( S ( NP-SBJ ( DT The ) ( NN spokeswoman ) ) ( VP ( VBD noted ) ( SBAR ( DT that ) ( S ( NP-TMP ( JJ last ) ( NN week ) ) ( NP-SBJ ( NP ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ( NP ( NP ( DT the ) ( NNS securities ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP General ) ( NNP Electric ) ( NNP Co. ) ) ) ) ) ( VP ( VBD chose ) ( NP ( NP ( DT a ) ( NNP Quotron ) ( NN subsidiary ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ order-processing ) ( NNS services ) ) ) ) ) ) ) ) ) ) ) )

The spokeswoman noted that last week Kidder Peabody & Co. the securities subsidiary of General Electric Co. chose a Quotron subsidiary to provide order-processing services


( S ( CC And ) ( NP-TMP ( NNP Oct. ) ( CD 24 ) ) ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB market ) ( NP ( NP ( DT the ) ( VBN automated ) ( NN trading ) ( NN system ) ) ( PP ( IN of ) ( NP ( JJ broker-dealer ) ( NNP Chapdelaine ) ( NNP Government ) ( NNP Securities ) ( NNP Inc ) ) ) ) ) ) ) ) ) )

And Oct. 24 Quotron said it will market the automated trading system of broker-dealer Chapdelaine Government Securities Inc


( SINV ( S-TPC-2 ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ profitable ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Citicorp ) ( POS 's ) ) ( NNS books ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( NN interest ) ( VBZ charges ) ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NNP New ) ( NNP York ) ( NN bank ) ( VBG holding ) ( NN company ) ) ( VP ( VBD incurred ) ( PP-LOC-CLR ( IN in ) ( S-NOM ( VP ( VBG buying ) ( NP ( DT the ) ( JJ financial-data ) ( NN concern ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 680 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Ronald ) ( NNP I. ) ( NNP Mandle ) ) ( NP ( NP ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP Sanford ) ( NNP C. ) ( NNP Bernstein ) ( CC & ) ( NNP Co ) ) ) ) ) )

Quotron is n't profitable on Citicorp 's books because of the interest charges the New York bank holding company incurred in buying the financial-data concern for 680 million says Ronald I. Mandle analyst for Sanford C. Bernstein & Co


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( NNP Citicorp ) ) ( VP ( VBZ does ) ( VP ( VB view ) ( NP-2 ( NNP Quotron ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG being ) ( ADJP-PRD ( JJ crucial ) ( PP ( TO to ) ( NP ( DT the ) ( NNS financial-services ) ( NN business ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1990s ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN analyst ) ) ( VP ( VBD added ) ) )

But Citicorp does view Quotron as being crucial to the financial-services business in the 1990s the analyst added


( S ( NP-TMP ( DT This ) ( NN past ) ( NN summer ) ) ( NP-SBJ ( NNP Quotron ) ) ( VP ( VBD sold ) ( NP ( NP ( PRP$ its ) ( JJ customer-service ) ( NN unit ) ) ( VP ( VBG employing ) ( NP ( CD 600 ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Phoenix ) ( NNP Technologies ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( ADJP ( RB closely ) ( VBN held ) ) ( JJ computer-service ) ( NN firm ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Valley ) ( NNP Forge ) ) ( NP ( NNP Pa ) ) ) ) ) ) ) ) )

This past summer Quotron sold its customer-service unit employing 600 to Phoenix Technologies Inc. a closely held computer-service firm in Valley Forge Pa


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( NP-SBJ-1 ( NP ( DT The ) ( ADJP ( RB recently ) ( VBN revived ) ) ( NN enthusiasm ) ) ( PP ( IN among ) ( NP ( JJ small ) ( NNS investors ) ) ) ( PP ( IN for ) ( NP ( NN stock ) ( JJ mutual ) ( NNS funds ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN damped ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ jittery ) ( NN stock ) ( NN market ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN tumult ) ) ( PP ( IN over ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ) ) ) ) )

The recently revived enthusiasm among small investors for stock mutual funds has been damped by a jittery stock market and the tumult over program trading


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG hitting ) ( NP ( JJ two-year ) ( NNS highs ) ) ( NP-TMP ( DT this ) ( NN summer ) ) ) ) ) ( NP-SBJ-1 ( NP ( JJ net ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ( VP ( VBD slowed ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Investment ) ( NNP Company ) ( NNP Institute ) ) ( NP ( DT a ) ( NN trade ) ( NN group ) ) ) ) ) ) )

After hitting two-year highs this summer net sales of stock funds slowed in September according to the Investment Company Institute a trade group


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS sales ) ( NN recovery ) ) ( VP ( VBD screeched ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN halt ) ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ) )

The sales recovery screeched to a halt this month some analysts say


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NN Confidence ) ) ( VP ( VBD was ) ( VP ( VBG starting ) ( S ( VP ( TO to ) ( VP ( VB come ) ( ADVP-DIR ( RB back ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB have ) ( NP ( ADJP ( RB wildly ) ( JJ volatile ) ) ( NNS days ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Tyler ) ( NNP Jenks ) ) ( NP ( NP ( NN research ) ( NN director ) ) ( PP ( IN for ) ( NP ( NP ( NNP Kanon ) ( NNP Bloch ) ( NNP Carre ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP Boston ) ( NN research ) ( NN firm ) ) ) ) ) ) )

Confidence was starting to come back because we did n't have wildly volatile days says Tyler Jenks research director for Kanon Bloch Carre & Co. a Boston research firm


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( NP ( NN everything ) ) ( PRN ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NN program ) ( NN trading ) ) ( CC and ) ( NP ( JJ wide ) ( NN stock ) ( NN market ) ( NNS swings ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN everyone ) ) ( VP ( VBD had ) ( VP ( VBN pushed ) ( ADVP-DIR ( RB back ) ( PP ( IN in ) ( NP ( PRP$ their ) ( NN consciousness ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB just ) ) ( VP ( VBG sitting ) ( ADVP-LOC ( RB right ) ( RB there ) ) ) ) )

Now everything such as program trading and wide stock market swings that everyone had pushed back in their consciousness is just sitting right there


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJ Net ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS funds ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 839.4 ) ( CD million ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN institute ) ) ( VP ( VBD said ) ) )

Net sales of stock funds in September totaled 839.4 million down from 1.1 billion in August the institute said


( S ( CC But ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( VBN reinvested ) ( NNS dividends ) ) ( VP ( VBP are ) ( VP ( VBN excluded ) ) ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBD put ) ( ADVP-PUT ( RB in ) ) ( NP ( NP ( ADJP ( NP-ADV ( QP ( RB only ) ( CD 340 ) ( CD million ) ) ) ( JJR more ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD pulled ) ( PRT ( RP out ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN month ) ) ) ) ) ) ) ) )

But if reinvested dividends are excluded investors put in only 340 million more than they pulled out for the month


( S ( S-TPC-2 ( NP-SBJ ( NP ( NP ( NNP October ) ( POS 's ) ) ( NNS numbers ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN released ) ( PP-TMP ( IN for ) ( NP ( DT a ) ( NN month ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-LOC-PRD ( RB down ) ) ( ADVP ( RB further ) ) ) ) ( NP-SBJ ( JJ mutual ) ( NN fund ) ( NNS executives ) ) ( VP ( VBP say ) ) )

October 's numbers which wo n't be released for a month are down further mutual fund executives say


( S ( NP-SBJ ( NP ( NNS Investors ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB panic ) ( NP-TMP ( NP ( DT the ) ( NN weekend ) ) ( PP ( IN after ) ( NP ( NP ( JJ mid-October ) ( POS 's ) ) ( NN 190-point ) ( NN market ) ( NN plunge ) ) ) ) ) ) )

Investors in stock funds did n't panic the weekend after mid-October 's 190-point market plunge


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD left ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ) ) ) ) ( ADVP ( RB simply ) ) ( VP ( VBD switched ) ( PP-DIR ( IN into ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) )

Most of the those who left stock funds simply switched into money market funds


( S ( CC And ) ( NP-SBJ ( DT some ) ( NN fund ) ( NNS groups ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS investors ) ) ( ADVP ( RB actually ) ) ( VP ( VBD became ) ( NP-PRD ( JJ net ) ( NNS buyers ) ) ) ) ) ) )

And some fund groups said investors actually became net buyers


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ( NNS swings ) ) ( VP ( VBP have ) ( VP ( VBN continued ) ) ) )

But the stock market swings have continued


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ recent ) ( NN outcry ) ) ( PP ( IN over ) ( NP ( NN program ) ( NN trading ) ) ) ) ( VP ( MD will ) ( VP ( VB cast ) ( NP ( DT a ) ( NN pall ) ) ( PP-DIR ( IN over ) ( NP ( DT the ) ( NN stock-fund ) ( NN environment ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ coming ) ( NNS months ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ) )

The recent outcry over program trading will cast a pall over the stock-fund environment in the coming months some analysts say


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN public ) ) ( VP ( VBZ is ) ( ADVP-LOC-PRD ( RB very ) ( RB close ) ( PP ( TO to ) ( S-NOM ( VP ( VBG having ) ( VP ( VBD had ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Jenks ) ) ( VP ( VBZ says ) ) )

The public is very close to having had it Mr. Jenks says


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBD pulled ) ( PRT ( RP back ) ) ( PP-DIR ( IN from ) ( NP ( NN bond ) ( NNS funds ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( ADVP ( RB too ) ) ) )

Investors pulled back from bond funds in September too


( S ( NP-SBJ ( NP ( JJ Net ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN bond ) ( NNS funds ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN month ) ) ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( ADVP ( RB down ) ( NP ( NNS two-thirds ) ) ( PP ( IN from ) ( NP ( QP ( CD 3.1 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) )

Net sales of bond funds for the month totaled 1.1 billion down two-thirds from 3.1 billion in August


( NP ( NP ( DT The ) ( JJ major ) ( NN reason ) ) ( NP ( NP ( NN heavy ) ( NNS outflows ) ) ( PP ( IN from ) ( NP ( JJ high-risk ) ( JJ high-yield ) ( NN junk ) ( NN bond ) ( NNS funds ) ) ) ) )

The major reason heavy outflows from high-risk high-yield junk bond funds


( S ( NP-SBJ ( NP ( JJ Big ) ( NNS withdrawals ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN junk ) ( NNS funds ) ) ) ) ( VP ( VBP have ) ( VP ( VBN continued ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) )

Big withdrawals from the junk funds have continued this month


( S ( S-TPC-1 ( ADVP ( JJ Overall ) ) ( NP-SBJ ( NP ( JJ net ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( JJ mutual ) ( NNS funds ) ) ( PP ( VBG excluding ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.9 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 4.2 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN trade ) ( NN group ) ) ( VP ( VBD said ) ) )

Overall net sales of all mutual funds excluding money market funds fell to 1.9 billion in September from 4.2 billion in August the trade group said


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NP ( JJ Small ) ( JJ net ) ( NNS inflows ) ) ( PP ( IN into ) ( NP ( NN stock ) ( CC and ) ( NN bond ) ( NNS funds ) ) ) ) ( VP ( VBD were ) ( VP ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ slight ) ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( JJ mutual ) ( NN fund ) ( NN stock ) ( CC and ) ( NN bond ) ( NNS portfolios ) ) ) ) ) ( VP ( VBG stemming ) ( PP-CLR ( IN from ) ( NP ( VBG falling ) ( NNS prices ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jacob ) ( NNP Dreyer ) ) ( NP ( NP ( DT the ) ( NN institute ) ( POS 's ) ) ( JJ chief ) ( NN economist ) ) ) )

Small net inflows into stock and bond funds were offset by slight declines in the value of mutual fund stock and bond portfolios stemming from falling prices said Jacob Dreyer the institute 's chief economist


( S ( NP-SBJ ( JJ Many ) ( JJ small ) ( NNS investors ) ) ( VP ( VBD went ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN safety ) ) ( PP ( IN of ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ) ) )

