( S ( NP-SBJ-1 ( NP ( DT The ) ( NNS notes ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ noncallable ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( PP ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( CD 45 ) ( NN basis ) ( NNS points ) ) ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ 10-year ) ( NN note ) ) ) ) ) ) )

The notes which are noncallable were priced at a spread of 45 basis points above the Treasury 's 10-year note


( S ( S-ADV ( VP ( VBN Rated ) ( S ( ADJP-PRD ( JJ triple-A ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT both ) ( NP ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ( NNP Inc. ) ) ( CC and ) ( NP ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp. ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc ) ) ) ) ) ) )

Rated triple-A by both Moody 's Investors Service Inc. and Standard & Poor 's Corp. the issue will be sold through Salomon Brothers Inc


( NP ( NP ( NNP Citicorp ) ) ( NP ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ) ( NNS notes ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1996 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.64 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.82 ) ( NN % ) ) ) ) ) ) ) )

Citicorp 200 million of 8 3\/4 % notes due Nov. 1 1996 priced at 99.64 to yield 8.82 %


( S ( NP-SBJ-1 ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( PP ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( CD 98 ) ( NN basis ) ( NNS points ) ) ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ seven-year ) ( NN note ) ) ) ) ) ) )

The noncallable issue was priced at a spread of 98 basis points above the Treasury 's seven-year note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( S ( ADJP-PRD-4 ( JJ single-A-1 ) ) ) ( PP-3 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=4 ( JJ double-A ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NNP Salomon ) ( NNP Brothers ) ) ) ) ) ) )

Rated single-A-1 by Moody 's and double-A by S&P the issue will be sold through Salomon Brothers


( NP ( NP ( NP ( NNP Boatmen ) ( POS 's ) ) ( NNP Bancshares ) ( NNP Inc. ) ) ( NP ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 9 ) ( CD 1\/4 ) ( NN % ) ) ( VBN subordinated ) ( NNS notes ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 2001 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.821 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 9.275 ) ( NN % ) ) ) ) ) ) ) )

Boatmen 's Bancshares Inc. 150 million of 9 1\/4 % subordinated notes due Nov. 1 2001 priced at 99.821 to yield 9.275 %


( S ( NP-SBJ-1 ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( PP ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( CD 140 ) ( NN basis ) ( NNS points ) ) ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ 10-year ) ( NN note ) ) ) ) ) ) )

The noncallable issue was priced at a spread of 140 basis points above the Treasury 's 10-year note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( S ( ADJP-PRD-2 ( JJ single-A-3 ) ) ) ( PP-3 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=2 ( JJ single-A-minus ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-4 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co ) ) ) ) ) ) ) ) ) )

Rated single-A-3 by Moody 's and single-A-minus by S&P the issue will be sold through underwriters led by Morgan Stanley & Co


( NP ( NP ( NNP Xerox ) ( NNP Corp. ) ) ( NP ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ) ( NNS notes ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ( CD 1995 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 99.555 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.85 ) ( NN % ) ) ) ) ) ) ) )

Xerox Corp. 150 million of 8 3\/4 % notes due Nov. 1 1995 priced at 99.555 to yield 8.85 %


( S ( NP-SBJ-1 ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( PP ( NP ( CD 105 ) ( NN basis ) ( NNS points ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ fiveyear ) ( NN note ) ) ) ) ) ) ) ) )

The noncallable issue was priced to yield 105 basis points above the Treasury 's fiveyear note


( S ( S-ADV ( VP ( VP ( VBN Rated ) ( S ( ADJP-PRD-2 ( JJ single-A-2 ) ) ) ( PP-4 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=2 ( JJ single-A-plus ) ) ( PP=4 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN issue ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN through ) ( NP ( NP ( NNS underwriters ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP Salomon ) ( NNP Brothers ) ) ) ) ) ) ) ) ) )

Rated single-A-2 by Moody 's and single-A-plus by S&P the issue will be sold through underwriters led by Salomon Brothers


( NP ( NP ( NNP American ) ( NNP General ) ( NNP Finance ) ( NNP Corp. ) ) ( NP ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( CD 8.45 ) ( NN % ) ( NNS notes ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Oct. ) ( CD 15 ) ( CD 2009 ) ) ) ( PP ( IN through ) ( NP ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co. ) ) ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( CD 99.661 ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.50 ) ( NN % ) ) ) ) ) ) ) ) )

American General Finance Corp. 150 million of 8.45 % notes due Oct. 15 2009 through Bear Stearns & Co. being offered at a price of 99.661 to yield 8.50 %


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN put ) ) ( NP-TMP ( NNP Oct. ) ( CD 15 ) ( CD 1999 ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( PP ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( CD 66 ) ( NN basis ) ( NNS points ) ) ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ 10-year ) ( NN note ) ) ) ) ) ) )

The noncallable issue which has a one-time put Oct. 15 1999 was priced at a spread of 66 basis points above the Treasury 's 10-year note


( S ( NP-SBJ-2 ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( VP ( VP ( VBN rated ) ( S ( ADJP-PRD-1 ( JJ single-A-1 ) ) ) ( PP-3 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=1 ( JJ single-A-plus ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) )

The issue is rated single-A-1 by Moody 's and single-A-plus by S&P


( NP ( NP ( NNP Baltimore ) ( NNP Gas ) ( CC & ) ( NNP Electric ) ( NNP Co. ) ) ( NP ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ first ) ( CC and ) ( JJ refunding ) ) ( NN mortgage ) ( NNS bonds ) ) ) ) ( ADJP ( JJ due ) ( NP ( NNP Oct. ) ( CD 15 ) ( CD 1999 ) ) ) ( PP ( IN through ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc. ) ) ) ( VP ( VBN offered ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 8.40 ) ( NN % ) ) ) ) ) ) ) )

Baltimore Gas & Electric Co. 100 million of first and refunding mortgage bonds due Oct. 15 1999 through Shearson Lehman Hutton Inc. offered at par to yield 8.40 %


( S ( NP-SBJ-4 ( DT The ) ( JJ noncallable ) ( NN issue ) ) ( VP ( VBZ is ) ( VP ( VP ( VBN rated ) ( S ( ADJP-PRD-1 ( JJ double-A-3 ) ) ) ( PP-2 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=1 ( JJ double-A-minus ) ) ( PP=2 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) )

The noncallable issue is rated double-A-3 by Moody 's and double-A-minus by S&P


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( PP ( NP ( NP ( DT a ) ( NN spread ) ) ( PP ( IN of ) ( NP ( CD 55 ) ( NN basis ) ( NNS points ) ) ) ) ( IN above ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( POS 's ) ) ( JJ 10-year ) ( NN note ) ) ) ) ) ) )

It was priced at a spread of 55 basis points above the Treasury 's 10-year note


( NP ( NP ( NNP Massachusetts ) ) ( NP ( NP ( NP ( NP ( QP ( CD 230 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ general ) ( NN obligation ) ( NNS bonds ) ) ) ) ( NP ( NP ( QP ( JJ consolidated ) ( NN loan ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 1989 ) ) ( NP ( NNP Series ) ( NNP D ) ) ) ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1990-2009 ) ) ) ( PP ( IN through ) ( NP ( DT a ) ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ( NN group ) ) ) ) )

Massachusetts 230 million of general obligation bonds consolidated loan of 1989 Series D due 1990-2009 through a Goldman Sachs & Co. group


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ insured ) ( NNS bonds ) ) ( VP ( VBN rated ) ( S ( ADJP-PRD ( JJ triple-A ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NN S&P ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.00 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.20 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2009 ) ) ) ) ) ) ) ) ) ) ) )

The insured bonds rated triple-A by Moody 's and S&P were priced to yield from 6.00 % in 1990 to 7.20 % in 2009


( NP ( NP ( NP ( NNP Broward ) ( NNP County ) ( NNP School ) ( NNP District ) ) ( NP-LOC ( NNP Fla. ) ) ) ( NP ( NP ( NP ( QP ( CD 185 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN school ) ( NN district ) ( JJ general ) ( NN obligation ) ( NNS bonds ) ) ) ) ( NP ( NNP Series ) ( CD 1989 ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1991-1999 ) ( CC and ) ( CD 2008 ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ( NN group ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.20 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1991 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.30 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2008 ) ) ) ) ) ) ) ) ) ) ) )

Broward County School District Fla. 185 million of school district general obligation bonds Series 1989 due 1991-1999 and 2008 tentatively priced by a First Boston Corp. group to yield from 6.20 % in 1991 to 7.30 % in 2008


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( CD 120.7 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 7 ) ( CD 1\/8 ) ( NN % ) ) ( NN term ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2008 ) ) ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.30 ) ( NN % ) ) ) ) ) ) ) ) )

There are 120.7 million of 7 1\/8 % term bonds due 2008 priced to yield 7.30 %


( S ( NP-SBJ-1 ( JJ Serial ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( QP ( TO to ) ( CD 7 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1999 ) ) ) ) ) ) ) ) )

Serial bonds are priced to yield to 7 % in 1999


( S ( NP-SBJ-2 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VP ( VBN rated ) ( S ( ADJP-PRD-1 ( JJ single-A-1 ) ) ) ( PP-3 ( IN by ) ( NP-LGS ( NNP Moody ) ( POS 's ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=1 ( JJ double-A-minus ) ) ( PP=3 ( IN by ) ( NP-LGS ( NNP S&P ) ) ) ) ) ) )

The bonds are rated single-A-1 by Moody 's and double-A-minus by S&P


( NP ( NP ( NP ( NNP Culver ) ( NNP City ) ( NNP Redevelopment ) ( NNP Financing ) ( NNP Authority ) ) ( NP-LOC ( NNP Calif. ) ) ) ( NP ( NP ( QP ( CD 145 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN revenue ) ( NNS bonds ) ) ) ( NP ( NNP Series ) ( CD 1989 ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP Stone ) ( CC & ) ( NNP Youngberg ) ( NN group ) ) ) ) ) )

Culver City Redevelopment Financing Authority Calif. 145 million of revenue bonds Series 1989 tentatively priced by a Stone & Youngberg group


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ includes ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ insured ) ( JJ senior ) ( NN lien ) ( NNS bonds ) ) ) ) ) )

The issue includes 100 million of insured senior lien bonds


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP consist ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( NP ( JJ current ) ( NN interest ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1990-2002 ) ( CD 2010 ) ( CC and ) ( CD 2015 ) ) ) ) ( CC and ) ( NP ( NP ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003 ) ( CC and ) ( CD 2004 ) ) ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 5.75 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.14 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2010 ) ) ) ) ) ) ) ) ) ) ) ) ) )

These consist of current interest bonds due 1990-2002 2010 and 2015 and capital appreciation bonds due 2003 and 2004 tentatively priced to yield from 5.75 % in 1990 to 7.14 % in 2010


( S ( NP-SBJ-1 ( NP ( NNS Bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003 ) ( CD 2004 ) ( CC and ) ( CD 2015 ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG being ) ( VP ( ADVP-MNR ( RB formally ) ) ( VBN reoffered ) ) ) ) )

Bonds due 2003 2004 and 2015 are n't being formally reoffered


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( QP ( CD 40 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ uninsured ) ( JJ subordinate ) ( NN lien ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NP ( NNP Dec. ) ( CD 1 ) ( CD 2008 ) ) ( CC and ) ( NP ( NNP Dec. ) ( CD 1 ) ( CD 2015 ) ) ) ) ) ) )

There are also 40 million of uninsured subordinate lien bonds due Dec. 1 2008 and Dec. 1 2015


