( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBD was ) ( ADVP ( RB therefore ) ) ( ADJP-PRD ( RB not ) ( JJ surprising ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( JJ close ) ( NNS allies ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( VP ( ADVP ( RB virtually ) ) ( VBN neglected ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Bush ) ( NN administration ) ) ) ) ) ( VP ( VBD ordered ) ( S ( NP-SBJ-2 ( DT the ) ( JJ Nicaraguan ) ( NNS insurgents ) ) ( VP ( VBN dismantled ) ( PP-TMP ( IN by ) ( NP ( NNP December ) ) ) ( PP-TMP ( ADVP ( RB long ) ) ( IN before ) ( NP ( DT the ) ( NNS elections ) ) ) ) ) ) ) ) ) )

It was therefore not surprising that close allies of the U.S. virtually neglected by the Bush administration ordered the Nicaraguan insurgents dismantled by December long before the elections


( S ( ADVP ( RB Fittingly ) ) ( NP-SBJ-1 ( DT the ) ( NNP Tela ) ( NNP Accords ) ) ( VP ( VBD were ) ( VP ( VBN nicknamed ) ( PP ( IN by ) ( NP-LGS ( NNS Hondurans ) ) ) ( NP-PRD-2 ( DT the ) ( NNP Dodd ) ( NN plan ) ) ) ) )

Fittingly the Tela Accords were nicknamed by Hondurans the Dodd plan


( S ( NP-SBJ ( NP ( DT The ) ( JJ individual ) ( JJ foreign ) ( NN policy ) ) ( VP ( VBD carried ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( NNP U.S. ) ( NNS legislators ) ) ) ) ) ( VP ( VBZ adds ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ confusing ) ( NNP U.S. ) ( NN performance ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN emboldened ) ( NP ( NP ( JJ Soviet ) ( NNS initiatives ) ) ( PP-LOC ( IN in ) ( NP ( NNP Central ) ( NNP America ) ) ) ) ) ) ) ) ) ) ) )

The individual foreign policy carried out by U.S. legislators adds to a confusing U.S. performance that has emboldened Soviet initiatives in Central America


( S ( PP-TMP ( IN On ) ( NP ( NNP Oct. ) ( CD 3 ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( NNS conversations ) ) ( PP ( IN with ) ( NP ( NAC ( NNP Secretary ) ( PP ( IN of ) ( NP ( NNP State ) ) ) ) ( NNP James ) ( NNP Baker ) ) ) ) ) ( NP-SBJ-1 ( NNP Soviet ) ( NNP Foreign ) ( NNP Minister ) ( NNP Eduard ) ( NNP Shevardnadze ) ) ( VP ( VBD arrived ) ( PP-DIR ( IN in ) ( NP ( NNP Managua ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB acclaim ) ( NP ( NP ( NNP Nicaragua ) ( POS 's ) ) ( JJ great ) ( NN peace ) ( NNS efforts ) ) ) ) ) ) )

On Oct. 3 following conversations with Secretary of State James Baker Soviet Foreign Minister Eduard Shevardnadze arrived in Managua to acclaim Nicaragua 's great peace efforts


( S ( S ( ADVP-LOC ( RB There ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Shevardnadze ) ) ( VP ( VBD felt ) ( VP ( VBN legitimized ) ( S ( VP ( TO to ) ( VP ( VB unveil ) ( NP ( PRP$ his ) ( JJ own ) ( NN peace ) ( NN plan ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT The ) ( NNP U.S.S.R. ) ) ( VP ( MD would ) ( VP ( VB prolong ) ( NP ( NP ( DT a ) ( NN suspension ) ) ( PP ( IN of ) ( NP ( NP ( NNS arms ) ( NNS shipments ) ) ( PP ( TO to ) ( NP ( NNP Nicaragua ) ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NNP February ) ( NN election ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBD did ) ( ADVP-MNR ( RB likewise ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( NNS allies ) ) ( PP ( IN in ) ( NP ( NNP Central ) ( NNP America ) ) ) ) ) ) ) ) ) ) ) )

There Mr. Shevardnadze felt legitimized to unveil his own peace plan The U.S.S.R. would prolong a suspension of arms shipments to Nicaragua after the February election if the U.S. did likewise with its allies in Central America


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD called ) ( PP-CLR ( IN on ) ( NP-1 ( NP ( NNP Nicaragua ) ( POS 's ) ) ( NNS neighbors ) ) ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( DT a ) ( JJ military ) ( NN equilibrium ) ) ( VP ( VBN guaranteed ) ( PP ( IN by ) ( NP-LGS ( DT both ) ( NNS superpowers ) ) ) ) ) ) ) ) ) )

He also called on Nicaragua 's neighbors to accept a military equilibrium guaranteed by both superpowers


( S ( NP-SBJ ( DT The ) ( NNP Pentagon ) ) ( VP ( VBZ claims ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( NP ( NN spite ) ) ( PP ( IN of ) ( NP ( NP ( NNP Moscow ) ( POS 's ) ) ( NNS words ) ) ) ) ) ( NP-SBJ-1 ( NNP East ) ( NN bloc ) ( NNS weapons ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB flow ) ( PP-DIR ( IN into ) ( NP ( NNP Nicaragua ) ) ) ( PP-DIR ( IN through ) ( NP ( NNP Cuba ) ) ) ( PP ( IN at ) ( NP ( JJ near-record ) ( NNS levels ) ) ) ) ) ) ) ) ) ) )

The Pentagon claims that in spite of Moscow 's words East bloc weapons continue to flow into Nicaragua through Cuba at near-record levels


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Shevardnadze ) ( POS 's ) ) ( NNS proposals ) ) ( VP ( VBD followed ) ( NP ( NP ( NNS discussions ) ) ( PP ( IN with ) ( NP ( NNP Mr. ) ( NNP Baker ) ) ) ) ) ) ) ( NP-SBJ ( NNS speculations ) ) ( VP ( VBD arose ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBD was ) ( VP ( VBG seeking ) ( NP ( NP ( DT an ) ( NN accommodation ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNS Soviets ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Central ) ( NNP America ) ) ) ) ) ) ) ) ) )

Since Mr. Shevardnadze 's proposals followed discussions with Mr. Baker speculations arose that the Bush administration was seeking an accommodation with the Soviets in Central America


( S ( NP-SBJ ( DT This ) ( NN scheme ) ) ( VP ( MD would ) ( VP ( VB fit ) ( NP ( NP ( DT the ) ( NNP Arias ) ( NNP Plan ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD declared ) ( NP ( NP ( DT a ) ( JJ false ) ( NN symmetry ) ) ( PP ( IN between ) ( NP ( NP ( NP ( NNP Soviet ) ( JJ military ) ( NN aid ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ Sandinista ) ( NN dictatorship ) ) ) ) ( CC and ) ( NP ( NP ( DT that ) ) ( VP ( VBN provided ) ( PP ( IN by ) ( NP-LGS ( NNP Washington ) ) ) ( PP-DTV ( TO to ) ( NP ( ADJP ( RB freely ) ( VBN elected ) ) ( NNS governments ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This scheme would fit the Arias Plan which declared a false symmetry between Soviet military aid to the Sandinista dictatorship and that provided by Washington to freely elected governments


( S ( ADVP ( RB Furthermore ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB encourage ) ( NP ( NP ( NP ( DT those ) ) ( PP-LOC ( IN on ) ( NP ( NNP Capitol ) ( NNP Hill ) ) ) ) ( VP ( VBG asking ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS cuts ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN assistance ) ) ( PP ( TO to ) ( NP ( NNP El ) ( NNP Salvador ) ) ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP President ) ( NNP Cristiani ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB bend ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS demands ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Marxist ) ( NNS guerrillas ) ) ) ) ) ) ) ) ) ) )

Furthermore it is also likely to encourage those on Capitol Hill asking for cuts in the assistance to El Salvador if President Cristiani does not bend to demands of the Marxist guerrillas


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ sad ) ( NN condition ) ) ( PP ( IN of ) ( NP ( NP ( NNP U.S. ) ( NN policy ) ) ( PP-LOC ( IN in ) ( NP ( NNP Central ) ( NNP America ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB best ) ) ( VP ( VBN depicted ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ recent ) ( NN end ) ) ( PP ( TO to ) ( NP ( NP ( NNP U.S. ) ( NN sponsorship ) ) ( PP ( IN of ) ( NP ( NNP Radio ) ( NNP Costa ) ( NNP Rica ) ) ) ) ) ) ) ) ) )

The sad condition of U.S. policy in Central America is best depicted by the recent end to U.S. sponsorship of Radio Costa Rica


( S ( PP-TMP ( IN In ) ( NP ( CD 1984 ) ) ) ( NP-SBJ ( DT the ) ( NNP Costa ) ( NNP Rican ) ( NN government ) ) ( VP ( VBD requested ) ( NP ( NN help ) ( S ( VP ( TO to ) ( VP ( VB establish ) ( NP ( DT a ) ( NN radio ) ( NN station ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ northern ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN country ) ) ) ( VP ( VBN flooded ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS airwaves ) ) ( PP ( IN of ) ( NP ( JJ Sandinista ) ( NN propaganda ) ) ) ) ) ) ) ) ) ) ) ) ) )

In 1984 the Costa Rican government requested help to establish a radio station in the northern part of the country flooded by airwaves of Sandinista propaganda


( S ( S-NOM-SBJ ( VP ( VBG Recovering ) ( NP ( JJ radiophonic ) ( NN sovereignty ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN purpose ) ) ( PP ( IN of ) ( NP ( NP ( NNP Radio ) ( NNP Costa ) ( NNP Rica ) ) ( VP ( VP ( VBN funded ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP U.S. ) ) ) ) ( CC and ) ( VP ( VBN affiliated ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NNP Voice ) ) ( PP ( IN of ) ( NP ( NNP America ) ) ) ( PRN ( NP ( NNP VOA ) ) ) ) ) ) ) ) ) ) ) )

Recovering radiophonic sovereignty was the purpose of Radio Costa Rica funded by the U.S. and affiliated with the Voice of America VOA


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS months ) ) ( RB ago ) ) ( NP-SBJ-1 ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( DT this ) ( NN cooperation ) ) ) ) ) ( S-ADV ( VP ( VBG leaving ) ( S ( NP-SBJ ( NNP Radio ) ( NNP Costa ) ( NNP Rica ) ) ( VP ( VBG operating ) ( PP-MNR ( IN on ) ( NP ( DT a ) ( NN shoestring ) ) ) ) ) ) ) ) )

A few months ago the Bush administration decided to stop this cooperation leaving Radio Costa Rica operating on a shoestring


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NN news ) ( NNS reports ) ) ) ) ( NP-SBJ ( DT the ) ( JJ abrupt ) ( NN termination ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ due ) ( PP ( TO to ) ( NP ( NNS fears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP VOA ) ( NNS transmissions ) ) ( VP ( MD could ) ( VP ( VB interfere ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN peace ) ( NN process ) ) ) ) ) ) ) ) ) ) ) )

According to news reports the abrupt termination was due to fears that VOA transmissions could interfere with the peace process


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN meantime ) ) ) ( NP-SBJ ( NNP Russia ) ) ( VP ( VBD gave ) ( NP ( NNP Nicaragua ) ) ( NP ( NP ( DT another ) ( JJ powerful ) ( NN radio ) ( NN transmitter ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN installed ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Esteli ) ) ) ) ) ) ) ) ) ) ) ) )