Many small investors went for the safety of money market funds


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Assets ) ) ( PP ( IN of ) ( NP ( NP ( DT these ) ) ( CC and ) ( NP ( JJ other ) ( JJ short-term ) ( NNS funds ) ) ) ) ) ( VP ( VBD surged ) ( NP-EXT ( QP ( RBR more ) ( IN than ) ( CD 5 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN institute ) ) ( VP ( VBD said ) ) )

Assets of these and other short-term funds surged more than 5 billion in September the institute said


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( JJ additional ) ( NNS investors ) ) ( VP ( VBD transferred ) ( NP ( PRP$ their ) ( NNS assets ) ) ( PP-DIR ( IN into ) ( NP ( NN money ) ( NNS funds ) ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ) ) )

Analysts say additional investors transferred their assets into money funds this month


( SINV ( S-TPC-2 ( PP-LOC ( IN At ) ( NP ( NP ( NNP Fidelity ) ( NNP Investments ) ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN fund ) ( NN group ) ) ) ) ( NP-SBJ-1 ( NN money ) ( NNS funds ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB draw ) ( NP ( DT the ) ( JJS most ) ( NN business ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Hines ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( NP ( NN marketing ) ) ) ) )

At Fidelity Investments the nation 's largest fund group money funds continue to draw the most business says Michael Hines vice president marketing


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( NNP October ) ) ) ( NP-SBJ ( NP ( JJ net ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS funds ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Fidelity ) ) ) ) ( VP ( VBD dropped ) ( ADVP-MNR ( RB sharply ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hines ) ) ( VP ( VBD said ) ) )

In October net sales of stock funds at Fidelity dropped sharply Mr. Hines said


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD emphasized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ new ) ( NNS accounts ) ) ( NP ( JJ new ) ( NNS sales ) ) ( NP ( NNS inquiries ) ) ( CC and ) ( NP ( NP ( JJ subsequent ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ) ( VP ( VBP are ) ( DT all ) ( ADVP-PRD ( RB up ) ( NP-TMP ( DT this ) ( NN month ) ) ( PP ( IN from ) ( NP ( NP ( NNP September ) ( POS 's ) ) ( NN level ) ) ) ) ) ) ) ) )

But he emphasized that new accounts new sales inquiries and subsequent sales of stock funds are all up this month from September 's level


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Investor ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NN stock ) ( NNS funds ) ) ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN stalled ) ( ADVP ( IN at ) ( DT all ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hines ) ) ( VP ( VBZ maintains ) ) )

Investor interest in stock funds has n't stalled at all Mr. Hines maintains


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ net ) ( NNS sales ) ( NN drop ) ) ) ) ( VP ( VBD stemmed ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( JJ three-day ) ( NN period ) ) ( PP ( VBG following ) ( NP ( DT the ) ( NAC ( NNP Friday ) ( DT the ) ( JJ 13th ) ) ( NN plunge ) ) ) ) ) ) ) ) ) )

He notes that most of the net sales drop stemmed from a three-day period following the Friday the 13th plunge


( S ( S-TPC-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ follows ) ( PP-TMP ( RP through ) ( NP ( JJ next ) ( NN month ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ different ) ( NN story ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

If that follows through next month then it will be a different story he says


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Hines ) ) ( VP ( VBZ adds ) ( SBAR ( S ( NP-SBJ ( NP ( NNS sales ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ few ) ( NNS days ) ( POS ' ) ) ( NNS events ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB tell ) ( NP ( PRP you ) ) ( NP ( NP ( JJ much ) ) ( PP ( IN about ) ( NP ( NP ( NNP October ) ( POS 's ) ) ( NNS trends ) ) ) ) ) ) ) ) ) )

But Mr. Hines adds sales based on a few days ' events do n't tell you much about October 's trends


( S ( NP-SBJ ( NP ( CD One ) ( NN trend ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ continues ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN money ) ) ( VP ( VBN invested ) ( PP-CLR ( IN in ) ( NP ( NNS funds ) ) ) ) ) ) ) ) )

One trend that continues is growth in the money invested in funds


( S ( S-ADV ( VP ( VBN Buoyed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( VBN continued ) ( NNS inflows ) ) ( PP ( IN into ) ( NP ( NN money ) ( NNS funds ) ) ) ) ) ) ) ( NP-SBJ-3 ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( DT all ) ( JJ mutual ) ( NNS funds ) ) ) ) ( VP ( VBD swelled ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN record ) ( QP ( CD 953.8 ) ( CD billion ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( ADVP ( RB up ) ( ADVP ( RB fractionally ) ) ( PP ( IN from ) ( NP ( QP ( CD 949.3 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) )

Buoyed by the continued inflows into money funds assets of all mutual funds swelled to a record 953.8 billion in September up fractionally from 949.3 billion in August


( S ( NP-SBJ ( NN Stock-fund ) ( NNS managers ) ) ( ADVP-TMP ( RB meantime ) ) ( VP ( VBD went ) ( PP-DIR ( IN into ) ( NP ( NNP October ) ) ) ( PP ( IN with ) ( NP ( NP ( JJR less ) ( NN cash ) ) ( PP ( IN on ) ( NP ( NN hand ) ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD held ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) )

Stock-fund managers meantime went into October with less cash on hand than they held earlier this year


( S ( NP-SBJ ( DT These ) ( NNS managers ) ) ( VP ( VBD held ) ( NP ( NP ( NP ( CD 9.8 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP September ) ) ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( NP ( CD 10.2 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( CC and ) ( NP ( NP ( CD 10.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1988 ) ) ) ) ) ) ) ) )

These managers held 9.8 % of assets in cash at the end of September down from 10.2 % in August and 10.6 % in September 1988


( S ( NP-SBJ ( JJ Large ) ( NN cash ) ( NNS positions ) ) ( VP ( VP ( VBP help ) ( VP ( VB buffer ) ( NP ( NNS funds ) ) ( PP-CLR ( IN from ) ( NP ( NN market ) ( NNS declines ) ) ) ) ) ( CC but ) ( VP ( MD can ) ( VP ( VB cut ) ( PRT ( RP down ) ) ( PP-CLR ( IN on ) ( NP ( NNS gains ) ) ) ( PP-LOC ( IN in ) ( NP ( VBG rising ) ( NNS markets ) ) ) ) ) ) )

Large cash positions help buffer funds from market declines but can cut down on gains in rising markets


( S ( NP-SBJ ( NP ( NNS Managers ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS funds ) ) ) ) ( VP ( VBD were ) ( VP ( VBG bolstering ) ( NP ( PRP$ their ) ( NN cash ) ( NNS hoards ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NNP September ) ( NN cash ) ( NN crunch ) ) ( PP-LOC ( IN at ) ( NP ( NNP Campeau ) ( NNP Corp ) ) ) ) ) ) ) )

Managers of junk funds were bolstering their cash hoards after the September cash crunch at Campeau Corp


( S ( NP-SBJ ( NN Junk-portfolio ) ( NNS managers ) ) ( VP ( VBD raised ) ( NP ( PRP$ their ) ( NN cash ) ( NN position ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 9.4 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( PP ( IN from ) ( NP ( CD 8.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) )

Junk-portfolio managers raised their cash position to 9.4 % of assets in September from 8.3 % in August


( S ( PP-TMP ( IN In ) ( NP ( NNP September ) ( CD 1988 ) ) ) ( NP-SBJ ( DT that ) ( NN level ) ) ( VP ( VBD was ) ( NP-PRD ( CD 9.5 ) ( NN % ) ) ) )

In September 1988 that level was 9.5 %


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Investors ) ) ( PP ( IN in ) ( NP ( DT all ) ( NNS funds ) ) ) ) ( VP ( MD will ) ( VP ( VB seek ) ( NP ( NN safety ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ coming ) ( NNS months ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ) )

Investors in all funds will seek safety in the coming months some analysts say


( S ( S-TPC-1 ( PP-LOC ( IN Among ) ( NP ( NN stock ) ( NNS funds ) ) ) ( NP-SBJ ( DT the ) ( JJ conservative ) ( JJ growth-and-income ) ( NNS portfolios ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( JJ popular ) ) ) ) ) ( NP-SBJ ( NN fund ) ( NNS specialists ) ) ( VP ( VBP say ) ) )

Among stock funds the conservative growth-and-income portfolios probably will remain popular fund specialists say


( SINV ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN continuation ) ) ( CC and ) ( RB possibly ) ( NP ( NP ( JJR greater ) ( NN focus ) ) ( PP ( IN on ) ( NP ( JJ conservative ) ( NN equity ) ( NNS funds ) ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN expense ) ) ( PP ( IN of ) ( NP ( NP ( NN growth ) ) ( CC and ) ( NP ( JJ aggressive ) ( NN growth ) ( NNS funds ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Avi ) ( NNP Nachmany ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Strategic ) ( NNP Insight ) ) ( NP ( DT a ) ( NNP New ) ( NNP York ) ( JJ fund-research ) ( NN concern ) ) ) ) ) ) )

There will be a continuation and possibly greater focus on conservative equity funds at the expense of growth and aggressive growth funds says Avi Nachmany an analyst at Strategic Insight a New York fund-research concern


( S ( NP-SBJ ( NP ( NNP General ) ( NNP Electric ) ( NNP Capital ) ( NNP Corp. ) ( POS 's ) ) ( NNP Monogram ) ( NNP Bank ) ( NNP USA ) ) ( VP ( VBD acquired ) ( NP ( DT a ) ( NNP Visa ) ( CC and ) ( NNP MasterCard ) ( NN portfolio ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Commercial ) ( NNP Federal ) ( NNP Savings ) ( CC & ) ( NNP Loan ) ( NNP Association ) ) ( NP ( NP ( DT an ) ( NAC-LOC ( NNP Omaha ) ( NNP Neb. ) ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Commercial ) ( NNP Federal ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Omaha ) ) ) ) ) ) ) ) ) )

General Electric Capital Corp. 's Monogram Bank USA acquired a Visa and MasterCard portfolio from Commercial Federal Savings & Loan Association an Omaha Neb. unit of Commercial Federal Corp. of Omaha


( S ( NP-SBJ-1 ( NNS Terms ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms were n't disclosed


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN portfolio ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ includes ) ( NP ( NP ( QP ( CD 95 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS receivables ) ) ) ) ) ) ( NP-SBJ ( NNP GE ) ( NNP Capital ) ) ( VP ( VBD said ) ) )

The portfolio currently includes 95 million in receivables GE Capital said


( S ( NP-SBJ ( NNP GE ) ( NNP Capital ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ financial ) ( NNS services ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP General ) ( NNP Electric ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Fairfield ) ) ( NP ( NNP Conn. ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( UCP ( NN broadcasting ) ( CC and ) ( NNS electrical-products ) ) ( NNS businesses ) ) ) ) ) ) ) ) ) )

GE Capital is a financial services subsidiary of General Electric Co. of Fairfield Conn. which also has broadcasting and electrical-products businesses


( S ( NP-SBJ ( NNP GE ) ( NNP Capital ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Commercial ) ( NNP Federal ) ( NNP Savings ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB market ) ( NP ( NNP Visa ) ( CC and ) ( NNP MasterCard ) ( NNS programs ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Monogram ) ) ( VP ( VP ( VBZ provides ) ( NP ( JJ operational ) ( CC and ) ( NN marketing ) ( NN support ) ) ) ( CC and ) ( VP ( ADVP ( RB actually ) ) ( VBZ owns ) ( NP ( DT the ) ( NNS accounts ) ) ) ) ) ) ) ) ) ) ) )

GE Capital said Commercial Federal Savings will continue to market Visa and MasterCard programs while Monogram provides operational and marketing support and actually owns the accounts


( S ( S-TPC-1 ( PP ( IN With ) ( NP ( DT the ) ( NN acquisition ) ) ) ( NP-SBJ ( NP ( NNP Monogram ) ) ( NP-LOC ( NP ( NNP Blue ) ( NNP Ash ) ) ( NP ( NNP Ohio ) ) ) ) ( VP ( VBZ has ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 2.4 ) ( CD million ) ) ( JJ total ) ( NNS accounts ) ) ) ) ( NP-SBJ ( NNP GE ) ( NNP Capital ) ) ( VP ( VBD added ) ) )