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( QP ( CD 15,015,000 ) ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 7 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS bonds ) ) ) ( UCP ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ( CC and ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2008 ) ) ) ) ) ( CC and ) ( NP ( NP ( CD 24,985,000 ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 7.6 ) ( NN % ) ) ( NNS bonds ) ) ) ( UCP ( VP ( VBN priced ) ( PP ( IN at ) ( NP ( NN par ) ) ) ) ( CC and ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2015 ) ) ) ) ) ) ) )

There are 15,015,000 of 7 1\/2 % bonds priced at par and due 2008 and 24,985,000 of 7.6 % bonds priced at par and due 2015


( S ( NP-SBJ-1 ( DT The ) ( JJ insured ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN rated ) ( S ( ADJP-PRD ( JJ triple-A ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NNP S&P ) ) ) ) ) ) )

The insured bonds are rated triple-A by Moody 's and S&P


( S ( NP-SBJ-1 ( DT The ) ( JJ uninsured ) ( JJ subordinate ) ( NN lien ) ( NNS bonds ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN rated ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( JJ lead ) ( NN underwriter ) ) ) ) ) ) )

The uninsured subordinate lien bonds are n't rated according to the lead underwriter


( NP ( NP ( NNP West ) ( NNP Virginia ) ( NNP Parkways ) ( NNP Economic ) ( NNP Development ) ( CC and ) ( NNP Tourism ) ( NNP Authority ) ) ( NP ( NP ( QP ( CD 143 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN parkway ) ( NN revenue ) ( NNS bonds ) ) ) ( NP ( NN Series ) ( CD 1989 ) ) ( PP ( IN with ) ( NP ( NP ( NP ( JJ current ) ( NN interest ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 1990-2002 ) ( CC and ) ( CD 2019 ) ) ) ) ( CC and ) ( NP ( NP ( NN capital ) ( NN appreciation ) ( NNS bonds ) ) ( ADJP ( JJ due ) ( NP-TMP ( CD 2003-2008 ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP PaineWebber ) ( NNP Inc. ) ( NN group ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.31 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2019 ) ) ) ) ) ) ) ) ) ) ) )

West Virginia Parkways Economic Development and Tourism Authority 143 million of parkway revenue bonds Series 1989 with current interest bonds due 1990-2002 and 2019 and capital appreciation bonds due 2003-2008 tentatively priced by a PaineWebber Inc. group to yield from 6 % in 1990 to 7.31 % in 2019


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( CD 86,525,000 ) ) ( PP ( IN of ) ( NP ( ADJP ( QP ( CD 7 ) ( CD 1\/8 ) ) ( NN % ) ) ( NNS bonds ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 97 ) ( CD 3\/4 ) ) ) ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 7.31 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2019 ) ) ) ) ) ) ) ) ) )

There are 86,525,000 of 7 1\/8 % bonds priced at 97 3\/4 to yield 7.31 % in 2019


( S ( NP-SBJ-1 ( JJ Current ) ( NN interest ) ( NN serial ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( QP ( TO to ) ( CD 7.05 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2002 ) ) ) ) ) ) ) ) )

Current interest serial bonds are tentatively priced to yield to 7.05 % in 2002


( S ( NP-SBJ-1 ( NN Capital ) ( NN appreciation ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP-TMP ( TO to ) ( NP ( NN maturity ) ) ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2003 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.25 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2007 ) ( CC and ) ( CD 2008 ) ) ) ) ) ) ) ) ) ) ) )

Capital appreciation bonds are priced to yield to maturity from 7.10 % in 2003 to 7.25 % in 2007 and 2008


( S ( NP-SBJ-1 ( DT The ) ( NNS bonds ) ) ( VP ( VBP are ) ( VP ( VP ( VBN insured ) ) ( CC and ) ( VP ( VBN rated ) ( S ( ADJP-PRD ( JJ triple-A ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NNP S&P ) ) ) ) ) ) ) )

The bonds are insured and rated triple-A by Moody 's and S&P


( NP ( NP ( NNP Connecticut ) ( NNP Housing ) ( NNP Finance ) ( NNP Authority ) ) ( NP ( NP ( QP ( CD 132.8 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN housing ) ( NN mortgage ) ( NN revenue ) ( NNS bonds ) ) ) ( VP ( VBN priced ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP PaineWebber ) ( NNP Inc. ) ( NN group ) ) ) ) ) )

Connecticut Housing Finance Authority 132.8 million of housing mortgage revenue bonds priced by a PaineWebber Inc. group


( S ( NP-SBJ-1 ( NP ( DT The ) ( QP ( CD 82.8 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Series ) ( NNP B ) ( NNS bonds ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( DT the ) ( JJ alternative ) ( JJ minimum ) ( NN tax ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.85 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2000 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.20 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2009 ) ) ) ) ) ) ) ) ) ) ) )

The 82.8 million of Series B bonds which are n't subject to the alternative minimum tax were priced at par to yield from 6.85 % in 2000 to 7.20 % in 2009


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( DT the ) ( QP ( CD 50 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Series ) ( NNP C ) ( NNS bonds ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ suject ) ( PP ( TO to ) ( NP ( DT the ) ( JJ alternative ) ( JJ minimum ) ( NN tax ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 6.25 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 7.10 ) ( NN % ) ) ( PP-TMP ( TO to ) ( NP ( CD 2000 ) ) ) ) ) ) ) ) ) ) ) )

Meanwhile the 50 million of Series C bonds which are suject to the alternative minimum tax were priced at par to yield from 6.25 % in 1990 to 7.10 % to 2000


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( DT a ) ( JJ double-A ) ( NN rating ) ) ( PP-DIR ( IN from ) ( NP ( NNP Moody ) ( POS 's ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN underwriter ) ) ( VP ( VBD said ) ) )

The issue is expected to receive a double-A rating from Moody 's the underwriter said


( S ( NP-SBJ-1 ( NP ( DT An ) ( NNP S&P ) ( NN rating ) ) ( PP ( IN of ) ( ADJP ( JJ double-A-plus ) ) ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN been ) ( VP ( VBN confirmed ) ) ) ) )

An S&P rating of double-A-plus has already been confirmed


( NP ( NP ( NP ( NNP Montgomery ) ( NNP County ) ) ( NP-LOC ( NNP Md. ) ) ) ( NP ( NP ( QP ( CD 75 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ general ) ( NN obligation ) ( NNP Series ) ( NNP B ) ( JJ consolidated ) ( JJ public ) ( NN improvement ) ( NNS bonds ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ( PP ( IN through ) ( NP ( DT a ) ( NNP Manufacturers ) ( NNP Hanover ) ( NNP Trust ) ( NNP Co. ) ( NN group ) ) ) ) )

Montgomery County Md. 75 million of general obligation Series B consolidated public improvement bonds of 1989 through a Manufacturers Hanover Trust Co. group


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNS bonds ) ) ( VP ( VBN rated ) ( S ( ADJP-PRD ( JJ triple-A ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( CC and ) ( NP ( NNP S&P ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN priced ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( PP ( PP ( IN from ) ( NP ( NP ( CD 5.75 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ( PP ( TO to ) ( NP ( NP ( CD 6.90 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 2006 ) ( TO to ) ( CD 2009 ) ) ) ) ) ) ) ) ) ) ) )

The bonds rated triple-A by Moody 's and S&P were priced to yield from 5.75 % in 1990 to 6.90 % in 2006 to 2009


( NP ( NP ( NNP Federal ) ( NNP Home ) ( NNP Loan ) ( NNP Mortgage ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNP Remic ) ( NN mortgage ) ( NNS securities ) ) ) ( VP ( VBG being ) ( VP ( VBN offered ) ( PP ( IN by ) ( NP-LGS ( NNP Prudential-Bache ) ( NNP Capital ) ( NNP Funding ) ( NNP Inc ) ) ) ) ) ) )

Federal Home Loan Mortgage Corp. 500 million of Remic mortgage securities being offered by Prudential-Bache Capital Funding Inc


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT no ) ( NNS details ) ) ( ADJP ( JJ available ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN pricing ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN issue ) ) ( NP ( NP ( NNP Freddie ) ( NNP Mac ) ( POS 's ) ) ( NNP Series ) ( CD 108 ) ) ) ) ) ) ) ) )

There were no details available on the pricing of the issue Freddie Mac 's Series 108


( S ( NP-SBJ-1 ( DT The ) ( NN issue ) ) ( VP ( VBZ is ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP ( NNP Freddie ) ( NNP Mac ) ( ADJP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NNS securities ) ) ) ) ) )

The issue is backed by Freddie Mac 8 1\/2 % securities


( NP ( NP ( NP ( NNP Hanwa ) ( NNP Co ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( JJ Two-part ) ( ADJP ( QP ( CD 800 ) ( CD million ) ) ) ( NN issue ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 9 ) ( CD 1994 ) ) ) ( PP ( IN with ) ( NP ( JJ equity-purchase ) ( NNS warrants ) ) ) ( VP ( VBG indicating ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 4 ) ( CD 3\/8 ) ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( NN par ) ) ) ) ) ) )

Hanwa Co Japan Two-part 800 million issue of bonds due Nov. 9 1994 with equity-purchase warrants indicating a 4 3\/8 % coupon at par


( NP ( NP ( JJ European ) ( NN portion ) ) ( PP ( IN of ) ( NP ( QP ( CD 700 ) ( CD million ) ) ) ) ( PP ( IN via ) ( NP ( NNP Yamaichi ) ( NNP International ) ( NNP Europe ) ( NNP Ltd ) ) ) )

European portion of 700 million via Yamaichi International Europe Ltd


( NP ( NP ( JJ Asian ) ( NN portion ) ) ( PP ( IN of ) ( NP ( QP ( CD 100 ) ( CD million ) ) ) ) ( PP ( IN via ) ( NP ( NNP Yamatane ) ( NNP Securities ) ( NNP Europe ) ( NNP Ltd ) ) ) )

Asian portion of 100 million via Yamatane Securities Europe Ltd


( S ( NP-SBJ ( DT Each ) ( ADJP ( CD 5,000 ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( CD one ) ( NN warrant ) ) ( ADJP ( JJ exercisable ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Nov. ) ( CD 28 ) ( CD 1989 ) ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 26 ) ( CD 1994 ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Oct. ) ( CD 26 ) ) ) ) ) ) ) ) ) ) ) )

Each 5,000 bond carries one warrant exercisable from Nov. 28 1989 through Oct. 26 1994 to buy shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 26


( NP ( NP ( NNP Japan ) ( NNP Storage ) ( NNP Battery ) ( NNP Co. ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 9 ) ( CD 1993 ) ) ) ( PP ( IN with ) ( NP ( JJ equity-purchase ) ( NNS warrants ) ) ) ( VP ( VBG indicating ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3 ) ( CD 7\/8 ) ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( NN par ) ) ) ( PP ( IN via ) ( NP ( NNP Nikko ) ( NNP Securities ) ( NNP Co ) ( PRN ( NP ( NNP Europe ) ) ) ( NNP Ltd ) ) ) ) ) ) )

Japan Storage Battery Co. 100 million of bonds due Nov. 9 1993 with equity-purchase warrants indicating a 3 7\/8 % coupon at par via Nikko Securities Co Europe Ltd


( S ( VP ( VBN Guaranteed ) ( PP ( IN by ) ( NP-LGS ( NNP Mitsubishi ) ( NNP Bank ) ( NNP Ltd ) ) ) ) )