In the meantime Russia gave Nicaragua another powerful radio transmitter which has been installed in the city of Esteli


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG reaching ) ( UCP ( NP ( DT the ) ( JJ entire ) ( JJ Caribbean ) ( NN area ) ) ( CC and ) ( PP ( ADVP ( JJ deep ) ) ( IN into ) ( NP ( NNP North ) ( NNP America ) ) ) ) ) ) ) ) ) )

It is capable of reaching the entire Caribbean area and deep into North America


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( PRP$ its ) ( JJ loud ) ( NN signal ) ) ( VP ( MD may ) ( VP ( VB generate ) ( NP ( NP ( DT some ) ( NN awareness ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ-1 ( DT the ) ( JJ Soviet ) ( NN condominium ) ) ( VP ( VBG being ) ( VP ( VBN created ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN isthmus ) ) ) ( ADVP ( NNS thanks ) ( PP ( TO to ) ( NP ( NNP U.S. ) ( NN default ) ) ) ) ) ) ) ) ) ) ) )

Perhaps its loud signal may generate some awareness of the Soviet condominium being created in the isthmus thanks to U.S. default


( S ( NP-SBJ ( NP ( DT The ) ( JJ Soviet ) ( NN entrenchment ) ) ( PP-LOC ( IN in ) ( NP ( NNP Nicaragua ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ alarming ) ) ( PP ( IN for ) ( NP ( NP ( NNP Costa ) ( NNP Rica ) ) ( NP ( NP ( DT a ) ( JJ peaceful ) ( NN democracy ) ) ( PP ( IN without ) ( NP ( DT an ) ( NN army ) ) ) ) ) ) ) )

The Soviet entrenchment in Nicaragua is alarming for Costa Rica a peaceful democracy without an army


( S ( S-ADV ( VP ( VBN Questioned ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ( PP-CLR ( IN about ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( MD would ) ( VP ( VB happen ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP$ his ) ( JJ much-heralded ) ( NN peace ) ( NN plan ) ) ( VP ( MD would ) ( VP ( VB fail ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( NNP President ) ( NNP Arias ) ) ( VP ( VBD voiced ) ( NP ( NP ( NNS expectations ) ) ( PP ( IN of ) ( NP ( JJ direct ) ( NNP U.S. ) ( NN action ) ) ) ) ) )

Questioned in Washington about what would happen if his much-heralded peace plan would fail President Arias voiced expectations of direct U.S. action


( S ( NP-SBJ ( NP ( DT A ) ( NN poll ) ) ( VP ( VBN conducted ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN Gallup ) ( NN affiliate ) ) ) ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( CD 64 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS Costa ) ( NNS Ricans ) ) ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP$ their ) ( NN country ) ) ( VP ( VBZ is ) ( ADVP-MNR ( RB militarily ) ) ( VP ( VBN attacked ) ( PP ( IN by ) ( NP-LGS ( DT either ) ( NNP Nicaragua ) ( CC or ) ( NNP Panama ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD will ) ( VP ( VB come ) ( PP-DIR ( TO to ) ( NP ( PRP$ its ) ( NN defense ) ) ) ) ) ) ) ) ) ) ) )

A poll conducted in July by a Gallup affiliate showed that 64 % of Costa Ricans believe that if their country is militarily attacked by either Nicaragua or Panama the U.S. will come to its defense


( S ( CC But ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( NNS events ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Panama ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBZ has ) ( NP ( JJ such ) ( JJ clear ) ( JJ strategic ) ( NNS interests ) ) ) ) ) ) ) ) ) ) ) ( S-NOM-SBJ-2 ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NNP Delta ) ( NNP Force ) ) ) ) ) ( VP ( MD may ) ( VP ( VB prove ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ dangerous ) ( NN gambit ) ) ) ) ) ) ) )

But in the light of events in Panama where the U.S. has such clear strategic interests waiting for the Delta Force may prove to be a dangerous gambit


( S ( NP-SBJ ( NNP Mr. ) ( NNP Daremblum ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN lawyer ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN columnist ) ) ( PP ( IN for ) ( NP ( NNP La ) ( NNP Nacion ) ( NN newspaper ) ) ) ) ) ) )

Mr. Daremblum is a lawyer and a columnist for La Nacion newspaper


( S ( NP-SBJ ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc. ) ) ( VP ( VBD lost ) ( NP ( NP ( PRP$ its ) ( JJ second ) ( JJ recent ) ( NN arbitration ) ( NN case ) ) ( VP ( VBG involving ) ( NP ( DT a ) ( JJ former ) ( JJ bond-trading ) ( NN executive ) ) ) ) ) )

Dean Witter Reynolds Inc. lost its second recent arbitration case involving a former bond-trading executive


( S ( NP-SBJ ( DT A ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN arbitration ) ( NN panel ) ) ( VP ( VBN ordered ) ( NP-1 ( NNP Dean ) ( NNP Witter ) ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NP ( CD 404,294 ) ) ( PP ( IN in ) ( NP ( JJ back ) ( NNS bonuses ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP William ) ( NNP Kelly ) ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ former ) ( NN head ) ) ( PP ( IN of ) ( NP ( JJ high-yield ) ( JJ high-risk ) ( NN junk-bond ) ( NN trading ) ( CC and ) ( NNS sales ) ) ) ) ) ) ) ) ) ) )

A New York Stock Exchange arbitration panel ordered Dean Witter to pay 404,294 in back bonuses to William Kelly the company 's former head of high-yield high-risk junk-bond trading and sales


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD awarded ) ( NP-1 ( NP ( CD 196,785 ) ) ( PP ( IN in ) ( NP ( JJ back ) ( NNS bonuses ) ) ) ) ( PP-DTV-2 ( TO to ) ( NP ( JJ former ) ( NN trader ) ( NNP Michael ) ( NNP Newcomb ) ) ) ) ( CC and ) ( VP ( NP=1 ( NP ( CD 69,105 ) ) ( PP ( IN in ) ( NP ( NNS fees ) ) ) ) ( PP-DTV=2 ( TO to ) ( NP ( NP ( DT the ) ( CD two ) ( NNS men ) ( POS 's ) ) ( NNS attorneys ) ) ) ) ) )

It also awarded 196,785 in back bonuses to former trader Michael Newcomb and 69,105 in fees to the two men 's attorneys


( S ( NP-SBJ ( NP ( DT The ) ( NNS sums ) ) ( VP ( VBN awarded ) ( PP-DTV ( TO to ) ( NP ( NNS Messrs. ) ( NNP Kelly ) ( CC and ) ( NNP Newcomb ) ) ) ) ) ( VP ( VBP represent ) ( NP ( NP ( NNS bonuses ) ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS men ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD deserved ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD were ) ( RB n't ) ( VP ( VBN paid ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN over ) ( NP ( DT an ) ( NN incentive ) ( NN contract ) ) ) ) ) ) ) ) ) ) ) ) )

The sums awarded to Messrs. Kelly and Newcomb represent bonuses the two men said they deserved from the first half of 1988 but which were n't paid because of a dispute over an incentive contract


( S ( NP-SBJ ( NP ( NNP Jeffrey ) ( NNP L. ) ( NNP Liddle ) ) ( NP ( NP ( NP ( DT the ) ( CD two ) ( NNS men ) ( POS 's ) ) ( NN attorney ) ) ( PP-LOC ( IN at ) ( NP ( NNP Liddle ) ( NNP O'Connor ) ( NNP Finkelstein ) ( CC & ) ( NNP Robinson ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Kelly ) ) ( VP ( VBD began ) ( S ( VP ( VBG working ) ( PP-LOC ( IN at ) ( NP ( NNP Dean ) ( NNP Witter ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) )

Jeffrey L. Liddle the two men 's attorney at Liddle O'Connor Finkelstein & Robinson said Mr. Kelly began working at Dean Witter in 1987


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kelly ) ) ( VP ( VBD built ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ high-yield ) ( NN bond ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ minor ) ( NN player ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN arena ) ) ) ) ) ) ) ) ) ) )

Mr. Kelly built the company 's high-yield bond group which has been a minor player in the junk-bond arena


( S ( S ( NP-SBJ ( NNP Dean ) ( NNP Witter ) ) ( VP ( VBD lost ) ( NP ( NP ( DT a ) ( JJ separate ) ( NN case ) ) ( VP ( VBG involving ) ( NP ( DT a ) ( JJ former ) ( NN bond ) ( NN executive ) ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ( S ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD paid ) ( NP ( NP ( CD 666,666 ) ) ( PP ( IN in ) ( NP ( NP ( JJ back ) ( NN pay ) ) ( CC and ) ( NP ( DT a ) ( NN bonus ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( DT a ) ( JJ former ) ( JJ corporate-bond ) ( NN trading ) ( NN chief ) ) ( NP ( NNP Harold ) ( NNP Bachman ) ) ) ) ) ) )

Dean Witter lost a separate case involving a former bond executive earlier this year in August it paid 666,666 in back pay and a bonus to a former corporate-bond trading chief Harold Bachman


( S ( NP-SBJ ( DT That ) ( NN award ) ) ( VP ( VBD ended ) ( NP ( NP ( DT a ) ( NN dispute ) ) ( PP ( IN between ) ( NP ( NP ( NNP Dean ) ( NNP Witter ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Bachman ) ) ) ) ( PP ( IN over ) ( SBAR-NOM ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( JJ certain ) ( JJ bond-trading ) ( NNS losses ) ) ( PP-TMP ( IN around ) ( NP ( NP ( DT the ) ( NN time ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1987 ) ( NN stock-market ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That award ended a dispute between Dean Witter and Mr. Bachman over who was responsible for certain bond-trading losses around the time of the 1987 stock-market crash


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( NNP Dean ) ( NNP Witter ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Sears ) ( NNP Roebuck ) ( CC & ) ( NNP Co. ) ) ) ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

A spokesman for Dean Witter a unit of Sears Roebuck & Co. declined to comment


( S ( NP-SBJ-1 ( NNP Westmoreland ) ( NNP Coal ) ( NNP Co. ) ) ( S-ADV ( VP ( VBG realizing ) ( NP ( NP ( NNS benefits ) ) ( PP ( IN of ) ( NP ( DT a ) ( VBN sustained ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ( CC and ) ( VP ( VB boost ) ( NP ( NN productivity ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD reported ) ( NP ( ADJP ( RB sharply ) ( VBN improved ) ) ( JJ third-quarter ) ( NNS results ) ) ) )

Westmoreland Coal Co. realizing benefits of a sustained effort to cut costs and boost productivity reported sharply improved third-quarter results


( S ( NP-SBJ ( NP ( DT The ) ( NN producer ) ( CC and ) ( NN marketer ) ) ( PP ( IN of ) ( NP ( JJ low-sulfur ) ( NN coal ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 5.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 71 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 145.4 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

The producer and marketer of low-sulfur coal said net income for the quarter was 5.9 million or 71 cents a share on revenue of 145.4 million


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( CD 520,000 ) ) ( CC or ) ( NP ( NP ( CD six ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

For the year-earlier period the company reported a loss of 520,000 or six cents a share


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJS latest ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 8.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.03 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In the latest nine months the company earned 8.5 million or 1.03 a share