With the acquisition Monogram Blue Ash Ohio has more than 2.4 million total accounts GE Capital added


( S ( PP-TMP ( IN During ) ( NP ( PRP$ its ) ( NN centennial ) ( NN year ) ) ) ( NP-SBJ ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ( VP ( MD will ) ( VP ( VB report ) ( NP ( NP ( NNS events ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( NN century ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP stand ) ( PP-CLR ( IN as ) ( NP ( NP ( NNS milestones ) ) ( PP ( IN of ) ( NP ( JJ American ) ( NN business ) ( NN history ) ) ) ) ) ) ) ) ) ) ) )

During its centennial year The Wall Street Journal will report events of the past century that stand as milestones of American business history


( S-HLN ( NP-SBJ ( NNP MAY ) ( CD 1 ) ( CD 1975 ) ) ( VP ( VBN SIGNALED ) ( NP ( DT A ) ( JJ DISTRESSFUL ) ( NNP May ) ( NNP Day ) ) ( PP ( IN for ) ( NP ( NP ( NNS securities ) ( NNS houses ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD were ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB end ) ( NP ( NP ( CD 183 ) ( NNS years ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG charging ) ( NP ( VBN fixed ) ( NNS commissions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

MAY 1 1975 SIGNALED A DISTRESSFUL May Day for securities houses which were forced to end 183 years of charging fixed commissions


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD scared ) ( NP ( NNS brokers ) ) ) ) ( CC but ) ( S ( NP-SBJ ( JJS most ) ) ( VP ( VBN survived ) ) ) )

It scared brokers but most survived


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD took ) ( NP-CLR ( NN effect ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD seven ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NP ( JJ bitter ) ( NN debate ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ( CC and ) ( NP ( NNS traders ) ( CC and ) ( NNS exchanges ) ) ) ) ) ) ) ) ) )

It took effect after seven years of bitter debate between the Securities and Exchange Commission and traders and exchanges


( S ( PP ( IN Despite ) ( NP ( NP ( NNS warnings ) ) ( PP ( IN from ) ( NP ( NP ( JJ such ) ( NNS leaders ) ) ( PP ( IN as ) ( NP ( JJ former ) ( NNP Federal ) ( NNP Reserve ) ( NNP Board ) ( NNP Chairman ) ( NNP William ) ( NNP McChesney ) ( NNP Martin ) ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( JJ unfixed ) ( NNS commissions ) ) ( VP ( MD would ) ( VP ( VB undo ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP SEC ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ( CD 1973 ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ full ) ( NN competition ) ) ( VP ( MD must ) ( VP ( VB start ) ( NP-TMP ( NNP May ) ( NN l ) ( CD 1975 ) ) ) ) ) ) ) )

Despite warnings from such leaders as former Federal Reserve Board Chairman William McChesney Martin that unfixed commissions would undo the industry the SEC in September 1973 said full competition must start May l 1975


( S ( NP-SBJ ( NP ( DT The ) ( NN timing ) ) ( PP ( IN for ) ( NP ( NN change ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ right ) ) ) )

The timing for change was right


( S ( NP-SBJ-1 ( NNS Institutions ) ) ( VP ( VP ( VBD had ) ( VP ( VBN become ) ( NP-PRD ( JJ active ) ( NN market ) ( NNS players ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ early ) ( CD 1970s ) ) ) ) ) ( CC and ) ( VP ( VBD sought ) ( NP ( NN exchange ) ( NNS seats ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB handle ) ( NP ( PRP$ their ) ( JJ own ) ( NNS trades ) ) ) ) ) ) ) )

Institutions had become active market players in the early 1970s and sought exchange seats to handle their own trades


( S ( CC And ) ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ rife ) ( PP ( IN with ) ( S-NOM ( NP-SBJ-1 ( NNS brokers ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB secure ) ( NP ( JJ big ) ( NN client ) ( NNS orders ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG using ) ( NP ( NNS kickbacks ) ( NNS gifts ) ( NNS women ) ( CC and ) ( NNS junkets ) ) ) ) ) ) ) ) ) ) ) ) ) )

And the industry was rife with brokers trying to secure big client orders by using kickbacks gifts women and junkets


( S ( PP ( IN Within ) ( NP ( NP ( CD three ) ( NNS weeks ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 1975 ) ( NN end ) ) ( PP ( TO to ) ( NP ( VBN fixed ) ( NNS rates ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( JJ all-out ) ( NN price ) ( NNS wars ) ) ( PP-LOC ( IN among ) ( NP ( NP ( NNS brokers ) ) ( VP ( VBG fighting ) ( PP-CLR ( IN for ) ( NP ( JJ institutional ) ( NN business ) ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NN rate ) ( NNS slashes ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 35 ) ( NN % ) ( TO to ) ( CD 60 ) ( NN % ) ) ) ( PP ( IN below ) ( NP ( ADJP ( JJ pre-May ) ( CD 1 ) ) ( NNS levels ) ) ) ) ) ) ) ) )

Within three weeks of the 1975 end to fixed rates there were all-out price wars among brokers fighting for institutional business with rate slashes of 35 % to 60 % below pre-May 1 levels


( S ( NP-SBJ ( NP ( NNP Ray ) ( NNP Garrett ) ( NNP Jr. ) ) ( NP ( NNP SEC ) ( NN chairman ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN breadth ) ( CC and ) ( NN depth ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN discounting ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( JJR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD expected ) ) ) ) ) ) ) ) ) )

Ray Garrett Jr. SEC chairman said the breadth and depth of the discounting is more than I expected


( S ( NP-SBJ ( NP ( RB Even ) ( DT a ) ( JJ federal ) ( NN measure ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( VP ( VBG allowing ) ( S ( NP-SBJ ( NNS houses ) ) ( VP ( TO to ) ( VP ( VB add ) ( NP ( NN research ) ( NNS fees ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( NNS commissions ) ) ) ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB stop ) ( NP ( PRP it ) ) ) ) )

Even a federal measure in June allowing houses to add research fees to their commissions did n't stop it


( S ( NP-TMP ( JJR Longer ) ( NN term ) ) ( NP-SBJ ( DT the ) ( NN impact ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unclear ) ) ) )

Longer term the impact is unclear


( S ( NP-SBJ ( DT The ) ( NN change ) ) ( VP ( VBD prompted ) ( NP ( NP ( NP ( DT the ) ( NN rise ) ) ( PP ( IN of ) ( NP ( NN discount ) ( NNS brokers ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP-LOC ( IN in ) ( NP ( NNS securities ) ( NN research ) ( NNS firms ) ) ) ) ) ) )

The change prompted the rise of discount brokers and a reduction in securities research firms


( S ( CC But ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( NP-PRD ( NP ( JJR more ) ( NN exchange ) ( NNS members ) ) ( PP ( IN than ) ( PP-TMP ( IN in ) ( NP ( CD 1975 ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT the ) ( JJR bigger ) ( NNS houses ) ) ( VP ( VBG gaining ) ( NP ( NP ( DT a ) ( JJR larger ) ( NN share ) ) ( PP ( IN of ) ( NP ( JJ total ) ( NNS commissions ) ) ) ) ) ) ) ) )

But there are currently more exchange members than in 1975 with the bigger houses gaining a larger share of total commissions


( S ( NP-SBJ ( NNS Commissions ) ) ( ADVP ( RB however ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJR smaller ) ( NN share ) ) ( PP ( IN of ) ( NP ( NN investment-house ) ( NN business ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NN takeover ) ( NN advisory ) ( NNS fees ) ) ( VP ( VBP have ) ( VP ( VBN soared ) ) ) ) ) ) )

Commissions however account for a smaller share of investment-house business as takeover advisory fees have soared


( S ( NP-SBJ ( NP ( JJ Foreign ) ( NN stock ) ( NNS markets ) ) ( SBAR ( WHPP-2 ( IN with ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NNP U.S. ) ) ( VP ( VBZ is ) ( VP ( VBN entwined ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBP have ) ( VP ( VBN ended ) ( NP ( VBN fixed ) ( NNS commissions ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) )

Foreign stock markets with which the U.S. is entwined also have ended fixed commissions in recent years


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD came ) ( PP-TMP ( IN in ) ( NP ( NP ( NP ( NNP London ) ( POS 's ) ) ( NNP Big ) ( NNP Bang ) ( CD 1986 ) ( NN deregulation ) ) ( CC and ) ( NP ( NP ( NP ( NNP Toronto ) ( POS 's ) ) ( NNP Little ) ( NNP Bang ) ) ( NP-TMP ( DT the ) ( JJ same ) ( NN year ) ) ) ) ) ) )

It came in London 's Big Bang 1986 deregulation and Toronto 's Little Bang the same year


( S ( NP-SBJ ( NNP Paris ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBG phasing ) ( PRT ( RP out ) ) ( NP ( VBN fixed ) ( NNS commissions ) ) ( PP-TMP ( IN under ) ( NP ( PRP$ its ) ( NNP Le ) ( NNP Petit ) ( NNP Bang ) ( NN plan ) ) ) ) ) )

Paris is currently phasing out fixed commissions under its Le Petit Bang plan


( S ( NP-SBJ ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD lowered ) ( NP ( NP ( NNS ratings ) ) ( PP ( IN on ) ( NP ( NP ( JJ long-term ) ( NN debt ) ) ( PP ( IN of ) ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( VBG holding ) ( NN company ) ) ( PP ( IN of ) ( NP ( NNP Wall ) ( NNP Street ) ( JJ giant ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( JJ aggressive ) ( NN merchant ) ( NN banking ) ( NN risk ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB highly ) ( VBN leveraged ) ) ( NNS takeovers ) ) ) ) ) ) ) ) ) )

Moody 's Investors Service Inc. said it lowered ratings on long-term debt of CS First Boston Inc. the holding company of Wall Street giant First Boston Corp. because of First Boston 's aggressive merchant banking risk in highly leveraged takeovers


( S ( PP-LOC ( IN In ) ( S-NOM ( VP ( VBG downgrading ) ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( VBN subordinated ) ( NN domestic ) ( NNP Euromarket ) ( CC and ) ( JJ Swiss ) ( NN debt ) ) ( PP-DIR ( TO to ) ( NP ( NN single-A-3 ) ) ) ( PP-DIR ( IN from ) ( NP ( NN single-A-2 ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Moody ) ( POS 's ) ) ( VP ( VBZ is ) ( VP ( VBG matching ) ( NP ( NP ( DT a ) ( NN move ) ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ other ) ( JJ major ) ( NN credit ) ( NN rating ) ( NN concern ) ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp. ) ) ) ) ( ADVP-TMP ( NP ( JJ several ) ( NNS months ) ) ( RB ago ) ) ) ) ) ) )

In downgrading CS First Boston 's subordinated domestic Euromarket and Swiss debt to single-A-3 from single-A-2 Moody 's is matching a move made by the other major credit rating concern Standard & Poor 's Corp. several months ago


( S ( NP-SBJ ( NNP Moody ) ( VBZ 's ) ) ( ADVP ( RB also ) ) ( VP ( VBN confirmed ) ( NP ( NP ( DT the ) ( NN Prime-1 ) ( NN rating ) ) ( NP ( PRP$ its ) ( JJS highest ) ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( JJ commercial ) ( NN paper ) ) ( CC or ) ( NP ( JJ short-term ) ( JJ corporate ) ( NNS IOUs ) ) ) ) ) ) )

Moody 's also confirmed the Prime-1 rating its highest on CS First Boston 's commercial paper or short-term corporate IOUs