Guaranteed by Mitsubishi Bank Ltd


( S ( NP-SBJ ( DT Each ) ( ADJP ( CD 5,000 ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( CD one ) ( NN warrant ) ) ( ADJP ( JJ exercisable ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Nov. ) ( CD 27 ) ( CD 1989 ) ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 26 ) ( CD 1993 ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) )

Each 5,000 bond carries one warrant exercisable from Nov. 27 1989 through Oct. 26 1993 to buy shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Nov. 1


( NP ( NP ( NP ( NNP Sanraku ) ( NNP Inc ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 9 ) ( CD 1993 ) ) ) ( PP ( IN with ) ( NP ( JJ equity-purchase ) ( NNS warrants ) ) ) ( VP ( VBG indicating ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3 ) ( CD 7\/8 ) ) ( NN % ) ) ( NN coupon ) ) ( PP ( IN at ) ( NP ( NN par ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Nomura ) ( NNP International ) ) ) ) )

Sanraku Inc Japan 100 million of bonds due Nov. 9 1993 with equity-purchase warrants indicating a 3 7\/8 % coupon at par via Nomura International


( S ( VP ( VBN Guaranteed ) ( PP ( IN by ) ( NP-LGS ( NNP Dai-Ichi ) ( NNP Kangyo ) ( NNP Bank ) ( NNP Ltd ) ) ) ) )

Guaranteed by Dai-Ichi Kangyo Bank Ltd


( S ( NP-SBJ ( DT Each ) ( ADJP ( CD 5,000 ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( CD one ) ( NN warrant ) ) ( ADJP ( JJ exercisable ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Nov. ) ( CD 21 ) ( CD 1989 ) ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 19 ) ( CD 1993 ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Oct. ) ( CD 31 ) ) ) ) ) ) ) ) ) ) ) )

Each 5,000 bond carries one warrant exercisable from Nov. 21 1989 through Oct. 19 1993 to buy shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 31


( NP ( NP ( NP ( NNP Nippon ) ( NNP Signal ) ( NNP Co ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ( NNS marks ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ( PP ( IN with ) ( NP ( JJ equity-purchase ) ( NNS warrants ) ) ) ( VP ( VBG indicating ) ( NP ( DT a ) ( ADJP ( QP ( CD 1 ) ( CD 1\/2 ) ) ( NN % ) ) ( NN coupon ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 9 ) ( CD 1994 ) ) ) ( CC and ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ( PP ( IN via ) ( NP ( NNP Commerzbank ) ) ) ) )

Nippon Signal Co Japan 80 million marks of bonds with equity-purchase warrants indicating a 1 1\/2 % coupon due Nov. 9 1994 and priced at par via Commerzbank


( S ( VP ( VBN Guaranteed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Fuji ) ( NNP Bank ) ) ) ) ) )

Guaranteed by Fuji Bank


( S ( NP-SBJ ( DT Each ) ( ADJP ( CD 5,000 ) ( NN mark ) ) ( NN bond ) ) ( VP ( VBZ carries ) ( NP ( NP ( NP ( CD one ) ( NN warrant ) ) ( CC and ) ( NP ( NP ( CD one ) ( NN certificate ) ) ( PP ( IN for ) ( NP ( CD four ) ( NNS warrants ) ) ) ) ) ( ADJP ( JJ exercisable ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Dec. ) ( CD 18 ) ( CD 1989 ) ) ) ( PP ( TO to ) ( NP ( NNP Oct. ) ( CD 26 ) ( CD 1994 ) ) ) ) ) ( S-3 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP ( IN at ) ( NP ( NP ( DT an ) ( JJ expected ) ( NN premium ) ) ( PP ( IN of ) ( NP ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NN % ) ) ) ( PP ( IN above ) ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBN fixed ) ( NP-TMP ( NNP Oct. ) ( CD 30 ) ) ) ) ) ) ) ) ) ) ) )

Each 5,000 mark bond carries one warrant and one certificate for four warrants exercisable from Dec. 18 1989 to Oct. 26 1994 to buy shares at an expected premium of 2 1\/2 % above the closing share price when prices are fixed Oct. 30


( NP ( NP ( NP ( NNP Miyoshi ) ( NNP Oil ) ( CC & ) ( NNP Fat ) ( NNP Co ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 120 ) ( CD million ) ) ( NNP Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( ADJP ( RB privately ) ( VBN placed ) ) ( JJ convertible ) ( NNS notes ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Dec. ) ( CD 31 ) ( CD 1993 ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ fixed ) ( ADJP ( CD 0.25 ) ( NN % ) ) ( NN coupon ) ) ) ( PP ( IN at ) ( NP ( NN par ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Union ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Switzerland ) ) ) ) ) ) )

Miyoshi Oil & Fat Co Japan 120 million Swiss francs of privately placed convertible notes due Dec. 31 1993 with a fixed 0.25 % coupon at par via Union Bank of Switzerland


( NP ( NP ( NN Put ) ( NN option ) ) ( PP-TMP ( IN on ) ( NP ( NNP Dec. ) ( CD 31 ) ( CD 1991 ) ) ) ( PP ( IN at ) ( NP ( DT a ) ( JJ fixed ) ( CD 107 ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 3.43 ) ( NN % ) ) ) ) ) ) )

Put option on Dec. 31 1991 at a fixed 107 to yield 3.43 %


( NP ( NP ( DT Each ) ( ADJP ( CD 50,000 ) ( JJ Swiss ) ( NN franc ) ) ( NN bond ) ) ( ADJP ( NN convertible ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Nov. ) ( CD 28 ) ( CD 1989 ) ) ) ( PP ( TO to ) ( NP ( NNP Dec. ) ( CD 20 ) ( CD 1993 ) ) ) ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( ADJP ( CD 5 ) ( NN % ) ) ( NN premium ) ) ( PP ( IN over ) ( NP ( NP ( NN closing ) ( NN share ) ( NN price ) ) ( NP-TMP ( NP ( NNP Oct. ) ( CD 30 ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN fixed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Each 50,000 Swiss franc bond convertible from Nov. 28 1989 to Dec. 20 1993 at a 5 % premium over closing share price Oct. 30 when terms are scheduled to be fixed


( NP ( NP ( NP ( NNP Fokker ) ( NNP N.V ) ) ( PRN ( NP-LOC ( NNPS Netherlands ) ) ) ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( JJ convertible ) ( NNS bonds ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Nov. ) ( CD 15 ) ( CD 1997 ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ fixed ) ( ADJP ( CD 4 ) ( NN % ) ) ( NN coupon ) ) ) ( PP ( IN at ) ( NP ( NN par ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Union ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Switzerland ) ) ) ) ) ) )

Fokker N.V Netherlands 150 million Swiss francs of convertible bonds due Nov. 15 1997 with a fixed 4 % coupon at par via Union Bank of Switzerland


( NP ( NP ( DT Each ) ( ADJP ( CD 5,000 ) ( JJ Swiss ) ( NN franc ) ) ( NN bond ) ) ( ADJP ( JJ convertible ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Jan. ) ( CD 3 ) ( CD 1989 ) ) ) ( PP ( TO to ) ( NP ( NNP Oct. ) ( CD 31 ) ( CD 1997 ) ) ) ) ) )

Each 5,000 Swiss franc bond convertible from Jan. 3 1989 to Oct. 31 1997


( FRAG ( NP-SBJ ( NNS Fees ) ) ( NP-PRD ( CD 2 ) ( CD 1\/8 ) ) )

Fees 2 1\/8


( NP ( NP ( NP ( NNP Sapporo ) ( NNP Lion ) ( NNP Ltd ) ) ( PRN ( NP-LOC ( NNP Japan ) ) ) ) ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ( NNP Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( ADJP ( RB privately ) ( VBN placed ) ) ( JJ convertible ) ( NNS notes ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Dec. ) ( CD 31 ) ( CD 1994 ) ) ) ( PP ( IN with ) ( NP ( DT a ) ( ADJP ( CD 0.25 ) ( NN % ) ) ( NN coupon ) ) ) ( PP ( IN at ) ( NP ( NN par ) ) ) ( PP ( IN via ) ( NP ( NP ( NNP Yamaichi ) ( NNP Bank ) ) ( PRN ( NP-LOC ( NNP Switzerland ) ) ) ) ) ) )

Sapporo Lion Ltd Japan 50 million Swiss francs of privately placed convertible notes due Dec. 31 1994 with a 0.25 % coupon at par via Yamaichi Bank Switzerland


( NP ( NP ( NN Put ) ( NN option ) ) ( PP-TMP ( IN on ) ( NP ( NNP Dec. ) ( CD 31 ) ( CD 1991 ) ) ) ( PP ( IN at ) ( NP ( DT an ) ( JJ indicated ) ( CD 107 ) ( CD 7\/8 ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 3.84 ) ( NN % ) ) ) ) ) ) )

Put option on Dec. 31 1991 at an indicated 107 7\/8 to yield 3.84 %


( NP ( NP ( DT Each ) ( ADJP ( CD 50,000 ) ( JJ Swiss ) ( NN franc ) ) ( NN note ) ) ( ADJP ( JJ convertible ) ( PP-TMP ( PP ( IN from ) ( NP ( NNP Dec. ) ( CD 1 ) ( CD 1989 ) ) ) ( PP ( TO to ) ( NP ( NNP Dec. ) ( CD 16 ) ( CD 1994 ) ) ) ) ( PP ( IN at ) ( NP ( NP ( ADJP ( CD 5 ) ( NN % ) ) ( NN premium ) ) ( PP ( IN over ) ( NP ( NP ( DT the ) ( NN closing ) ( NN share ) ( NN price ) ) ( NP-TMP ( NP ( NNP Oct. ) ( CD 26 ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNS terms ) ) ( VP ( VBP are ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN fixed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Each 50,000 Swiss franc note convertible from Dec. 1 1989 to Dec. 16 1994 at 5 % premium over the closing share price Oct. 26 when terms are scheduled to be fixed


( NP ( NP ( NNP Credit ) ( NNP Local ) ( FW de ) ( NNP France ) ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ( JJ Swiss ) ( NNS francs ) ) ( PP ( IN of ) ( NP ( ADJP ( CD 6 ) ( NN % ) ) ( ADJP ( RB privately ) ( VBN placed ) ) ( NNS notes ) ) ) ( ADJP ( JJ due ) ( NP-TMP ( NNP Dec. ) ( CD 1 ) ( CD 1996 ) ) ) ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( CD 100 ) ( CD 1\/2 ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 5.91 ) ( NN % ) ) ) ) ) ) ( PP ( IN via ) ( NP ( NNP Swiss ) ( NNP Bank ) ( NNP Corp ) ) ) ) )

Credit Local de France 100 million Swiss francs of 6 % privately placed notes due Dec. 1 1996 priced at 100 1\/2 to yield 5.91 % via Swiss Bank Corp


( S ( S ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( JJ current ) ( NN account ) ( NN deficit ) ) ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 1.6 ) ( CD billion ) ) ) ( PRN ( NP ( QP ( CD 2.56 ) ( CD billion ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT an ) ( JJ adjusted ) ( QP ( CD billion ) ) ) ( PRN ( NP ( QP ( CD 3.21 ) ( CD billion ) ) ) ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN month ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN improvement ) ) ( VP ( VBZ comes ) ( PP-LOC ( IN amid ) ( NP ( VBG increasing ) ( NN concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN recession ) ) ( VP ( MD could ) ( VP ( VB strike ) ( NP ( DT the ) ( NNP U.K. ) ( NN economy ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Britain 's current account deficit dropped to 1.6 billion 2.56 billion in September from an adjusted billion 3.21 billion the previous month but the improvement comes amid increasing concern that a recession could strike the U.K. economy next year


