNPS Beebes ) ( POS ' ) ) ( NN lawyer ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN verdict ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB discourage ) ( NP-1 ( JJ other ) ( NNS plaintiffs ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG filing ) ( NP ( JJ such ) ( NNS suits ) ) ) ) ) ) ) ) ) ) )

Catherine Adams the Beebes ' lawyer said the verdict would not discourage other plaintiffs from filing such suits


( S ( S-TPC-4 ( S ( NP-SBJ-2 ( NNS Scientists ) ) ( VP ( VBP are ) ( ADVP ( RB only ) ) ( VP ( VBG beginning ) ( S ( VP ( TO to ) ( VP ( VB understand ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ causes ) ( NP ( JJ sick-building ) ( NN syndrome ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN research ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unavailable ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNPS Beebes ) ) ( VP ( VBD filed ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

Scientists are only beginning to understand what causes sick-building syndrome and much of that research was unavailable when the Beebes filed the case she said


( S ( NP-SBJ ( DT The ) ( NNPS Beebes ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ prime ) ( NN culprit ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NNS injuries ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NNS fumes ) ) ( PP ( IN from ) ( NP ( NP ( DT an ) ( NN adhesive ) ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN carpeting ) ) ) ) ) ) ) ) ) ) ) )

The Beebes now believe that a prime culprit for their injuries was fumes from an adhesive used in the carpeting


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( DT the ) ( NNPS Beebes ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VBN come ) ( PP-CLR ( TO to ) ( NP ( DT that ) ( NN conclusion ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NP ( NN time ) ( NNS limits ) ) ) ( VP ( VBD had ) ( VP ( VBN elapsed ) ( PP-2 ( IN for ) ( S-NOM ( VP ( VBG adding ) ( NP ( DT the ) ( NNS adhesives ) ( NN maker ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN defendant ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Adams ) ) ( VP ( VBD said ) ) )

But the Beebes did n't come to that conclusion until time limits had elapsed for adding the adhesives maker as a defendant in the case Ms. Adams said


( S ( NP-SBJ-1 ( DT The ) ( NNPS Beebes ) ) ( VP ( VBP have ) ( RB not ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN decided ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB appeal ) ) ) ) ) ) ) )

The Beebes have not yet decided whether to appeal


( S ( NP-SBJ-1 ( NNP TIMES ) ( NNP SQUARE ) ( NN development ) ( NNS opponents ) ) ( VP ( VBP are ) ( VP ( VBN dealt ) ( NP ( NN setback ) ) ) ) )

TIMES SQUARE development opponents are dealt setback


( S ( NP-SBJ ( NP ( DT The ) ( NNP Appellate ) ( NNP Division ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ( NNP State ) ( NNP Supreme ) ( NNP Court ) ) ) ) ( VP ( VBD dismissed ) ( NP ( NP ( CD six ) ( NNS lawsuits ) ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 2.5 ) ( CD billion ) ) ) ( NN project ) ) ( VP ( VBN planned ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP 42nd ) ( NNP Street ) ) ( PP-LOC ( IN in ) ( NP ( NNP Manhattan ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Appellate Division of New York State Supreme Court dismissed six lawsuits attempting to block a 2.5 billion project planned for 42nd Street in Manhattan


( S ( NP-SBJ ( NP ( NNS Opponents ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN project ) ) ) ) ( VP ( VBD had ) ( VP ( VBN claimed ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN city ) ( CC and ) ( DT the ) ( NN state ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( JJ co-sponsoring ) ( NP ( DT the ) ( NN project ) ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN failed ) ( S ( VP ( TO to ) ( VP ( VB adhere ) ( PP-CLR ( TO to ) ( NP ( JJ environmental ) ( NNS guidelines ) ) ) ) ) ) ) ) ) ) ) ) )

Opponents of the project had claimed that the city and the state of New York which are co-sponsoring the project had failed to adhere to environmental guidelines


( S ( NP-SBJ-1 ( NP ( DT All ) ) ( PP ( IN but ) ( NP ( CD two ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( CD 40 ) ( CC or ) ( RB so ) ) ( NNS lawsuits ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN filed ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN project ) ( POS 's ) ) ( CD 1984 ) ( NN approval ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN dismissed ) ( PP-TMP ( IN before ) ( NP ( DT the ) ( NN trial ) ( NN stage ) ) ) ) ) ) )

All but two of the 40 or so lawsuits that have been filed since the project 's 1984 approval have been dismissed before the trial stage


( S ( NP-SBJ ( NP ( DT The ) ( CD two ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP remain ) ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN reached ) ( NP ( DT the ) ( JJ pre-trial ) ( JJ fact-finding ) ( NN stage ) ) ) ) )

The two that remain have n't yet reached the pre-trial fact-finding stage


( S ( NP-SBJ ( NN State ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN court ) ( POS 's ) ) ( NN ruling ) ) ( VP ( VBZ clears ) ( NP ( DT the ) ( NN way ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NNS proceedings ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB condemn ) ( NP ( NP ( NNS buildings ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN area ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

State officials said the court 's ruling clears the way for proceedings to condemn buildings in the area


( SINV ( S-TPC-1 ( NP-SBJ-2 ( DT This ) ( NN project ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB move ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP State ) ( NNP Urban ) ( NNP Development ) ( NNP Corp. ) ( NNP Chairman ) ( NNP Vincent ) ( NNP Tese ) ) )

This project is ready to move said State Urban Development Corp. Chairman Vincent Tese