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Moody ) ( VBZ 's ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD downgraded ) ( NP ( NP ( NNP Financiere ) ( NNP Credit ) ( NNP Suisse-First ) ( NNP Boston ) ( POS 's ) ) ( ADJP ( JJ senior ) ( CC and ) ( VBD subordinated ) ) ( JJ Swiss ) ( NN debt ) ) ( PP-DIR ( TO to ) ( NP ( JJ single-A-2 ) ) ) ( PP-DIR ( IN from ) ( NP ( JJ single-A-1 ) ) ) ) ( CC and ) ( VP ( VBD lowered ) ( NP ( NP ( NP ( NNP Financiere ) ( NNP CSFB ) ( NNP N.V. ) ( POS 's ) ) ( JJ junior ) ( VBN subordinated ) ( JJ perpetual ) ( NNP Eurodebt ) ) ( VP ( VBN guaranteed ) ( PP ( IN by ) ( NP-LGS ( NNP Financiere ) ( NNP Credit ) ( NNP Suisse ) ( NNP First ) ( NNP Boston ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NN single-A-3 ) ) ) ( PP-DIR ( IN from ) ( NP ( NN single-A-2 ) ) ) ) ) ) ) ) )

In addition Moody 's said it downgraded Financiere Credit Suisse-First Boston 's senior and subordinated Swiss debt to single-A-2 from single-A-1 and lowered Financiere CSFB N.V. 's junior subordinated perpetual Eurodebt guaranteed by Financiere Credit Suisse First Boston to single-A-3 from single-A-2


( S ( NP-SBJ-4 ( NP ( QP ( RB About ) ( CD 550 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ long-term ) ( NN debt ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN affected ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Moody ) ( POS 's ) ) ) ) ) ) )

About 550 million of long-term debt is affected according to Moody 's


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ committed ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ full ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( NNS businesses ) ) ( PP ( VBG including ) ( NP ( NN merchant ) ( NN banking ) ) ) ) ) ) ) ) ) ) ) )

A spokesman for CS First Boston said We remain committed to a full range of businesses including merchant banking


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP think ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS ratings ) ( NN revision ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unfortunate ) ( CC but ) ( RB not ) ( JJ unexpected ) ) ) ) ) ) )

We think that the ratings revision is unfortunate but not unexpected


( S ( NP-SBJ ( PRP$ Our ) ( NN commitment ) ( S ( VP ( TO to ) ( VP ( VB manage ) ( NP ( DT these ) ( NNS businesses ) ) ( ADVP-MNR ( RB profitably ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB continue ) ) ) )

Our commitment to manage these businesses profitably will continue


( S ( NP-SBJ ( NP ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( NN merchant ) ( NN banking ) ( NNS risks ) ) ( VP ( VBD mounted ) ( NP-TMP ( JJ last ) ( NN month ) ) ( SBAR-ADV ( RB as ) ( S ( S ( NP-SBJ-4 ( NP ( ADJP ( RB highly ) ( VBN leveraged ) ) ( NNP Campeau ) ( NNP Corp. ) ) ( NP ( NP ( NP ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( ADJP ( RBS most ) ( JJ lucrative ) ) ( NN client ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decade ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN hit ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN cash ) ( NN squeeze ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ high-risk ) ( NN junk ) ( NN bond ) ( NN market ) ) ( VP ( VBD tumbled ) ) ) ) ) ) )

First Boston 's merchant banking risks mounted last month as highly leveraged Campeau Corp. First Boston 's most lucrative client of the decade was hit by a cash squeeze and the high-risk junk bond market tumbled


( S ( NP-SBJ ( NNP First ) ( NNP Boston ) ) ( VP ( VBN incurred ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( NP ( NNS dollars ) ) ( PP ( IN of ) ( NP ( NNS losses ) ) ) ) ) ) ( PP-CLR ( PP ( IN on ) ( NP ( NP ( NNP Campeau ) ( NNS securities ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD owned ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( PP ( IN on ) ( NP ( NP ( JJ special ) ( NNS securities ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB sell ) ) ) ) ) ) ) ) ) )

First Boston incurred millions of dollars of losses on Campeau securities it owned as well as on special securities it could n't sell


( S ( NP-SBJ ( NP ( NNP First ) ( NNP Boston ) ( NNS financings ) ) ( PP ( IN for ) ( NP ( NP ( JJ several ) ( JJ other ) ( ADJP ( RB highly ) ( JJ leveraged ) ) ( NNS clients ) ) ( PP ( VBG including ) ( NP ( NNP Ohio ) ( NNP Mattress ) ) ) ) ) ) ( VP ( VBD unraveled ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( JJ high-risk ) ( NN junk ) ( NN bond ) ( NN market ) ) ( VP ( VBD plummeted ) ) ) ) ) )

First Boston financings for several other highly leveraged clients including Ohio Mattress unraveled as the high-risk junk bond market plummeted


( S ( NP-SBJ ( JJ Moody ) ( POS 's ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN rating ) ( NNS changes ) ( NNS actions ) ) ( VP ( VBP reflect ) ( NP ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( JJ aggressive ) ( NN merchant ) ( VBG banking ) ( NN risk ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT the ) ( NN risk ) ( NN profile ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ current ) ( NN merchant ) ( NN banking ) ( NNS exposures ) ) ) ) ) ) ) ) ) )

Moody 's said its rating changes actions reflect CS First Boston 's aggressive merchant banking risk as well as the risk profile of its current merchant banking exposures


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( NNP CS ) ( NNP First ) ( NNP Boston ) ) ( VP ( VBZ has ) ( ADVP ( RB consistently ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ aggressive ) ) ( NNS firms ) ) ( PP-LOC ( IN in ) ( NP ( NN merchant ) ( NN banking ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( ADJP ( RB very ) ( JJ significant ) ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN profit ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN come ) ( PP-DIR ( IN from ) ( NP ( NN merchant ) ( JJ banking-related ) ( NN business ) ) ) ) ) ) ) ) ) )

It said CS First Boston has consistently been one of the most aggressive firms in merchant banking and that a very significant portion of the firm 's profit in recent years has come from merchant banking-related business


( S ( S-TPC-1 ( NP-SBJ ( NNP Moody ) ( POS 's ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ uncertain ) ( NN environment ) ) ( PP ( IN for ) ( NP ( NN merchant ) ( NN banking ) ) ) ) ( VP ( MD could ) ( VP ( VB put ) ( NP ( NN pressure ) ) ( PP-PUT ( IN on ) ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( NN performance ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN rating ) ( NN concern ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( VBN continued ) ( NNS problems ) ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NNS exposures ) ) ( PP ( PP ( TO to ) ( NP ( JJ various ) ( JJ Campeau-related ) ( NNS firms ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NNP Ohio ) ( NNP Mattress ) ) ) ) ) ) ) ) ) ) )

Moody 's believes that the uncertain environment for merchant banking could put pressure on CS First Boston 's performance the rating concern said citing continued problems from the firm 's exposures to various Campeau-related firms and to Ohio Mattress


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT These ) ( CD two ) ( NNS exposures ) ) ( ADVP ( RB alone ) ) ) ( VP ( VBP represent ) ( NP ( NP ( DT a ) ( ADJP ( RB very ) ( JJ substantial ) ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( NNP CS ) ( NNP First ) ( NNP Boston ) ( POS 's ) ) ( NN equity ) ) ) ) ) ) ( NP-SBJ ( NNP Moody ) ( POS 's ) ) ( VP ( VBD said ) ) )

These two exposures alone represent a very substantial portion of CS First Boston 's equity Moody 's said


( S ( NP-SBJ ( JJ Total ) ( NN merchant ) ( NN banking ) ( NNS exposures ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NP ( NN excess ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN equity ) ) ) ) ) ) )

Total merchant banking exposures are in excess of the firm 's equity


( S ( NP-SBJ ( NNP Cray ) ( NNP Research ) ( NNP Inc. ) ) ( VP ( VBD won ) ( NP ( NP ( NN government ) ( NN clearance ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( VBN proposed ) ( NN reorganization ) ) ( PP ( IN of ) ( NP ( NP ( NN founder ) ( NNP Seymour ) ( NNP Cray ) ( POS 's ) ) ( NN supercomputer ) ( NN design ) ( NN team ) ) ) ( PP ( IN into ) ( NP ( DT a ) ( JJ separate ) ( NN company ) ) ) ) ) ) ) )

Cray Research Inc. won government clearance for its proposed reorganization of founder Seymour Cray 's supercomputer design team into a separate company


( S ( NP-SBJ ( NP ( NNP Internal ) ( NNP Revenue ) ( NNP Service ) ( NN approval ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN move ) ) ) ( PP ( IN as ) ( NP ( DT a ) ( JJ tax-free ) ( NN transaction ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJ last ) ( NN hurdle ) ) ( PP ( TO to ) ( S-NOM ( VP ( NN splitting ) ( PRT ( RP up ) ) ( NP ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ dominant ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NNS supercomputers ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Cray ) ) ( VP ( VBD founded ) ( PP-TMP ( IN in ) ( NP ( CD 1974 ) ) ) ) ) ) ) ) ) ) ) ) )

Internal Revenue Service approval of the move as a tax-free transaction was the last hurdle to splitting up the world 's dominant maker of supercomputers which Mr. Cray founded in 1974


( S ( NP-SBJ ( NP ( NNP Cray ) ( POS 's ) ) ( NNS directors ) ) ( VP ( VBD set ) ( NP-TMP ( NNP Nov. ) ( CD 15 ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NN record ) ( NN date ) ) ( PP ( IN for ) ( NP ( NP ( NN distribution ) ) ( PP ( IN of ) ( NP ( NP ( NNS shares ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ new ) ( NN company ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( NNP Cray ) ( NNP Computer ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Cray 's directors set Nov. 15 as the record date for distribution of shares in the new company to be called Cray Computer Corp


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB trade ) ( PP-LOC ( IN over ) ( NP ( DT the ) ( NN counter ) ) ) ( PP ( IN under ) ( NP ( DT the ) ( NN symbol ) ( NNP CRAY ) ) ) ) ) )

It will trade over the counter under the symbol CRAY


( S ( NP-SBJ ( DT The ) ( NN plan ) ) ( VP ( VBZ calls ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP Cray ) ( NNP Research ) ( NNS holders ) ) ( VP ( TO to ) ( VP ( VB receive ) ( NP ( NP ( CD one ) ( NN share ) ) ( PP ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT every ) ( CD two ) ( NNS shares ) ) ( VP ( VBD held ) ) ) ) ) ) ) ) ) )

The plan calls for Cray Research holders to receive one share in the new company for every two shares held


( S ( S-TPC-2 ( NP-SBJ-1 ( DT An ) ( VBN estimated ) ( QP ( CD 14.7 ) ( CD million ) ) ( NNP Cray ) ( NNP Computer ) ( NNS shares ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN distributed ) ) ) ) ) ( NP-SBJ ( NNP Cray ) ( NNP Research ) ) ( VP ( VBD said ) ) )

An estimated 14.7 million Cray Computer shares will be distributed Cray Research said


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN accord ) ) ) ( NP-SBJ ( NNP Cray ) ( NNP Research ) ) ( VP ( VP ( MD will ) ( VP ( VB transfer ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Mr. ) ( NNP Cray ) ( POS 's ) ) ( NN fledgling ) ( NN operation ) ) ) ( NP ( NP ( QP ( CD 53.3 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS assets ) ) ( VP ( ADVP ( RB primarily ) ) ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNP Cray-3 ) ( NN development ) ( NN project ) ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN team ) ) ( VP ( VBZ is ) ( VP ( VBG undertaking ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB lend ) ( NP ( NNP Cray ) ( NNP Computer ) ) ( NP ( QP ( CD 98.6 ) ( CD million ) ) ) ) ) ) )

Under the accord Cray Research will transfer to Mr. Cray 's fledgling operation 53.3 million of assets primarily related to the Cray-3 development project his team is undertaking and will lend Cray Computer 98.6 million


( S ( NP-SBJ ( NNP Cray ) ( NNP Research ) ) ( VP ( MD will ) ( VP ( VB retain ) ( NP ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ new ) ( NN company ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Colorado ) ( NNP Springs ) ) ( NP ( NNP Colo ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Cray Research will retain a 10 % interest in the new company which will be based in Colorado Springs Colo