( S ( NP-SBJ ( NP ( DT The ) ( NNP Confederation ) ) ( PP ( IN of ) ( NP ( NP ( NNP British ) ( NNP Industry ) ( POS 's ) ) ( JJS latest ) ( NN survey ) ) ) ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN business ) ( NNS executives ) ) ( VP ( VBP expect ) ( NP ( DT a ) ( JJ pronounced ) ( NN slowdown ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( DT a ) ( JJ 16-month ) ( NN series ) ) ( PP ( IN of ) ( NP ( NN interest-rate ) ( NNS increases ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN raised ) ( NP ( NP ( NNS banks ) ( POS ' ) ) ( NN base ) ( NN lending ) ( NNS rates ) ) ( PP-DIR ( TO to ) ( NP ( CD 15 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Confederation of British Industry 's latest survey shows that business executives expect a pronounced slowdown largely because of a 16-month series of interest-rate increases that has raised banks ' base lending rates to 15 %


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN outlook ) ) ( VP ( VBZ has ) ( VP ( VBN deteriorated ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NN summer ) ) ) ( SBAR-ADV ( IN with ) ( S ( S ( NP-SBJ ( NNS orders ) ( CC and ) ( NN employment ) ) ( VP ( VBG falling ) ) ) ( CC and ) ( S ( NP-SBJ ( NN output ) ) ( PP-LOC-PRD ( IN at ) ( NP ( DT a ) ( NN standstill ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Wigglesworth ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN industry ) ( NN group ) ( POS 's ) ) ( JJ economic ) ( NN committee ) ) ) ) ) )

The outlook has deteriorated since the summer with orders and employment falling and output at a standstill said David Wigglesworth chairman of the industry group 's economic committee


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN investment ) ) ( PP ( IN by ) ( NP ( NNS businesses ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG falling ) ( PRT ( RP off ) ) ) ) ) ) ) )

He also said investment by businesses is falling off


( S ( PP-TPC-1 ( IN Of ) ( NP ( NP ( CD 1,224 ) ( NNS companies ) ) ( VP ( VBN surveyed ) ) ) ) ( NP-SBJ-2 ( NP ( CD 31 ) ( NN % ) ) ) ( VP ( VBP expect ) ( S ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( NN spending ) ) ( PP ( IN on ) ( NP ( NN plant ) ( NN equipment ) ( CC and ) ( NN machinery ) ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-3 ( NP ( QP ( RB only ) ( CD 28 ) ) ( NN % ) ) ) ( VP ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB spend ) ( NP ( JJR more ) ) ) ) ) ) ) ) ) )

Of 1,224 companies surveyed 31 % expect to cut spending on plant equipment and machinery while only 28 % plan to spend more


( S ( CC But ) ( PP ( IN despite ) ( NP ( VBG mounting ) ( NN recession ) ( NNS fears ) ) ) ( NP-SBJ ( NN government ) ( NNS data ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VB show ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBG grinding ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN halt ) ) ) ) ) ) ) )

But despite mounting recession fears government data do n't yet show the economy grinding to a halt


( S ( S ( NP-SBJ-1 ( NN Unemployment ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ has ) ( VP ( VBN continued ) ( S ( VP ( TO to ) ( VP ( VB decline ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP September ) ( NN trade ) ( NNS figures ) ) ( VP ( VBD showed ) ( NP ( NP ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( CC both ) ( NNS imports ) ( CC and ) ( NNS exports ) ) ) ) ) ) )

Unemployment for example has continued to decline and the September trade figures showed increases in both imports and exports


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ-1 ( NP ( NNP Prime ) ( NNP Minister ) ( NNP Margaret ) ( NNP Thatcher ) ( POS 's ) ) ( NN government ) ) ( VP ( VBZ is ) ( RB n't ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( NN interest ) ( NNS rates ) ) ( PP-TMP ( IN before ) ( NP ( NP ( JJ next ) ( NN spring ) ) ( SBAR ( IN if ) ( FRAG ( ADVP-TMP ( RB then ) ) ) ) ) ) ) ) ) ) ) )

As a result Prime Minister Margaret Thatcher 's government is n't currently expected to ease interest rates before next spring if then


( S ( NP-SBJ ( NAC ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ) ( VP ( VBZ views ) ( NP ( DT the ) ( JJ high ) ( NNS rates ) ) ( PP-CLR ( IN as ) ( NP ( NP ( PRP$ his ) ( JJ chief ) ( NN weapon ) ) ( PP ( IN against ) ( NP ( NP ( NN inflation ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN ignited ) ( PP ( IN by ) ( NP-LGS ( NP ( NN tax ) ( NNS cuts ) ) ( CC and ) ( NP ( JJ loose ) ( NN credit ) ( NNS policies ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ( CC and ) ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ) )

Chancellor of the Exchequer Nigel Lawson views the high rates as his chief weapon against inflation which was ignited by tax cuts and loose credit policies in 1986 and 1987


( S ( NP-SBJ ( NNS Officials ) ) ( VP ( VBP fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT any ) ( NN loosening ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( VP ( MD could ) ( VP ( VP ( VB rekindle ) ( NP ( NN inflation ) ) ) ( CC or ) ( VP ( ADVP ( RB further ) ) ( VB weaken ) ( NP ( DT the ) ( NN pound ) ) ( PP ( IN against ) ( NP ( JJ other ) ( JJ major ) ( NNS currencies ) ) ) ) ) ) ) ) ) )

Officials fear that any loosening this year could rekindle inflation or further weaken the pound against other major currencies


( S ( S-ADV ( VP ( VBG Fending ) ( PRT ( RP off ) ) ( NP ( NP ( NNS attacks ) ) ( PP ( IN on ) ( NP ( PRP$ his ) ( JJ economic ) ( NNS policies ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NAC ( NNP House ) ( PP ( IN of ) ( NP ( NNP Commons ) ) ) ) ( NN debate ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ( NP-SBJ-3 ( NNP Mr. ) ( NNP Lawson ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN inflation ) ) ( VP ( VBZ remains ) ( NP-PRD ( NP ( DT the ) ( JJS greatest ) ( NN threat ) ) ( PP ( TO to ) ( NP ( PRP$ our ) ( JJ economic ) ( NN well-being ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD promised ) ( S ( VP ( TO to ) ( VP ( VB take ) ( SBAR-NOM ( WHNP-2 ( WDT whatever ) ( NNS steps ) ) ( S ( VP ( VBP are ) ( VP ( VBN needed ) ( S-CLR ( VP ( TO to ) ( VP ( VB choke ) ( NP ( PRP it ) ) ( PRT ( RP off ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fending off attacks on his economic policies in a House of Commons debate yesterday Mr. Lawson said inflation remains the greatest threat to our economic well-being and promised to take whatever steps are needed to choke it off


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN government ) ( NNS figures ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ retail ) ( NNS prices ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( CD 7.6 ) ( NN % ) ) ( PP ( IN from ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

The latest government figures said retail prices in September were up 7.6 % from a year earlier


( S ( NP-SBJ-1 ( JJ Many ) ( NNS economists ) ) ( VP ( VBP have ) ( VP ( VBN started ) ( S ( VP ( VBG predicting ) ( NP ( NP ( DT a ) ( JJ mild ) ( NN recession ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) ) ) )

Many economists have started predicting a mild recession next year


( S ( NP-SBJ ( NP ( NNP David ) ( NNP Owen ) ) ( NP ( NP ( NNP U.K. ) ( NN economist ) ) ( PP ( IN with ) ( NP ( NNP Kleinwort ) ( NNP Benson ) ( NNP Group ) ) ) ) ) ( VP ( VP ( VBD reduced ) ( NP ( NP ( PRP$ his ) ( NN growth ) ( NN forecast ) ) ( PP ( IN for ) ( NP ( CD 1990 ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 0.7 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 1.2 ) ( NN % ) ) ) ) ( CC and ) ( VP ( VBD termed ) ( S ( NP-SBJ ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( NP ( NP ( NN recession ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ( ADJP-PRD ( RB quite ) ( JJ high ) ) ) ) ) )

David Owen U.K. economist with Kleinwort Benson Group reduced his growth forecast for 1990 to 0.7 % from 1.2 % and termed the risk of recession next year quite high


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN downturn ) ) ( ADVP ( RB probably ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB become ) ( NP-PRD ( NP ( DT a ) ( JJ major ) ( NN contraction ) ) ( ADJP ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( CD 1974 ) ( CC and ) ( CD 1982 ) ) ) ) ) ) ) ) ) ) ) ) )

But he said the downturn probably wo n't become a major contraction similar to those of 1974 and 1982


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( JJ current ) ( NN slump ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN cause ) ) ( PP ( IN for ) ( NP ( NN concern ) ) ) ) ( ADVP-LOC ( RB here ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN nation ) ) ( VP ( VBZ joins ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NNP European ) ( NNP Community ) ( POS 's ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB create ) ( NP ( DT a ) ( JJ unified ) ( NN market ) ) ( PP-TMP ( IN by ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ) )

Still Britain 's current slump is a cause for concern here as the nation joins in the European Community 's plan to create a unified market by 1992


( S ( PP ( VBN Compared ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ major ) ( NNS economies ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Continent ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.K. ) ) ( VP ( VBZ faces ) ( NP ( CC both ) ( NP ( JJR higher ) ( NN inflation ) ) ( CC and ) ( NP ( JJR lower ) ( NN growth ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS months ) ) ) ) )

Compared with the major economies on the Continent the U.K. faces both higher inflation and lower growth in the next several months


( S-1 ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Owen ) ) ( VP ( VBD warned ) ) ) ) ( S ( NP-SBJ-2 ( NN investment ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RBR more ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB flow ) ( PP-DIR ( IN toward ) ( NP ( DT the ) ( JJ other ) ( JJ European ) ( NNS economies ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP U.K. ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RBR less ) ( JJ prepared ) ( PP ( IN for ) ( NP ( DT the ) ( JJ single ) ( NN market ) ) ) ) ) ) ) )

As a result Mr. Owen warned investment will be more likely to flow toward the other European economies and the U.K. will be less prepared for the single market


( S ( NP-SBJ ( NP ( NNP Britain ) ( POS 's ) ) ( JJS latest ) ( NN trade ) ( NNS figures ) ) ( VP ( VBD contained ) ( NP ( NP ( DT some ) ( JJ positive ) ( NN news ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN economy ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT a ) ( NN surge ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NP ( NNS exports ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( NP ( CD 8.5 ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN than ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Britain 's latest trade figures contained some positive news for the economy such as a surge in the volume of exports which were 8.5 % higher than a year earlier


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP September ) ( NNS exports ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8.43 ) ( CD billion ) ) ) ) ) ) ) ( NP-SBJ ( NNS imports ) ) ( VP ( VBD shot ) ( ADVP-DIR ( RB up ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 10.37 ) ( CD billion ) ) ) ) ) )

But while September exports rose to 8.43 billion imports shot up to 10.37 billion