( S ( NP-SBJ ( NP ( NP ( JJ Last ) ( NN year ) ( POS 's ) ) ( JJ net ) ( NN loss ) ) ( PP ( IN of ) ( NP ( CD 3,524,000 ) ) ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( NN benefit ) ) ( PP ( IN of ) ( NP ( CD 1,640,000 ) ) ) ( PP ( IN from ) ( NP ( DT an ) ( NN accounting ) ( NN change ) ) ) ) ) )

Last year 's net loss of 3,524,000 included a benefit of 1,640,000 from an accounting change


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 449 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 441.1 ) ( CD million ) ) ) ) ) )

Revenue for the nine months rose to 449 million from 441.1 million


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( NN interview ) ) ) ( NP-SBJ ( NP ( NNP Pemberton ) ( NNP Hutchinson ) ) ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ) ( VP ( VBD cited ) ( NP ( NP ( NP ( JJ several ) ( NNS reasons ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN improvement ) ) ) ) ( NP ( NP ( NP ( JJR higher ) ( NN employee ) ( NN productivity ) ) ( CC and ) ( NP ( NP ( JJ good ) ( NN natural ) ( NNS conditions ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS mines ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( JJR lower ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( NP ( NNS materials ) ) ( NP ( JJ administrative ) ( NN overhead ) ) ( CC and ) ( NP ( NN debt ) ( NN interest ) ) ) ) ) ) ) ) )

In an interview Pemberton Hutchinson president and chief executive cited several reasons for the improvement higher employee productivity and good natural conditions in the mines as well as lower costs for materials administrative overhead and debt interest


( S-1 ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJS latest ) ( CD nine ) ( NNS months ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Hutchinson ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( JJ total ) ( NN coal ) ( NNS sales ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 14.6 ) ( CD million ) ) ( NNS tons ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( RB about ) ( CD 14.3 ) ( CD million ) ) ( NNS tons ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

In the latest nine months Mr. Hutchinson said total coal sales rose to about 14.6 million tons from about 14.3 million tons a year earlier


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( JJ long-term ) ( NN debt ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( RBR trimmed ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 72 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 96 ) ( CD million ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP Jan. ) ( CD 1 ) ) ) ) ) ) )

In addition long-term debt has been trimmed to about 72 million from 96 million since Jan. 1


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN debt ) ( NN ratio ) ) ( VP ( MD will ) ( VP ( VB improve ) ( ADVP-EXT ( RBR further ) ) ( PP-TMP ( IN in ) ( NP ( JJ coming ) ( NNS quarters ) ) ) ) ) ) ) ) )

He predicted the debt ratio will improve further in coming quarters


( S ( NP-SBJ ( NP ( NNP Westmoreland ) ( POS 's ) ) ( NN strategy ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB retain ) ( CC and ) ( VB expand ) ( NP ( NP ( PRP$ its ) ( NN core ) ( NN business ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG mining ) ( CC and ) ( VBG selling ) ( NP ( JJ low-sulphur ) ( NN coal ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Appalachia ) ( NN region ) ) ) ) ) ) ) ) ) ) ) )

Westmoreland 's strategy is to retain and expand its core business of mining and selling low-sulphur coal in the Appalachia region


( S ( NP-SBJ ( DT The ) ( NN operating ) ( NN territory ) ) ( VP ( VBZ includes ) ( NP ( NP ( NN coal ) ( NNS terminals ) ) ( PP-LOC ( PP ( IN on ) ( NP ( DT the ) ( NNP Ohio ) ( NNP River ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( NNP Newport ) ( NNP News ) ) ( NP ( NNP Va ) ) ) ) ) ) ) )

The operating territory includes coal terminals on the Ohio River and in Newport News Va


( S ( NP-SBJ ( NNP Westmoreland ) ) ( VP ( VBZ exports ) ( NP ( NP ( QP ( RB about ) ( DT a ) ( JJ fourth ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN coal ) ( NN tonnage ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( JJ significant ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NP ( JJ metallurgical ) ( NN coal ) ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NNS others ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS steelmakers ) ) ( ADVP-LOC ( RB overseas ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Westmoreland exports about a fourth of its coal tonnage including a significant amount of metallurgical coal produced by others that is used by steelmakers overseas


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT the ) ( JJ past ) ( NN couple ) ) ( PP ( IN of ) ( NP ( NNS years ) ) ) ) ) ( NP-SBJ ( NNP Westmoreland ) ) ( VP ( VBZ has ) ( VP ( VBN undertaken ) ( NP ( NP ( DT an ) ( JJ aggressive ) ( NN streamlining ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNS aspects ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN business ) ) ) ) ) ) ) ) )

For the past couple of years Westmoreland has undertaken an aggressive streamlining of all aspects of its business


( S ( NP-SBJ-1 ( NP ( JJ Marginal ) ( NNS operations ) ) ( CC and ) ( NP ( NNS assets ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN sold ) ) ) ) )

Marginal operations and assets have been sold


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN size ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN board ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN reduced ) ( PP-DIR ( TO to ) ( NP ( CD eight ) ( NNS directors ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 13 ) ) ) ) ) ) )

The size of the company 's board has been reduced to eight directors from 13


( S ( NP-SBJ-1 ( NP ( QP ( RB About ) ( CD 140 ) ) ( JJ salaried ) ( NN management ) ( NNS jobs ) ) ( CC and ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( JJ hourly ) ( NN wage ) ( NNS positions ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN eliminated ) ) ) ) )

About 140 salaried management jobs and hundreds of hourly wage positions have been eliminated


( S ( NP-SBJ-1 ( RB Even ) ( NNS perks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN reduced ) ) ) ) )

Even perks have been reduced


( S ( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ chief ) ( NN executive ) ) ( NP ( PRP himself ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ pays ) ( NP ( NP ( CD 20 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN health ) ( NNS benefits ) ) ) ) ) ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD used ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( CD 100 ) ( NN % ) ) ) ) ) ) ) )

For example the chief executive himself now pays 20 % of the cost of his health benefits the company used to pay 100 %


( S ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( S ( NP-SBJ-1 ( DT the ) ( NN ship ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN righted ) ) ) ) ( S ( NP-SBJ-2 ( DT the ) ( NNS bilges ) ) ( VP ( VBP are ) ( VP ( VBN pumped ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN on ) ( NP ( NN course ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hutchinson ) ) ( VP ( VBD said ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN restructuring ) ( NN program ) ) ) ) )

I think the ship is now righted the bilges are pumped and we are on course Mr. Hutchinson said of the restructuring program


( S ( NP-SBJ-3 ( NP ( RB Much ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBD set ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN completed ) ) ) )

Much of what we set out to do is completed


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD cautioned ) ( SBAR ( DT that ) ( S ( S ( NP-SBJ ( NP ( NNP Westmoreland ) ( POS 's ) ) ( JJ third ) ( NN quarter ) ) ( VP ( VBZ is ) ( ADVP ( RB typically ) ) ( ADJP-PRD ( ADVP ( JJR better ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ fourth ) ) ) ) ) ) ( IN so ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD should ) ( RB n't ) ( ADVP ( RB just ) ) ( VP ( VP ( VB multiply ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP-CLR ( IN by ) ( NP ( CD four ) ) ) ) ( CC and ) ( VP ( VB assume ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ same ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN improvement ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN sustained ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he cautioned that Westmoreland 's third quarter is typically better than the fourth so investors should n't just multiply the third quarter by four and assume the same rate of improvement can be sustained


( S-1 ( NP-SBJ ( CD One ) ( NN difference ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBZ has ) ( NP ( ADJP ( RB significantly ) ( JJR fewer ) ) ( NNS workdays ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS holidays ) ) ( CC and ) ( NP ( DT the ) ( NN hunting ) ( NN season ) ) ) ) ) ) ) ) )

One difference he said is that the fourth quarter has significantly fewer workdays because of holidays and the hunting season


( S ( S-TPC-2 ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NN impression ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN everybody ) ) ( VP ( MD can ) ( VP ( VB relax ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I do n't want to give the impression that everybody can relax now he said


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( VP ( VBG working ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG improving ) ( NP ( PRP$ our ) ( NN core ) ( NN business ) ) ) ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB stay ) ( ADJP-PRD ( JJ efficient ) ) ) ) ) ) )

We have to keep working at improving our core business to stay efficient


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN process ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( ADVP-TMP ( RB never ) ) ( ADVP ( RB really ) ) ( VP ( VBZ ends ) ) ) ) ) ) )

It 's a process that never really ends


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hutchinson ) ) ( VP ( VBD predicted ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( CD 1989 ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( RB solidly ) ( JJ profitable ) ) ( PP ( IN for ) ( NP ( NNP Westmoreland ) ) ) ) ) ) ) ( CC and ) ( SBAR ( DT that ) ( S ( NP-SBJ ( CD 1990 ) ) ( VP ( MD would ) ( VP ( VB bring ) ( NP ( NP ( JJR more ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ same ) ) ) ) ) ) ) ) ) ) )

Nevertheless Mr. Hutchinson predicted that 1989 would be solidly profitable for Westmoreland and that 1990 would bring more of the same


( S ( PP ( IN For ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( DT an ) ( JJ after-tax ) ( NN operating ) ( NN loss ) ) ( PP ( IN of ) ( NP ( CD 134,000 ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 593.5 ) ( CD million ) ) ) ) ) ) ) )

For all of 1988 the company reported an after-tax operating loss of 134,000 on revenue of 593.5 million


( S ( NP-SBJ ( DT An ) ( NN accounting ) ( NN adjustment ) ) ( VP ( VBD made ) ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( NP-PRD ( NP ( QP ( CD 1.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 18 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

An accounting adjustment made net income 1.5 million or 18 cents a share


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ complements ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ basic ) ( NN strategy ) ) ) ) ) ) ) ( NP-SBJ ( PRP$ its ) ( NNP Westmoreland ) ( NNP Energy ) ( NNP Inc. ) ( NN unit ) ) ( VP ( VBZ is ) ( VP ( VBG developing ) ( NP ( CD four ) ( JJ coal-fired ) ( NN cogeneration ) ( NNS plants ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( NNP Virginia ) ) ) ) ) ) ) )

In a move that complements the company 's basic strategy its Westmoreland Energy Inc. unit is developing four coal-fired cogeneration plants with a partner in Virginia


( S ( NP-SBJ ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN coal ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS plants ) ) ( VP ( VB buy ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB come ) ( PP-DIR ( IN from ) ( NP ( NNP Westmoreland ) ( NNS mines ) ) ) ) ) )

Some of the coal the plants buy will come from Westmoreland mines


( S ( NP-SBJ ( NNP Mr. ) ( NNP Hutchinson ) ) ( VP ( VBD predicted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN unit ) ( POS 's ) ) ( NN contribution ) ) ( PP ( TO to ) ( NP ( NN company ) ( NNS results ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1990s ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ exciting ) ) ) ) ) ) ) )

Mr. Hutchinson predicted that the unit 's contribution to company results in the 1990s will be exciting


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Westmoreland ) ) ( VP ( VBZ is ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( NP ( NP ( NN investment ) ( NNS stakes ) ) ( PP ( IN in ) ( NP ( NP ( JJ other ) ( NN cogeneration ) ( NNS plants ) ) ( ADJP ( JJ east ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Mississippi ) ( NNP River ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said Westmoreland is looking at investment stakes in other cogeneration plants east of the Mississippi River