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD announced ) ( NP ( DT the ) ( VBN planned ) ( NN breakup ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ) ) ) ( NP-SBJ ( NNP Cray ) ( NNP Research ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN development ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( JJ several ) ( VBG competing ) ( NNS projects ) ) ) ) ( VP ( VBD were ) ( VP ( VBG squeezing ) ( NP ( PRP$ its ) ( NNS earnings ) ( NN growth ) ) ) ) ) ) ) )

When it announced the planned breakup in May Cray Research said development costs of several competing projects were squeezing its earnings growth


( S ( PP-TMP ( IN After ) ( NP ( DT the ) ( NN split ) ) ) ( NP-SBJ ( DT the ) ( CD two ) ( NNS companies ) ) ( ADVP ( RB presumably ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NNS rivals ) ) ( PP ( IN for ) ( NP ( NP ( NNS orders ) ) ( PP ( IN from ) ( NP ( UCP ( NN government ) ( CC and ) ( JJ commercial ) ) ( NNS customers ) ) ) ) ) ) ) ) )

After the split the two companies presumably will be rivals for orders from government and commercial customers


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD was ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ routine ) ( NN courtesy ) ( NN call ) ) ) ) ) ) ) )

It was supposed to be a routine courtesy call


( S ( NP-SBJ-1 ( DT A ) ( JJ half-dozen ) ( JJ Soviet ) ( NN space ) ( NNS officials ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( PP-PRP ( IN for ) ( NP ( DT an ) ( NN exhibit ) ) ) ( VP ( VBD stopped ) ( PRT ( RP by ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB see ) ( NP ( NP ( PRP$ their ) ( NNS counterparts ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Space ) ( NNP Development ) ( NNP Agency ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ) )

A half-dozen Soviet space officials in Tokyo in July for an exhibit stopped by to see their counterparts at the National Space Development Agency of Japan


( S ( CC But ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ few ) ( NNS pleasantries ) ) ) ( NP-SBJ ( DT the ) ( NNS Soviets ) ) ( ADVP ( RB unexpectedly ) ) ( VP ( VBD got ) ( ADJP-PRD ( JJ serious ) ) ) )

But after a few pleasantries the Soviets unexpectedly got serious


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS Soviets ) ) ( VP ( VBP have ) ( NP ( DT a ) ( JJ world-leading ) ( NN space ) ( NN program ) ) ) ) ( NP-SBJ ( DT the ) ( NNS guests ) ) ( VP ( VBD noted ) ) )

The Soviets have a world-leading space program the guests noted


( SQ ( MD Would ) ( RB n't ) ( NP-SBJ ( DT the ) ( NNS Japanese ) ) ( VP ( VB like ) ( NP ( NP ( DT a ) ( NN piece ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ) )

Would n't the Japanese like a piece of it


( S ( NP-SBJ ( DT The ) ( NNS visitors ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBD listed ) ( NP ( NP ( NNS technologies ) ) ( PP ( IN up ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN launch ) ( NNS services ) ) ( CC and ) ( NP ( NN propulsion ) ( NN hardware ) ) ) ) ) ) )

The visitors then listed technologies up for sale including launch services and propulsion hardware


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBD were ) ( ADVP ( RB just ) ) ( ADJP-PRD ( VBN surprised ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Tad ) ( NNP Inada ) ) ( NP ( NP ( NP ( NNP NASDA ) ( POS 's ) ) ( NN director ) ) ( PP ( IN for ) ( NP ( JJ international ) ( NNS affairs ) ) ) ) ) )

We were just surprised says Tad Inada NASDA 's director for international affairs


Shocked


( S ( SBAR-SBJ ( IN That ) ( S ( NP-SBJ-1 ( NNP Moscow ) ) ( PP ( IN with ) ( NP ( PRP$ its ) ( JJ dilapidated ) ( JJ economic ) ( NN machine ) ) ) ( VP ( MD would ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( JJ high ) ( NN technology ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Japan ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( NN high-tech ) ( NNS leaders ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ sounds ) ( PP-CLR ( IN like ) ( NP ( DT a ) ( JJ coals-to-Newcastle ) ( NN notion ) ) ) ) )

That Moscow with its dilapidated economic machine would try to sell high technology to Japan one of the world 's high-tech leaders sounds like a coals-to-Newcastle notion


( SINV ( CC But ) ( S-TPC-2 ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS areas ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( RB n't ) ( PP-LOC-PRD ( IN behind ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mikhail ) ( NNP Shapovalov ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Soviet ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Foreign ) ( NNP Economic ) ( NNP Relations ) ) ) ) ) ) )

But the Soviet Union has areas where it is n't behind Japan says Mikhail Shapovalov of the Soviet Ministry of Foreign Economic Relations


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( VP ( VBN obtained ) ( PP-MNR ( IN through ) ( NP ( NP ( DT the ) ( NN development ) ) ( PP ( IN of ) ( NP ( NP ( NNP Cosmos ) ) ( PRN ( NP ( DT the ) ( JJ Soviet ) ( NN space ) ( NN program ) ) ) ) ) ) ) ( NP ( NP ( NNS technologies ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( ADVP-LOC ( RB anywhere ) ( RB else ) ) ) ) ) ) ) ) ) )

We have obtained through the development of Cosmos the Soviet space program technologies you do n't see anywhere else


( S ( NP-SBJ ( DT The ) ( NNS sales ) ( NN pitch ) ) ( VP ( MD might ) ( RB n't ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ farfetched ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ seems ) ) ) ) ) ) ) )

The sales pitch might n't be as farfetched as it seems


( S ( S ( NP-SBJ ( JJ Japan-U.S. ) ( NN trade ) ( NNS relations ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ bumpy ) ) ( NP-TMP ( DT these ) ( NNS days ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( DT some ) ( NNS Japanese ) ) ( VP ( VBP favor ) ( S ( VP ( VBG decreasing ) ( NP ( NP ( PRP$ their ) ( NN reliance ) ) ( PP ( IN on ) ( NP ( NNP U.S. ) ( NN technology ) ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP FSX ) ( NN fighter-plane ) ( NN flap ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNP U.S. ) ( NNS officials ) ) ( VP ( VP ( VBD reversed ) ( NP ( DT an ) ( JJR earlier ) ( NN decision ) ) ) ( CC and ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB share ) ( NP ( JJ certain ) ( JJ crucial ) ( NN fighter-plane ) ( NN technology ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Japan-U.S. trade relations are bumpy these days and some Japanese favor decreasing their reliance on U.S. technology in light of the FSX fighter-plane flap when U.S. officials reversed an earlier decision and refused to share certain crucial fighter-plane technology


( S ( CC And ) ( PP ( IN despite ) ( NP ( NP ( PRP$ its ) ( NN image ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN technology ) ( NN superpower ) ) ) ) ) ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS weaknesses ) ) ) ) ) )

And despite its image as a technology superpower Japan has a lot of weaknesses


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( VBZ 's ) ( NP-PRD-2 ( NP ( DT a ) ( NN world ) ( NN leader ) ) ( PP-LOC ( IN in ) ( NP ( NNS semiconductors ) ) ) ) ) ( CC but ) ( PP-LOC-PRD=2 ( RB behind ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( DT the ) ( NNS computers ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP use ) ( NP ( DT those ) ( NNS chips ) ) ) ) ) ) ) ) ) ) )

It 's a world leader in semiconductors but behind the U.S. in making the computers that use those chips


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN world ) ( NN leader ) ) ( PP-LOC ( IN in ) ( NP ( NN auto ) ( NN manufacturing ) ) ) ) ) ) ( CC but ) ( S ( S ( NP-SBJ ( PRP$ its ) ( NN aviation ) ( NN industry ) ) ( VP ( VBZ is ) ( VP ( VBG struggling ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ its ) ( NN space ) ( NN program ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( NP-ADV ( NNS years ) ) ( IN behind ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( NP ( DT the ) ( NNS Europeans ) ) ( CC and ) ( NP ( DT the ) ( NNS Soviets ) ) ) ) ) ) ) )

It 's a world leader in auto manufacturing but its aviation industry is struggling and its space program is years behind the U.S. the Europeans and the Soviets


( S ( NP-SBJ ( NP ( CD One ) ( NN question ) ) ( VP ( VBG being ) ( VP ( VBN debated ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NP ( DT the ) ( NN defense ) ( NN sector ) ( POS 's ) ) ( JJ research-and-production ) ( NN expertise ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) ) )

One question being debated in the Soviet Union is how to use the defense sector 's research-and-production expertise in the rest of the economy


( S ( NP-SBJ-2 ( NP ( JJ Many ) ( NNS plants ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD used ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ military ) ( NN equipment ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG being ) ( VP ( VBN ordered ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( NNS televisions ) ) ( NP ( NN videocassette ) ( NNS recorders ) ) ( NP ( JJ small ) ( NNS tractors ) ) ( CC and ) ( NP ( JJ food-processing ) ( NN machinery ) ) ) ) ) ) ) ) ) )

Many plants that used to make military equipment are now being ordered to produce televisions videocassette recorders small tractors and food-processing machinery


( S ( NP-SBJ-2 ( DT The ) ( NNS Soviets ) ) ( ADVP ( RB also ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( JJR better ) ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( JJ considerable ) ( NN expertise ) ) ( PP-LOC ( IN in ) ( NP ( JJ theoretical ) ( NN science ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN helped ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB win ) ( NP ( NP ( QP ( RB twice ) ( RB as ) ( JJ many ) ) ( NNP Nobel ) ( NN science ) ( NNS prizes ) ) ( PP ( IN as ) ( NP ( DT the ) ( NNS Japanese ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Soviets also hope to make better use of their considerable expertise in theoretical science which has helped them win twice as many Nobel science prizes as the Japanese


( S ( SBAR-SBJ ( WHADVP-1 ( WRB Where ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP lag ) ( PP-LOC ( IN behind ) ( NP ( DT the ) ( NNS Japanese ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( S-NOM ( VP ( VBG turning ) ( NP ( DT the ) ( JJ scientific ) ( NN inventiveness ) ) ( PP-CLR ( IN into ) ( NP ( VBN improved ) ( NN production ) ) ) ) ) ) ) )

Where they lag behind the Japanese is in turning the scientific inventiveness into improved production


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( DT the ) ( NNS Japanese ) ) ( VP ( VBP have ) ( VP ( VBN proved ) ( ADJP-PRD ( JJ adept ) ( PP ( IN at ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( JJ Soviet ) ( NNS inventions ) ) ) ) ) ) ) ) ) ) )

By contrast the Japanese have proved adept at making use of Soviet inventions


( S ( NP-SBJ ( NNP Kobe ) ( NNP Steel ) ( NNP Ltd. ) ) ( VP ( VP ( VBD adopted ) ( NP ( JJ Soviet ) ( VBG casting ) ( NN technology ) ) ( PP-TMP ( IN in ) ( NP ( CD 1966 ) ) ) ) ( CC and ) ( VP ( VBD used ) ( NP ( PRP it ) ) ( PP-TMP ( IN for ) ( NP ( CD 14 ) ( NNS years ) ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD developed ) ( NP ( PRP$ its ) ( JJ own ) ( NN system ) ) ) ) ) ) ) )

Kobe Steel Ltd. adopted Soviet casting technology in 1966 and used it for 14 years until it developed its own system


( S ( NP-SBJ ( NNP Kawasaki ) ( NNP Steel ) ( NNP Corp. ) ) ( VP ( VP ( VBD bought ) ( NP ( DT a ) ( JJ Soviet ) ( JJ steel-casting ) ( NN patent ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ) ( CC and ) ( VP ( VBZ has ) ( ADVP-MNR ( RB jointly ) ) ( VP ( VBN developed ) ( NP ( DT the ) ( NN system ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNS Soviets ) ) ) ) ) ) )