( S ( NP-SBJ-2 ( DT The ) ( JJ resulting ) ( ADJP ( QP ( CD 1.9 ) ( CD billion ) ) ) ( NN merchandise ) ( NN trade ) ( NN deficit ) ) ( VP ( VBD was ) ( VP ( ADVP-EXT ( RB partly ) ) ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT an ) ( JJ assumed ) ( NN surplus ) ) ( PP ( IN of ) ( NP ( QP ( CD 300 ) ( CD million ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ so-called ) ( JJ invisible ) ( NNS items ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NN income ) ) ( PP ( IN from ) ( NP ( NP ( NNS investments ) ) ( NP ( NNS services ) ) ( CC and ) ( NP ( JJ official ) ( NNS transfers ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The resulting 1.9 billion merchandise trade deficit was partly offset by an assumed surplus of 300 million in so-called invisible items which include income from investments services and official transfers


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( NN narrowing ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ monthly ) ( NN trade ) ( NN gap ) ) ) ) ) ( NP-SBJ ( NNS economists ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ current ) ( NN account ) ( NN deficit ) ) ( PP ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB swell ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 20 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 14.6 ) ( CD billion ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) )

Despite the narrowing of the monthly trade gap economists expect the current account deficit for all of 1989 to swell to about 20 billion from 14.6 billion in 1988


( S ( ADVP ( RB Increasingly ) ) ( NP-SBJ ( NNS economists ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ big ) ( NN deficit ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT the ) ( VBG slipping ) ( JJ competitive ) ( NN position ) ) ( PP ( IN of ) ( NP ( JJ British ) ( NN industry ) ) ) ) ) ) ) ) )

Increasingly economists say the big deficit reflects the slipping competitive position of British industry


( S ( S-TPC-2 ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN country ) ) ( VP ( VBZ gets ) ( ADJP-PRD ( JJR wealthier ) ) ) ) ) ( NP-SBJ-3 ( PRP we ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( JJ high-quality ) ( NNS imports ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Owen ) ) ( VP ( VBD said ) ) )

When the country gets wealthier we tend to buy high-quality imports Mr. Owen said


( PRN ( S ( PP-TMP ( IN During ) ( NP ( PRP$ its ) ( JJ 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 ( DT 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 ( NP-SBJ ( NP ( NNP MORGAN ) ( NNP STANLEY ) ) ( NP ( DT THE ) ( ADJP ( RB ONCE ) ( JJ STODGY ) ) ( NN investment ) ( NN house ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1974 ) ) ) ( VP ( VBD helped ) ( S ( NP-SBJ ( DT a ) ( JJ corporate ) ( NN client ) ) ( VP ( VB complete ) ( NP ( DT a ) ( JJ hostile ) ( NN takeover ) ) ) ) ) )

MORGAN STANLEY THE ONCE STODGY investment house in 1974 helped a corporate client complete a hostile takeover


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( NN start ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN boom ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( JJ unfriendly ) ( RB even ) ( JJ ungentlemanly ) ) ( NNS mergers ) ) ) ) ) ) ) )

It was the start of a boom in unfriendly even ungentlemanly mergers


( S ( PP-TMP ( IN On ) ( NP ( NNP July ) ( CD 18 ) ( CD 1974 ) ) ) ( NP-SBJ ( NP ( NP ( NNP International ) ( NNP Nickle ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ( VP ( VBN advised ) ( PP ( IN by ) ( NP-LGS ( NNP Morgan ) ) ) ) ) ( VP ( VBD offered ) ( NP ( NP ( NP ( CD 28 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( QP ( CD 157 ) ( CD million ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP ESB ) ) ( NP ( DT a ) ( NNP Philadelphia ) ( NN battery ) ( NN maker ) ) ) ) ) )

On July 18 1974 International Nickle of Canada advised by Morgan offered 28 a share equal to 157 million for ESB a Philadelphia battery maker


( S ( NP-SBJ ( NNP ESB ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN given ) ( NP ( NP ( ADVP ( RB only ) ) ( DT a ) ( JJ three-hour ) ( NN advance ) ( NN warning ) ) ( PP ( IN on ) ( NP ( DT a ) ( S ( VP ( VP ( VB take ) ( NP ( PRP it ) ) ) ( CC or ) ( VP ( VB leave ) ( NP ( PRP it ) ) ) ) ) ( NN basis ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Inco ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Toronto ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBN called ) ) ) ) ) ) ) ) ) ) ) ) )

ESB said it was given only a three-hour advance warning on a take it or leave it basis from Inco as the Toronto company is called


( SINV ( S-TPC-2 ( NP-SBJ ( NNP ESB ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ aware ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT a ) ( JJ hostile ) ( NN tender ) ( NN offer ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ foreign ) ( NN company ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( NP ( NNP ESB ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP F.J. ) ( NNP Port ) ) ( NP ( NP ( NNP ESB ) ( POS 's ) ) ( NN president ) ) ) )

ESB is aware that a hostile tender offer is being made by a foreign company for all of ESB 's shares said F.J. Port ESB 's president


( S ( NP-SBJ ( JJ Hostile ) ) ( VP ( ADVP-MNR ( RB thus ) ) ( VBD entered ) ( NP ( DT the ) ( JJ merger-acquisition ) ( NN lexicon ) ) ) )

Hostile thus entered the merger-acquisition lexicon


( S ( NP-SBJ ( NP ( NNP Joseph ) ( NNP Flom ) ) ( PP ( IN of ) ( NP ( NP ( NNP Skadden ) ( NNP Arps ) ( NNP Slote ) ( NNP Meagher ) ( CC & ) ( NNP Flom ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD became ) ( NP-PRD ( NP ( DT a ) ( JJ leading ) ( JJ legal ) ( NN firm ) ) ( PP ( IN in ) ( NP ( NN merger ) ( NNS cases ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN case ) ) ( VP ( VBN made ) ( S ( NP-SBJ ( NNS takeovers ) ) ( ADJP-PRD ( JJ respectable ) ) ) ) ) ) ) )

Joseph Flom of Skadden Arps Slote Meagher & Flom which became a leading legal firm in merger cases said the case made takeovers respectable


( S ( S ( NP-SBJ ( NNP ESB ) ) ( VP ( VBD spurned ) ( NP ( NNP Inco ) ) ) ) ( CC and ) ( S ( PP-TMP ( IN within ) ( NP ( CD five ) ( NNS days ) ) ) ( NP-SBJ ( NNP ESB ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ white ) ( NN knight ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( NNP United ) ( NNP Aircraft ) ) ( VP ( VBN headed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Harry ) ( NNP Gray ) ) ( NP ( NP ( DT a ) ( ADJP ( RB shrewdly ) ( JJ friendly ) ( NN acquirer ) ) ) ( PP ( IN of ) ( NP ( NNS companies ) ) ) ) ) ) ) ) ( VP ( VBD offered ) ( NP ( NP ( CD 34 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

ESB spurned Inco and within five days ESB had a white knight as United Aircraft headed by Harry Gray a shrewdly friendly acquirer of companies offered 34 a share


( S ( NP-SBJ-1 ( NNP Gray ) ) ( VP ( VBD was ) ( VP ( VBN advised ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Goldman ) ( NNP Sachs ) ) ( CC and ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) ) ) )

Gray was advised by Goldman Sachs and Merrill Lynch


( S ( S ( NP-SBJ ( NNP ESB ) ( NNS directors ) ) ( VP ( ADVP-MNR ( RB warmly ) ) ( VBD accepted ) ) ) ( CC but ) ( S ( NP-SBJ ( DT a ) ( JJ whirlwind ) ( NN bidding ) ( NN match ) ) ( VP ( VBD ensued ) ) ) )

ESB directors warmly accepted but a whirlwind bidding match ensued


( S ( PP-TMP ( IN Within ) ( NP ( NP ( DT a ) ( JJ few ) ( NNS days ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ( S ( NP-SBJ ( NNP Inco ) ) ( VP ( VBD raised ) ( NP ( PRP$ its ) ( NN bid ) ) ( PP-CLR ( TO to ) ( NP ( CD 36 ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP United ) ) ( VP ( VBD matched ) ( NP ( PRP it ) ) ) ) )

Within a few days in July Inco raised its bid to 36 and United matched it


( S ( PP-TMP ( IN On ) ( NP ( DT a ) ( JJ single ) ( NN day ) ) ) ( NP-SBJ ( NNP Inco ) ) ( VP ( VBD lifted ) ( NP ( PRP$ its ) ( NN offer ) ) ( PP-CLR ( PP ( TO to ) ( NP ( CD 38 ) ) ) ( CC and ) ( RB then ) ( PP ( TO to ) ( NP ( NP ( CD 41 ) ) ( ADJP ( JJ equal ) ( PP ( TO to ) ( NP ( QP ( CD 225.5 ) ( CD million ) ) ) ) ) ) ) ) ) )

On a single day Inco lifted its offer to 38 and then to 41 equal to 225.5 million


( S ( NP-SBJ ( NNP United ) ) ( VP ( VP ( VBD met ) ( NP ( DT the ) ( CD 38 ) ) ) ( CC but ) ( ADVP ( RB then ) ) ( VP ( VBD withdrew ) ) ) )

United met the 38 but then withdrew


( S ( S ( NP-SBJ ( NNP ESB ) ) ( PP-TMP ( IN on ) ( NP ( NNP July ) ( CD 29 ) ) ) ( VP ( VBD accepted ) ( NP ( DT the ) ( NNP Inco ) ( NN offer ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( JJ brief ) ( NN battle ) ) ( PP ( IN unlike ) ( NP ( NP ( DT the ) ( ADJP ( JJ intricate ) ( CC and ) ( JJ lengthy ) ) ( JJ big ) ( NNS takeovers ) ) ( PP ( IN of ) ( NP ( CD 1984-1989 ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB over ) ) ) ) )

ESB on July 29 accepted the Inco offer and the brief battle unlike the intricate and lengthy big takeovers of 1984-1989 was over


( S ( NP-SBJ ( DT The ) ( JJ new ) ( JJ gritty ) ( NN game ) ) ( VP ( VBD became ) ( NP-PRD ( DT a ) ( NN money ) ( NN maker ) ) ( PP ( IN for ) ( NP ( NP ( NNP Wall ) ( NNP Street ) ( VBZ 's ) ) ( ADJP ( RB once ) ( JJ austere ) ) ( JJ old-name ) ( NNS houses ) ) ) ) )

The new gritty game became a money maker for Wall Street 's once austere old-name houses


( S ( NP-SBJ ( NNP Inco ) ) ( VP ( VBD paid ) ( NP ( NNP Morgan ) ) ( NP ( NP ( DT an ) ( JJ advisory ) ( NN fee ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB about ) ( CD 250,000 ) ) ) ( NP ( NP ( DT a ) ( JJ paltry ) ( NN figure ) ) ( PP ( IN by ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NNS measures ) ) ) ) ) ) ) ) )

Inco paid Morgan an advisory fee of about 250,000 a paltry figure by today 's measures


( S ( NP-TMP ( RB Early ) ( DT this ) ( NN year ) ) ( NP-SBJ ( NP ( NNP Morgan ) ) ( CC and ) ( NP ( CD three ) ( JJ other ) ( NN investment ) ( NNS houses ) ) ) ( DT each ) ( VP ( VBD received ) ( NP ( NP ( QP ( CD 25 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ advisory ) ( NNS fees ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NNP Kohlberg ) ( NNP Kravis ) ( CC & ) ( NNP Roberts ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( CD 25 ) ( CD billion ) ( JJ friendly ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP RJR ) ( NNP Nabisco ) ) ) ) ) ) )

Early this year Morgan and three other investment houses each received 25 million in advisory fees from Kohlberg Kravis & Roberts in its 25 billion friendly buy-out of RJR Nabisco