( S ( NP-SBJ ( NNP Westmoreland ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NN energy ) ( NN demand ) ) ( VP ( TO to ) ( VP ( VB grow ) ( ADVP ( RB annually ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( CD 2.5 ) ( NN % ) ) ( NN range ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( NNS 1990s ) ) ) ) ) ) ) )

Westmoreland expects energy demand to grow annually in the 2.5 % range in the early 1990s


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( NP ( NP ( NN coal ) ( POS 's ) ) ( NN piece ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN action ) ) ) ) ( VP ( VBG growing ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hutchinson ) ) ( VP ( VBD said ) ) )

We see coal 's piece of the action growing Mr. Hutchinson said


( S ( S-TPC-2 ( NP-SBJ-1 ( NN Coal ) ( NNS prices ) ) ( SBAR-ADV ( IN while ) ( S ( RB not ) ( VP ( VBG skyrocketing ) ) ) ) ( VP ( MD will ) ( VP ( VB grow ) ( ADVP-EXT ( RB modestly ) ) ( PP ( IN in ) ( NP ( JJ real ) ( NNS terms ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP think ) ) )

Coal prices while not skyrocketing will grow modestly in real terms we think


( S ( NP-SBJ ( NP ( DT The ) ( NN disarray ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN credit ) ( NN crunch ) ) ( PP-LOC ( IN at ) ( NP ( NNP Campeau ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN offered ) ( NP ( JJ commercial ) ( NNS banks ) ) ( NP ( DT a ) ( JJ golden ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB play ) ( NP ( DT a ) ( JJR greater ) ( NN role ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( NN financing ) ( NP ( JJ billion-dollar ) ( NNS takeovers ) ) ) ) ) ) ) ) ) ) ) )

The disarray in the junk-bond market that began last month with a credit crunch at Campeau Corp. has offered commercial banks a golden opportunity to play a greater role in financing billion-dollar takeovers


( S ( CC But ) ( NP-SBJ-1 ( CD two ) ( JJ big ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN kicked ) ( NP ( DT those ) ( NNS chances ) ) ( ADVP-DIR ( RB away ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN moment ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ embarrassing ) ( NN failure ) ) ( PP ( IN of ) ( NP ( NP ( NNP Citicorp ) ) ( CC and ) ( NP ( NNP Chase ) ( NNP Manhattan ) ( NNP Corp. ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB deliver ) ( NP ( NP ( QP ( CD 7.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN bank ) ( VBG financing ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( VBN leveraged ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Airlines ) ( NN parent ) ( NNP UAL ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But two big New York banks seem to have kicked those chances away for the moment with the embarrassing failure of Citicorp and Chase Manhattan Corp. to deliver 7.2 billion in bank financing for a leveraged buy-out of United Airlines parent UAL Corp


( S ( PP-TMP ( IN For ) ( NP ( QP ( JJR more ) ( IN than ) ( DT a ) ) ( NN decade ) ) ) ( NP-SBJ ( NNS banks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG pressing ) ( NP ( NP ( NNP Congress ) ) ( CC and ) ( NP ( NN banking ) ( NNS regulators ) ) ) ( PP ( IN for ) ( NP ( VBN expanded ) ( NNS powers ) ( S ( VP ( TO to ) ( VP ( VB act ) ( PP-MNR ( IN like ) ( NP ( NNS securities ) ( NNS firms ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG playing ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJ lucrative ) ( NN takeover ) ( NN game ) ) ) ) ) ( PP ( PP ( IN from ) ( S-NOM ( VP ( VBG giving ) ( NP ( NP ( NNS mergers ) ) ( NN advice ) ) ) ) ) ( PP ( NP-ADV ( DT all ) ( DT the ) ( NN way ) ) ( TO to ) ( S-NOM ( VP ( VBG selling ) ( CC and ) ( VBG trading ) ( NP ( JJ high-yield ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For more than a decade banks have been pressing Congress and banking regulators for expanded powers to act like securities firms in playing Wall Street 's lucrative takeover game from giving mergers advice all the way to selling and trading high-yield junk bonds


( S ( NP-SBJ ( DT Those ) ( VBN expanded ) ( NNS powers ) ) ( VP ( VBD reached ) ( NP ( PRP$ their ) ( NN zenith ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Bankers ) ( NNP Trust ) ( NNP New ) ( NNP York ) ( NNP Corp. ) ) ( VP ( VBD provided ) ( NP ( NP ( NP ( NNS mergers ) ( NN advice ) ) ( NP ( DT an ) ( NN equity ) ( NN investment ) ) ( CC and ) ( NP ( NN bank ) ( NNS loans ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 3.65 ) ( CD billion ) ) ) ( VBN leveraged ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP Northwest ) ( NNP Airlines ) ( NN parent ) ( NNP NWA ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) )

Those expanded powers reached their zenith in July when Bankers Trust New York Corp. provided mergers advice an equity investment and bank loans for the 3.65 billion leveraged buy-out of Northwest Airlines parent NWA Inc


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ major ) ( NN selling ) ( NNS points ) ) ( VP ( VBN used ) ( PP ( IN by ) ( NP-LGS ( NNP Los ) ( NNP Angeles ) ( NN financier ) ( NNP Alfred ) ( NNP Checchi ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG getting ) ( S ( NP-SBJ ( DT the ) ( NN takeover ) ) ( VP ( VBD approved ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN deal ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB include ) ( NP ( DT any ) ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) )

One of the major selling points used by Los Angeles financier Alfred Checchi in getting the takeover approved was that the deal did n't include any junk bonds


( S ( NP-SBJ-1 ( DT That ) ) ( VP ( VBD was ) ( VP ( VBN seen ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN advantage ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG lobbying ) ( NP ( NP ( NN airline ) ( NNS employees ) ) ( CC and ) ( NP ( NNP Washington ) ( NNS regulators ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN approval ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN contested ) ( NN takeover ) ) ) ) ) ) ) ) ) ) ) ) )

That was seen as an advantage in lobbying airline employees and Washington regulators for approval of the contested takeover


( S ( NP-SBJ-1 ( NP ( DT All ) ( QP ( CD 3.35 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN debt ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN deal ) ) ) ) ( VP ( VBD was ) ( VP ( VBN supplied ) ( PP ( IN by ) ( NP-LGS ( NNS banks ) ) ) ) ) )

All 3.35 billion in debt for the deal was supplied by banks


( S ( NP-SBJ ( NP ( NNP Charles ) ( NNP Nathan ) ) ( NP ( NP ( NN co-head ) ) ( PP ( IN of ) ( NP ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ natural ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ-2 ( NNS banks ) ) ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-DIR ( IN beyond ) ( NP ( NP ( PRP$ their ) ( JJ bread-and-butter ) ( NN business ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG providing ) ( NP ( NP ( JJ senior ) ( NN debt ) ) ( PP ( IN for ) ( NP ( NNS buy-outs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Charles Nathan co-head of mergers and acquisitions at Salomon Brothers Inc. says it is natural for banks to try to expand beyond their bread-and-butter business of providing senior debt for buy-outs


( S-1 ( CC But ) ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN collapse ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( MD may ) ( VP ( VB tell ) ( NP ( PRP you ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ 's ) ( RB not ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB work ) ( ADVP-MNR ( RB that ) ( RB easily ) ) ) ) ) ) ) ) ) ) ) )

But the UAL collapse he says may tell you it 's not going to work that easily


( S ( NP-SBJ ( NP ( NNP David ) ( NNP Batchelder ) ) ( NP ( NP ( DT a ) ( NNS mergers ) ( NN adviser ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP La ) ( NNP Jolla ) ) ( NP ( NNP Calif. ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD aided ) ( NP ( NNP Los ) ( NNP Angeles ) ( NN investor ) ( NNP Marvin ) ( NNP Davis ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NNS bids ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP put ) ( NP ( DT both ) ( NNP UAL ) ( CC and ) ( NNP NWA ) ) ( PP-PUT ( IN in ) ( NP ( NN play ) ) ) ( PP-MNR ( IN as ) ( NP ( NN takeover ) ( NNS candidates ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NNS banks ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG preparing ) ( S ( VP ( TO to ) ( VP ( VB play ) ( NP ( DT a ) ( ADJP ( JJR larger ) ( CC and ) ( JJR larger ) ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( NN acquisition ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) )

David Batchelder a mergers adviser in La Jolla Calif. who aided Los Angeles investor Marvin Davis on the bids which put both UAL and NWA in play as takeover candidates this year says that banks have been preparing to play a larger and larger role in acquisition financing


( S ( NP-SBJ ( NNP Mr. ) ( NNP Batchelder ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( NP-SBJ ( NNS banks ) ) ( VP ( MD would ) ( ADVP ( RB normally ) ) ( VP ( VB have ) ( VP ( VBN loaned ) ( NP ( NP ( CD 65 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ total ) ( NN buy-out ) ( NN price ) ) ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ-1 ( DT the ) ( NNS loans ) ) ( VP ( VBN secured ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN target ) ( NN company ) ( POS 's ) ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Batchelder says that in the past banks would normally have loaned 65 % of a total buy-out price with the loans secured by the target company 's assets


( S ( NP-SBJ ( NP ( DT Another ) ( CD 20 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN borrowed ) ( NNS funds ) ) ) ) ( VP ( MD would ) ( VP ( VB come ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( TO to ) ( NP ( NNS investors ) ) ) ( PP ( IN of ) ( NP ( NP ( NN junk ) ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBP offer ) ( NP ( JJR less ) ( NN security ) ) ) ( CC and ) ( VP ( ADVP ( RB typically ) ) ( VBP carry ) ( NP ( NP ( JJR higher ) ( NNS yields ) ) ( PP ( IN than ) ( NP ( NN bank ) ( NNS loans ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another 20 % of the borrowed funds would come from the sale to investors of junk bonds which offer less security and typically carry higher yields than bank loans


( S-1 ( NP-SBJ ( NP ( NP ( NNP Mr. ) ( NNP Checchi ) ( POS 's ) ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NNP NWA ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Batchelder ) ) ( VP ( VBZ notes ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB probably ) ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ aggressive ) ) ) ( PP ( TO to ) ( NP ( VB date ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NN bank ) ( NN debt ) ) ( PP ( IN at ) ( NP ( NP ( CD 85 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN purchase ) ( NN price ) ) ) ) ) ) ) ) )

Mr. Checchi 's purchase of NWA Mr. Batchelder notes was probably the most aggressive to date with bank debt at 85 % of the purchase price


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Batchelder ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Citicorp ) ( POS 's ) ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( NN promise ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( DT the ) ( NNP UAL ) ( NN bank ) ( NN debt ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJ labor-management ) ( NN buy-out ) ( NN group ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ distressing ) ( PP ( TO to ) ( NP ( NP ( JJ potential ) ( NNS users ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ highly-confident ) ( NN letter ) ) ( PP ( IN from ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ) ) ) ) ) ) ) ) ) )

But Mr. Batchelder says that Citicorp 's failure to deliver on its promise to raise the UAL bank debt for a labor-management buy-out group is very distressing to potential users of a highly-confident letter from commercial banks