Kawasaki Steel Corp. bought a Soviet steel-casting patent two years ago and has jointly developed the system with the Soviets


( S ( PP-TMP ( IN In ) ( NP ( CD 1991 ) ) ) ( NP-SBJ ( DT the ) ( NNS Soviets ) ) ( VP ( MD will ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ Japanese ) ( NN journalist ) ) ) ( PP-DIR ( IN into ) ( NP ( NN space ) ) ) ( NP-1 ( NP ( DT the ) ( JJ first ) ( NN Japanese ) ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( IN into ) ( NP ( NN orbit ) ) ) ) ) ) ) ) ) )

In 1991 the Soviets will take a Japanese journalist into space the first Japanese to go into orbit


( S ( NP-SBJ-1 ( JJ Soviet ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ their ) ( NN technology ) ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB appear ) ( S ( VP ( TO to ) ( VP ( VB worry ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ principal ) ( NN ally ) ) ) ) ) ) ) ) )

Soviet efforts to sell their technology abroad do n't appear to worry the U.S. Japan 's principal ally


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB never ) ) ( VP ( VBN opposed ) ( NP ( NP ( DT the ) ( NN development ) ) ( PP ( IN of ) ( NP ( NP ( JJ economic ) ( NNS relations ) ) ( PP ( IN between ) ( NP ( NP ( PRP$ our ) ( NNS allies ) ) ( CC and ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT a ) ( NNP State ) ( NNP Department ) ( NN official ) ) )

We have never opposed the development of economic relations between our allies and the Soviet Union says a State Department official


( S ( ADVP ( NNP Frankly ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB expect ) ( S ( NP-SBJ ( DT the ) ( NNP Japanese ) ) ( VP ( TO to ) ( VP ( VB get ) ( ADJP-PRD ( JJ hooked ) ( PP ( IN on ) ( NP ( NP ( NP ( NN anybody ) ( POS 's ) ) ( NN technology ) ) ( ADVP ( JJS least ) ( PP ( IN of ) ( NP ( DT all ) ) ) ) ( NP ( DT the ) ( NNP Soviets ) ) ) ) ) ) ) ) ) ) )

Frankly I would n't expect the Japanese to get hooked on anybody 's technology least of all the Soviets


( S ( PP-LOC ( IN Under ) ( NP ( NP ( NNP Mikhail ) ( NNP Gorbachev ) ( POS 's ) ) ( NN perestroika ) ) ) ( NP-SBJ ( DT the ) ( NNS Soviets ) ) ( VP ( VBP have ) ( VP ( VBN sought ) ( NP ( NP ( JJ economic ) ( NNS ties ) ) ) ( PP-LOC ( ADVP ( DT all ) ) ( IN over ) ( NP ( DT the ) ( NN world ) ) ) ( PP-1 ( VBG including ) ( NP ( JJ new ) ( NN export ) ( NNS markets ) ) ) ) ) )

Under Mikhail Gorbachev 's perestroika the Soviets have sought economic ties all over the world including new export markets


( S ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NN technology ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJS best ) ( NNS bets ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT some ) ( JJ Soviet ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( NNP Moscow ) ) ( VP ( MD will ) ( ADVP ( RB even ) ) ( VP ( VB consider ) ( S ( VP ( VBG declassifying ) ( NP ( JJ military ) ( NN know-how ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ right ) ) ) ) ) ) ) ) ) ) ) )

They believe technology is one of their best bets and some Soviet officials say Moscow will even consider declassifying military know-how if the price is right


( S ( NP-SBJ ( DT The ) ( NNS Soviets ) ) ( VP ( VBD held ) ( NP ( NP ( NN export ) ( NNS exhibitions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD included ) ( NP ( JJ high-tech ) ( NNS items ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP New ) ( NNP York ) ) ( CC and ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) )

The Soviets held export exhibitions that included high-tech items in New York and West Germany


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-1 ( DT a ) ( JJ Soviet ) ( NN delegation ) ) ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( NNP Japan ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB push ) ( NP ( JJR more ) ( NN space ) ( NNS technologies ) ) ) ) ) ) )

Last week a Soviet delegation came to Japan to push more space technologies


( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN target ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS Soviets ) ) ) ) ) )

Japan is a major target for the Soviets


( S ( PP-TMP ( IN In ) ( NP ( NNP August ) ) ) ( NP-SBJ-2 ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( NNP Keidanren ) ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJS largest ) ( NN business ) ( NN organization ) ) ) ) ) ( VP ( VBD visited ) ( NP ( NNP Moscow ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB explore ) ( NP ( NP ( NNS exports ) ( CC and ) ( NNS investments ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB help ) ( NP ( DT the ) ( JJ Soviet ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) )

In August representatives of Keidanren Japan 's largest business organization visited Moscow to explore exports and investments that would help the Soviet economy


( S ( PP ( IN Out ) ( PP ( IN of ) ( NP ( DT the ) ( NN blue ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Soviet ) ( NNP Chamber ) ) ( PP ( IN of ) ( NP ( NNP Commerce ) ) ) ) ( VP ( VBD handed ) ( PRT ( RP over ) ) ( NP ( NP ( NNS details ) ) ( PP ( IN on ) ( NP ( NP ( CD 59 ) ( NNS technologies ) ) ( SBAR ( WHNP ( IN that ) ) ( S ( NP-SBJ-1 ( DT the ) ( NNS Japanese ) ) ( VP ( MD might ) ( VP ( VB want ) ( S ( VP ( TO to ) ( VP ( VB buy ) ) ) ) ) ) ) ) ) ) ) ) )

Out of the blue the Soviet Chamber of Commerce handed over details on 59 technologies that the Japanese might want to buy


( S ( NP-SBJ ( DT These ) ) ( ADVP ( RB mainly ) ) ( VP ( VBD involved ) ( NP ( NP ( JJ such ) ( NNS areas ) ) ( PP ( IN as ) ( NP ( NP ( NP ( NNS materials ) ) ( PRN ( NP ( JJ advanced ) ( JJ soldering ) ( NNS machines ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ medical ) ( NNS developments ) ) ( VP ( VBN derived ) ( PP-CLR ( IN from ) ( NP ( NP ( NN experimentation ) ) ( PP-LOC ( IN in ) ( NP ( NN space ) ) ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ artificial ) ( NN blood ) ( NNS vessels ) ) ) ) ) ) ) ) )

These mainly involved such areas as materials advanced soldering machines for example and medical developments derived from experimentation in space such as artificial blood vessels


( S ( NP-SBJ ( DT A ) ( JJ main ) ( NN motive ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ hard ) ( NN cash ) ) ) )

A main motive is hard cash


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNS Soviets ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB expect ) ( NP ( NP ( JJ direct ) ( NN technology ) ( NN flow ) ) ( PP-DIR ( IN from ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( ADVP ( RB also ) ) ( VP ( VBP hope ) ( S ( VP ( TO to ) ( VP ( VB benefit ) ( PP-CLR ( IN from ) ( NP ( JJ Japanese ) ( NN manufacturing ) ( NN expertise ) ) ) ) ) ) ) )

But while the Soviets ca n't expect direct technology flow from Japan they also hope to benefit from Japanese manufacturing expertise


( SINV ( S-TPC-2 ( S ( NP-SBJ ( DT The ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN know-how ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB put ) ( NP ( DT that ) ) ( PP-PUT ( IN into ) ( NP ( JJ actual ) ( NN production ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ various ) ( JJ structural ) ( NNS problems ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Shapovalov ) ) ( NP ( DT the ) ( NNP Foreign ) ( NNP Ministry ) ( NN official ) ) ) )

The Soviet Union has a lot of know-how but it has been difficult to put that into actual production because of various structural problems in the economy says Mr. Shapovalov the Foreign Ministry official


( S ( S-TPC-3 ( NP-SBJ ( DT The ) ( NNS Soviets ) ) ( VP ( VBP are ) ( VP ( VBG contemplating ) ( NP ( NP ( DT a ) ( JJ flexible ) ( NN system ) ) ( SBAR ( WHPP-1 ( IN under ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ possible ) ) ( S-2 ( VP ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NN technology ) ) ( ADVP-MNR ( RB jointly ) ) ) ) ( CC and ) ( ADVP ( RB even ) ) ( VP ( TO to ) ( VP ( VB market ) ( NP ( PRP it ) ) ( ADVP-MNR ( RB jointly ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The Soviets are contemplating a flexible system under which it would be possible to develop technology jointly and even to market it jointly he says


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNS Japanese ) ) ( VP ( VBP find ) ( S ( NP-SBJ ( JJ Soviet ) ( NN technology ) ) ( ADJP-PRD ( JJ desirable ) ) ) ) ) ) ( NP-SBJ ( JJ such ) ( NNS discussions ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ fraught ) ( PP ( IN with ) ( NP ( JJ political ) ( NNS complications ) ) ) ) ) ) )

Even if the Japanese find Soviet technology desirable such discussions would be fraught with political complications


( S ( S-ADV ( ADVP ( RB Still ) ) ( VP ( VBG stinging ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ international ) ( NN backlash ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN sale ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ( PP ( IN of ) ( NP ( JJ sensitive ) ( JJ military ) ( NN technology ) ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNS Soviets ) ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Toshiba ) ( NNP Corp. ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( JJ many ) ( NNS Japanese ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ eager ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( S ( VP ( VBG appearing ) ( S ( VP ( TO to ) ( VP ( VB help ) ( NP ( DT the ) ( NNS Soviets ) ) ( PP-MNR ( IN in ) ( NP ( DT any ) ( NN way ) ) ) ) ) ) ) ) ) ) ) ) ) )

Still stinging from the international backlash over the sale two years ago of sensitive military technology to the Soviets by a subsidiary of Japan 's Toshiba Corp. many Japanese are eager to avoid appearing to help the Soviets in any way


( S ( NP-SBJ ( DT Another ) ( NN hurdle ) ) ( VP ( VBZ concerns ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNS attempts ) ( S ( VP ( TO to ) ( VP ( VB persuade ) ( NP-1 ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( S ( VP ( TO to ) ( VP ( VB relinquish ) ( NP ( NP ( PRP$ its ) ( NNP post-World ) ( NNP War ) ( NNP II ) ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( CD four ) ( NNS islands ) ) ( ADVP-LOC ( RB north ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another hurdle concerns Japan 's attempts to persuade the Soviet Union to relinquish its post-World War II control of four islands north of Japan


( S ( ADVP-TMP ( IN So ) ( RB far ) ) ( NP-SBJ ( DT the ) ( NNS Soviets ) ) ( VP ( VBP have ) ( VP ( VBN provided ) ( NP ( NP ( RB only ) ( DT the ) ( JJS sketchiest ) ( NN information ) ) ( PP ( IN about ) ( NP ( PRP$ their ) ( NN technology ) ( CC and ) ( NN business ) ( NNS plans ) ) ) ) ) ) )

So far the Soviets have provided only the sketchiest information about their technology and business plans


( S ( CC And ) ( SBAR-NOM-SBJ ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN shown ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ impressive ) ) ) )

And what they have shown is n't impressive


( SINV ( S-TPC-2 ( NP-SBJ ( PRP$ My ) ( NN impression ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( NN anything ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ arouses ) ( NP ( PRP$ our ) ( NN interest ) ) ( PP-TMP ( IN at ) ( NP ( JJ first ) ( NN glance ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT an ) ( NN official ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP International ) ( NNP Trade ) ( CC and ) ( NNP Industry ) ) ) ) ) ) )

My impression is that there is n't anything which arouses our interest at first glance says an official from Japan 's Ministry of International Trade and Industry


( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Gumbel ) ) ( PP-LOC ( IN in ) ( NP ( NNP Moscow ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Peter Gumbel in Moscow contributed to this article


( NP ( NP ( NN Applause ) ) ( PP ( IN for ) ( NP ( S-HLN ( ADVP-TMP ( RB Sometimes ) ) ( NP-SBJ ( NN Talk ) ) ( VP ( VBZ Is ) ( NP-PRD ( DT the ) ( JJS Best ) ( NN Medicine ) ) ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ your ) ( NNP Oct. ) ( CD 5 ) ( NNP Marketplace ) ( NN section ) ) ) ) ) )