( S ( NP-SBJ ( NNP Safeway ) ( NNP Stores ) ( NNP Inc. ) ) ( VP ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( CD 69 ) ( NN % ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NN profit ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ fiscal ) ( JJ third ) ( NN quarter ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NN operating ) ( NNS improvements ) ) ( VP ( VBD were ) ( VP ( VBN masked ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ unusual ) ( NNS gains ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) ) ) ) ) ) )

Safeway Stores Inc. reported a 69 % decline in profit for the fiscal third quarter but said operating improvements were masked by unusual gains in the year-earlier period


( S ( NP-SBJ ( NP ( DT The ) ( NNP Oakland ) ( NN grocery ) ( NN retailer ) ) ( VP ( ADVP-MNR ( RB closely ) ) ( VBN held ) ( PP-TMP ( IN since ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 4.2 ) ( CD billion ) ) ) ( JJ leveraged ) ( NN buy-out ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN profit ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD three ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 9 ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 7.1 ) ( CD million ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 23 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) ) )

The Oakland grocery retailer closely held since a 4.2 billion leveraged buy-out in 1986 said profit for the three months ended Sept. 9 was 7.1 million compared with 23 million a year earlier


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ year-earlier ) ( NNS results ) ) ( VP ( VBD included ) ( NP ( NP ( NNS gains ) ) ( PP ( IN of ) ( NP ( QP ( CD 23.5 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NNS divestitures ) ) ) ) ) ) ) ) )

But it said the year-earlier results included gains of 23.5 million from divestitures


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4.2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.31 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 3.2 ) ( CD billion ) ) ) ) ) )

Sales rose 4.2 % to 3.31 billion from 3.2 billion


( S ( PP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN profit ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 49 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 23.5 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 46 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD included ) ( NP ( NP ( JJ divestiture-related ) ( NNS gains ) ) ( PP ( IN of ) ( NP ( QP ( CD 50.6 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For the nine months the company said profit fell 49 % to 23.5 million from 46 million in the year-earlier quarter which included divestiture-related gains of 50.6 million


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 5.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 9.81 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 9.3 ) ( CD billion ) ) ) ) ) )

Sales increased 5.5 % to 9.81 billion from 9.3 billion


( NP-HLN ( NP ( NNP Tuesday ) ) ( NP ( NNP October ) ( CD 24 ) ( CD 1989 ) ) )

Tuesday October 24 1989


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( JJ annual ) ( NN interest ) ( NNS rates ) ) ( ADVP-LOC ( RB below ) ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN guide ) ) ( PP ( TO to ) ( NP ( JJ general ) ( NNS levels ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB represent ) ( NP ( JJ actual ) ( NNS transactions ) ) ) ) ) )

The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions


( NP ( NP ( JJ PRIME ) ( NN RATE ) ) ( NP ( QP ( CD 10 ) ( CD 1\/2 ) ) ( NN % ) ) )

PRIME RATE 10 1\/2 %


( NP ( NP ( DT The ) ( JJ base ) ( NN rate ) ) ( PP ( IN on ) ( NP ( NP ( JJ corporate ) ( NNS loans ) ) ( PP-LOC ( IN at ) ( NP ( JJ large ) ( NNP U.S. ) ( NN money ) ( NN center ) ( JJ commercial ) ( NNS banks ) ) ) ) ) )

The base rate on corporate loans at large U.S. money center commercial banks


( NP ( NP ( JJ FEDERAL ) ( NNS FUNDS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( ADJP ( JJ high ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ) ( NN % ) ) ( ADJP ( JJ low ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( PP-TMP ( IN near ) ( NP ( NN closing ) ) ) ( VP ( NN bid ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( VP ( VBN offered ) ) ) ) )

FEDERAL FUNDS 8 3\/4 % high 8 5\/8 % low 8 11\/16 % near closing bid 8 11\/16 % offered


( NP ( NP ( NNS Reserves ) ) ( VP ( VBN traded ) ( PP-LOC ( IN among ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ overnight ) ( NN use ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC or ) ( JJR more ) ) ) ) ) ) ) )

Reserves traded among commercial banks for overnight use in amounts of 1 million or more


( NP ( NP ( NN Source ) ) ( NP ( NNP Fulton ) ( NNP Prebon ) ( PRN ( NNP U.S.A ) ) ( NNP Inc ) ) )

Source Fulton Prebon U.S.A Inc


( NP ( NP ( JJ DISCOUNT ) ( NN RATE ) ) ( NP ( CD 7 ) ( NN % ) ) )

DISCOUNT RATE 7 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ depository ) ( NNS institutions ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ) ) ) )

The charge on loans to depository institutions by the New York Federal Reserve Bank


( NP ( NP ( JJ CALL ) ( NN MONEY ) ) ( NP ( QP ( CD 9 ) ( CD 3\/4 ) ( NN % ) ( TO to ) ( CD 10 ) ( NN % ) ) ) )

CALL MONEY 9 3\/4 % to 10 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNS brokers ) ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN exchange ) ( NN collateral ) ) ) ) ) )

The charge on loans to brokers on stock exchange collateral


( NP ( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( VP ( VBN placed ) ( ADVP-MNR ( RB directly ) ) ( PP ( IN by ) ( NP-LGS ( NNP General ) ( NNP Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ) ) ( NP ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( QP ( CD 30 ) ( TO to ) ( CD 44 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.25 ) ( NN % ) ) ( NP ( QP ( CD 45 ) ( TO to ) ( CD 68 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.30 ) ( NN % ) ) ( NP ( QP ( CD 69 ) ( TO to ) ( CD 89 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.125 ) ( NN % ) ) ( NP ( QP ( CD 90 ) ( TO to ) ( CD 119 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( QP ( CD 120 ) ( TO to ) ( CD 149 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( QP ( CD 150 ) ( TO to ) ( CD 179 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( QP ( CD 180 ) ( TO to ) ( CD 270 ) ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. 8.45 % 30 to 44 days 8.25 % 45 to 68 days 8.30 % 69 to 89 days 8.125 % 90 to 119 days 8 % 120 to 149 days 7.875 % 150 to 179 days 7.50 % 180 to 270 days


( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( NP ( NP ( NP ( JJ High-grade ) ( JJ unsecured ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NNS dealers ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS multiples ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 8.55 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.475 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ) ) )

COMMERCIAL PAPER High-grade unsecured notes sold through dealers by major corporations in multiples of 1,000 8.55 % 30 days 8.475 % 60 days 8.45 % 90 days


( NP ( NP ( NP ( NNS CERTIFICATES ) ) ( PP ( IN OF ) ( NP ( NN DEPOSIT ) ) ) ) ( NP ( NP ( NP ( CD 8.09 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.09 ) ( NN % ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( CD 8.06 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( CD 7.94 ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

CERTIFICATES OF DEPOSIT 8.09 % one month 8.09 % two months 8.06 % three months 8 % six months 7.94 % one year


( NP ( NP ( JJ Average ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ primary ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ negotiable ) ( NNS C.D.s ) ) ) ) ) ( PP ( ADVP-TMP ( RB usually ) ) ( IN on ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ) ( QP ( CC and ) ( JJR more ) ) ) ) ) ) ) ) ) )

Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s usually on amounts of 1 million and more


( S ( NP-SBJ ( DT The ) ( JJ minimum ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 100,000 ) ) ) )

The minimum unit is 100,000


( NP ( NP ( NP ( JJ Typical ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ( NP ( NP ( NP ( CD 8.55 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8.35 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

Typical rates in the secondary market 8.55 % one month 8.50 % three months 8.35 % six months


( NP ( NP ( NNS BANKERS ) ( NNS ACCEPTANCES ) ) ( NP ( NP ( NP ( CD 8.48 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.30 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.28 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.10 ) ( NN % ) ) ( NP ( CD 120 ) ( NNS days ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( CD 150 ) ( NNS days ) ) ) ( NP ( NP ( CD 7.90 ) ( NN % ) ) ( NP ( CD 180 ) ( NNS days ) ) ) ) )

BANKERS ACCEPTANCES 8.48 % 30 days 8.30 % 60 days 8.28 % 90 days 8.10 % 120 days 8 % 150 days 7.90 % 180 days


( NP ( NP ( JJ Negotiable ) ( JJ bank-backed ) ( NN business ) ( NN credit ) ( NNS instruments ) ) ( VP ( ADVP-TMP ( RB typically ) ) ( VBG financing ) ( NP ( DT an ) ( NN import ) ( NN order ) ) ) )

Negotiable bank-backed business credit instruments typically financing an import order


( NP ( NP ( NNP LONDON ) ( JJ LATE ) ( NNS EURODOLLARS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 1\/2 ) ( NN % ) ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 1\/2 ) ( NN % ) ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 7\/16 ) ( NN % ) ) ) ( NP ( CD four ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 3\/8 ) ( NN % ) ) ) ( NP ( CD five ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 7\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 5\/16 ) ( NN % ) ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

LONDON LATE EURODOLLARS 8 11\/16 % to 8 9\/16 % one month 8 5\/8 % to 8 1\/2 % two months 8 5\/8 % to 8 1\/2 % three months 8 9\/16 % to 8 7\/16 % four months 8 1\/2 % to 8 3\/8 % five months 8 7\/16 % to 8 5\/16 % six months


( NP ( NP ( NP ( NNP LONDON ) ( NN INTERBANK ) ( VBN OFFERED ) ( NNS RATES ) ) ( PRN ( NP ( NNP LIBOR ) ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

LONDON INTERBANK OFFERED RATES LIBOR 8 11\/16 % one month 8 11\/16 % three months 8 1\/2 % six months 8 1\/2 % one year


( NP ( NP ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( NN interbank ) ( VBN offered ) ( NNS rates ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NN dollar ) ( NNS deposits ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NNS quotations ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( JJ major ) ( NNS banks ) ) ) ) ) ) )

The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks


( NP ( NP ( JJ FOREIGN ) ( JJ PRIME ) ( NNS RATES ) ) ( NP ( NP ( NP ( NNP Canada ) ) ( NP ( CD 13.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Germany ) ) ( NP ( CD 9 ) ( NN % ) ) ) ( NP ( NP ( NNP Japan ) ) ( NP ( CD 4.875 ) ( NN % ) ) ) ( NP ( NP ( NNP Switzerland ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Britain ) ) ( NP ( CD 15 ) ( NN % ) ) ) ) )

FOREIGN PRIME RATES Canada 13.50 % Germany 9 % Japan 4.875 % Switzerland 8.50 % Britain 15 %


( S ( S ( NP-SBJ ( DT These ) ( NN rate ) ( NNS indications ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ( S ( NP-SBJ ( NN lending ) ( NNS practices ) ) ( VP ( VBP vary ) ( ADVP-MNR ( RB widely ) ) ( PP-MNR ( IN by ) ( NP ( NN location ) ) ) ) ) )

These rate indications are n't directly comparable lending practices vary widely by location


( NP ( NP ( NNP TREASURY ) ( NNS BILLS ) ) ( NP ( NP ( NP ( NNS Results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Monday ) ( NNP October ) ( CD 23 ) ( CD 1989 ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ short-term ) ( NNP U.S. ) ( NN government ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( IN from ) ( NP ( NN face ) ( NN value ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( QP ( CD 10,000 ) ( TO to ) ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 7.52 ) ( NN % ) ) ( NP ( CD 13 ) ( NNS weeks ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( CD 26 ) ( NNS weeks ) ) ) ) ) )