( S ( S ( NP-SBJ-1 ( NP ( PRP$ His ) ( NN client ) ) ( NP ( NNP Mr. ) ( NNP Davis ) ) ) ( VP ( VBD used ) ( NP ( NP ( ADVP ( RB just ) ) ( JJ such ) ( DT a ) ( NN letter ) ) ( PP ( IN from ) ( NP ( NNP Citicorp ) ) ) ) ( PP-LOC-CLR ( IN in ) ( S-NOM ( VP ( VBG pursuing ) ( NP ( NNP UAL ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( NNP Citicorp ) ) ( ADVP-TMP ( RBR later ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB work ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( VBG competing ) ( NNP UAL ) ( NN buy-out ) ( NN group ) ) ) ) ) ) ) ) )

His client Mr. Davis used just such a letter from Citicorp in pursuing UAL Citicorp later agreed to work with a competing UAL buy-out group


( S ( NP-SBJ-1 ( NP ( NNS Executives ) ) ( PP ( IN of ) ( NP ( NP ( NNP Citicorp ) ) ( CC and ) ( NP ( NNP Chase ) ( NNP Manhattan ) ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( PP ( IN on ) ( CC either ) ( NP ( DT the ) ( NNP UAL ) ( NN situation ) ) ) ( CC or ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( VBG changing ) ( NN nature ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNS banks ) ( POS ' ) ) ( NN role ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG financing ) ( NP ( NNS takeovers ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Executives of Citicorp and Chase Manhattan declined to comment on either the UAL situation or on the changing nature of banks ' role in financing takeovers


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NP ( NNP Campeau ) ( POS 's ) ) ( NNS problems ) ) ) ) ) ( NP-SBJ ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( VBD tumbled ) ( S-ADV ( VP ( VBG throwing ) ( PP-CLR ( IN into ) ( NP ( NN doubt ) ) ) ( NP ( NP ( DT the ) ( NN ability ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NNS acquirers ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB finance ) ( NP ( JJ large ) ( NNS takeovers ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT the ) ( NN help ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NN bond ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ) ) )

In the wake of Campeau 's problems prices of junk bonds tumbled throwing into doubt the ability of corporate acquirers to finance large takeovers with the help of junk bond sales


( S ( NP-SBJ ( NP ( NNP Mark ) ( NNP Solow ) ) ( NP ( NP ( JJ senior ) ( VBG managing ) ( NN director ) ) ( PP-LOC ( IN at ) ( NP ( NNP Manufacturers ) ( NNP Hanover ) ( NNP Trust ) ( NNP Co. ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN falloff ) ) ( PP-LOC ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( MD may ) ( ADVP ( RB yet ) ) ( VP ( VB open ) ( NP ( NP ( JJ new ) ( NN business ) ( NNS opportunities ) ) ) ( PP-CLR ( TO to ) ( NP ( NNS banks ) ) ) ( PP-LOC-1 ( IN in ) ( S-NOM ( VP ( NN structuring ) ( NP ( NNS takeovers ) ) ) ) ) ) ) ) ) ) )

Mark Solow senior managing director at Manufacturers Hanover Trust Co. says the falloff in junk bonds may yet open new business opportunities to banks in structuring takeovers


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ warns ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNS banks ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( JJ enough ) ( NN discipline ) ) ( SBAR ( S ( RB not ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( NNS loans ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( RB too ) ( JJ risky ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he warns that banks will have to have enough discipline not to make loans that are too risky


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NNP Manufacturers ) ( NNP Hanover ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ third-quarter ) ( NNS earnings ) ( NN report ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS fees ) ) ( PP ( IN from ) ( S-NOM ( VP ( VBG syndicating ) ( NP ( NNS loans ) ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNS banks ) ) ) ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 48 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 21 ) ( CD million ) ) ) ) ) ) ) ) )

In fact Manufacturers Hanover said in its third-quarter earnings report that fees from syndicating loans to other banks dropped 48 % to 21 million


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB take ) ( NP-CLR ( NN part ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS deals ) ) ) ) ) ( SBAR-TMP ( IN because ) ( S ( NP-SBJ ( PRP$ their ) ( NN credit ) ( NN quality ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ poor ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT a ) ( NN bank ) ( NN spokesman ) ) )

We did n't take part in a lot of deals because their credit quality was poor says a bank spokesman


( S ( NP-SBJ ( NP ( NNP James ) ( NNP B. ) ( NNP Lee ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( NNS syndications ) ) ( CC and ) ( NP ( JJ private ) ( NNS placements ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Chemical ) ( NNP Banking ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NNS banks ) ) ( VP ( MD can ) ( ADVP ( RB still ) ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( JJ credible ) ( NN offer ) ) ( PP ( IN of ) ( NP ( NP ( JJ one-stop ) ( NN shopping ) ) ( PP ( IN for ) ( NP ( NN takeover ) ( NN finance ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

James B. Lee head of syndications and private placements at Chemical Banking Corp. said he believes banks can still make a credible offer of one-stop shopping for takeover finance


( S ( PP-CLR-TPC-1 ( IN As ) ( NP ( NN evidence ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ cites ) ( NP ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN arrangement ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ final ) ( NN financing ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3 ) ( CD billion ) ) ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP American ) ( NNP Medical ) ( NNP International ) ( NNP Inc. ) ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP Chemical ) ) ( VP ( VBD served ) ( PP-MNR ( IN as ) ( NP ( DT both ) ( NP ( DT the ) ( NN lead ) ( NN bank ) ) ( CC and ) ( NP ( DT an ) ( NN equity ) ( NN investor ) ) ) ) ) ) ) ) ) ) ) ) ) )

As evidence he cites yesterday 's arrangement for the final financing of a 3 billion bid for American Medical International Inc. in which Chemical served as both the lead bank and an equity investor


( S ( PP ( IN Beyond ) ( NP ( NP ( DT the ) ( JJ current ) ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ) ) ( NP-SBJ-1 ( NNS banks ) ) ( VP ( VBP have ) ( NP ( NP ( DT another ) ( NN advantage ) ) ( PP ( IN over ) ( NP ( NN investment ) ( NNS banks ) ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG financing ) ( NP ( VBN contested ) ( NNS takeovers ) ) ) ) ) ) )

Beyond the current weakness in the junk bond market banks have another advantage over investment banks in financing contested takeovers


( S ( NP-SBJ ( NP ( NNP Arthur ) ( NNP Fleischer ) ( NNP Jr. ) ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN lawyer ) ) ( PP-LOC ( IN at ) ( NP ( NNP Fried ) ( NNP Frank ) ( NNP Harris ) ( NNP Shriver ) ( CC & ) ( NNP Jacobson ) ) ) ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( ADJP ( JJ political ) ( CC and ) ( JJ emotional ) ) ( NN bias ) ) ) ( VP ( VBZ has ) ( VP ( VBN developed ) ( PP-1 ( IN against ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) )

Arthur Fleischer Jr. a takeover lawyer at Fried Frank Harris Shriver & Jacobson notes that a political and emotional bias has developed against junk bonds


( S ( NP-SBJ ( NP ( CD One ) ( JJ hostile ) ( NN bidder ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-MNR ( RB deliberately ) ) ( VP ( VBD avoided ) ( S ( VP ( VBG using ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NNP Paramount ) ( NNP Communications ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( JJ initial ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Time ) ( NNP Inc. ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 10.7 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 175 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) )

One hostile bidder who deliberately avoided using junk bonds was Paramount Communications Inc. in its initial offer to acquire Time Inc. for 10.7 billion or 175 a share


( S ( NP-SBJ ( DT A ) ( NNP Paramount ) ( NN spokesman ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( DT that ) ( NN decision ) ) ( VP ( VBD was ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( ADJP ( JJ financial ) ( RB not ) ( JJ political ) ) ( NNS drawbacks ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) )

A Paramount spokesman says that decision was based on the financial not political drawbacks of junk bonds


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS observers ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ-2 ( NNP Paramount ) ( NNP Chairman ) ( NNP Martin ) ( NNP Davis ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( DT the ) ( JJ possible ) ( NN taint ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN perceived ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( JJ corporate ) ( NN raider ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ his ) ( JJ controversial ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP Time ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But some observers believe Paramount Chairman Martin Davis wanted to avoid the possible taint of being perceived as a corporate raider in his controversial bid for Time


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN end ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Davis ) ) ( VP ( VBD used ) ( NP ( NN junk ) ( NNS bonds ) ) ( SBAR-PRP ( RB so ) ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( VP ( VB raise ) ( NP ( NP ( NNP Paramount ) ( POS 's ) ) ( NN bid ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 200 ) ) ( NP-SBJ ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

In the end Mr. Davis used junk bonds so that he could raise Paramount 's bid to 200 a share


( S ( NP-SBJ ( DT Some ) ( JJ Monday-morning ) ( NNS quarterbacks ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ initial ) ( JJR lower ) ( NN bid ) ) ( PP ( IN without ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN factor ) ) ( PP ( IN in ) ( S-NOM ( NP-SBJ ( PRP$ his ) ) ( VP ( VBG losing ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ) )

Some Monday-morning quarterbacks said the initial lower bid without junk bonds was a factor in his losing the company


( S ( NP-SBJ-1 ( NNP Time ) ) ( VP ( VBD eluded ) ( NP ( NNP Paramount ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( NNP Warner ) ( NNP Communications ) ( NNP Inc ) ) ) ) ) ) )

Time eluded Paramount by acquiring Warner Communications Inc


( S ( NP-SBJ-1 ( NP ( NP ( DT The ) ( NN success ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP NWA ) ( NN financing ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP UAL ) ( NN deal ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB highlight ) ( NP ( NP ( DT the ) ( JJ important ) ( JJ new ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( NN takeover ) ( NN financing ) ) ) ( VP ( VBG being ) ( VP ( VBD played ) ( PP ( IN by ) ( NP-LGS ( JJ Japanese ) ( NNS banks ) ) ) ) ) ) ) ) ) ) )

The success of the NWA financing and the failure of the UAL deal also seem to highlight the important new role in takeover financing being played by Japanese banks


( S ( NP-SBJ ( JJ Japanese ) ( NNS banks ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP NWA ) ( NN bank ) ( NN debt ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN report ) ) ( PP ( IN by ) ( NP ( NNP Transportation ) ( NNP Secretary ) ( NNP Samuel ) ( NNP Skinner ) ) ) ) ) ) ) )

Japanese banks accounted for 50 % of the NWA bank debt according to a report by Transportation Secretary Samuel Skinner


( S-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( JJ broad-scale ) ( NN rejection ) ) ( PP ( IN by ) ( NP ( JJ Japanese ) ( NNS banks ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD helped ) ( S ( VP ( VB seal ) ( NP ( NP ( DT the ) ( NN fate ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP UAL ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But it was broad-scale rejection by Japanese banks that helped seal the fate of the attempt to buy UAL


( S ( NP-SBJ-1 ( NNP Citicorp ) ( CC and ) ( NNP Chase ) ) ( VP ( VBP are ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB put ) ( PRT ( RP together ) ) ( NP ( DT a ) ( JJ new ) ( JJR lower ) ( NN bid ) ) ) ) ) ) ) )