Applause for Sometimes Talk Is the Best Medicine in your Oct. 5 Marketplace section


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( DT the ) ( NN art ) ) ( PP ( IN of ) ( NP ( NN doctoring ) ) ) ) ( VP ( VP ( VBZ does ) ( VP ( VB contribute ) ( PP-CLR ( TO to ) ( NP ( JJR better ) ( NN health ) ( NNS results ) ) ) ) ) ( CC and ) ( VP ( VBZ discourages ) ( NP ( JJ unwarranted ) ( NN malpractice ) ( NN litigation ) ) ) ) )

Indeed the art of doctoring does contribute to better health results and discourages unwarranted malpractice litigation


( S ( S-ADV ( VP ( VBG Elaborating ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN concern ) ) ( PP ( IN about ) ( S-NOM ( NP-SBJ-1 ( NNS doctors ) ( POS ' ) ) ( VP ( VBG sacrificing ) ( NP ( NNS earnings ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( NN talk ) ( NN time ) ) ( PP ( IN with ) ( NP ( NNS patients ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( VP ( VBG finding ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN quality ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN time ) ) ( VP ( VBN spent ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN key ) ) ( PP ( TO to ) ( NP ( JJ true ) ( NN rapport ) ) ) ) ) ) ) ) ) )

Elaborating on the concern about doctors ' sacrificing earnings in order to spend talk time with patients we are finding the quality of the time spent is the key to true rapport


( S ( NP-SBJ-1 ( RB Even ) ( JJ brief ) ( NNS conversations ) ) ( VP ( VP ( MD can ) ( VP ( VB show ) ( NP ( NN caring ) ( CC and ) ( NN trust ) ) ) ) ( CC and ) ( VP ( MD need ) ( S ( RB not ) ( VP ( VP ( VB restrict ) ( NP ( NP ( DT the ) ( NN efficiency ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN communication ) ) ) ) ) ( CC or ) ( VP ( VB restrain ) ( NP ( NP ( DT the ) ( NN doctor ) ( POS 's ) ) ( NNS earnings ) ) ) ) ) ) ) )

Even brief conversations can show caring and trust and need not restrict the efficiency of the communication or restrain the doctor 's earnings


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ far-reaching ) ) ) )

The issue is far-reaching


( S ( ADVP-TMP ( RB Right ) ( RB now ) ) ( NP-SBJ ( DT the ) ( JJ American ) ( NN populace ) ) ( VP ( VBZ is ) ( VP ( VBG spending ) ( NP ( NP ( QP ( RB about ) ( CD 12 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ( PP-CLR ( IN on ) ( NP ( NN health ) ( NN care ) ) ) ) ) )

Right now the American populace is spending about 12 % of our gross national product on health care


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ amounts ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 350 ) ( CD billion ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) )

That amounts to more than 350 billion a year


( S ( CC And ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ( NP ( QP ( CD 70 ) ( CD billion ) ) ) ) ( VP ( VBZ goes ) ( PP-DIR ( TO to ) ( NP ( NP ( JJ defensive ) ( NN medicine ) ) ( NP ( NP ( DT those ) ( NNS measures ) ) ( VP ( VBN taken ) ( PP ( IN by ) ( NP-LGS ( NNS doctors ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB protect ) ( NP ( PRP themselves ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ unlikely ) ) ( NNS possibilities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And it is estimated that more than 20 % of that 70 billion goes to defensive medicine those measures taken by doctors to protect themselves from the most unlikely possibilities


( S ( IN So ) ( NP-SBJ-1 ( PRP we ) ) ( DT all ) ( VP ( VBP stand ) ( S ( VP ( TO to ) ( VP ( VB benefit ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( JJ patient-physician ) ( NNS relations ) ) ( VP ( VBP become ) ( NP-PRD ( DT a ) ( NN partnership ) ) ) ) ) ) ) ) ) )

So we all stand to benefit if patient-physician relations become a partnership


( NP ( NP ( NNP President ) ) ( NP ( NP ( NNP North ) ( NNP American ) ( NNP Physicians ) ( NNP Insurance ) ) ( NP ( NNP Risk ) ( NNP Retention ) ( NNP Group ) ) ) )

President North American Physicians Insurance Risk Retention Group


( S ( NP-SBJ-1 ( NNP USG ) ( NNP Corp. ) ) ( VP ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( PRP$ its ) ( NNS headquarters ) ( NN building ) ) ( ADVP-LOC ( RB here ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Manufacturers ) ( NNP Life ) ( NNP Insurance ) ( NNP Co. ) ) ( PP ( IN of ) ( NP ( NNP Toronto ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB lease ) ( NP ( DT the ) ( JJ 19-story ) ( NN facility ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ moves ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( JJ new ) ( NNS quarters ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) )

USG Corp. agreed to sell its headquarters building here to Manufacturers Life Insurance Co. of Toronto and will lease the 19-story facility until it moves to a new quarters in 1992


( S ( NP-SBJ ( DT The ) ( NNS building-materials ) ( NN concern ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN sale ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB close ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The building-materials concern did n't disclose terms of the sale which will close in the first quarter of next year


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NP ( NNS Proceeds ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( VBN planned ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 250,000-square-foot ) ( NN building ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( VP ( VB reduce ) ( NP ( NP ( DT the ) ( NN debt ) ) ( VP ( VBN incurred ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNP July ) ( CD 1988 ) ( NN recapitalization ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( NNP USG ) ( NN official ) ) )

Proceeds from the planned sale of the 250,000-square-foot building will help reduce the debt incurred as a result of our July 1988 recapitalization said a USG official


( S ( NP-SBJ ( CD Two ) ( NNS gunmen ) ) ( VP ( VP ( VBD entered ) ( NP ( DT a ) ( NNP Maryland ) ( NN restaurant ) ) ) ( VP ( VBD ordered ) ( S ( NP-SBJ ( CD two ) ( NNS employees ) ) ( VP ( TO to ) ( VP ( VB lie ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN floor ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD shot ) ( NP ( PRP them ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS backs ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS heads ) ) ) ) ) ) ) )

Two gunmen entered a Maryland restaurant ordered two employees to lie on the floor and shot them in the backs of their heads


( S ( NP-SBJ ( DT The ) ( NNS killers ) ) ( VP ( VBD fled ) ( PP ( IN with ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 100 ) ) ) ) ) )

The killers fled with less than 100


( S ( S-ADV ( VP ( VBG Describing ) ( NP ( NP ( DT this ) ) ( CC and ) ( NP ( JJ other ) ( JJ grisly ) ( NNS killings ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Sen. ) ( NNP Strom ) ( NNP Thurmond ) ) ( PRN ( NP ( NNP R. ) ) ( NP-LOC ( NNP S.C ) ) ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD urged ) ( NP-2 ( JJ fellow ) ( NNS lawmakers ) ) ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( DT a ) ( JJ broad ) ( JJ federal ) ( NN death ) ( NN penalty ) ) ) ) ) ) )

Describing this and other grisly killings Sen. Strom Thurmond R. S.C recently urged fellow lawmakers to revive a broad federal death penalty


( S-2 ( NP-SBJ ( DT The ) ( JJ ultimate ) ( NN punishment ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD declared ) ) ) ) ( VP ( MD will ) ( VP ( VB protect ) ( NP ( DT the ) ( JJ law-abiding ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ vicious ) ( JJ cruel ) ( NNS individuals ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP commit ) ( NP ( DT these ) ( NNS crimes ) ) ) ) ) ) ) ) ) )

The ultimate punishment he declared will protect the law-abiding from the vicious cruel individuals who commit these crimes


( S ( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( RB just ) ( CD one ) ( NN problem ) ) ) ) ( S ( NP-SBJ ( NP ( DT The ) ( NN law ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( NP-SBJ ( NNP Sen. ) ( NNP Thurmond ) ) ( VP ( VBZ is ) ( VP ( VBG pushing ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ irrelevant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN case ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Maryland ) ( NN restaurant ) ( NNS murders ) ) ) ) ( CC and ) ( NP ( RB almost ) ( DT all ) ( JJ other ) ( NNS killings ) ) ) ) ) ) ) )

There 's just one problem The law that Sen. Thurmond is pushing would be irrelevant in the case of the Maryland restaurant murders and almost all other killings


( S ( S ( NP-SBJ ( JJS Most ) ( NNS murders ) ) ( VP ( VBP are ) ( NP-PRD ( NN state ) ( NNS crimes ) ) ) ) ( IN so ) ( S ( NP-SBJ-1 ( DT any ) ( JJ federal ) ( NN capital-punishment ) ( NN law ) ) ( ADVP ( RB probably ) ) ( VP ( MD would ) ( VP ( VB turn ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( JJR more ) ( NN symbolism ) ) ( PP ( IN than ) ( NP ( NN substance ) ) ) ) ) ) ) ) ) ) )

Most murders are state crimes so any federal capital-punishment law probably would turn out to be more symbolism than substance


( S ( ADVP ( RB Yet ) ) ( NP-SBJ ( DT the ) ( NN bill ) ) ( VP ( VBZ is ) ( VP ( VBG riding ) ( ADVP-MNR ( JJ high ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN furor ) ) ( PP ( IN over ) ( NP ( NN drug ) ( NN trafficking ) ) ) ) ) ) ) )

Yet the bill is riding high on the furor over drug trafficking


( S ( NP-SBJ-2 ( NNP Senate ) ( NNP Republicans ) ) ( PP-TMP ( IN after ) ( S-NOM ( ADVP ( RB repeatedly ) ) ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB attach ) ( NP ( JJ death-penalty ) ( NNS amendments ) ) ( PP-CLR ( TO to ) ( NP ( JJ unrelated ) ( NN legislation ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( ADVP ( RB finally ) ) ( VP ( VBN gotten ) ( NP ( DT a ) ( JJ full-blown ) ( NN death-penalty ) ( NN bill ) ) ( PP-DIR ( IN through ) ( NP ( NN committee ) ) ) ) ) )

Senate Republicans after repeatedly failing to attach death-penalty amendments to unrelated legislation have finally gotten a full-blown death-penalty bill through committee


( S ( NP-SBJ-1 ( DT The ) ( JJ Democratic ) ( NN leadership ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB allow ) ( NP ( NP ( NP ( DT a ) ( NN floor ) ( NN vote ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( NP-2 ( NP ( DT a ) ( NN debate ) ) ( ADJP ( JJ certain ) ( S ( VP ( TO to ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( VBN alleged ) ( JJ racial ) ( NN inequality ) ) ( PP ( IN of ) ( NP ( NN death ) ( NN sentencing ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Democratic leadership agreed to allow a floor vote on the issue before the end of the year a debate certain to focus on the alleged racial inequality of death sentencing


( S ( NP-SBJ ( RB Even ) ( DT some ) ( NNS Democrats ) ) ( VP ( VBP concede ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( ADVP ( RB probably ) ) ( NP-PRD ( NP ( DT a ) ( NN majority ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ favors ) ( NP ( NP ( DT some ) ( NN kind ) ) ( PP ( IN of ) ( NP ( JJ broad ) ( NN capital-punishment ) ( NN measure ) ) ) ) ) ) ) ) ) ) ) ) )

Even some Democrats concede that there is probably a majority in the Senate that favors some kind of broad capital-punishment measure


( S ( NP-SBJ-1 ( NP ( DT The ) ( VBG pending ) ( NN bill ) ) ( VP ( VBN introduced ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Thurmond ) ) ) ) ) ( VP ( MD would ) ( VP ( VB revive ) ( NP ( DT the ) ( JJ long-dormant ) ( JJ federal ) ( NN death-penalty ) ( NNS laws ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG instituting ) ( NP ( NP ( JJ legal ) ( NNS procedures ) ) ( VP ( VBN required ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ) ) ) ) ) ) ) ) )