TREASURY BILLS Results of the Monday October 23 1989 auction of short-term U.S. government bills sold at a discount from face value in units of 10,000 to 1 million 7.52 % 13 weeks 7.50 % 26 weeks


( NP ( NP ( NP ( NNP FEDERAL ) ( NNP HOME ) ( NNP LOAN ) ( NNP MORTGAGE ) ( NNP CORP ) ) ( PRN ( NP ( NNP Freddie ) ( NNP Mac ) ) ) ) ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( JJ 30-year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NN days ) ) ) ) ) ) ) ) ) )

FEDERAL HOME LOAN MORTGAGE CORP Freddie Mac Posted yields on 30-year mortgage commitments for delivery within 30 days


( NP ( NP ( NP ( CD 9.78 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( ADJP ( CD 2 ) ( NN % ) ) ( ADJP ( NN rate ) ( JJ capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) )

9.78 % standard conventional fixed-rate mortgages 7.875 % 2 % rate capped one-year adjustable rate mortgages


( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNP Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc


( NP ( NP ( NP ( NNP FEDERAL ) ( NNP NATIONAL ) ( NNP MORTGAGE ) ( NNP ASSOCIATION ) ) ( PRN ( NP ( NNP Fannie ) ( NNP Mae ) ) ) ) ( NP ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( CD 30 ) ( NN year ) ( NN mortgage ) ( NNS commitments ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) ( PRN ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.75 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 8.70 ) ( NN % ) ) ( NP ( CD 6\/2 ) ( ADJP ( NN rate ) ( VBN capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) ) )

FEDERAL NATIONAL MORTGAGE ASSOCIATION Fannie Mae Posted yields on 30 year mortgage commitments for delivery within 30 days priced at par 9.75 % standard conventional fixed-rate mortgages 8.70 % 6\/2 rate capped one-year adjustable rate mortgages


Source Telerate Systems Inc


( NP ( NP ( NNP MERRILL ) ( NNP LYNCH ) ( NNP READY ) ( NNP ASSETS ) ( NNP TRUST ) ) ( NP ( CD 8.59 ) ( NN % ) ) )

MERRILL LYNCH READY ASSETS TRUST 8.59 %


( NP ( NP ( NP ( NP ( JJ Annualized ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NN return ) ) ) ) ( PP ( IN after ) ( NP ( NNS expenses ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ( NP ( NP ( RB not ) ( DT a ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( JJ future ) ( NNS returns ) ) ) ) )

Annualized average rate of return after expenses for the past 30 days not a forecast of future returns


( S ( NP-SBJ ( NP ( NNP Mercedes-Benz ) ) ( PP ( IN of ) ( NP ( NP ( NNP North ) ( NNP America ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Grosse ) ( NNP Pointe ) ( NNP Shores ) ) ( NP ( NNP Mich. ) ) ) ) ) ) ( VP ( VBD estimated ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( ADJP ( RB about ) ( RB as ) ( JJ many ) ) ( NNS cars ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-3 ( IN as ) ( NP ( NP ( DT the ) ( CD 75,000 ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB deliver ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mercedes-Benz of North America Inc. Grosse Pointe Shores Mich. estimated it will sell about as many cars in 1990 as the 75,000 it expects to deliver this year


( S ( NP-SBJ ( NNP Mercedes ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( NP ( JJ flat ) ( NNS sales ) ) ( NP-TMP ( IN next ) ( NN year ) ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP see ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN luxury-car ) ( NN market ) ) ( VP ( VBG expanding ) ( ADVP-EXT ( RB slightly ) ) ) ) ) ) ) ) ) ) ) )

Mercedes officials said they expect flat sales next year even though they see the U.S. luxury-car market expanding slightly


( S ( NP-SBJ ( NP ( NNP Erich ) ( NNP Krampe ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NNS sales ) ( NN arm ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ West ) ( JJ German ) ) ( NN auto ) ( NN maker ) ( NNP Daimler ) ( NNP Benz ) ( NNP AG ) ) ) ) ) ) ) ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ ( NN luxury-car ) ( NNS sales ) ) ( VP ( MD will ) ( VP ( VB rise ) ( PP-DIR ( TO to ) ( NP ( CD 840,000 ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 830,000 ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ( PP-PRP ( ADVP ( RB primarily ) ) ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ new ) ( JJ Japanese ) ( NNS makes ) ) ) ) ) ) ) ) )

Erich Krampe president of the U.S. sales arm of West German auto maker Daimler Benz AG predicted luxury-car sales will rise to 840,000 in 1990 from 830,000 this year primarily because of the new Japanese makes


( S-1 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN growth ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD will ) ( VP ( VB come ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( ADJP ( CD 35,000-to-$50,000 ) ) ( NN price ) ( NN range ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNP Mercedes ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( ADJP ( CD 35 ) ( NN % ) ) ( NNP U.S. ) ( NN market ) ( NN share ) ) ) ) ) ) ) ) ) )

Most of the growth he said will come in the 35,000-to-$50,000 price range where Mercedes has a 35 % U.S. market share


( S ( NP-SBJ ( NNP Mercedes ) ) ( VP ( VBD sold ) ( NP ( CD 82,348 ) ( NNS cars ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) )

Mercedes sold 82,348 cars in 1988


( S ( NP-SBJ ( NNP Mr. ) ( NNP Krampe ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ-1 ( NNP Mercedes ) ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB bring ) ( PRT ( RP out ) ) ( NP ( JJ new ) ( NNS models ) ) ( NP-TMP ( DT every ) ( NN year ) ) ( PP-TMP ( IN through ) ( NP ( DT the ) ( NNS mid-1990s ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB shorten ) ( NP ( PRP$ its ) ( NN product ) ( NN development ) ( NN cycle ) ) ( PP-CLR ( TO to ) ( NP ( CD eight ) ( NNS years ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( CD 10 ) ( CC or ) ( CD 12 ) ) ( NNS years ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB compete ) ( ADVP-MNR ( RBR more ) ( RB effectively ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NNP Toyota ) ( NNP Motor ) ( NNP Corp. ) ( POS 's ) ) ( NNP Lexus ) ) ( NP ( NP ( NNP Nissan ) ( NNP Motor ) ( NNP Co. ) ( POS 's ) ) ( NNP Infiniti ) ) ( CC and ) ( NP ( NP ( NNP Honda ) ( NNP Motor ) ( NNP Co. ) ( POS 's ) ) ( NNP Acura ) ( NN luxury-car ) ( NNS divisions ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Krampe also said that Mercedes plans to bring out new models every year through the mid-1990s and it will shorten its product development cycle to eight years from 10 or 12 years to compete more effectively with Toyota Motor Corp. 's Lexus Nissan Motor Co. 's Infiniti and Honda Motor Co. 's Acura luxury-car divisions


( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ North ) ( JJ American-built ) ) ( NNS cars ) ( CC and ) ( NNS trucks ) ) ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 20.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP mid-October ) ) ) ( PP-DIR ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( JJ domestic ) ( NNS manufacturers ) ) ( VP ( VBD paid ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN for ) ( NP ( NP ( JJ heavy ) ( NNS incentives ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) )

Sales of North American-built cars and trucks plunged 20.5 % in mid-October from a year earlier as domestic manufacturers paid the price for heavy incentives earlier this year


( SINV ( S-TPC-2 ( NP-SBJ ( NNS People ) ) ( VP ( VBP are ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( PRN ( JJ new ) ) ( NN factory ) ( NNS giveaways ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Ben ) ( NNP Kaye ) ) ( NP ( NP ( NNS sales ) ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bob ) ( NNP Brest ) ( NNP Auto ) ( NNP World ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Lynn ) ) ( NP ( NNP Mass. ) ) ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS sales ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ slow ) ) ) ) ) ) ) ) ) )

People are waiting for new factory giveaways said Ben Kaye sales manager of Bob Brest Auto World in Lynn Mass. whose sales are slow


( S ( NP-SBJ-2 ( DT This ) ( NN trend ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB especially ) ( JJ true ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP General ) ( NNP Motors ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD used ) ( NP ( DT both ) ( NN dealer ) ( CC and ) ( NN consumer ) ( NNS incentives ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB ignite ) ( NP ( NNS sales ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ( CC and ) ( NNP September ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This trend appears to be especially true at General Motors Corp. which used both dealer and consumer incentives to ignite sales in August and September


( S ( PP-TMP ( IN Since ) ( NP ( RB then ) ) ) ( NP-SBJ ( NNS deliveries ) ) ( VP ( VBP have ) ( VP ( VBN slumped ) ) ) )

Since then deliveries have slumped


( S ( NP-SBJ ( NP ( NNP GM ) ( POS 's ) ) ( NN car ) ( NNS sales ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 24.8 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP mid-October ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 69,980 ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN truck ) ( NNS sales ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 26 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 37,860 ) ) ) ) ) ) ) )

GM 's car sales dropped 24.8 % in mid-October to 69,980 while truck sales fell 26 % to 37,860


( S ( NP-SBJ ( NNP GM ) ) ( ADVP ( RB also ) ) ( VP ( VBD had ) ( NP ( JJ dismal ) ( NNS results ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD 10 ) ( NNS days ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN month ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ other ) ( NN auto ) ( NNS makers ) ) ( VP ( VBD reported ) ( NP ( JJ mixed ) ( NNS results ) ) ) ) ) ) )

GM also had dismal results in the first 10 days of the month while other auto makers reported mixed results


( S ( NP-SBJ ( NP ( DT All ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Big ) ( CD Three ) ) ) ) ( VP ( VBD suffered ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ just-ended ) ( NN period ) ) ) ( ADVP ( RB however ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( ADJP ( RB domestically ) ( VBN made ) ) ( NNS cars ) ) ( PP ( VBG including ) ( NP ( NP ( DT those ) ) ( VP ( VBN built ) ( PP-LOC ( IN at ) ( NP ( JJ Japanese-managed ) ( NNS plants ) ) ) ) ) ) ) ) ) ( VP ( VBG falling ) ( NP-EXT ( CD 19 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 158,863 ) ) ) ( PP-DIR ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

All of the Big Three suffered in the just-ended period however with sales of all domestically made cars including those built at Japanese-managed plants falling 19 % to 158,863 from a year earlier


( S ( NP-SBJ ( DT The ) ( JJ seasonal ) ( JJ adjusted ) ( JJ annual ) ( NN selling ) ( NN rate ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD six ) ( CD million ) ) ( NNS vehicles ) ) ( NP ( NP ( NP ( DT a ) ( JJ small ) ( NN improvement ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( QP ( CD 5.8 ) ( CD million ) ) ( NN rate ) ) ( PP ( IN of ) ( NP ( JJ early ) ( NNP October ) ) ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( JJ big ) ( NN drop ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( QP ( CD 7.1 ) ( CD million ) ) ( NN rate ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) )

The seasonal adjusted annual selling rate was six million vehicles a small improvement from the 5.8 million rate of early October but a big drop from the 7.1 million rate a year ago


( S ( NP-SBJ-1 ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( ADJP ( RB domestically ) ( VBN made ) ) ( NNS trucks ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ sluggish ) ) ( PP-TMP ( IN in ) ( NP ( NNP mid-October ) ) ) ( S-ADV ( VP ( VBG dropping ) ( NP-EXT ( CD 22.8 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 94,543 ) ) ) ( PP-DIR ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) )

Sales of domestically made trucks also continued to be sluggish in mid-October dropping 22.8 % to 94,543 from a year ago