Citicorp and Chase are attempting to put together a new lower bid


( S ( NP-SBJ ( NP ( NNP Takanori ) ( NNP Mizuno ) ) ( NP ( NP ( JJ chief ) ( NN economist ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNP Institute ) ) ( PP ( IN for ) ( NP ( NNP Financial ) ( NNP Affairs ) ( NNP Inc. ) ) ) ) ( NP ( NP ( DT a ) ( NNP Tokyo ) ( NN research ) ( NN center ) ) ( PP ( IN on ) ( NP ( NN finance ) ( CC and ) ( NNS economics ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( S ( S ( NP-SBJ ( DT The ) ( NN junk ) ( NN bond ) ( NN market ) ) ( VP ( VBD became ) ( ADJP-PRD ( RB very ) ( JJ jittery ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN fear ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ coming ) ( NN recession ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ possible ) ( NN bankruptcy ) ) ( PP ( IN of ) ( NP ( NNP LBO ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) )

Takanori Mizuno chief economist of the Institute for Financial Affairs Inc. a Tokyo research center on finance and economics says The junk bond market became very jittery and there 's a fear of a coming recession and the possible bankruptcy of LBO companies


( S ( NP-SBJ ( NNP Health ) ( NNP Care ) ( NNP Property ) ( NNP Investors ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( NP ( CD three ) ( JJ long-term ) ( NN care ) ( NNS facilities ) ) ( CC and ) ( NP ( CD one ) ( JJ assisted-living ) ( NN facility ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ purchase-and-lease ) ( NN transaction ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 15 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

Health Care Property Investors Inc. said it acquired three long-term care facilities and one assisted-living facility in a purchase-and-lease transaction valued at 15 million


( S ( NP-SBJ ( DT The ) ( JJ real ) ( NN estate ) ( NN investment ) ( NN trust ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD leased ) ( NP ( DT the ) ( CD three ) ( NNP Florida ) ( NNS facilities ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP National ) ( NNP Health ) ( NNP Care ) ( NNP Affiliates ) ( NNP Inc. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Buffalo ) ) ( NP ( NNP N.Y ) ) ) ) ) ) ) ) ) ) )

The real estate investment trust said that it leased the three Florida facilities to National Health Care Affiliates Inc. of Buffalo N.Y


( S ( NP-SBJ ( NNP Health ) ( NNP Care ) ( NNP Property ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT an ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( CD 139 ) ( NNS facilities ) ) ( PP-LOC ( IN in ) ( NP ( CD 30 ) ( NNS states ) ) ) ) ) ) ) )

Health Care Property holds an interest in 139 facilities in 30 states


( S ( NP-SBJ ( NP ( NNP Bell ) ( NNP Atlantic ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Southern ) ( NNP New ) ( NNP England ) ( NNP Telecommunications ) ) ) ( VP ( VBD posted ) ( NP ( JJ strong ) ( NN profit ) ( NNS gains ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNP Nynex ) ( NNP Corp. ) ) ( NP ( NNP Pacific ) ( NNP Telesis ) ( NNP Group ) ) ( CC and ) ( NP ( NNP U ) ( NNP S ) ( NNP West ) ( NNP Inc. ) ) ) ( VP ( VBD reported ) ( NP ( NNS earnings ) ( NNS declines ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN period ) ) ) ) ) ) ) )

Bell Atlantic Corp. and Southern New England Telecommunications posted strong profit gains for the third quarter while Nynex Corp. Pacific Telesis Group and U S West Inc. reported earnings declines for the period


( S ( NP-SBJ ( NP ( NN Rate ) ( NNS settlements ) ) ( PP-LOC ( IN in ) ( NP ( NNP Minnesota ) ( CC and ) ( NNP Colorado ) ) ) ) ( VP ( VBD depressed ) ( NP ( NP ( NNP U ) ( NNP S ) ( NNP West ) ( POS 's ) ) ( JJ third-quarter ) ( NN profit ) ) ) )

Rate settlements in Minnesota and Colorado depressed U S West 's third-quarter profit


( S ( NP-SBJ-1 ( JJ Denver-based ) ( NNP U ) ( NNP S ) ( NNP West ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 8.9 ) ( NN % ) ) ) ) ) ( S-ADV ( VP ( VBG noting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ( VP ( VBD included ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN building ) ) ) ( PP ( IN by ) ( NP ( PRP$ its ) ( NNP BetaWest ) ( NNP Properties ) ( NN unit ) ) ) ) ) ) ) ) ) ) )

Denver-based U S West said net income dropped 8.9 % noting that the year-ago quarter included the sale of a building by its BetaWest Properties unit


( S ( NP-SBJ ( NNP Revenue ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 4.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.3 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.4 ) ( CD billion ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NX ( NX ( JJ consumer-telephone ) ( NN sector ) ) ( NX ( JJ long-distance ) ( NN carrier ) ( NN business ) ) ( CC and ) ( NX ( JJ diversified ) ( NN division ) ) ) ) ) ) ) ) ) )

Revenue dropped 4.3 % to 2.3 billion from 2.4 billion reflecting declines in its consumer-telephone sector long-distance carrier business and diversified division


( S ( NP-SBJ ( NP ( NNP Revenue ) ) ( PP ( IN from ) ( NP ( JJ business-telephone ) ( NNS operations ) ) ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 3.3 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 618.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 599.4 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

Revenue from business-telephone operations grew 3.3 % to 618.9 million from 599.4 million a year ago


( S ( NP-SBJ ( JJ New ) ( NN telephone ) ( NNS lines ) ) ( VP ( VBD posted ) ( NP ( JJ healthy ) ( NN growth ) ) ) )

New telephone lines posted healthy growth


( S ( ADVP ( RB Overall ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 2.8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 12.1 ) ( CD million ) ) ) ) ( S-ADV ( VP ( VBG putting ) ( NP ( NNP U ) ( NNP S ) ( NNP West ) ) ( PP-PUT ( IN over ) ( NP ( DT the ) ( QP ( CD 12 ) ( CD million ) ) ( NN mark ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN time ) ) ) ) ) ) )

Overall they increased 2.8 % to 12.1 million putting U S West over the 12 million mark for the first time


( S ( NP-SBJ ( NN Business ) ( NNS lines ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 3.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.3 ) ( CD million ) ) ) ) ) )

Business lines increased 3.7 % to 3.3 million


( SINV ( S-TPC-2 ( PP ( IN On ) ( NP ( DT a ) ( ADJP ( RB truly ) ( JJ comparable ) ) ( NN basis ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ( NP ( NP ( JJ modest ) ( NNS earnings ) ( NN growth ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-1 ( IN from ) ( NP ( NP ( DT the ) ( NNS operations ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN company ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jack ) ( NNP MacAllister ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ) )

On a truly comparable basis we 've seen modest earnings growth this year from the operations of our company said Jack MacAllister chairman and chief executive officer


( S ( NP-SBJ ( DT The ) ( JJ major ) ( JJ negative ) ( NN factor ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ cumulative ) ( NN impact ) ) ( PP ( IN of ) ( NP ( JJ regulatory ) ( NN activity ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS years ) ) ) ) ) )

The major negative factor was the cumulative impact of regulatory activity over the past two years


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB be ) ( PP-PRD ( IN on ) ( NP ( NP ( NN target ) ) ( PP ( IN with ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS projections ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NN year ) ( NN end ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD conceded ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( VP ( VBZ represents ) ( NP ( DT a ) ( JJ significant ) ( NN challenge ) ) ) ) ) ) ) )

He said the company expects to be on target with analysts ' projections by year end but conceded that the fourth quarter represents a significant challenge


( S ( NP-SBJ ( NP ( NNS Expenses ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 11.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 664.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 747.7 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

Expenses in the quarter dropped 11.2 % to 664.3 million from 747.7 million a year ago


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ-1 ( NNP U ) ( NNP S ) ( NNP West ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 75 ) ( NNS cents ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 71.25 ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) ) ) ) )

Yesterday U S West shares rose 75 cents to close at 71.25 in New York Stock Exchange composite trading


( S ( NP-SBJ ( JJ Philadelphia-based ) ( NNP Bell ) ( NNP Atlantic ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( JJ net ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6.5 ) ( NN % ) ) ( S ( VP ( VBN aided ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( JJ strong ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ network-services ) ( NN business ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NN telephone ) ( NNS lines ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Philadelphia-based Bell Atlantic said net rose 6.5 % aided by strong growth in the network-services business and an increase in the number of new telephone lines


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 5.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.9 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.8 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ) ) )

Revenue jumped 5.6 % to 2.9 billion from 2.8 billion in the year-ago quarter


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( PP ( IN from ) ( NP ( ADJP ( JJ financial ) ( CC and ) ( JJ real-estate ) ) ( NNS services ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 23 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 177.4 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 144.1 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

Revenue from financial and real-estate services jumped 23 % to 177.4 million from 144.1 million a year ago


( S ( NP-SBJ ( NP ( JJ Network-access ) ( NN revenue ) ) ( PP ( IN from ) ( NP ( JJ long-distance ) ( NN telephone ) ( NNS companies ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 6.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 618.6 ) ( CD million ) ) ) ) ) )

Network-access revenue from long-distance telephone companies increased 6.4 % to 618.6 million


( S ( NP-SBJ ( NNP Bell ) ( NNP Atlantic ) ) ( VP ( VBD added ) ( NP ( CD 148,000 ) ( JJ new ) ( NN telephone ) ( NNS lines ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( CD 16.9 ) ( CD million ) ) ) ) ) ) ) )

Bell Atlantic added 148,000 new telephone lines in the quarter for a total of 16.9 million


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( JJ per-share ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADVP ( RB slightly ) ) ( VP ( VBN reduced ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 4.1 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NN treasury ) ( NN stock ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN company ) ( VBZ 's ) ) ( ADJP ( RB newly ) ( VBN formed ) ) ( NNP Employee ) ( NNP Stock ) ( NNP Ownership ) ( NNP Plans ) ) ) ) ) ) ) ) ) ) )

The company said per-share earnings were slightly reduced by the sale of 4.1 million shares of treasury stock to the company 's newly formed Employee Stock Ownership Plans


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ( NP-SBJ ( NNP Bell ) ( NNP Atlantic ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 100.625 ) ) ) ( ADVP ( RB up ) ( NP ( NP ( CD 1.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

In composite trading on the Big Board Bell Atlantic closed at 100.625 up 1.50 a share


( S ( PP-LOC ( IN At ) ( NP ( NNP Nynex ) ) ) ( NP-SBJ ( JJ net ) ) ( VP ( VBD slumped ) ( NP-EXT ( CD 14.8 ) ( NN % ) ) ( PP-PRP ( ADVP ( RB primarily ) ) ( IN because ) ( IN of ) ( NP ( NP ( NP ( DT a ) ( VBG continuing ) ( NN strike ) ) ( PP ( IN by ) ( NP ( CD 60,000 ) ( NNS employees ) ) ) ) ( NP ( NP ( JJ lower-than-expected ) ( NN profit ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NNP New ) ( NNP York ) ( NNP Telephone ) ( NN unit ) ) ) ) ( CC and ) ( NP ( ADJP ( RB significantly ) ( JJR higher ) ) ( NNS taxes ) ( CC and ) ( NNS costs ) ) ) ) ) )

At Nynex net slumped 14.8 % primarily because of a continuing strike by 60,000 employees lower-than-expected profit at its New York Telephone unit and significantly higher taxes and costs


( S ( NP-SBJ ( UCP ( NN State ) ( CC and ) ( JJ local ) ) ( NNS taxes ) ) ( VP ( VBD increased ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 131.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 99.1 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