( S ( CC But ) ( NP-SBJ ( NP ( NNS developers ) ) ( PP ( IN of ) ( NP ( CD four ) ( JJ planned ) ( NN office ) ( NNS towers ) ) ) ) ( VP ( VBD cautioned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS obstacles ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP remain ) ) ) ) ) )

But developers of four planned office towers cautioned that obstacles still remain


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN state ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS developers ) ) ( NP ( NP ( DT a ) ( NN partnership ) ) ( PP ( IN of ) ( NP ( NP ( NNP Park ) ( NNP Tower ) ( NNP Realty ) ) ( CC and ) ( NP ( NP ( NNP Prudential ) ( NNP Insurance ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( RB not ) ( VP ( VB proceed ) ( PP-CLR ( IN with ) ( NP ( NN condemnation ) ( NNS proceedings ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ significant ) ( NN litigation ) ) ( VP ( VBG pending ) ) ) ) ) ) ) ) ) ) ) )

As part of the agreement with the state the developers a partnership of Park Tower Realty and Prudential Insurance Co. of America said they would not proceed with condemnation proceedings while there was significant litigation pending


( S ( NP-SBJ ( NNP Park ) ( NNP Tower ) ( NNP General ) ( NNP Counsel ) ( NNP Matthew ) ( NNP Mayer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN development ) ( NN team ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB review ) ( NP ( CD two ) ( JJ additional ) ( NNS lawsuits ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG putting ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 155 ) ( CD million ) ) ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NN condemnation ) ( NNS costs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Park Tower General Counsel Matthew Mayer said the development team will have to review two additional lawsuits before putting up a 155 million letter of credit to cover condemnation costs


( S-2 ( ADVP ( RB Also ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN partnership ) ) ( VP ( VBZ is ) ( VP ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( IN whether ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ appellate ) ( NN division ) ( POS 's ) ) ( NN ruling ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN appealed ) ) ) ) ) ) ) ) ) ) ) )

Also he said the partnership is waiting to see whether the appellate division 's ruling will be appealed


( S ( NP-SBJ-3 ( NP ( DT The ) ( NN plan ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN plagued ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS delays ) ) ( CC and ) ( NP ( JJ business-related ) ( NNS setbacks ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ seeks ) ( S ( VP ( TO to ) ( VP ( VB transform ) ( NP ( DT the ) ( NN area ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( JJ seedy ) ( NN thoroughfare ) ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ wholesome ) ) ( NN office ) ( CC and ) ( NN theater ) ( NN district ) ) ) ) ) ) ) )

The plan which has been plagued with delays and business-related setbacks seeks to transform the area from a seedy thoroughfare to a more wholesome office and theater district


( S ( NP-SBJ-1 ( NN State ) ( CC and ) ( NN city ) ( NNS officials ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG negotiating ) ( PP-CLR ( IN with ) ( NP ( NNS developers ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB renovate ) ( NP ( JJ historic ) ( NNS theaters ) ) ) ( CC and ) ( VP ( VB build ) ( CC and ) ( VB operate ) ( NP ( DT a ) ( NX ( NX ( NN merchandise ) ( NN mart ) ) ( CC and ) ( NX ( NN hotel ) ) ) ) ) ) ) ) ) ) )

State and city officials are still negotiating with developers to renovate historic theaters and build and operate a merchandise mart and hotel


( S ( NP-SBJ ( JJ FEDERAL ) ( NN JUDGE ) ) ( VP ( VBZ EXPANDS ) ( NP ( NP ( NN role ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS courts ) ) ) ( PP-LOC ( IN in ) ( NP ( NN extradition ) ( NNS decisions ) ) ) ) ) )

FEDERAL JUDGE EXPANDS role of U.S. courts in extradition decisions


( S ( NP-SBJ ( NP ( NNP U.S. ) ( NNP District ) ( NNP Judge ) ( NNP Jack ) ( NNP B. ) ( NNP Weinstein ) ) ( PP ( IN of ) ( NP ( NP ( NNP Brooklyn ) ) ( NP ( NNP N.Y. ) ) ) ) ) ( VP ( VBD ruled ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( NN man ) ) ( VP ( VBN implicated ) ( PP-CLR ( IN in ) ( NP ( NP ( DT an ) ( NN attack ) ) ( PP ( IN on ) ( NP ( DT an ) ( JJ Israeli ) ( NN passenger ) ( NN bus ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN extradited ) ( PP-DIR ( TO to ) ( NP ( NNP Israel ) ) ) ( PP-PRP ( IN for ) ( NP ( NN trial ) ) ) ) ) ) ) ) ) )

U.S. District Judge Jack B. Weinstein of Brooklyn N.Y. ruled that a man implicated in an attack on an Israeli passenger bus in 1986 can be extradited to Israel for trial


( S ( NP-SBJ-1 ( DT A ) ( NN magistrate ) ) ( VP ( VBD had ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBN refused ) ( NP ( DT the ) ( NN request ) ) ( S-ADV ( VP ( VBG ruling ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN attack ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ political ) ( NN act ) ) ( SBAR ( WHPP-2 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN man ) ) ( NP ( NNP Mahmoud ) ( NNP El-Abed ) ( NNP Ahmad ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ exempt ) ( PP ( IN from ) ( NP ( NP ( NN extradition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A magistrate had initially refused the request ruling that the attack had been a political act for which the man Mahmoud El-Abed Ahmad would be exempt from extradition