( S ( S ( NP-SBJ ( DT The ) ( NNP Big ) ( CD Three ) ( NN auto ) ( NNS makers ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VB have ) ( VP ( VBN slashed ) ( NP ( JJ fourth-quarter ) ( NN production ) ( NNS plans ) ) ( PP ( NP ( CD 10.4 ) ( NN % ) ) ( IN below ) ( NP ( JJ year-ago ) ( NNS levels ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT that ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( NP-PRD ( NN enough ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NNS inventories ) ) ( PP-CLR ( IN from ) ( NP ( VBG ballooning ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS sales ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB improve ) ) ) ) ) ) ) ) ) ) ) ) )

The Big Three auto makers already have slashed fourth-quarter production plans 10.4 % below year-ago levels but that may not be enough to prevent inventories from ballooning if sales do n't improve


( S ( NP-SBJ ( NP ( NN Industry ) ( NN analyst ) ( NNP John ) ( NNP H. ) ( NNP Qualls ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN with ) ( NP ( NP ( NNP Hill ) ( CC & ) ( NNP Knowlton ) ) ( PP-LOC ( IN in ) ( NP ( NNP St. ) ( NNP Louis ) ) ) ) ) ) ) ( VP ( VBZ forecasts ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ domestic ) ( NN auto ) ( NNS makers ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ 93-day ) ( NN supply ) ) ( PP ( IN of ) ( NP ( NNS cars ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( SBAR-ADV ( ADVP ( RB even ) ) ( IN if ) ( S ( NP-SBJ ( NN car ) ( NNS sales ) ) ( VP ( VBP improve ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 6.5 ) ( CD million ) ) ( NN vehicle ) ) ( NN rate ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) )

Industry analyst John H. Qualls a vice president with Hill & Knowlton in St. Louis forecasts that domestic auto makers will have a 93-day supply of cars at the end of the year even if car sales improve to a 6.5 million vehicle rate for the quarter


( S ( NP-SBJ ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ( VP ( VBD reported ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 21.2 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ domestic-made ) ( NNS cars ) ) ) ) ) ( PP ( TO to ) ( NP ( CD 46,995 ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 24.2 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( JJ domestic ) ( NNS trucks ) ) ) ( PP ( TO to ) ( NP ( CD 31,143 ) ) ) ) ) ) )

Ford Motor Co. reported a 21.2 % drop in sales of domestic-made cars to 46,995 and a 24.2 % drop in domestic trucks to 31,143


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBD dragged ) ( PRT ( RP down ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN glut ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ( NNS vehicles ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Joel ) ( NNP Pitcoff ) ) ( NP ( DT a ) ( NNP Ford ) ( NN analyst ) ) ) )

The sales are being dragged down by a glut of 1989 vehicles said Joel Pitcoff a Ford analyst


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJR earlier ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS incentives ) ) ) ) ( VP ( VBD depleted ) ( NP ( DT the ) ( NN market ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NNS scavengers ) ) ( PP ( IN for ) ( NP ( JJ bargain-basement ) ( CD 1989 ) ( NNS cars ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The earlier use of incentives depleted the market of scavengers for bargain-basement 1989 cars he said


( S ( NP-SBJ-1 ( NP ( NNP Town ) ( CC & ) ( NNP Country ) ( NNP Ford ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Charlotte ) ) ( NP ( NNP N.C. ) ) ) ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ needs ) ( S ( VP ( TO to ) ( VP ( VB move ) ( NP ( QP ( RB about ) ( CD 850 ) ) ( CD 1989 ) ( NNS cars ) ( CC and ) ( NNS trucks ) ) ) ) ) ) )

Town & Country Ford in Charlotte N.C. still needs to move about 850 1989 cars and trucks


( S ( NP-SBJ ( NN Business ) ) ( VP ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( RB fairly ) ( JJ strong ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( NNP Hurricane ) ( NNP Hugo ) ) ( VP ( VBD hit ) ( NP ( DT the ) ( NN area ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-PRD ( RB down ) ) ( ADVP-TMP ( RB since ) ) ) ) ) )

Business had been fairly strong until Hurricane Hugo hit the area but has been down since


( S ( NP-SBJ ( NNP Chrysler ) ( NNP Corp. ) ) ( ADVP ( RB also ) ) ( VP ( VBD hit ) ( NP ( DT the ) ( NNS rocks ) ) ( PP-TMP ( IN in ) ( NP ( NNP mid-October ) ) ) ) )

Chrysler Corp. also hit the rocks in mid-October


( S ( NP-SBJ ( DT The ) ( NN No. ) ( CD 3 ) ( NNP U.S. ) ( NN auto ) ( NN maker ) ) ( VP ( VBD had ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 23.7 ) ( NN % ) ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( NN car ) ( NNS sales ) ) ) ( PP ( TO to ) ( NP ( CD 22,336 ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( ADJP ( CD 17.5 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN truck ) ( NNS sales ) ) ) ) ( PP ( TO to ) ( NP ( CD 22,925 ) ) ) ( SBAR-2 ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP include ) ( NP ( PRP$ its ) ( NNS minivans ) ( CC and ) ( NNS Jeeps ) ) ) ) ) ) ) ) )

The No. 3 U.S. auto maker had a 23.7 % plunge in car sales to 22,336 and a 17.5 % drop in truck sales to 22,925 which include its minivans and Jeeps


( S ( NP-SBJ ( NP ( NNP Honda ) ( NNP Motor ) ( NNP Co. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( JJ short ) ( NNS supplies ) ) ( PP ( IN of ) ( NP ( ADJP ( RB domestically ) ( VBN made ) ) ( NNPS Accords ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD saw ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ North ) ( JJ American-built ) ) ( NNS cars ) ) ) ) ( VP ( VB fall ) ( NP-EXT ( CD 14.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 8,355 ) ) ) ) ) ) )

Honda Motor Co. which continues to have short supplies of domestically made Accords saw its sales of North American-built cars fall 14.1 % to 8,355


( S ( CC But ) ( NP-SBJ ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ domestic ) ( NNS cars ) ( CC and ) ( NNS trucks ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Nissan ) ( NNP Motor ) ( NNP Corp. ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 26.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 5,651 ) ) ) ) )

But sales of domestic cars and trucks at Nissan Motor Corp. rose 26.1 % to 5,651


( S ( NP-SBJ ( DT A ) ( NNP Nissan ) ( NN spokesman ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN increase ) ) ( PP-CLR ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS incentives ) ) ) ( UCP-TMP ( NP ( DT this ) ( NN year ) ) ( CC and ) ( RB not ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( JJR higher ) ( NN fleet ) ( NNS sales ) ) ) ) ) )

A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales


( S ( NP-SBJ ( NP ( NNP Toyota ) ( NNP Motor ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD opened ) ( NP ( DT a ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Georgetown ) ) ( NP ( NNP Ky. ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ( VP ( VBD saw ) ( S ( NP-SBJ ( NNS sales ) ) ( VP ( VB triple ) ( PP-DIR ( TO to ) ( NP ( CD 6,256 ) ( NNS vehicles ) ) ) ) ) ) )

Toyota Motor Corp. which opened a plant in Georgetown Ky. last year saw sales triple to 6,256 vehicles


( S ( NP-SBJ ( NP ( SYM a ) ) ( NP ( NNS Totals ) ) ) ( VP ( VBP include ) ( ADVP ( RB only ) ) ( NP ( NP ( NN vehicle ) ( NNS sales ) ) ( VP ( VBN reported ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN period ) ) ) ) ) ) )

a Totals include only vehicle sales reported in the period


( NP ( NP ( SYM c ) ) ( NP ( JJ Domestic ) ( NN car ) ) )

c Domestic car


( NP ( NP ( NP ( SYM d ) ) ( NP ( NN Percent ) ( NN change ) ) ) ( ADJP ( ADJP ( JJR greater ) ) ( PP ( IN than ) ( NP ( CD 999 ) ( NN % ) ) ) ) )

d Percent change greater than 999 %


( S ( NP-SBJ ( NP ( SYM x ) ) ( NP ( EX There ) ) ) ( VP ( VP ( VBD were ) ( NP-PRD-1 ( CD 9 ) ( NN selling ) ( NNS days ) ) ( PP-TMP-2 ( IN in ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN period ) ) ) ) ( CC and ) ( VP ( NP=1 ( CD 9 ) ) ( ADVP-TMP=2 ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

x There were 9 selling days in the most recent period and 9 a year earlier


( NP ( NP ( NN Percentage ) ( NNS differences ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( JJ daily ) ( NNS sales ) ( NN rate ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( NNS sales ) ( NN volume ) ) ) ) ) )

Percentage differences based on daily sales rate rather than sales volume


( S ( NP-SBJ-1 ( NNP Wall ) ( NNP Street ) ( NNS securities ) ( NN giant ) ( NNP Salomon ) ( NNP Inc. ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( JJ big ) ( JJ unexpected ) ( NNS earnings ) ( NN gain ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBN buoyed ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( NNS securities ) ( NN trading ) ( CC and ) ( NN investment ) ( NN banking ) ( NNS activities ) ) ) ) ) ) )

Wall Street securities giant Salomon Inc. posted a big unexpected earnings gain in the third quarter buoyed by its securities trading and investment banking activities


( S ( NP-SBJ ( NNP Salomon ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD soared ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 177 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.28 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 65 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( NP ( CD 38 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) ) )

Salomon said net income soared to 177 million or 1.28 a share from 65 million or 38 cents a share a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD doubled ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 2.62 ) ( CD billion ) ) ) ) ( PP-CLR ( IN from ) ( NP ( QP ( CD 1.29 ) ( CD billion ) ) ) ) ) )

Revenue more than doubled to 2.62 billion from 1.29 billion


( S ( NP-SBJ ( DT A ) ( NNP Salomon ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN stock ) ( NN bond ) ( CC and ) ( JJ foreign ) ( NN exchange ) ( NN trading ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( PRP$ its ) ( NN investment ) ( NN banking ) ( NNS operations ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB mostly ) ( JJ responsible ) ( PP ( IN for ) ( NP ( DT the ) ( NNS earnings ) ( NN jump ) ) ) ) ) ) ) ) )

A Salomon spokesman said its stock bond and foreign exchange trading as well as its investment banking operations were mostly responsible for the earnings jump


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS earnings ) ) ( VP ( VBD were ) ( UCP-PRD ( ADJP ( JJ fine ) ) ( CC and ) ( PP-LOC ( JJ above ) ( NP ( NNS expectations ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP W. ) ( NNP Blumstein ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp ) ) ) ) ) )

The earnings were fine and above expectations said Michael W. Blumstein an analyst at First Boston Corp


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ-1 ( NP ( NNP Salomon ) ( POS 's ) ) ( NN stock ) ) ( VP ( VBD fell ) ( NP-ADV ( CD 1.125 ) ) ( NP-TMP ( NN yesterday ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 23.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) ) ) ) )

Nevertheless Salomon 's stock fell 1.125 yesterday to close at 23.25 a share in New York Stock Exchange composite trading


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP suspect ) ( SBAR ( S ( NP-SBJ ( NNP October ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ good ) ) ( PP ( IN as ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD 'll ) ( VP ( VB have ) ( NP ( NP ( NN difficulty ) ) ( S-ADV ( VP ( VBG matching ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Blumstein ) ) ( VP ( VBD said ) ) )

I suspect October was n't as good as the third quarter and they 'll have difficulty matching the third quarter in the fourth quarter Mr. Blumstein said


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NN Salomon ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( NP ( DT the ) ( NN corner ) ) ) ) ) ) ) )

But some analysts say Salomon has turned the corner