State and local taxes increased to 131.3 million from 99.1 million a year ago


( S ( NP-SBJ ( NNP Nynex ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS expenses ) ) ( VP ( VP ( VBD rose ) ( NP-EXT ( CD 4.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.73 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.61 ) ( CD billion ) ) ) ) ) ( NP ( DT a ) ( ADJP ( QP ( CD 119 ) ( CD million ) ) ) ( NN increase ) ) ) ) ) ) )

Nynex said expenses rose 4.5 % to 2.73 billion from 2.61 billion a 119 million increase


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJR higher ) ( NNS costs ) ) ) ) ( VP ( VBD were ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS acquisitions ) ) ( CC and ) ( NP ( NP ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( JJ nonregulated ) ( NN business ) ( NNS units ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD added ) ) )

Most of the higher costs were associated with acquisitions and growth in nonregulated business units it added


( SINV ( S-TPC-2 ( NP-SBJ ( PRP$ Our ) ( JJ net ) ( NN income ) ) ( VP ( VBZ is ) ( RB n't ) ( SBAR-LOC-PRD ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD would ) ( VP ( VB want ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN point ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP C. ) ( NNP Ferguson ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) )

Our net income is n't where we would want it to be at this point said William C. Ferguson chairman and chief executive officer


( S ( NP-SBJ ( NP ( DT This ) ( NN deviation ) ) ( PP ( IN from ) ( NP ( PRP$ our ) ( JJ past ) ( NN growth ) ( NNS patterns ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN caused ) ( ADVP ( RB largely ) ) ( PP ( IN by ) ( NP-LGS ( NP ( JJR lower ) ( NNS earnings ) ) ( PP-LOC ( IN at ) ( NP ( NNP New ) ( NNP York ) ( NNP Telephone ) ) ) ) ) ) ) )

This deviation from our past growth patterns is caused largely by lower earnings at New York Telephone


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ferguson ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NP ( DT a ) ( VBN continued ) ( NN softness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP New ) ( NNP York ) ( NNP City ) ( NN area ) ( POS 's ) ) ( NN economy ) ) ) ) ( CC and ) ( NP ( NP ( VBN increased ) ( NN competition ) ) ( PP-LOC ( ADVP ( RB particularly ) ) ( IN in ) ( NP ( DT the ) ( JJ private-line ) ( NN market ) ) ) ) ) ( VP ( VBD took ) ( NP-CLR ( DT a ) ( NN heavy ) ( NN toll ) ) ( PP-CLR ( IN on ) ( NP ( NNS earnings ) ) ) ) ) ) ) )

Mr. Ferguson said a continued softness in New York City area 's economy and increased competition particularly in the private-line market took a heavy toll on earnings


( S ( NP-SBJ ( NP ( DT The ) ( JJ three-month-old ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( NNP Nynex ) ) ) ) ( ADVP ( RB seriously ) ) ( VP ( VBD hurt ) ( NP ( NP ( DT the ) ( NN installation ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NN telephone ) ( NNS lines ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) )

The three-month-old strike at Nynex seriously hurt the installation of new telephone lines in the quarter


( S ( NP-SBJ ( NNP Nynex ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN access ) ( NNS lines ) ) ( PP ( IN in ) ( NP ( NN service ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( JJ off ) ( NP ( CD 18,000 ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ previous ) ( NN quarter ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD reported ) ( NP ( NP ( DT an ) ( NN increase ) ) ( PP ( IN of ) ( NP ( CD 160,000 ) ( JJ new ) ( NN access ) ( NNS lines ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nynex said access lines in service at the end of the quarter were off 18,000 from the previous quarter which reported an increase of 160,000 new access lines


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.31 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3.18 ) ( CD billion ) ) ) ) ( PP ( ADVP ( RB mostly ) ) ( IN from ) ( NP ( NP ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP AGS ) ( NNP Computers ) ) ( CC and ) ( NP ( JJ robust ) ( JJ non-regulated ) ( NNS businesses ) ) ) ) ) ) ) )

Revenue rose to 3.31 billion from 3.18 billion mostly from acquisition of AGS Computers and robust non-regulated businesses


( S ( PP-LOC ( IN In ) ( NP ( NNP Big ) ( NNP Board ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Nynex ) ( NN common ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 81.125 ) ) ) ( ADVP ( RB up ) ( NP ( CD 1.625 ) ) ) ) )

In Big Board composite trading yesterday Nynex common closed at 81.125 up 1.625


( S ( NP-SBJ ( NP ( NNP Southern ) ( NNP New ) ( NNP England ) ( NNP Telecommunications ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD bolstered ) ( NP ( NP ( PRP$ its ) ( NN marketing ) ( NNS efforts ) ) ( PP ( IN for ) ( NP ( UCP ( NN telephone ) ( CC and ) ( JJ non-telephone ) ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ( VP ( VBD reported ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ net ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 8.1 ) ( NN % ) ) ) ) ) ) )

Southern New England Telecommunications which bolstered its marketing efforts for telephone and non-telephone subsidiaries reported that net increased 8.1 %


( S ( NP-SBJ ( NP ( NNP Walter ) ( NNP H. ) ( NNP Monteith ) ( NNP Jr. ) ) ( NP ( NNP SNET ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( NP ( JJ Innovative ) ( NN marketing ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNS products ) ( CC and ) ( NNS services ) ) ) ) ( VP ( VBD contributed ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NN revenue ) ) ) ) ) ) ) ) )

Walter H. Monteith Jr. SNET chairman and chief executive officer said Innovative marketing of our products and services contributed to increase revenue


( S ( NP-SBJ ( NN Revenue ) ( CC and ) ( NNS sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 7.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 423.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 394.4 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Revenue and sales increased 7.5 % to 423.9 million from 394.4 million a year earlier


( S ( NP-SBJ ( JJ Yellow ) ( NNS pages ) ( NN advertising ) ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 11.8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 41.2 ) ( CD million ) ) ) ) ) )

Yellow pages advertising sales rose 11.8 % to 41.2 million


( S ( NP-SBJ ( NP ( NP ( NN Cost ) ( CC and ) ( NNS expenses ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( PP ( VBG excluding ) ( NP ( NN interest ) ) ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 6.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 333.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 314 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT the ) ( NN year ) ) ( RB before ) ) ) ) )

Cost and expenses for the quarter excluding interest increased 6.1 % to 333.3 million from 314 million the year before


( S ( NP-SBJ ( NNP SNET ) ( NN common ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.25 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 85.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) )

SNET common rose 1.25 to 85.50 a share yesterday in composite trading on the Big Board


( S ( NP-SBJ ( ADJP ( NNP San ) ( JJ Francisco-based ) ) ( NNP Pacific ) ( NNP Telesis ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 12.6 ) ( NN % ) ) ( PP-PRP ( ADVP ( RB primarily ) ) ( IN because ) ( IN of ) ( NP ( JJ regulatory ) ( NN action ) ) ) ) ) ) ) )

San Francisco-based Pacific Telesis said net declined 12.6 % primarily because of regulatory action


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB about ) ( JJ flat ) ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 2.4 ) ( CD billion ) ) ) ) ) )

Revenue was about flat at 2.4 billion


( S ( NP-SBJ-1 ( NN Revenue ) ) ( VP ( VBD was ) ( VP ( VBN reduced ) ( NP-EXT ( QP ( CD 33 ) ( CD million ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( CD three ) ( JJ extraordinary ) ( NNS items ) ) ( NP ( NP ( NP ( DT a ) ( NNP California ) ( NNP Public ) ( NNP Utilities ) ( NNP Commission ) ( NN refund ) ) ( PP ( IN for ) ( NP ( DT an ) ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ( NN billing ) ( NN adjustment ) ) ) ) ( NP ( NP ( DT a ) ( NN provision ) ) ( PP ( IN for ) ( NP ( NP ( NN productivity ) ( NN sharing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN paid ) ( PP-DTV ( TO to ) ( NP ( NNS customers ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN accrual ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN toll ) ( NN settlement ) ) ( PP ( IN with ) ( NP ( JJ long-distance ) ( NN telephone ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) )

Revenue was reduced 33 million by three extraordinary items a California Public Utilities Commission refund for an American Telephone & Telegraph Co. billing adjustment a provision for productivity sharing to be paid to customers in 1990 and a one-time accrual for a toll settlement with long-distance telephone companies


( S ( PP ( VBG Excluding ) ( NP ( DT the ) ( JJ one-time ) ( NNS charges ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN posted ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 298 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 73 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

Excluding the one-time charges the company would have posted earnings of 298 million or 73 cents a share


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( QP ( CD 289 ) ( CD million ) ) ) ( NN rate ) ( NN reduction ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD went ) ( PP-CLR ( IN into ) ( NP ( NN effect ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) )

The company also was hurt by a 289 million rate reduction that went into effect in 1989


( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ good ) ( NN quarter ) ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NN business ) ( NNS fundamentals ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Sam ) ( NNP Ginn ) ) ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) )

This is a good quarter for us in terms of our business fundamentals said Sam Ginn chairman and chief executive officer


( S ( S ( NP-SBJ ( NNP Pacific ) ( NNP Telesis ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ new ) ( NN telephone ) ( NNS lines ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 4.5 ) ( NN % ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 13.5 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NN toll ) ( NNS calls ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 9.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 807 ) ( CD million ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS minutes ) ) ( PP ( IN of ) ( NP ( NN telephone ) ( NN usage ) ) ) ) ( VP ( VBD increased ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9.9 ) ( CD billion ) ) ) ) ) ) )

Pacific Telesis said new telephone lines increased 4.5 % for a total of about 13.5 million for the quarter toll calls increased 9.6 % to 807 million and minutes of telephone usage increased to 9.9 billion


( S ( PP-LOC ( IN In ) ( NP ( NNP Big ) ( NNP Board ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Pacific ) ( NNP Telesis ) ( NN common ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 45.50 ) ) ) ( ADVP ( RB up ) ( NP ( CD 87.5 ) ( NNS cents ) ) ) ) )

In Big Board composite trading yesterday Pacific Telesis common closed at 45.50 up 87.5 cents


( FRAG ( X ( SYM a ) ) ( VP ( VBZ Includes ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( CD 88.7 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN commonstock ) ( NN sale ) ) ( PP ( IN by ) ( NP ( NP ( NNP U ) ( NNP S ) ( NNP West ) ( POS 's ) ) ( NNP U ) ( NNP S ) ( NNP West ) ( NNP New ) ( NNP Vector ) ( NNP Group ) ) ) ) ) ) ) )

a Includes a one-time gain of 88.7 million from a commonstock sale by U S West 's U S West New Vector Group


( FRAG ( X ( SYM b ) ) ( VP ( VBZ Includes ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 41.3 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP FiberCom ) ) ) ) ) ) ) )

b Includes a 41.3 million gain on the sale of FiberCom


( S ( NP-SBJ ( NP ( JJ Electronic ) ( NN theft ) ) ( PP ( IN by ) ( NP ( NP ( ADJP ( JJ foreign ) ( CC and ) ( JJ industrial ) ) ( NNS spies ) ) ( CC and ) ( NP ( VBN disgruntled ) ( NNS employees ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG costing ) ( NP ( NNP U.S. ) ( NNS companies ) ) ( NP ( NNS billions ) ) ) ( CC and ) ( VP ( VBG eroding ) ( NP ( PRP$ their ) ( JJ international ) ( JJ competitive ) ( NN advantage ) ) ) ) ) )