The pending bill introduced by Mr. Thurmond would revive the long-dormant federal death-penalty laws by instituting legal procedures required by the Supreme Court


( S ( PP-TMP ( IN In ) ( NP ( CD 1972 ) ) ) ( NP-SBJ ( DT the ) ( JJ high ) ( NN court ) ) ( VP ( VBD swept ) ( ADVP-DIR ( RB aside ) ) ( NP ( DT all ) ( NN capital-punishment ) ( NNS laws ) ) ( PRN ( S-ADV ( NP-SBJ ( JJ federal ) ( CC and ) ( NN state ) ) ( ADJP-PRD ( RB alike ) ) ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ unconstitutional ) ) ) ) )

In 1972 the high court swept aside all capital-punishment laws federal and state alike as unconstitutional


( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( CD 1976 ) ) ) ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( VBD permitted ) ( NP ( NP ( NN resurrection ) ) ( PP ( IN of ) ( NP ( JJ such ) ( NNS laws ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP meet ) ( NP ( JJ certain ) ( JJ procedural ) ( NNS requirements ) ) ) ) ) ) )

But in 1976 the court permitted resurrection of such laws if they meet certain procedural requirements


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ-1 ( NNS juries ) ) ( VP ( MD would ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB consider ) ( NP ( JJ specific ) ( ADJP ( JJ aggravating ) ( CC and ) ( JJ mitigating ) ) ( NNS factors ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG deciding ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB condemn ) ( NP ( NN someone ) ) ( PP-CLR ( TO to ) ( NP ( NN death ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For instance juries would have to consider specific aggravating and mitigating factors before deciding whether to condemn someone to death


( S ( PP-TMP ( IN Since ) ( NP ( DT that ) ( CD 1976 ) ( NN ruling ) ) ) ( NP-SBJ ( CD 37 ) ( NNS states ) ) ( VP ( VBP have ) ( VP ( VBN reintroduced ) ( NP ( DT the ) ( NN death ) ( NN penalty ) ) ) ) )

Since that 1976 ruling 37 states have reintroduced the death penalty


( S ( CC But ) ( NP-SBJ ( JJ congressional ) ( NNS Democrats ) ) ( VP ( VBP have ) ( VP ( VBN blocked ) ( NP-1 ( DT the ) ( JJ same ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG occurring ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ federal ) ( NN level ) ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN exception ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( CD 1988 ) ( NN law ) ) ( VP ( VBG allowing ) ( NP ( NP ( JJ capital ) ( NN punishment ) ) ( PP ( IN for ) ( NP ( JJ certain ) ( JJ drug-related ) ( NNS homicides ) ) ) ) ) ) ) ) ) ) ) )

But congressional Democrats have blocked the same from occurring at the federal level with the exception of a 1988 law allowing capital punishment for certain drug-related homicides


( S ( NP-SBJ ( DT The ) ( NNP Thurmond ) ( NN bill ) ) ( VP ( MD would ) ( VP ( VB establish ) ( NP ( NP ( DT a ) ( ADJP ( RB federally ) ( VBN administered ) ) ( NN death ) ( NN sentence ) ) ( PP ( IN for ) ( NP ( NP ( CD 23 ) ( NNS crimes ) ) ( SBAR ( WHNP-1 ( WHNP ( JJS most ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD were ) ( ADVP-TMP ( RB formerly ) ) ( ADJP-PRD ( JJ punishable ) ( PP ( IN by ) ( NP ( NN death ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( JJ federal ) ( NNS statutes ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ( VP ( VBD invalidated ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Thurmond bill would establish a federally administered death sentence for 23 crimes most of which were formerly punishable by death under federal statutes that the Supreme Court invalidated


( SINV ( PP-LOC-PRD-TPC-1 ( IN Among ) ( NP ( DT these ) ( NNS crimes ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NP ( NN murder ) ) ( PP ( IN on ) ( NP ( JJ federal ) ( NN land ) ) ) ) ( NP ( JJ presidential ) ( NN assassination ) ) ( CC and ) ( NP ( NN espionage ) ) ) )

Among these crimes are murder on federal land presidential assassination and espionage


( S ( NP-SBJ ( DT The ) ( NNP Thurmond ) ( NN bill ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB add ) ( NP ( NP ( CD five ) ( JJ new ) ( NNS crimes ) ) ( ADJP ( JJ punishable ) ( PP ( IN by ) ( NP ( NN death ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN murder ) ) ( PP ( IN for ) ( NP ( NN hire ) ) ) ) ) ) ) ) )

The Thurmond bill would also add five new crimes punishable by death including murder for hire


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( DT the ) ( NNP Senate ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( VP ( VBD passed ) ( NP ( NP ( DT a ) ( NN bill ) ) ( VP ( VBG permitting ) ( NP ( NP ( NN execution ) ) ( PP ( IN of ) ( NP ( NP ( NNS terrorists ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP kill ) ( NP ( NNS Americans ) ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ) ) ) ) ) ) )

Separately the Senate last week passed a bill permitting execution of terrorists who kill Americans abroad


( S ( PP ( IN Amid ) ( NP ( NP ( DT the ) ( NN swirl ) ) ( PP ( IN of ) ( NP ( JJ punitive ) ( NN rhetoric ) ) ) ( VP ( VBG surrounding ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ( NP-SBJ ( CD one ) ( JJ critical ) ( NN question ) ) ( VP ( VBZ involves ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT a ) ( JJ federal ) ( NN death ) ( NN penalty ) ) ( PP ( IN on ) ( NP ( NP ( NN top ) ) ( PP ( IN of ) ( NP ( VBG existing ) ( NN state ) ( NNS laws ) ) ) ) ) ( VP ( MD would ) ( VP ( VB deter ) ( NP ( DT any ) ( JJ would-be ) ( NNS criminals ) ) ) ) ) ) ) )

Amid the swirl of punitive rhetoric surrounding the issue one critical question involves whether a federal death penalty on top of existing state laws would deter any would-be criminals


( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ unlikely ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( JJ many ) ( NNS people ) ) ( VP ( MD would ) ( VP ( VP ( VB receive ) ( NP ( JJ federal ) ( NN death ) ( NNS sentences ) ) ) ( ADVP ( VB let ) ( RB alone ) ) ( VP ( VB be ) ( VP ( VBN executed ) ) ) ) ) ) ) ) )

For one thing it 's unlikely that many people would receive federal death sentences let alone be executed


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS crimes ) ) ( VP ( VBN incorporated ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP Thurmond ) ( NN bill ) ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB exceedingly ) ( JJ rare ) ) ( S-NOM-2 ( VP ( VP ( VBG killing ) ( NP ( DT a ) ( NNP Supreme ) ( NNP Court ) ( NN justice ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( CC or ) ( VP ( ADVP ( RB deliberately ) ) ( VBG causing ) ( NP ( NP ( DT a ) ( NN train ) ( NN wreck ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ results ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( NN death ) ) ) ) ) ) ) ) ) ) ) )

Most of the crimes incorporated in the Thurmond bill are exceedingly rare killing a Supreme Court justice for instance or deliberately causing a train wreck that results in a death


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( QP ( RB only ) ( CD 28 ) ) ( NNS defendants ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ eligible ) ( PP ( IN for ) ( NP ( JJ federal ) ( NN death ) ( NNS sentences ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNP Thurmond ) ( NN bill ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( PP-PRD ( IN in ) ( NP ( NN effect ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS years ) ) ) ) ) ) ) ( PP-CLR ( VBG according ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN study ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Senate ) ( NNP Judiciary ) ( NNP Committee ) ( POS 's ) ) ( JJ Democratic ) ( NN staff ) ) ) ) ) ) ) ) ) )

In fact only 28 defendants would have been eligible for federal death sentences if the Thurmond bill had been in effect in the past three years according to a study by the Senate Judiciary Committee 's Democratic staff


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The last federal execution before the Supreme Court 's 1972 ruling banning the death penalty took place in 1963 meaning that the federal government did n't exercise its execution authority for eight years


( SINV ( S-TPC-1 ( PP ( IN In ) ( NP ( DT that ) ( NN sense ) ) ) ( NP-SBJ ( DT the ) ( JJ whole ) ( NN debate ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN sort ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN fraud ) ) ) ) ) ) ( VP ( VBZ argues ) ) ( NP-SBJ ( DT a ) ( JJ Democratic ) ( NNP Senate ) ( NN staff ) ( NN member ) ) )

In that sense the whole debate is sort of a fraud argues a Democratic Senate staff member


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBG distracting ) ( NP ( NN attention ) ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ serious ) ( NNS issues ) ) ( PP ( IN like ) ( SBAR ( WHADVP-1 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NNP DEA ) ( NNP FBI ) ( CC and ) ( NNP Customs ) ) ( VP ( VB work ) ( ADVP-MNR ( RB together ) ) ( PP-CLR ( IN on ) ( NP ( NN drug ) ( NN enforcement ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It 's distracting attention from serious issues like how to make DEA FBI and Customs work together on drug enforcement


( S ( S ( NP-SBJ ( NNS Republicans ) ) ( VP ( VBP acknowledge ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ few ) ( NNS people ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN executed ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP Thurmond ) ( NN bill ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP contend ) ( SBAR ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT the ) ( NN point ) ) ) ) ) ) ) )

Republicans acknowledge that few people would be executed under the Thurmond bill but they contend that is n't the point


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Many ) ( NNS scholars ) ) ( VP ( VBP are ) ( PP-PRD ( IN of ) ( NP ( DT the ) ( NN opinion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ mere ) ( NN existence ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN penalty ) ) ) ) ( VP ( VBZ deters ) ( NP ( JJ many ) ( NNS people ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN commission ) ) ( PP ( IN of ) ( NP ( JJ capital ) ( NNS crimes ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Orrin ) ( NNP Hatch ) ) ( PRN ( NP ( NNP R. ) ) ( NP-LOC ( NNP Utah ) ) ) ) )

Many scholars are of the opinion that the mere existence of the penalty deters many people from the commission of capital crimes says Sen. Orrin Hatch R. Utah


( S ( S-TPC-2 ( NP-SBJ ( NNS Executions ) ) ( ADVP ( RB regardless ) ( PP ( IN of ) ( SBAR ( WHADVP-1 ( WRB how ) ( RB frequently ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP occur ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( JJ proper ) ( NN retribution ) ) ( PP ( IN for ) ( NP ( JJ heinous ) ( NNS crimes ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hatch ) ) ( VP ( VBZ argues ) ) )

Executions regardless of how frequently they occur are also proper retribution for heinous crimes Mr. Hatch argues


( S ( NP-SBJ ( NP ( NNP Thomas ) ( NNP Boyd ) ) ( NP ( DT a ) ( JJ senior ) ( NNP Justice ) ( NNP Department ) ( NN official ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ new ) ( JJ federal ) ( JJ drug-related ) ( NNS crimes ) ) ( ADJP ( JJ punishable ) ( PP ( IN by ) ( NP ( NN death ) ) ) ( PP-TMP ( IN since ) ( NP ( JJ last ) ( NNP November ) ) ) ) ) ( VP ( MD may ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN jump ) ) ( PP ( IN in ) ( NP ( JJ capital ) ( NNS sentences ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN happened ) ( ADVP-TMP ( RB so ) ( RB far ) ) ) ) ) ) ) ) ) ) ) )

Thomas Boyd a senior Justice Department official says the new federal drug-related crimes punishable by death since last November may result in a jump in capital sentences though that has n't happened so far


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG resuscitating ) ( NP ( NP ( DT the ) ( JJ old ) ( NN issue ) ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NN death ) ( NNS sentences ) ) ( VP ( VBP deter ) ( NP ( NNS criminals ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN bill ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( S ( NP-SBJ ( NN race ) ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN death-penalty ) ( NN debate ) ) ) ) ) ) ) )

In addition to resuscitating the old issue of whether death sentences deter criminals this bill has made race a major part of the death-penalty debate