Electronic theft by foreign and industrial spies and disgruntled employees is costing U.S. companies billions and eroding their international competitive advantage


( S ( NP-SBJ ( DT That ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN message ) ) ( VP ( VBN delivered ) ( PP ( IN by ) ( NP-LGS ( NN government ) ( CC and ) ( JJ private ) ( NN security ) ( NNS experts ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT an ) ( JJ all-day ) ( NN conference ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( JJ electronic ) ( NN espionage ) ) ) ) ) ) ) ) )

That was the message delivered by government and private security experts at an all-day conference on corporate electronic espionage


( SINV ( S-TPC-1 ( NP-SBJ ( ADJP ( JJ Hostile ) ( CC and ) ( RB even ) ( JJ friendly ) ) ( NNS nations ) ) ( ADVP ( RB routinely ) ) ( VP ( VP ( VBP steal ) ( NP ( NN information ) ) ( PP-CLR ( IN from ) ( NP ( NNP U.S. ) ( NNS companies ) ) ) ) ( CC and ) ( VP ( VBP share ) ( NP ( PRP it ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ their ) ( JJ own ) ( NNS companies ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Noel ) ( NNP D. ) ( NNP Matchett ) ) ( UCP ( NP ( NP ( DT a ) ( JJ former ) ( NN staffer ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ federal ) ( NNP National ) ( NNP Security ) ( NNP Agency ) ) ) ) ( CC and ) ( RRC ( ADVP-TMP ( RB now ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Information ) ( NNP Security ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Silver ) ( NNP Spring ) ) ( NP ( NNP Md ) ) ) ) ) ) ) ) ) )

Hostile and even friendly nations routinely steal information from U.S. companies and share it with their own companies said Noel D. Matchett a former staffer at the federal National Security Agency and now president of Information Security Inc. Silver Spring Md


( SINV ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( MD may ) ( ADVP ( RB well ) ) ( VP ( VB be ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( NP ( NN theft ) ) ( PP ( IN of ) ( NP ( NN business ) ( NNS data ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( ADJP ( RB as ) ( JJ serious ) ) ( DT a ) ( JJ strategic ) ( NN threat ) ) ( PP ( TO to ) ( NP ( JJ national ) ( NN security ) ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN threat ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN survival ) ) ( PP ( IN of ) ( NP ( VBN victimized ) ( NNP U.S. ) ( NNS firms ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michelle ) ( NNP Van ) ( NNP Cleave ) ) ( NP ( NP ( NP ( DT the ) ( NNP White ) ( NNP House ) ( POS 's ) ) ( JJ assistant ) ( NN director ) ) ( PP ( IN for ) ( NP ( NNP National ) ( NNP Security ) ( NNP Affairs ) ) ) ) ) )

It may well be that theft of business data is as serious a strategic threat to national security as it is a threat to the survival of victimized U.S. firms said Michelle Van Cleave the White House 's assistant director for National Security Affairs


( S ( NP-SBJ-1 ( DT The ) ( NN conference ) ) ( VP ( VBD was ) ( ADVP ( RB jointly ) ) ( VP ( VBN sponsored ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( NAC ( NNP New ) ( NNP York ) ( NNP Institute ) ( PP ( IN of ) ( NP ( NNP Technology ) ) ) ) ( NNP School ) ) ( PP ( IN of ) ( NP ( NNP Management ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Armed ) ( NNP Forces ) ( NNP Communications ) ( CC and ) ( NNP Electronics ) ( NNP Association ) ) ( NP ( DT a ) ( JJ joint ) ( NN industry-government ) ( NN trade ) ( NN group ) ) ) ) ) ) ) )

The conference was jointly sponsored by the New York Institute of Technology School of Management and the Armed Forces Communications and Electronics Association a joint industry-government trade group


( S-3 ( NP-SBJ-1 ( DT Any ) ( NN secret ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN pirated ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNS experts ) ) ( VP ( VBD said ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN transmitted ) ( PP-MNR ( IN over ) ( NP ( DT the ) ( NN air ) ) ) ) ) ) ) ) ) ) )

Any secret can be pirated the experts said if it is transmitted over the air


( S ( NP-SBJ ( RB Even ) ( NN rank ) ( NNS amateurs ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( PRP it ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP spend ) ( NP ( DT a ) ( JJ few ) ( CD thousand ) ( NNS dollars ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT a ) ( ADJP ( RB commercially ) ( JJ available ) ) ( NN microwave ) ( NN receiver ) ) ( PP ( IN with ) ( NP ( NN amplifier ) ) ) ) ( CC and ) ( NP ( DT a ) ( NNP VCR ) ( NN recorder ) ) ) ) ) ) ) ) ) )

Even rank amateurs can do it if they spend a few thousand dollars for a commercially available microwave receiver with amplifier and a VCR recorder


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBP need ) ( ADVP ( RB only ) ) ( S ( VP ( VP ( VB position ) ( NP ( PRP themselves ) ) ( PP-LOC-CLR ( IN near ) ( NP ( NP ( DT a ) ( NN company ) ( POS 's ) ) ( NN satellite ) ( NN dish ) ) ) ) ( CC and ) ( VP ( VB wait ) ) ) ) ) )

They need only position themselves near a company 's satellite dish and wait


( S ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( MD can ) ( VP ( VB have ) ( S ( NP-SBJ ( DT a ) ( NN dozen ) ( NNS competitors ) ) ( VP ( VBG stealing ) ( NP ( PRP$ your ) ( NNS secrets ) ) ) ( PP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Matchett ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG adding ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( RB pretty ) ( JJ good ) ) ( NN bet ) ( SBAR ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB get ) ( VP ( VBN caught ) ) ) ) ) ) ) ) ) ) ) ) )

You can have a dozen competitors stealing your secrets at the same time Mr. Matchett said adding It 's a pretty good bet they wo n't get caught


( S-2 ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB catch ) ( NP ( DT an ) ( JJ electronic ) ( NN thief ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB set ) ( NP ( PRP him ) ) ( PRT ( RP up ) ) ( PP-MNR ( IN with ) ( NP ( JJ erroneous ) ( NN information ) ) ) ) ) ) ) )

The only way to catch an electronic thief he said is to set him up with erroneous information


( S ( S-TPC-1 ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( JJ electronic ) ( NN espionage ) ) ( VP ( MD may ) ( VP ( VB cost ) ( NP ( NNP U.S. ) ( NNS firms ) ) ( NP ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ( NP-SBJ ( JJS most ) ) ( VP ( VBP are ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBG taking ) ( NP ( NNS precautions ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS experts ) ) ( VP ( VBD said ) ) )

Even though electronic espionage may cost U.S. firms billions of dollars a year most are n't yet taking precautions the experts said


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ-1 ( JJ European ) ( NNS firms ) ) ( VP ( VP ( MD will ) ( VP ( VB spend ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-CLR ( IN on ) ( NP ( JJ electronic ) ( NN security ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) )

By contrast European firms will spend 150 million this year on electronic security and are expected to spend 1 billion by 1992


( S ( S-TPC-1 ( ADVP ( RB Already ) ) ( NP-SBJ ( NP ( DT many ) ( JJ foreign ) ( NNS firms ) ) ( ADVP ( RB especially ) ) ( NP ( NNS banks ) ) ) ( VP ( VBP have ) ( NP ( PRP$ their ) ( JJ own ) ( NNS cryptographers ) ) ) ) ( NP-SBJ ( NN conference ) ( NNS speakers ) ) ( VP ( VBD reported ) ) )

Already many foreign firms especially banks have their own cryptographers conference speakers reported


( S ( ADVP ( RB Still ) ) ( S-NOM-SBJ ( VP ( VBG encrypting ) ( NP ( JJ corporate ) ( NNS communications ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB only ) ) ( NP-PRD ( DT a ) ( JJ partial ) ( NN remedy ) ) ) )

Still encrypting corporate communications is only a partial remedy


( S ( NP-SBJ ( NP ( CD One ) ( NN expert ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN job ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB so ) ( RB politically ) ( JJ sensitive ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD spoke ) ( PP-MNR ( IN on ) ( NP ( NN condition ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN named ) ( CC or ) ( VBN quoted ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( VBN expected ) ( NN influx ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ East ) ( JJ European ) ) ( NNS refugees ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( JJ few ) ( NNS years ) ) ) ) ( VP ( MD will ) ( ADVP ( RB greatly ) ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NNS chances ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( JJ computer-maintenance ) ( NNS workers ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBG doubling ) ( PP-CLR ( IN as ) ( NP ( JJ foreign ) ( NNS spies ) ) ) ) ) ) ) ) ) ) ) ) )

One expert whose job is so politically sensitive that he spoke on condition that he would n't be named or quoted said the expected influx of East European refugees over the next few years will greatly increase the chances of computer-maintenance workers for example doubling as foreign spies


( S-2 ( ADVP ( RB Moreover ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NP ( NN technology ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ exists ) ( PP-3 ( IN for ) ( S-NOM ( VP ( VBG stealing ) ( NP ( JJ corporate ) ( NNS secrets ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBN erased ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN computer ) ( POS 's ) ) ( NN memory ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover he said technology now exists for stealing corporate secrets after they 've been erased from a computer 's memory


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Oliver ) ( NNP North ) ) ( PP ( IN of ) ( NP ( NNP Iran-Contra ) ( NN notoriety ) ) ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN erased ) ( NP ( PRP$ his ) ( NN computer ) ) ) ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN information ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB later ) ) ( VP ( VBN retrieved ) ( SBAR-PRP ( IN for ) ( S ( NP-SBJ ( JJ congressional ) ( NNS committees ) ) ( VP ( TO to ) ( VP ( VB read ) ) ) ) ) ) ) ) ) ) ) )

He said that Oliver North of Iran-Contra notoriety thought he had erased his computer but that the information was later retrieved for congressional committees to read


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT No ) ( JJ personal ) ( NN computer ) ) ( PRN ( ADVP ( RB not ) ( RB even ) ) ( NP ( NP ( DT the ) ( CD one ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT a ) ( JJ chief ) ( NN executive ) ( POS 's ) ) ( NN desk ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ safe ) ) ) ) ( NP-SBJ ( DT this ) ( NN speaker ) ) ( VP ( VBD noted ) ) )

No personal computer not even the one on a chief executive 's desk is safe this speaker noted


( S ( NP-SBJ ( NP ( NNP W. ) ( NNP Mark ) ( NNP Goode ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Micronyx ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Richardson ) ( NNP Texas ) ) ( NN firm ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( NP ( JJ computer-security ) ( NNS products ) ) ) ) ) ) ) ) ) ) ( VP ( VBD provided ) ( NP ( NP ( DT a ) ( JJ new ) ( NN definition ) ) ( PP ( IN for ) ( NP ( NP ( NP ( NNP Mikhail ) ( NNP Gorbachev ) ( POS 's ) ) ( NN campaign ) ) ( PP ( IN for ) ( NP ( JJR greater ) ( NN openness ) ) ) ( VP ( VBN known ) ( ADVP-MNR ( RB commonly ) ) ( PP-CLR ( IN as ) ( NP ( FW glasnost ) ) ) ) ) ) ) ) )

W. Mark Goode president of Micronyx Inc. a Richardson Texas firm that makes computer-security products provided a new definition for Mikhail Gorbachev 's campaign for greater openness known commonly as glasnost